Friday, May 24, 2019

Dolphin Debit Is Now A Strategic Business Partner of the National Council of Firefighter Credit Unions Inc (NCOFCU)



Miami– Dolphin Debit, the full-service ATM management company, has been named a Strategic Business Partner of the National Council of Firefighter Credit Unions Inc (NCOFCU). 


“Our council partnership connects NCOFCU members to robust credit union support that enhances the strength of credit unions serving first responders,” said Grant Sheehan, CEO of the National Council of Firefighter Credit Unions Inc . “The Council looks forward to working with Dolphin Debit to deliver efficiencies and savings to our member credit unions.”


For Council members, the partnership helps connect them with Dolphin Debit for easy access to the benefits of outsourcing the management of their ATMs, the company said, adding that whether a credit union is replacing aging machines, seeking to ensure regulatory and technical compliance, or simply looking to get out of the ATM business, it provides the solution through its turnkey, full-service management services. 


 Joe Woods, CUDE
SVP, Director of Sales
Dolphin Debit Access, LLC


Thursday, May 16, 2019

It is that time of year! 6 Disaster Recovery Tips for Credit Unions


6 Disaster Recovery Tips for Credit Unions

Ahh, disaster recovery. For credit unions, it’s a must. Why? Well, imagine what would happen if lightning struck half your branches. What would you do?
Okay, maybe that’s not the best example. Lightning strikes—especially simultaneous lightning strikes—aren’t exactly common. Still, many things are common. Worse, some bad things are becoming increasingly common.
Have you ever worried about wildfires, tornadoes, or earthquakes? How about hurricanes, power outages, or chemical spills? We could go on, but by now, you’ve probably gotten the point: credit union disaster recovery is important.


It’s Not Just a Good Idea—It’s the Law!

Disaster recovery plans are important for being able to restore operations when things go wrong. Plus, the NCUA wants you to have a disaster recovery plan.
Your members will thank you, too. If you’re serious about meeting their needs, then you must plan for the worst. If you don’t, how can you help them when they need you most?
So, where do you get started?

1.    Test Your Core

Can your core handle a disaster? If not, then what’s the use in anything else working? If it’s your first time testing your disaster recovery, start with the core.
In any credit union disaster recovery scenario, you must ensure that you can continue operating. It’s a nice thought, being there for your members in an emergency. Being able to handle their banking needs is an even nicer thought.

2.    Test Your Connectivity

Okay, now that you’ve got your core figured out, it’s time to make sure you can use it. Can you connect to it? How’s your third-party connectivity?
Connectivity is another year-one concern. Don’t put this off!

3.    Test Supporting Systems

There’s no reason to test the core and connectivity over and over. At some point, you have to check on all your other systems.
Start by determining which of your supporting systems are most critical. Your most critical systems are the ones that you would need to bring up before your other peripheral systems.
Testing supporting systems is a year-two concern.

4.    Test Your Business Processes

Also in your second year, you should test your critical businesses processes. Make sure end-users are trained on how to handle your credit union’s disaster recovery plan.
You may want to try out testing in an offsite location, or even from home. You can’t be sure that you’ll have your usual facilities in the event of a disaster.
Testing businesses processes also falls under the business continuity planning (BCP) umbrella. That’s okay—there’s a little overlap.

5.    Test Third-Party Connectivity

The last major consideration for your second year of disaster recovery testing is third-party connectivity. Once you know your core is operational and connected, it’s time to see what else you can maintain access to.

6.    Full Production Test

By the third year, you’ll want to run a full production test. Fail over to your backup servers on a weekend. Make sure you can run production from that environment.
Then, let it run for a week. Make sure everything is running and that connections are solid.
When you’ve successfully completed this step, then you’ll know that your credit union is truly prepared for disaster recovery.

Tuesday, May 14, 2019

Hot Headlines - Finally Fixing BSA/AML?



May 14, 2019
RiskInbox
Hot Headlines

Issue # 864

What we're tracking today on Risk InboX:

Today's Top Headline  bsa-busting  

Fixing BSA/AML

The House Financial Services Committee just approved the COUNTER Act to modernize the Bank Secrecy Act. Still, a ways to go, but here are some highlights of what's in the bill. Read on.

What's Up in Compliance (click here

 
Well, it seems July 1 is just around the corner. Ready for NCUA's rule on private flood insurance? ... Here are some nifty helps NCUA is offering to help prevent elder financial abuse. ... That $10K CTR threshold has been around a long time. Isn't it about time it thresholded up a bit? ... Here's what a good OFAC compliance program looks like. ... Many have been saying it all along. Now the 9th Circuit Appeals Court agrees: fix the structure of the CFPB already. ... Overdraft Rule: the CFPB is coming after you. ... There's a lot to CFPB's proposed debt collection rules you don't need to worry about. But there are some things that you should know about. ... Nobody seems to like the CFPB's complaint database. This industry leader thinks it's a valuable resource you should pay attention to. ... FinCEN wants the virtual currency crowd to be clear on what's what. ... A multi-faceted approach to preventing elder fraud is underway in five states. Here's how that is working. ... The original Fair Debt Collection Practices Act is over 40 years old and included guidance on such things as telegrams. Time for an update much? ... The Fed is repealing the SAFE Act. But don't get too excited. It's a technical repeal. 

Get the scoop on all the top compliance and risk developments here:

GoToRiskInbox




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AffirmX/AdvisX
5301 Buckeystown Pike
Suite 420
Frederick, MD 21704
US

Monday, May 6, 2019

Check out firefighter credit union websites provided by OMNICOMMANDER.com

www.OMNICOMMANDER.com

A proud sponsor of NCOFCU

                 OMNICOMMANDER delivers the most modern website design in the industry. Credit Unions that leverage our platform quickly and intuitively understand how we eliminate confusing websites with our clean and clear layout. We build, manage, and maintain your website so you don't have to worry about it.

Let us design your new beautiful, responsive, ADA compliant website that will work on any type of device... desktop, laptop, and mobile. And for all users!

OMNICOMMANDER.COM
Contact our firefighter representative!
Josh Gallo
917-402-7720   josh@omnicommander.com

Check out a few of our Firefighter credit union websites.





https://knoxfirefcu.com/

https://www.sdffcu.org/ 



https://albanyfiremensfcu.com/

https://lffcu.com/


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Thursday, May 2, 2019

Federal Open Market Committee has opted to not raise rates

WASHINGTON–As expected, the Federal Open Market Committee has concluded it's meeting today and opted to not raise rates, leaving the target range for the federal funds rate at 2.25%  to 2.50%.
Jerome Powell

In a statement released at the conclusion of its meeting here, the FOMC said data show that since March, the labor market has remained strong and that economic activity rose at a solid rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low, the Fed said.

While acknowledging the growth of household spending and business fixed investment slowed in the first quarter, the Fed noted that on a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2%. “On balance, market-based measures of inflation compensation has remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed,” the FOM stated.

“The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2% objective as the most likely outcomes,” the FOMC said. “In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.”

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengre.


See you in Clearwater Beach, FL 10/1-4/2019

Friday, April 26, 2019

Fire Family Foundation Hosts Sixth Annual Fire Boot Classic on Saturday

Fire Family Foundation Hosts Sixth Annual Fire Boot Classic on Saturday

April 27th Charity Event Supports Firefighters

Published: Thursday, April 25, 2019 | 2:25 PM


Firefighters…  They risk their lives every day to protect their community … “to protect us, our lives and our property. They are men and women like you and me, yet, they serve… every day to ensure that we are safe.” Their commitment to helping others is second to none. With all of the devastating fires the past few years, many firefighters lost their homes while helping to save so many others.

On April 27, 2019, Fire Family Foundation is hosting its 6th Annual Fire Boot Classic Charity Event at the London Hotel in West Hollywood. This event is a Casino Night and Poker Tournament, with Drinks, Dining, a Silent Auction, Live Auction, and Fun! The funds raised from this event will support the Firefighter Relief fund that provides financial assistance to firefighters and their families in times of need. The mission is to be there… “when they need our support.”

As the charitable hand of Firefighters First Credit Union, the Foundation provides vital financial assistance to the Fire Family. We also award $50,000 in scholarship grants each year to the children of active or fallen firefighters nationwide and we help 501(c)(3) tax exempt organizations to support the local charitable needs of fire departments, firefighters and their families and other charitable causes within their local communities.

Please show your support for firefighters who sacrifice so much for the safety of the surrounding communities, for your safety.

Fire Boot Classic tickets and sponsorships can be purchased at http://www.firebootclassic.org

London Hotel is located at 1020 N. San Vicente Blvd. in West Hollywood, CA 90069.

Fire Family Foundation donations can be made:
* online at www.FireFamilyFoundation.org
* on Facebook at www.facebook.com/firefamilyfoundation
* or mailed to the Foundation office: 815 Colorado Blvd, Los Angeles, CA 90041

About Fire Family Foundation

Established in 2008, Fire Family Foundation is committed to providing financial assistance to fire families in need, scholarships, wellness, and financial education while supporting fire charities nationwide. Firefighters are in service to all of our communities. They show up when we need assistance, generally in some of our most vulnerable times. Through medical emergencies, fires and national disasters, we depend on firefighters to help us. We believe in helping them and their families to the extent possible during their times of need. The Foundation is committed to these men and women who unselfishly give so much of themselves, often at great risk of impact to family life. Fire Family Foundation is a non-profit
501(c)(3) charitable organization, tax ID number 36-4613248. All donations to the Foundation are tax deductible to the full extent of the law.

About Firefighters First Credit Union

Firefighters First Credit Union was formed in 1935 as Los Angeles Firemen’s Credit Union and serves fulltime, paid firefighters nationwide and their families. In 2014 we changed our name to Firefighters First Credit Union to better reflect our member base and in 2017 we received our Federal charter. Firefighters First currently has assets of over $1.4 Billion with over 45,000 members and serving over 570 fire departments.

Thursday, April 18, 2019

Credit Union Strategic Planning Topics Credit Union 2.0



Ahhh, credit union strategic planning topic season. Let’s take off our pessimistic blinders, pull out our beanies and start thinking of the credit union world we want tomorrow. Soon, our credit union will disrupt the local banks. We will put them those evil bankers out of business and take over the world… cooperatively (of course).

If you are looking for quick strategic questions to ask your board at your credit union planning session, you are in the right place.

Credit Union Strategic Planning Topics About Growth
    strategic planing for credit union topics
  1. If you had to process 3x your normal loan or member growth volume, how would you?
  2. Where do you want to be in 3 years?
  3. What market trends support that vision?
  4. What client demands support that vision?
  5. What are the tactical plans to support that goal?
  6. What are the known risks?
  7. If you could rebuild the credit union 2.0, what would it look like?
  8. What are the top 10 questions we have about our credit union (analytics based)? What would you do differently if you knew the answer?

Credit Union Strategic Planning Topics for Critical Self-Evaluation

  1. What is the one thing your credit union was worst at this year? What needs to happen to fix it?
  2. What is one thing your credit was best at? How can you double down on it?
  3. What is the single metric that you least like hearing about this year? Why? What can you do to change it?
  4. Where do we use Analytics well?
  5. Are we moving or reacting fast enough in the marketplace?
  6. In each department, what should you start? What should you stop? What should you continue?
  7. What are our best service experience and memories?

Credit Union Strategic Planning Topics About Culture

  1. What are some examples of living your core values?
  2. What are some examples of failing to live your core values?
  3. If you could change one thing about the credit union, what would it be?
  4. What are the top 3 credit unions we admire and why?
  5. What does the perfect member look like? Where do they hang out? Who do they know?
  6. What makes an ideal board member?
  7. If you were the new CXO and were brought in tomorrow, what were three things you would fix immediately?

Credit Union Strategic Planning Wildcard Questions

  1. If a perfect competitor opened across the street tomorrow, what would they look like?
  2. If we were to rebuild our credit union with no branches, what would it look like?
  3. If the NCUA got merged into the FDIC, what would change?
  4. If your largest SEG went out of business, what would you change?
Any of these credit union strategic planning topics can help you and your board plan for a brighter, warmer future.

Credit Union 2.0 — Credit Union Strategic Planning Facilitators

Kirk Drake and Chris Otey take a unique approach to planning sessions. Their goals are to deal with some of the real issues facing credit unions. These include:
  • Who is your ideal member?
  • How do we improve board governance?
  • How do we get our board to look more like our membership?
  • How do we deal with the onslaught of fintechs and technology?
  • How do we change our culture to be more like a fintech?
As the author of Credit Union 2.0, head of a large technology CUSO, and founder of CU Wallet, Drake has great insights from both his time working at a credit union through his entrepreneurship and board experience.

As board chair of South Bay Credit Union and former CU Wallet and Fiserv executive, Chris has worked with hundreds of credit unions to help them deal with board governance, CUSOs, and other technology challenges.

Click here to book us for your next strategic planning session.

Wednesday, April 17, 2019

Kirk Drake will be in Clearwater Beach, FL


The National Council of Firefighter Credit Unions Inc (NCOFCU)  is thrilled to announce that this year’s closing session at Clearwater Beach, Florida conference, October 1 – 4, will feature, speaker, author, and presenter Kirk Drake! Kirk has been helping credit unions climb mountains for nearly two decades. As the President/CEO of Ongoing Operations and founder of Credit Union 2.0, he has provided credit unions with the tools, playbook, and strategies they need to excite their members and scale the summit to the top of the field. Most recently, he was a keynote speaker at the CU Leadership Convention in Las Vegas! But you don’t have to travel far to take advantage of his know-how, because this year, we are bringing Kirk to Florida!

What can you expect from Kirk Drake? Well, in recent decades, credit unions have seen unprecedented threats, due in large part to an eighty-year-old business model and an inability to adapt quickly to a digital economy. But, Kirk has devised a powerful plan to revitalize these noble institutions, making them more competitive, more creative, more connected with their membership, and more in tune with the times. It's time to be innovative and bold, to challenge long-standing inefficiencies and move away from the "old school" methods of doing business. CU 2.0 provides the skills, the savvy, and the fresh ideas necessary to finally transport the credit union out of the twentieth century and into the twenty-first.

Be prepared to be wowed as Kirk combines digital strategies, marketing, communications, and technical know-how to help credit unions rise to their peak in the digital age. A lifelong entrepreneur, he has created and founded 8 successful businesses, starting with his first venture, founding a high school bank. It was through this process that he first learned about the “unfair” advantage credit unions have over banks! Since then, Kirk has been inventing ways to support credit unions. Now, he’s coming to our event to share that incredible knowledge and insight. Do not miss this opportunity to hear from an industry leader and game-changer!


Thursday, April 11, 2019

The Fed offered additional insights into its decision to make no changes to rates.

WASHINGTON–The Fed has released minutes from its March meeting, offering additional insights into its decision to make no changes to rates.

As CUToday.info reported earlier, the Fed opted not to change rates at its March meeting and is now indicating it’s unlikely to change rates at all during 2019 and perhaps won’t move again until 2021. President Trump has been pushing the Fed to lower rates to encourage greater growth.

Minutes released by the Federal Open Market Committee (FOMC) show the FOMC found the labor market remains strong but that “growth of economic activity has slowed from its solid rate in the fourth quarter.”

The FOMC further found payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low.

“Recent indicators point to slower growth of household spending and business fixed investment in the first quarter,” the Fed said in a statement. “In a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near 2%. On balance, market-based measures of inflation compensation has remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.”

At its March meeting, the Committee decided to maintain the target range for the federal funds rate at 2.25% to 2.50%. 

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman;  John C. Williams, Vice Chairman; Michelle W. Bowman, Lael Brainard, James Bullard, Richard H. Clarida, Charles L. Evans, Esther L. George, Randal K. Quarles, and Eric S. Rosengren.


Monday, April 8, 2019

President Trump Designates Rodney E. Hood as Chairman of the NCUA Board



ALEXANDRIA, Va. (April 8, 2019) – President Donald J. Trump has designated Rodney E. Hood as the eleventh Chairman of the National Credit Union Administration Board.
Today, as his last official action as Chairman of the Board, J. Mark McWatters administered the oath of office to Mr. Hood, at the NCUA headquarters.

“It is an honor to have been nominated by President Trump, confirmed by the U.S. Senate, and sworn in by Chairman McWatters to serve as the eleventh NCUA Chairman,” Mr. Hood said. “I look forward to leading the agency and focusing on the safety and soundness of America’s credit unions as they operate in today's ever-changing marketplace. As President Trump’s pro-growth economic agenda seeks to empower individuals and communities across the nation, America’s credit unions are on the frontline of providing affordable access and opportunity to the financial system.

“Over the next four years, I will be especially honored to lead the talented and professional NCUA team while doing my level best to ensure that they have the necessary resources to respond nimbly to today’s market risks and emerging issues. As Chairman, I look forward to enhancing and modernizing the federal credit union charter, addressing the issues of capital reform and cyber security, creating opportunities for credit unions to serve vulnerable communities, and reducing regulatory burdens.”

Hood was nominated to the NCUA Board on January 16, 2019, and confirmed by the Senate on March 14, 2019. Upon his swearing in, his term will expire on August 2, 2023. Nominated to the NCUA Board by President Barack Obama on January 7, 2014, J. Mark McWatters will remain on the Board. His term expires on August 2, 2019.

“I look forward to working with Mr. Hood in continuing to pursue an agenda of safe and sound regulatory reform for the credit union community, upon his assuming the Chairmanship of the NCUA,” Chairman J. Mark McWatters said. “I thank President Trump for the honor of serving as Chair for the past two years and congratulate Mr. Hood on his designation. Mr. Hood brings a wealth of financial and credit union experience to the position having previously served on the board and will do an outstanding job as Chairman.”

Immediately prior to his rejoining the NCUA Board, Mr. Hood served as a corporate responsibility manager for JPMorgan Chase, managing national partnerships with non-profit organizations promoting financial inclusion and shared prosperity for underserved communities.

He previously served as Vice Chairman of the NCUA Board, as associate administrator of the Rural Housing Service at the U.S. Department of Agriculture, and as a member of the Board of Governors for the University of North Carolina. Before public service, Mr. Hood held management positions in retail finance, commercial banking, affordable housing and community development at G.E. Capital, Bank of America, Wells Fargo and North Carolina Mutual Life Insurance Company.

Mr. Hood holds a bachelor’s degree in business, communications, and political science from the University of North Carolina at Chapel Hill.
Rodney E. Hood
Last modified on
04/08/19

Tuesday, April 2, 2019

Proposed rule to amend overtime could affect credit unions.




WASHINGTON—The Department of Labor (DOL) has issued a proposed rule to amend overtime rules under the Fair Labor Standards Act (FLSA).

  • Increases the minimum salary required for an employee to qualify for overtime exemption from $23,660 to $35,308 per year
  • Increases the total annual compensation requirement for highly compensated employees (HCE) from the currently-enforced level of $100,000 to $147,414 per year
  • Establishes a four-year, periodic review of the salary threshold
  • Allows the use of nondiscretionary bonuses and incentive payments (including commissions) that are paid annually or more frequently to satisfy up to 10% of the standard salary level

As covered employers, virtually all credit unions are subject to the department's overtime rules and could be impacted, said NAFCU, which noted the proposed rule makes the following substantive changes:

Under the proposed rule, credit unions could be impacted by changes to the salary level applicable to the executive, administrative and professional (EAP) overtime exemption and adjustments to the compensation requirement for the HCE exemption, stated NAFCU, which has urged the department to revise the overtime rule with “more flexibility and reasonable benchmarks to ensure the credit union industry isn't adversely affected by it.”

Tuesday, March 26, 2019

Apple is expanding its presence in payments.



CUPERTINO, Calif.–As many had been predicting/fearing, Apple is expanding its presence in payments with a new credit card called Apple Card that one card analyst said is actually three cards in one.

The company said the card, which can be instantly issued and has Goldman Sachs as the issuing partner and Mastercard as the network, will launch this summer in the U.S. Apple’s CEO called it the biggest change to credit cards in five decades, and others agree.

“Apple Card is disruptive–it is to banking what the iPod was to the music industry, what the iPhone was to wireless carriers and iPads were to the laptop industry, or what Uber is to taxis,” said Richard K. Crone of Crone Consulting, which specializes in payments. “This is a seminal moment in the consumer credit history. Every financial institution will be forced to compete and collaborate with Apple.”

Announced during a live event in the Steve Jobs Theater in Apple’s headquarters at which the company also introduced a series of other subscription services, such expanded Apple News and a new Apple Arcade, the Apple Card is part of an expanded Apple Pay ecosystem.

“We want to take the Apple Pay experience even further,” said Apple CEO Tim Cook. “We see a way to transfer another way to pay: the credit card,” Cook said the card is built on the things Apple stands for, such as simplicity and transparency.

Cook said the Apple Card will have a simple application, no fee, a “lower” interest rate, a clear rewards program that pays out daily and will be more secure and private than other payments options.

“We are going to do so much more and change the entire experience,” said Cook.


See you in Clearwater Beach, FL 10/1-4/2019

Monday, March 25, 2019

CUNA Releases Updated Share Insurance Calculator

WASHINGTON—CUNA has released an updated version of its share insurance fund distribution calculator tool, designed to help credit unions estimate the amount of their distribution from the $160 million announced by NCUA earlier this month.

This will be the second distribution from NCUA; as CUTOday.info has reported, the agency paid out $735.7 million in 2018 as a result of the closing of the Temporary Corporate Credit Union Stabilization Fund, which officially closed in Fall 2017.

The tool can be found at cuna.org/ecnomics, under the "Individual Credit Union Data and Statistics" tab, CUNA explained. 

A financial institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in the calendar year 2018 will be eligible for a pro rata distribution. Credit unions using CUNA’s calculator tool can enter their NCUA charter number to get the amount of their estimated equity distribution, the trade association said.

NCUA estimates the distributions will be paid to eligible credit unions starting in the second quarter of 2019.

See you in Clearwater Beach, FL 10/1-4/2019

Friday, March 22, 2019

AFFCU: Recognition Round-Up: Renee Cowan named to Albany Biz Review’s ‘40 Under 40’ list

Renee Cowan, president/CEO of Albany Firemen’s FCU, was named to the Albany Business Review’s 2019 “40 Under 40” list. This marks the 20th year the publication has published the annual list, which recognizes the Capital Region’s best and brightest young professionals.

Cowan began her career in 2005 as teller under the tutelage of her father Mike Tobler – the credit union’s former president/CEO and a member of the New York Credit Union Association’s board of directors. After earning her bachelor’s degree in business from Siena College, Cowan was promoted to chief operations officer. In June 2018, she was named CEO.

During her time in the credit union movement, Cowan has been involved with the Capital Chapter, where she currently serves as Chapter Council secretary and formerly served as chapter vice president. She was also one of the founding members of the Association’s Young Professionals Commission.

Cowan is an active participant in local, state and federal events. She frequently attends the Association’s State Governmental Affairs Conference and the Annual Meeting & Convention, as well as CUNA GAC.



Thursday, March 21, 2019

Firefighters and Company Federal Credit Union delivered new carbon monoxide detectors to the Tipp City Fire Department Wednesday, which will then be passed out to residents in need.




MIAMI VALLEY, Ohio (WKEF/WRGT) - Local fire departments and a firefighter's credit union have teamed up to work to keep the Miami Valley safe.

Firefighters and Company Federal Credit Union delivered new carbon monoxide detectors to the Tipp City Fire Department Wednesday, which will then be passed out to residents in need.

This is the fourth year that they've made donations to local agencies, and officials said they've given away more than 1,500 detectors since the program began.

Funding for it is made possible through 'Skip a Payment' fees at the credit union, where people chose to defer a monthly payment on eligible loans.

Bellbrook, Brookville, Butler Township, Fairborn, Harrison Township and Trotwood have all also received donations within the past month.

Join us in Clearwater Beach, FL   10/1-4/2019

.


Sunday, March 17, 2019

Happy St. Patrick's Day


May your blessings outnumber the shamrocks that grow.
And may trouble avoid you wherever you go.
Join us in Clearwater Beach FL
10/1-4/2019
www.ncofcu.org

Thursday, March 7, 2019

NCUA Board Approves Share Insurance Equity Distribution in 2019


ALEXANDRIA, Va. (March 7, 2019) – The National Credit Union Administration Board today approved a $160.1 million equity distribution from the National Credit Union Share Insurance Fund that will be paid to eligible credit unions in the second quarter of 2019.

“While continuing to advance the objectives of protecting member deposits and maintaining a safe and sound credit union system, we have worked prudently to issue the second largest distribution in the history of the Share Insurance Fund,” NCUA Board Chairman, J. Mark McWatters said. “This action, along with others taken by the NCUA Board, including closing the Stabilization Fund in 2017, kept $1.3 billion at work in credit unions by negating the need for insurance fund premiums and put nearly $900 million back to work in credit unions and their communities with the last two Share Insurance Fund distributions.”

“This is the second largest distribution to credit unions in the history of the Share Insurance Fund — only last year’s distribution was larger,” NCUA Board Member Rick Metsger said. “I am pleased that NCUA’s successful management of the NGN program and its successful lawsuits against the firms that sold toxic assets to corporate credit unions have made it possible for us to return funds to credit unions two years in a row.”

A financial institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2018 will be eligible for a pro rata distribution. The eligibility criteria for credit unions to receive an equity distribution is detailed in a final rule approved by the NCUA Board in February 2018.

Based on the total of insured shares reported in the fourth quarter Call Reports, the equity ratio of the Share Insurance Fund was 1.39 percent at the end of 2018, which is above the Board approved normal operating level of 1.38 percent. To reduce the equity ratio to the approved normal operating level, a $160.1 million distribution is required.

The NCUA Board will continue to monitor the health and risk exposure of the Share Insurance Fund, and will evaluate the normal operating level each year to determine its appropriate level, based on an analysis of data and trends as they evolve overtime.

Additional information on the Share Insurance Fund’s equity ratio and normal operating level is available on the NCUA’s website.

J. Mark McWatters Richard T. Metsger

CU Solutions Group to acquire majority interest of AffirmX Compliance Solutions Suite

CU Solutions Group and AffirmX announce strategic alliance and joint investment

CUSG to acquire majority interest in the CU sector rights of AffirmX Compliance Solutions Suite

Livonia, Mich., and Frederick, Md. (March 6, 2019 ) — CU Solutions Group (CUSG) and AffirmX announce CUSG's acquisition of the majority ownership of credit union sector rights to AffirmX's patented risk management and compliance solutions. As part of the agreement, CUSG, in conjunction with state credit union leagues, will expand and enhance the delivery of AffirmX's compliance offerings.

AffirmX currently serves more than 120 credit unions nationwide with bundled and unbundled compliance risk assessment tools and services, including:
  • Enterprise Risk Management Assessment
  • Regulatory Compliance Monitoring
  • The AffirmX Four Report Package
  • IT Risk and Vulnerability
  • Loan Review Services
  • Fair Lending Risk Assessments
  • Internal Audit Outsourcing
  • Vendor Management
  • Cybersecurity Risk Assessment
  • ADA Compliance
Several state leagues and associations already distribute and support AffirmX solutions, including the Mountain West, Maryland/D.C., New York, Connecticut, Dakotas, New Jersey and Indiana associations as well as the National Coalition of Firefighters Credit Unions and the Education CU Council. This new alliance will seek to expand that network of association partners and build on AffirmX's success in the marketplace.

"We are excited about becoming a part of the national framework of relationships and solutions brought to the table by CUSG and our other partner and investor leagues," Ken Wolff, CEO of AffirmX, said. "With the addition of these new relationships, and further leverage of our existing ones, and their vast knowledge base, content and distribution networks, we hope to ease the burden of regulatory change management for the credit union community nationwide and look forward to a powerful and effective partnership for years to come."

CU Solutions Group is a credit union industry leader in providing technology, marketing, HR performance and strategic advisory solutions to more than 3,400 clients nationwide. CUSG will leverage its existing product suite and client base to coordinate enhancements and additions to the AffirmX Governance, Risk and Compliance suite.

"Providing credit unions with regulatory compliance tools and consulting has long been a core business for state leagues and associations," Dave Adams, president/CEO of CU Solutions Group, said. "In cooperation with League InfoSight and CUNA, CUSG has been at the forefront of enabling these leagues to have the investment, sales and support opportunities necessary to provide top-notch technology and service to member credit unions in this area. This transaction will further expand those opportunities." Adams added, "It is CUSG's strong desire to share this investment and distribution opportunity with interested partner leagues, including those who are already committed to doing so."

As part of this transaction, CUSG and co-investor leagues will have exclusive and perpetual license to the patent, code, contracts and intellectual property for all AffirmX solutions in the credit union sector. In turn, CUSG will contract with AffirmX to service current and future contracts and to partner in future product development.

In cooperation with participating state leagues nationwide, CUSG and AffirmX plan to co-invest and co-distribute a robust suite of governance, risk and compliance (GRC) solutions that will be made affordable to credit unions of all sizes.

The transaction is targeted to close by March 31, 2019.
###

About CU Solutions Group

CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory, which include web services, mobile app solutions, digital advertising, Save To Win, Love My Credit Union Rewards, Performance Pro and Compease. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations. Headquartered in Livonia, Mich., the organization serves more than 3,400 clients nationwide and has strategic partnerships with Sprint, Intuit TurboTax®, GSTV and CU Vendor Management. For more information, visit CUSolutionsGroup.com.

About AffirmX

AffirmX was originally established to help financial institutions stay on top of consumer regulatory compliance requirements. Traditional "boots on the ground" models of consulting are costly in terms of both the utilization of company resources and the time and billing rates of senior consultants and their associated expenses. To solve this problem, AffirmX created a hybrid solution: patented technology plus experienced analysts.

Today, AffirmX has become an industry-leading risk management and compliance services provider by presenting clients with the prioritized, relevant and timely information they need to lower the cost of proactive risk management. They provide compliance tools for credit unions and banks that reduce the costs, workloads and anxieties associated with regulatory compliance. With more than 120 credit union clients and scores of association partnerships, AffirmX is a leader in the field of compliance management solutions. For more information, visit AffirmX.com.


Media Contact:
Daniel Curren, Director of Integrated Marketing, CU Solutions Group
734-793-3469

Wednesday, March 6, 2019

BEST PRACTICES IN BOARD RECRUITMENT By Tim Harrington & Kevin Smith



March Blog
BEST PRACTICES IN BOARD RECRUITMENT ... PART (N+1)


BEST PRACTICES IN BOARD RECRUITMENT ... PART (N+1)
By Tim Harrington & Kevin Smith

Board recruitment should be an ongoing process, a continuing cultivation. Everyone is super-busy, so making this as streamlined as possible for recruit-ers and recruit-ees is imperative. Building business card solutions and one-click information can do this.

As part of our roles for TEAM Resources we get the great privilege to spend time with credit union staff members, executives, CEOs and volunteers on a regular basis. Sometimes that's part of individual consulting with organizations and sometimes while speaking to groups at trade events, conferences, schools, etc. And while we think we have some pretty great ideas about how to do things, we have to admit that we get a lot of great ideas and information from high performers who show up at these programs.



A Credit Union Guide To Strategic Governance is the perfect prelude to your strategic planning session.

Order your board copies today as pre-reading for your planning time and make the most of your efforts. 

Get your copy of 
A Credit Union Guide to Strategic Governance 
for only $35. 
(10% discount for orders of 10 or more)


Now is the time to book Tim or Kevin for your Strategic
Planning session. 

The calendar fills up quickly. 

 Give us a call or send us a message:

520.290.5721





Tim Harrington, CPA

CEO, TEAM Resources

Kevin Smith
Consultant/Publisher, TEAM Resources


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