tag:blogger.com,1999:blog-77184422582023077942024-03-19T07:15:00.720-04:00Firefighter Credit Union Newsroom“Great things happen when credit unions serving first responders come together. Our face-to-face and online interaction is the platform where collaboration begins, and GREAT ideas are generated”NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.comBlogger2256125tag:blogger.com,1999:blog-7718442258202307794.post-79583734584422077322024-03-19T07:14:00.000-04:002024-03-19T07:14:28.715-04:00Hybrid? Work from Home? Office? The Debate Over The Ideal Work Environment Continues in CUs<p> The Still-to-be-Answered Question About Work</p>
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<div class="attribute-byline text-right"><i><b>By Ray Birch</b></i></div><div class="attribute-long" itemprop="articleBody"><p>MADISON, Wis.—With several years’
experience now under their belts, what has turned out to be the most
productive work structure for credit unions in the wake of the
pandemic—return to office, work from home, hybrid? It’s a challenging
question, one compounded by the fact many CUs lack objective metrics for
measurement, according to one person.</p><p>“As we all know, credit
unions first jumped to remote work and then things came back a bit as
they tried to create a work environment that as closely as possible
reflected ‘normal,’” explained Lesley Sears, VP of consulting services
at CUES.</p>
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</div><p>Sears pointed out when credit unions shut down at the beginning
of the pandemic they were forced like every other employer to choose
only the tech tools they could afford, with many unable to afford the
optimum tools to maximize productivity.</p><p>“So, some credit
unions—especially smaller ones—had to simply pull people back into the
office to maintain that semblance of normalcy,” Sears said. “They did
not have the time to identify the metrics for productivity, to show them
more clearly what they should be doing.”</p><p>As an example, Sears pointed to call centers.</p><p>“If
you're a call center employee within a credit union there are software
solutions you can utilize that help you be fully remote,” she said. “But
that digital transformation is expensive and it is time-consuming to
initiate. You have to understand at a pretty deep level where your
productivity needs to be, and what should be accomplished in a given day
to equate to a successful call center employee.”</p><p><b>What to do Now?</b></p>
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<p>Lesley Sears</p> </div>
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</div><p>Now that the pandemic is moving further back in the rearview
mirror, it's time for credit unions to begin measuring what's working,
and then base their decisions on data about how to structure their
policies when it comes to in-office, work from home or a hybrid
arrangement, Sears explained.</p><p>“This is very important, because it
will make the difference in their business success, employee
productivity and in their ability to keep their workforce assets,” she
said.</p><p>Sears added the metrics will also help with the “balancing
act” credit unions face in delivering on their workforce’s desires and
need for flexibility, and what tools they can afford to incorporate into
their systems.</p><p>“You want the best people working for your credit
union. To keep those people, in a number of instances they're going to
have to offer flexible work. And if they don't offer that employees have
said they'll leave, even to make less money. They want flexibility. I
don't think that's going to change,” Sears said. “I think the pandemic
let people see that work/life balance is important, and they're willing
to sacrifice pay, up to 15%.”</p><p><b>Not Angry, Unless…</b></p><p>When
it comes to the question of using metrics to measure staff
productivity, Sears said she believes employees will not be offended by
new metrics, if they are correctly employed.</p><p>“I don't think people
get angry about being expected to be productive,” she said. “I think
they get angry when they don't know what productivity means. If managers
can't come to their workforce and say the expectation for productivity
in a given day is X, Y and Z…Explain clearly how they are determining
productivity and what it should look like, how they draw conclusions,
what training is available…That is where productivity (measurement)
needs to start.”</p><p>Amidst all that, Sears emphasized a credit union
must evaluate its own culture to ensure employees are engage. It’s a
already difficult challenge magnified by the different work
environments, she acknowledged, saying all three work scenarios must be
measured, if applicable</p><p>“There's multiple buckets now that you're managing. You have to look at each individually and then collectively,” Sears said.</p><p><b>A ‘Varied’ Environment</b></p><p>So, where are credit unions today in their mix of the three working options?</p><p>“I
think it's pretty varied. I facilitated discussion around this
topic—hybrid/remote—with a group of credit unions over the summer. We
met and talked through this, and it's interesting that they were very
diverse in their approach,” Sears said. “There were leaders who were
very outspoken about never doing remote, and they were very vocal about
that. They were passionate about that. But overwhelmingly, most of the
credit unions that we talked to have some form of hybrid work. They
would have some positions that were fully remote, but that was very less
frequent. Hybrid was definitely predominant in our discussions.”</p><p><b>Lack of Understanding</b></p><p>As
a result of the rapid shift to remote work at the outset of the
pandemic, Sears reiterated she does not think every employer has done a
great job of truly understanding what has worked and what has not.</p><p>“I
think they've done some of that, but I think there's a probably a need
for a deeper dive into taking the pulse of the current structure within
hybrid/remote/on-site work,” she said. “I think most of it falls in the
in the laps of managers, identifying really what engagement means to
their teams, and individual members of their teams.”</p><p><b>One CU’s Experience</b></p><p>At
the $800-million SeaComm FCU in Massena, N.Y., CEO Scott Wilson told
CUToday.info the credit union currently bases its decisions on work
environment on individual workers themselves.</p><p>“We find it really
depends on the individual and their respective responsibilities,” he
said. “We have a number of employees who have or currently work remote
full-time in our indirect department. It works well for them and us.
These are all task-oriented positions, often lending related. We have
also offered a hybrid option, as well, in our risk-management area. This
gives employees flexibility to work two days at home and three in
office.”</p><p>Wilson said the organization receives employee requests
to work from home and most of the time the decision comes down to the
manager’s preference.</p><p>“As I said, it really comes down to, ‘Ia
this a position that can be done remotely without impacting the overall
work quality or ultimately our service level to our membership?’” he
said. “If a work from home request isn’t granted, this can cause some
dissatisfaction with the individual employee. However, if there is a
legitimate reason and it is fully explained to them, they tend to
understand and accept it.”</p><p>Wilson emphasized the credit union likes to see employees in the office.</p><p>“There
is much more opportunity to get a feel of what is going on with an
employee than if they were at home and only available by screen and
phone,” Wilson said. “This, too, lends more opportunity for advancement
as you can meet with them regularly and see the input they offer on a
daily basis.”</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-17960439829617515192024-03-16T11:59:00.004-04:002024-03-16T11:59:55.158-04:00One Thing is Playing an Outsized Role in Driving Inflation, Says Fed Chair<p>03/14/2024 07:24 pm</p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7">
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<p>WASHINGTON–The Federal Reserve’s chairman said there is one rising
cost that is playing an outsized role in inflation: the cost of
insurance.</p>
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<p>Jerome Powell</p> </div>
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</div><p>With the country looking to the Fed for when it might begin
cutting rates, the Fed itself continues to closely monitor inflation
data for signals it has been able to tame rising costs. And Fed Chairman
Jerome Powell told Congress that costs have continued to rise
significantly across the various types of insurance, including car,
medical and property protection.</p><p>“Insurance of various different
kinds — housing insurance, but also automobile insurance, and things
like that — that’s been a significant source of inflation over the last
few years,” Powell said during his testimony before Congress. “And it’s
to do with a million different factors.”</p><p>Omair Sharif, founder of
the research firm Inflation Insights, told the New York Times that part
of the increase in car insurance comes from the fact that parts and
replacement vehicles have become a lot more expensive over recent years,
and that is slowly feeding through to insurance premiums.</p><p><b>‘It’s a Significant Issue’</b></p><p>In
addition, economists at Goldman Sachs expect that car insurance measure
to have picked up sharply again in February, “reflecting strength in
online insurance price data,” the Times report added.</p><p>Also on the rise: medical care insurance, and tenant and household insurance.</p><p>“In
the longer term, companies are withdrawing from writing insurance in
some coastal areas,” Powell told Congress. “It’s a significant issue.”</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-91126490785307500602024-03-13T09:41:00.002-04:002024-03-13T09:41:32.779-04:00Here's How CU Economist Views Higher-Than-Expected Inflation Number<p></p>
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<span class="date" itemprop="dateModified">03/12/2024 12:33 pm</span><br />
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<p>WASHINGTON–Inflation in the U.S. during February was stronger than
many had expected, and while most analysts continue to forecast the Fed
will begin cutting interest rates later this year, it may do so later
than had been forecast.</p><p>According to the Labor Department,
consumer prices were up 3.2% last month over one year earlier. That’s
slightly above the 3.1% many economists had predicted, and marks the
second consecutive month of higher-than-expected price increases.</p>
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<p>Dawit Kebede</p> </div>
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</div><p>“Inflation increased in February higher than expected,
reversing the encouraging easing trend observed in the last quarter of
the previous year. Both headline and core prices showed a monthly
increase of 0.4%—an annualized rate of 4.8%. The increase in housing and
gas prices were the main drivers contributing over 60% of the headline
number,” said America's Credit Unions’ Senior Economist Dawit Kebede.
“The Federal Reserve indicated repeatedly that it needs convincing data
to show that inflation is heading to its target of 2% before it starts
cutting rates. This target is based on the personal consumption index
(PCE), which has lower weight on housing and reads lower than this
consumer price index (CPI) report. </p><p>“However, the increase in the
prices of other service items and commodity prices rising slightly after
several months of decline in the CPI report may cause the Federal
Reserve to be cautious before starting to cut rates,” Kebede added.</p><p><b>Inflation Remains Stubborn</b></p><p>The
Labor Department report shows core prices, which exclude food and
energy items in an effort to better track inflation’s underlying trend,
rose more than expected, both when measured from a year ago and a month
ago.</p><p>What it all adds up to is a stubborn rate of inflation that
continues to defy the Fed’s 2% target rate. However, the Fed uses a
separate gauge measure inflation that is provided by the Commerce
Department.</p><p>The Federal Reserve’s Open Market Committee is scheduled to meet next week.</p> </div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-40945612408833396852024-03-13T09:39:00.000-04:002024-03-13T09:39:00.571-04:00'Deposit War to Get Tougher': A Look at What the Six-Month CD Reveals About the Market Ahead<p></p>
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<p>LAKE FOREST, Ill.—Financial institutions are paying record-high rates
on deposits and who the rate war is only going to get tougher as the
year progresses, according to one economist.</p><p>To illustrate his
forecast, Michael Moebs, economist and chairman of Moebs $ervices, said
his company’s latest deposit study reveals almost 22% of all FIs are
paying 5% or higher on a six-month CD.</p><p>“The riskless saver is now
experiencing higher rates for their money than ever before,” said Moebs.
“The six-month CD rate is the most dominant of all deposits rates—21.9%
of all FIs are paying 5% or more on this deposit service. In the
history of the United States this is extraordinary. Never before have so
many FIs paid a maximum rate competing with Wall Street and Treasury
options. With the basic saver who is riskless courting U.S. Treasury
bills, more banks, CUs, thrifts and fintechs will start paying this
maximum deposit rate to keep their deposits and not let these funds go
to the Treasury.”</p><p><b>What Survey Found</b></p><p>Moebs said of those (3,628 institutions surveyed) paying 5% and above on six-month funds:</p>
<ul><li>50.9% are banks</li><li>37.9% are CUs</li><li>11.2% are thrifts</li></ul>
<p>Ten-year Treasuries paid 3.92% for 2023 and are now over 4% in 2024, Moebs noted.</p><p>“The
competition between FIs for the six-month CD is based on who has the
most capital to assets and highest assets per million per employee,”
Moebs said. “In other words, it is a function of efficiency.”</p>
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<p>Those states in the green are above the national rate and those in orange below the national rate.</p> </div>
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</div><p><b>A Big Shift</b></p><p>Moebs said the survey also shows that any term past 12 months falls to less than 4%.</p><p>He described the high six-month rates as a “big shift in how deposits are priced.” </p><p>“Hard
working Americans, from carpenters to clerks, bank a percentage of
their paycheck along with teaching their kids to save chore money in
piggy banks. Guess what? FIs now realize these folks have collected
$10,000 to over $100,000 and the FIs are paying over 3.00% to save with
deposits, not Treasuries,” said Moebs.</p><p>Interest checking, savings,
and six- to 12-month CDs constitute 49.4% of money stock per the
Federal Reserve’s Z1 reports and FI call reports, Moebs said. </p><p><b>The Dominant Term</b></p><p>Moebs
data show that today the “nationally dominant” financial service is the
six-month certificate, with the average rate being 3.97%. Currently,
the five-year Treasury note is 4.21% and averaged 4.26% for 2023.</p><p>Examining rates across the nation (see chart) Moebs data show the following:</p>
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<ul><li>FIs paying market rates (green states) average 4.39%, while those below (orange states) average 3.29%</li><li>Rates statistically differ by region:</li></ul>
<p>3.94% East </p><p>3.58% South </p><p>3.73% Midwest </p><p>4.52% Mountain </p><p>3.60% Pacific</p><p>“Will
a user in Oregon with the lowest rate seek higher rates in Washington,
Idaho, or Nevada? To do so is only a website click away,” noted Moebs.
“Depositories with good capital and strong earnings will win in the long
run.”</p><p><b>Advice Shared</b></p><p>Moebs said financial
institutions paying rates that compete with bonds and the stock markets
produce “fascinating strategic and tactical designs for deposits,” and
offered observations and advice: </p>
<ul><li>“One rate fits all for the entire service is gone. Tiered rates by deposit levels in one service are a given”</li><li>“Multiple same service checking for military, student, and seniors is costly. One checking is enough”</li><li>“Physical location is no longer the cornerstone of new consumers. Digital banking and websites are”</li><li>“Great grandma may use physical checks but grandkids have plastic cards and they want market rates”</li><li>“As deposit rates rise so does fee pricing because checking accounts need to be profitable”</li><li>“High deposit rates force lower non-interest expenses. Pay fewer employees more”</li><li>“Holidays push rates higher to have the consumer pay taxes on the interest 15 months later”</li></ul>
<p><b>‘The Service is Price’</b></p><p>“Depositories sell services, and
the service is price. Market rates for the saver who holds significant
deposits are now normal in the post COVID world. Significant deposits
start at $10,000,” said Moebs. “This results in marketing deposits
differently. Tiering rates to reflect competitive interest rate markets
is essential, along with: one service, digital services, profitable
checking, an equilibrium of fees-rates-balances, lower non-interest
expenses, and concern for the tax-paying saver are all vital elements
of the right rate.</p> </div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-43278856368837246722024-03-07T07:47:00.001-05:002024-03-07T07:47:45.708-05:00In Wake of ‘Mother of All Breaches,’ Six Warning Signs Organizations Should Watch For are Shared<p>NEW YORK–In the wake of what has been called the “mother of all
breaches,” IT execs and organizations are being offered six warning
signs to be watched.</p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-long" itemprop="articleBody"><p>According to researchers with Security
Discovery and Cybernews, they uncovered a whopping 26 billion in leaked
entries associated with LinkedIn, Twitter.com, Tencent, Dropbox, Adobe,
Canva, Telegram as well as other platforms.</p>
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</div><p>These include government agencies in the U.S., Brazil, Germany,
the Philippines, and Turkey, among others. In all, some 12-terabytes in
information was breaches, according to the researchers.</p><p>Entrepreneur.com has assembled a half-dozen warning signs to be wary of, noting the heightened risk of identity theft.</p><p><b>What to Watch For</b></p><p>It
recommended businesses pay attention to the following when monitoring
their infrastructure, according to Entrepreneur.com, include:</p>
<ul>
<li><b>Uncommon access scenarios</b>. “In light of a data breach like
this, keeping a close eye on access logs for any unusual activity is
critical. A sudden surge in requests or unfamiliar IP addresses could
indicate unauthorized entry. Logins during non-standard hours,
especially outside of ordinary business hours, may be considered
malicious activity as well,” the report said.</li>
<li><b>Suspicious account activity</b>. “In an attempt to take over the
compromised account, scammers may reveal themselves through unexpected
adjustments in user privileges or alterations to account roles,”
Entrepreneur.com stated. “Frequent changes in login locations, irregular
login times, and spikes in data access are also red flags.”</li>
<li><b>Surge in phishing attempts</b>. Entrepreneur.com noted “Massive
breaches often provide fertile ground for cybercriminals to launch
phishing attacks targeting employees or customers related to affected
brands. Unscheduled phishing training or educational campaigns may help
your staff and clients recognize phishing scams at early stages.”</li>
<li><b>Abnormal network traffic</b>. “Another alert of malicious
activity is unexplained spikes in outbound traffic and unusual
communication patterns between internal systems,” the report said.</li>
<li><b>Boost in helpdesk requests</b>. “A growing volume of user
requests to the support team can also indicate a problem, especially
when there is a sudden surge in inquiries related to compromised
accounts or suspicious activities,” according to Entrepreneur.com.</li>
<li><b>Customer feedback</b>. “An influx of complaints about
unauthorized access, account compromises, or suspicious transactions
should trigger an immediate investigation,” the report stated.</li></ul></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-36868575763078305032024-03-07T07:45:00.000-05:002024-03-07T07:45:49.231-05:00SRM Announces Former NCUA Chairman Rodney Hood to Join International Advisory Board<p> <img alt="" class="caas-img has-preview" data-src="https://s.yimg.com/ny/api/res/1.2/KwlH1Oc4gpMxznAG.L6ThQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTE5NztjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/23f6bd3eb71cc372e6c36310764e951b" height="131" src="https://s.yimg.com/ny/api/res/1.2/KwlH1Oc4gpMxznAG.L6ThQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTE5NztjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/23f6bd3eb71cc372e6c36310764e951b" width="640" /></p><div class="caas-body"><p><b>MEMPHIS, Tenn., March 04, 2024</b>--(<a class="link " data-rapid_p="7" data-v9y="1" data-ylk="slk:BUSINESS WIRE;elm:context_link;itc:0;sec:content-canvas" href="https://www.businesswire.com/" rel="nofollow noopener" target="_blank">BUSINESS WIRE</a>)--SRM
(Strategic Resource Management), a trusted advisory firm serving
financial institutions globally, announced that former National Credit
Union Administration (NCUA) Chairman Rodney E. Hood is joining the
company's diverse and growing international advisory board.</p><p>Hood, a
well-known regulatory leader and a staunch advocate for economic
empowerment and financial inclusion, brings over three decades of
financial services expertise to his SRM board role. Additionally, Hood
has represented the U.S. credit union industry at conferences and
summits across the globe, was named a Young Global Leader at the World
Economic Forum in Davos, and has cultivated lasting relationships with
regulators in South America, Africa, and Europe.</p><p>"I've had the
pleasure of knowing Rodney Hood for many years and couldn't be happier
and more honored to have him join the International Advisory Board at
SRM," said Brad Downs, SRM's Chief Executive Officer. "Rodney's deep
understanding of the financial institution C-suite, passion for fintech
and innovation, and general enthusiasm for the worldwide client base we
serve is unmatched. He will be invaluable as an advisor."</p><p>Hood
served two critical tenures at the NCUA, with his first leadership role
beginning in 2005 when former President George W. Bush nominated him to
serve as Vice Chairman. In 2019, he became the Eleventh Board Chairman
of the NCUA, becoming the first Black American to lead a regulatory
agency in banking and finance. While Chairman, Hood established the
NCUA's first Office of Financial Technology and Access. He continued as
an NCUA board member from January 2021 through January 2024.
Additionally, he has served as Chairman for NeighborWorks America, a
congressionally chartered nonprofit providing affordable housing access
to communities nationwide.</p><p>"SRM cares greatly about the
operational sustainability of its clients. They're much more than a
negotiator to the executives I speak with – they're a trusted
collaborator from the boardroom to the branch," noted Rodney Hood.
"SRM's 30-year track record, long-term vision, and diverse group of
thought leaders on the advisory board compelled me to accept this
invitation. I look forward to contributing to the company's – and the
industry's – continued success."</p><p><b>About SRM</b></p><p>SRM
(Strategic Resource Management) has helped 1,000+ financial institutions
add more than $5 billion of value to their bottom line in areas such as
payments, digital transformation, core processing, digital assets, and
overall operating efficiency. For 30+ years, SRM has lowered costs,
created revenue opportunities, increased productivity, and provided a
competitive edge for clients in an environment of constant and
accelerating change. Visit <a class="link " data-rapid_p="9" data-v9y="1" data-ylk="slk:srmcorp.com;elm:context_link;itc:0;sec:content-canvas" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fsrmcorp.com%2F&esheet=53904047&newsitemid=20240304464551&lan=en-US&anchor=srmcorp.com&index=1&md5=e6b3d9e25834cb981c21c1af1b98c4a4" rel="nofollow noopener" target="_blank">srmcorp.com</a> for more information and follow us on <a class="link " data-rapid_p="10" data-v9y="1" data-ylk="slk:LinkedIn;elm:context_link;itc:0;sec:content-canvas" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fstrategic-resource-management-srm-%2F&esheet=53904047&newsitemid=20240304464551&lan=en-US&anchor=LinkedIn&index=2&md5=78bd84e3c0b8e7353fee61b6767d6f0d" rel="nofollow noopener" target="_blank">LinkedIn</a> and <a class="link " data-rapid_p="11" data-v9y="1" data-ylk="slk:X (formerly Twitter);elm:context_link;itc:0;sec:content-canvas" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FSRMCorp&esheet=53904047&newsitemid=20240304464551&lan=en-US&anchor=X+%28formerly+Twitter%29&index=3&md5=bb7dec0df0cb3975dd030080c3058566" rel="nofollow noopener" target="_blank">X (formerly Twitter)</a> for timely and relevant insights.</p></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-70079064863538042222024-03-06T09:40:00.000-05:002024-03-06T09:40:21.815-05:00Judy DeLucca: 2024 Herb Wegner Memorial Award Winner<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://youtu.be/G5V7rhEzpqo?si=UjWCOtrtge90r7gA" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="330" data-original-width="534" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuiNsTRmNrApcf4rdNpw_Ti9rCS4K9QxeJhyphenhyphenq8jK9wcHqC_mUX-H6tEOwbCCquxLULbagrImSSsF7gArYNLsy2oRimiJ-qyBwT4jVKHVvgPpL3TTzjmGKCC8iSee35Q8iG93Fyp1cbOzeG69mxO7YJoFFrJ3ozqL2T1VgcuMozlwTo1Ute6Uk-Od1CfWyj/w640-h396/Judy%20Delucca.jpg" width="640" /></a><br /><br /><a href="https://youtu.be/G5V7rhEzpqo?si=UjWCOtrtge90r7gA">https://youtu.be/G5V7rhEzpqo?si=UjWCOtrtge90r7gA</a> </div><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;"><em style="border: 0px; box-sizing: inherit; font-family: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: inherit; font-family: inherit; font-style: inherit; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br />For more than 40 years, Judy DeLucca has been moving people forward toward their goals. From the dedicated staff of New Orleans Firefighter’s Federal Credit Union (NOFFCU) who thrive under her leadership to the partners she’s connected to help combat predatory lending, to the members of the credit union and community who struggle to find their financial footing, Judy and her team have been there to answer the call. </span></em></p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">Judy’s core belief in financial inclusion for all hasn’t just inspired the people around her. It has been a catalyst for initiatives that are improving lives in Louisiana and Mississippi every single day.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">As the CEO of a Community Development Financial Institution (CDFI), she has paved the way for more than 50% of the credit union staff to become Certified Credit Union Financial Counselors and the formation of a Financial Inclusion Team. The one-on-one counseling and innovative solutions they provide make all the difference in their members feeling seen, heard, and supported in their financial goals.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">In the words of Captain Clinton deArmas Sr., a member of NOFFCU, “Ms. Judy plays a huge role in how employees handle themselves with their members, and also cares on how her employees are treated. It’s all a big family. That’s what separates NOFFCU from any other Credit Union and/or Bank.”</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">Judy has also tirelessly advocated for the underserved outside the credit union’s walls. When she and other leaders were unable to persuade the Louisiana legislature to impose a mandatory cap on payday lending, she and other partners formed the Faith Fund, a a501c3 non-profit to help families manage their money, escape predatory lending, and achieve financial stability. Since the Faith Fund’s founding, it has saved Louisiana families an estimated $13.7 Million that would have been spent on payday loan fees and interest.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">When disaster has threatened NOFFCU and its members, Judy’s compassion for people and expertise in disaster preparedness have shown. Hurricane Katrina displaced more than one-third of credit union employees and thousands of members. Not only did Judy lead the effort to convert branches into living quarters with washers, dryers, and stoves, but she also helped employees find hotels in Texas and set them up to work remotely so they could continue to support the many members who had also been forced out of their homes. She also worked with the Cornerstone League to ensure that members could have access to their money even through power failures and core system outages.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">Determined to provide members with the right resources at the right times, Judy mobilized NOFFCU’s “Financial First Responders.” This cross-departmental team was well prepared to help members navigate difficult times like Hurricane Ida, the COVID-19 Pandemic, and the financial impact they bring.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">“Throughout the unprecedented situations over the past two years, Judy has ensured that all the communities would have the resources they need to weather the financial burdens that were yet to be determined.”, says Amy Rodriguez, NOFFCU Chief Experience officer.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">Throughout her career in the credit union industry, Judy DeLucca has been a leader who cares deeply about reaching people from all walks of life, showing them compassion, and helping to lead them toward financial independence. She’s been recognized with local, state, and national accolades for her work, and it pleases us immensely to honor her this year with the Herb Wegner Memorial Award for Outstanding Individual Achievement.</p><p style="background-color: white; border: 0px; box-sizing: inherit; color: #413933; font-family: calibri, Candara, Segoe, "Segoe UI", Optima, Arial, sans-serif; font-size: 24px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Visit <a href="https://www.ncuf.coop/foundationdinner" style="border: 0px; box-sizing: inherit; color: #426ca9; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">https://www.ncuf.coop/foundationdinner</a> to learn more about the Herb Wegner Award winners and register to attend the Foundation Dinner.</p>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-8126328626011742612024-03-06T08:49:00.000-05:002024-03-06T08:49:17.713-05:00Firefighter credit union donates CO detectors to area fire stations<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjisZTXwFjIsRRdsMaGX6LEfGdO0XECZ9akq4CInOGkq6p7-8piBc2flq26QJjnyPRVSRG16Qj2VWkp8RZkhG0UFdvQqNZf-bt-51Sng7ywe1LEgXBi-Vdj149M6sJAZ9g-ne-P6hUu7xtKrUcAJrLRDrQLKVKbzI4q_y6WcLEinR3Lob6x9WlJo0u0ki_p/s1024/CARBONMONOXIDE%20DETECTORS.webp" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="576" data-original-width="1024" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjisZTXwFjIsRRdsMaGX6LEfGdO0XECZ9akq4CInOGkq6p7-8piBc2flq26QJjnyPRVSRG16Qj2VWkp8RZkhG0UFdvQqNZf-bt-51Sng7ywe1LEgXBi-Vdj149M6sJAZ9g-ne-P6hUu7xtKrUcAJrLRDrQLKVKbzI4q_y6WcLEinR3Lob6x9WlJo0u0ki_p/s320/CARBONMONOXIDE%20DETECTORS.webp" width="320" /></a></div><p>DAYTON, Ohio (WKEF) -- A local credit union is stepping up to help Dayton area fire stations stay safe.</p><p>The <a class="themeColorForLinks" href="https://www.ffcocu.org/" target="_blank" title="https://www.ffcocu.org/">Firefighters & Company Federal Credit Union</a> will be donating 820 carbon monoxide detectors to fire departments throughout the Miami Valley.</p><div id="interstory_first_ddb_0"></div><p>For the ninth year in a row, the following fire departments will be receiving fire detectors.</p><ul><li>Dayton</li><li>Trotwood</li><li>Harrison Township</li><li>Butler Township</li><li>Brookville</li><li>Vandalia</li><li>Miami Valley Fire District</li><li>West Carrollton</li><li>Huber Heights</li><li>Fairborn</li><li>New Lebanon</li><li>Kettering</li><li>Troy</li><li>Tipp City</li><li>Beavercreek Township</li></ul><p>All donations are being delivered over the next several weeks.</p><p>A total of 820 CO detectors will be donated among the departments.</p><p>The credit union has donated over 4,700 detectors since the program began in 2016.</p>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-74232833328594758102024-03-05T07:56:00.000-05:002024-03-05T07:56:00.785-05:00Here’s the Forecast for Home Price Expectations in Newest Fannie May Survey<p>WASHINGTON—National home prices are expected to grow of 3.8% in 2024 and 3.4% in 2025, Fannie Mae is predicting in its Q1 2024 <a href="https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fclick.e.fanniemae.com%2F%3Fqs%3D9e8cbaad58b26a4daaec25b28b8d79eb97ac571fec523c08cbc0d6cb891a278fb202b4c08650b83a90820d676c1561f5333c64e36a016556&data=05%7C02%7C%7C513e93f44ac84f6ab15508dc39549b33%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638448282760356728%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=mQ2sdVkrOXEytVCN1PgcDa7RzcfGH4rCt3ynzNUShnI%3D&reserved=0" target="_blank" title="Protected by Outlook: https://click.e.fanniemae.com/?qs=9e8cbaad58b26a4daaec25b28b8d79eb97ac571fec523c08cbc0d6cb891a278fb202b4c08650b83a90820d676c1561f5333c64e36a016556. Click or tap to follow the link.">Home Price Expectations Survey</a> (HPES).</p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-long" itemprop="articleBody"><p>The
HPES is based on a survey of more than 100 experts across the housing
and mortgage industry and academia for forecasts of national home price
percentage changes in each of the coming five calendar years, as
measured by the <a href="https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fclick.e.fanniemae.com%2F%3Fqs%3D9e8cbaad58b26a4d255d937cc6f4a5be12f003ba03848e4bfacacf2b93cd6c099f47f67a3c0a0f1e15b4de5964c48320bcc50bb9db7e9dd5&data=05%7C02%7C%7C513e93f44ac84f6ab15508dc39549b33%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638448282760372972%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Jng8BqrhnHUhPMaG2vU3%2B6xv5KCvJ8Alkxjugw1FRug%3D&reserved=0" target="_blank" title="Protected by Outlook: https://click.e.fanniemae.com/?qs=9e8cbaad58b26a4d255d937cc6f4a5be12f003ba03848e4bfacacf2b93cd6c099f47f67a3c0a0f1e15b4de5964c48320bcc50bb9db7e9dd5. Click or tap to follow the link.">Fannie Mae Home Price Index</a> (FNM-HPI).</p><p>The
study’s latest estimates of national home price growth are higher than
last quarter’s expectations of 2.4% for 2024 and 2.7% for 2025.</p>
<div class="object-center"><div class="content-view-embed">
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<img alt="Fannie Expectations" height="500" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/fannie-expectations/1738143-1-eng-US/Fannie-Expectations_galleryfull.jpg" style="border: 0px solid;" title="Fannie Expectations" width="640" />
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</div><p><b>Higher Upside Risk</b></p><p>In addition, an increased share
of survey panelists indicated higher upside risk to their home price
forecasts – 41% in Q1 2024 compared to 26% in Q4 2023 – “with a majority
citing ongoing housing supply constraints and lower mortgage rates as
the basis for that belief,” Fannie Mae said.</p><p>The panel also projects a median 30-year fixed mortgage rate of 6% by the end of 2024.</p><p>“On
average, our panelists continue to expect home price growth to
decelerate this year, but their overall outlook was revised upward this
quarter, with most now reporting greater upside risk to home prices than
downside risk,” said Hamilton Fout, Fannie Mae vice president of
economics. “If mortgage rates move toward the panel-predicted 6% median
rate by the end of 2024, we would expect this to be supportive of
continued home price growth, particularly given the persistent
supply-side challenges facing the housing market.”</p><p>Results of the Q1 2024 survey can be found <a href="https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fclick.e.fanniemae.com%2F%3Fqs%3D9e8cbaad58b26a4d3c8312ea675cccf46655400934548e9ce52d5761c9392c4d05abf4d7e37d276c164182469a1ef5cea17effd121ce0d5c&data=05%7C02%7C%7C513e93f44ac84f6ab15508dc39549b33%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638448282760389848%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=tnFJgyyo1ifrIP3F3Zod%2BUGInwjcy2BSQlJZAgzH13Y%3D&reserved=0" target="_blank" title="Protected by Outlook: https://click.e.fanniemae.com/?qs=9e8cbaad58b26a4d3c8312ea675cccf46655400934548e9ce52d5761c9392c4d05abf4d7e37d276c164182469a1ef5cea17effd121ce0d5c. Click or tap to follow the link.">here</a>.</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-92000282979492675922024-03-02T09:42:00.001-05:002024-03-04T08:20:49.881-05:00Three common mistakes to avoid when looking to grow core deposits<p><time datetime="2024-02-29T03:45:56-05:00">February 29, 2024 </time>
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by <a class="" href="https://www.cuinsight.com/author/kurt-klassen/">Kurt Klassen</a>, </span></p><div class="meta-info">
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<p>How are we going to grow core deposits? This is
the question many credit union executives have recently been wrestling
with. With <a href="https://level5.com/historic-trends-for-core-deposits/">zero percent interest rates a thing of the past</a>, the only real option credit unions have is to expand their reach—attracting new members who make new deposits.</p>
<p>The unfortunate reality is that many executive teams had been lulled
into an uneasy sleep over the last 15 years, thinking that the low
interest rate environment would never end. Now, finally facing the fact
that we won’t be going back to that any time soon, they’re scrambling
for a silver bullet to find new members, open new accounts, and bring in
those new deposits.</p>
<p>In that scramble, we’re seeing credit union executives oftentimes
making three big mistakes. If you want to cultivate a growth strategy
that yields consistent, predictable long-term growth, you’ll need to
avoid all three.</p>
<h3>MISTAKE #1: Putting all your eggs in the digital basket</h3>
<p>Do you need a good solution for online banking? Of course. Are you
going to create an online banking experience that differentiates you in
your market to the degree that it will be your primary growth engine?
Probably not.</p>
<p>Community based credit unions will almost always struggle to compete
on a digital solution alone when compared with enormous banks that can
invest tens of millions into their online tools. You need digital
banking solutions that work, yes, but you’ll never grow solely based on
your app or your online bill pay.</p>
<p>To compete and win the online banking battle will take more than you
will ever be able to spend. If you’re putting all your hopes for growing
core deposits into attracting new members through your slick mobile
app, think again. The online experience is one factor – and <a href="https://thefinancialbrand.com/news/bank-marketing/switch-bank-checking-accounts-fee-branch-mobile-91834/">not even the most important one</a> – for people (no matter their age) who are evaluating banking options.</p>
<p>Digital alone won’t grow your core deposits.</p>
<h3>MISTAKE #2: Believing the “branching is dead” myth</h3>
<p>Branching as a growth strategy is far from dead. If you’ve been paying attention lately, both <a href="https://thefinancialbrand.com/news/banking-branch-transformation/should-banks-build-branches-or-improve-digital-yes-175224/">PNC and JP Morgan Chase recently announced enormous investments in their branches</a>.</p>
<p>They’re planning to open new branches, close under-performing
branches, and remodel existing branches, investing billions of dollars
in making sure that they’ve got up-to-date locations in the communities
where their potential customers live and work.</p>
<p>At LEVEL5, we’ve seen insight-based branching strategies predictably
grow core deposits no matter the economic landscape. Digital
transactions don’t build trust. And trust is what ultimately drives
where people put their money.</p>
<p>When you’re on a road trip, you’ve got to decide which gas station
and convenience store you’ll use. How do you decide? You look for
indicators of the other businesses nearby, if the exterior looks clean
and well-maintained, and the ease of access to get in and get out.</p>
<p>If you consider all those factors when you’re going to spend 10
minutes there to fill up your car and get a snack, how much more
important are those factors when people are considering where to put
their money?</p>
<p>Branching is still the best strategy to build trust and attract new members.</p>
<h3>MISTAKE #3: Thinking data is the same thing as insight</h3>
<p>Do you remember when everyone started talking about the power of big
data? The conversation was all about how advances in technology would
allow smaller entities to gain the same access to enormous amounts of
data to better understand their companies and their customers.</p>
<p>Big data by itself won’t help you grow your credit union. Everyone
has data these days. You don’t need more data. You need more insight.</p>
<p>When you can sift through the mountains of data and draw conclusions
that matter, that’s insight. When you can see and take advantage of real
estate opportunities when the best locations aren’t even on the market,
that’s insight.</p>
<p>Insight comes from combining data from many sources – including
boots-on-the-ground research – and leveraging both experience and
expertise to understand what the data means … and how it can guide your
growth strategy.</p>
<p>If you don’t avoid these mistakes, you’ll be taking enormous risks
and miss key opportunities while your competitors – including the big
banks like PNC and JP Morgan Chase – gobble up the best locations and
new deposits.</p>
<p>But if you can resist and avoid these three mistakes, you’ll be on
your way to developing a predictable growth strategy that will attract
new members and increase your core deposits and get a jump on the
competition.</p></div></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-80681301872241522622024-03-02T08:19:00.000-05:002024-03-02T08:19:35.783-05:00With Fees Scrutinized, Where CUs Have Advantage<p><i><b>By Ray Birch</b></i></p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-long" itemprop="articleBody"><p>LAKE FOREST, Ill.—In a period in
which the CFPB, consumer groups and much of Washington are focused on
financial institution fees, a new study reveals credit unions are well
ahead of banks when it comes to website transparency of their pricing
and policies.</p><p>A new study from Moebs $ervices has found credit
unions are more transparent with their pricing, especially online. One
of the reasons for the disparity, the study reveals, is banks want
consumers to stop in their offices for the OD price.</p>
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<img alt="Feature Transparency" height="288" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/feature-transparency/1735486-1-eng-US/Feature-Transparency_galleryfull.jpg" style="border: 0px solid;" title="Feature Transparency" width="770" />
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</div>
</div>
</div><p>The analysis gives credit unions a 92.6% rating, and banks
56.8% on their OD transparency. That means of those credit unions
surveyed in the report—which polled 3,600 FIs—92.6% of CUs are very
clear on their OD pricing via their websites, while only 56.8% of banks
do the same.</p><p>As CUToday.info recently <a href="https://www.cutoday.info/site/THE-feature/Agency-Has-Concerns-Over-Concentration-Risk" target="_self">reported</a>,
NCUA has announced plans to expand its scrutiny of OD pricing pricing
and policies posted on credit union websites. California’s state
attorney general has made a similar announcement, as has the CFPB.</p>
<div class="object-right"><div class="content-view-embed">
<div class="class-image" style="width: 200px;">
<div class="attribute-image">
<img alt="Screen Shot 2021-10-05 at 8.44.08 PM" height="247" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/screen-shot-2021-10-05-at-8.44.08-pm/1366480-1-eng-US/Screen-Shot-2021-10-05-at-8.44.08-PM_medium.png" style="border: 0px solid;" title="Screen Shot 2021-10-05 at 8.44.08 PM" width="200" />
</div>
<div class="attribute-caption" style="width: 100%;">
<p>Michael Moebs</p> </div>
</div>
</div>
</div><p>The key to the difference between bank and CU overdraft
transparency is cross-selling, according to Michael Moebs, economist and
chair of Moebs $ervices.</p><p>“Banks have always had higher cross-sell
ratios than CUs,” Moebs explained. “Banks cross sell other financial
services two-to-one over CUs. To counter, CUs have always tried to pay
higher on deposit interest and charge less on loans and fee services.
Credit unions will be more price transparent to offset the bank
front-line sales advantage.”</p><p><b>The Revealing Element</b></p><p>Moebs said the “revealing element” of website features is the overdraft limit.</p><p>“Half
of CUs state on their websites what the limit is. While banks are half
of this—and their cousin, the thrifts, are 75% of the banks,” Moebs
added. “The other piece of the selling puzzle is banks want new
customers to visit the branch to learn prices for services, while CUs
will happily tell you the price on their website, online chat, or phone.
The final piece is relationships. Banks want the whole relationship
while CUs know the buyer is an owner in their cooperative structure. So,
CUs are transaction oriented.”</p><p>The Moebs study also shows FIs,
overall, are “finally catching up to the rest of the world” and making
their websites more user-friendly and transparent, said Elizabeth
Hamlin, financial analyst at Moebs $ervices.</p><p>“Credit unions lead
the pack when it comes to disclosing fees, rates and balances for
consumer services, such as checking accounts and CDs, followed by banks
and then thrifts,” she said. “This basic pricing info is expected from
consumers shopping financial services online,” she said.</p><p><b>The ’Big Push’</b></p><p>Hamlin said in recent years banks and especially thrifts have been “wary” of giving any information away on their websites.</p>
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<img alt="chart" height="306" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/chart428/1735491-1-eng-US/chart_large.png" style="border: 0px solid;" title="chart" width="360" />
</div>
</div>
</div>
</div><p>“The big push is to see their consumers face-to-face. Their
ploy is to have consumers come into the branches—better to be sure these
folks are truly interested in their services so as to not waste their
time,” Hamlin explained.</p><p>Hamlin contended that depositories sell
services, but “their websites tell a different story. Look anywhere on
an FI’s website and what do you see? Products being sold. This approach
is backwards. FIs sell services, not products,” she said (see table at
right).</p><p><b>Additional Findings</b></p><p>The study also found:</p>
<ul>
<li>Credit unions lead in disclosing services on their websites. “In
every category, CUs are the clear winner—the one to beat,” Hamlin said</li>
<li>64.6% of the services surveyed are disclosed on all FI websites—over one-third of services are not revealing prices at all</li>
<li>Collectively for all four services—DDA, ODs, OD Limits and CD
rates—CUs display “30.1% more data” than banks and “17.6% more” than
thrifts</li>
<li>Depositories conceal OD limits. Collectively, only 35% of FIs show
their limits online. Checking (DDA), followed by OD fees and CD rates
are much more readily available on websites than OD limits</li>
</ul>
<p><b>The Good News</b></p>
<div class="object-right"><div class="content-view-embed">
<div class="class-image" style="width: 200px;">
<div class="attribute-image">
<img alt="Hamlin" height="258" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/hamlin/1735496-1-eng-US/Hamlin_medium.png" style="border: 0px solid;" title="Hamlin" width="200" />
</div>
<div class="attribute-caption" style="width: 100%;">
<p>Elizabeth Hamlin</p> </div>
</div>
</div>
</div><p>“The good news is from our last annual statistical survey in
January of 2023, FIs as a whole, are trending towards more
consumer-conscious websites by displaying more fees, rates, balances,
and services right on the website,” Hamlin told CUToday.info. “And as a
bigger bonus, there are more chat functions to help get a live
representative.”</p><p><b>Starting With a Chatbot</b></p><p>The data show many depositories initiate online communications with a chatbot.</p><p>“One
can easily speak to a live representative in minutes,” Hamlin said.
“People can get their answers efficiently, and it reduces the need to go
into a branch. This allows the representative to sell in the chat using
the website as a sales tool.”</p><p>Moebs reiterated that “price is the service, and the service is price” in all financial services.</p><p>“Depositories
sell services, not products,” Moebs said. “The marketing and selling of
each is quite different. More than 35% of all financial institutions do
not display price info on websites. The day has ended when people stop
by the branch for a free cup of coffee and to price shop. If it is not
on the website, then Gen Zs and Millennials won’t even give the FI a
second look. They move on.”</p><p><b>More Efficient Websites</b></p><p>Moebs contended FIs can gain more business using their websites more efficiently.</p><p>“It
is a disservice to hide the information or force consumers to visit a
branch. Not only can a depository be viewed as more user-friendly, but
also avoid potential legal issues by disclosing information on the
website correctly to consumers,” he said. “Update those websites, or
risk being bitten by the compliance crocodile.”</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-12143955340312826562024-03-01T13:57:00.002-05:002024-03-01T13:57:58.475-05:00The No. 1 question for your next credit union board meeting <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_EBufuMGLCWS55RPjqRi3kk5Dz4a5F8rAL11B5zqJ5ChVzTxK9a34hdvOBE2tBpdEpQfSdclDH62BKgreM9XTroipz9tn6L0Le7c6IjeD_pQcEiQEm4Vab6EKSum1Vu9MXd37E7pwMTKQd5thPAnmuPVIUEOVlSVCkJkC1KtCm39AUHtcqvuMSvhnQFrz/s1000/Board%20Meeting%2024.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="1000" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_EBufuMGLCWS55RPjqRi3kk5Dz4a5F8rAL11B5zqJ5ChVzTxK9a34hdvOBE2tBpdEpQfSdclDH62BKgreM9XTroipz9tn6L0Le7c6IjeD_pQcEiQEm4Vab6EKSum1Vu9MXd37E7pwMTKQd5thPAnmuPVIUEOVlSVCkJkC1KtCm39AUHtcqvuMSvhnQFrz/s320/Board%20Meeting%2024.jpg" width="320" /></a></div><br /><p>Often, when the waters are still and things seem to be going well, I
like to stir the pot of the credit union boards we work with to avoid
getting into a sense of false comfort. Not for the sake of stirring the
pot but to make sure we are keeping it real and don’t get comfortable
with our success.</p>
<p>I wanted to share this question with you. It’s one worth asking at your next board or leadership meeting:</p>
<p>What is the weakest part of the value proposition or sales pitch about your credit union that you should <a href="https://yourmarketing.co/does-your-credit-union-have-the-right-marketing-budget/">spend resources on to shore up</a>?</p>
<p>This is a great question to open up and be vulnerable with when times
are good. You won’t be in a hurry to answer, and you won’t be emotional
while answering. <a href="https://yourmarketing.co/strategy-or-execution-whats-more-important-to-your-credit-unions-success/">Honest answers followed by action will result in even more success than you are currently experiencing</a>.</p>
<p>I recall asking this question at one board meeting several years ago.
At first, the answer was a very safe, ‘Nothing. Everything is fine.’ As
the conversation continued, one leadership team member was <a href="https://yourmarketing.co/selfish-credit-unions-kill-opportunities/">vulnerable</a> enough to share a concern she had.</p>
<p>“We’ve gotten so used to this extremely great loan growth that we’ve forgotten to take the time to <a href="https://yourmarketing.co/relationships/">build a relationship</a> with these new members. We won’t keep them very long if we check the box and move on to the next loan.”</p>
<p>OUCH!</p>
<p>But a good ouch. The conversation continued, and there was an honest
discussion about how new members were being treated. Not bad, but it had
become a culture of ‘next, please!’</p>
<p>Their value proposition had always been to serve with heart. They
built relationships with their members, allowing them to make loans and
do business differently than any other financial institution could. With
their newfound growth, they had <a href="https://yourmarketing.co/ymc-services/strategic-branding/">forgotten what made them unique</a> and gotten away from building those relationships.</p>
<p>Having this dialogue before the concern became a full-blown problem
helped the board and leadership team talk through the issues without the
urgency of immediate action. <a href="https://yourmarketing.co/ymc-services/onsite-staff-training/">A
plan was created and communicated to the team about expectations,
reminders about processes sent, and the credit union’s culture shared.</a>
The team found ways to continue growing loans and membership while
living out their value proposition in every member interaction.</p>
<p>Again, my question to you is: <a href="https://yourmarketing.co/ymc-services/strategic-planning/">What
is the weakest part of the value proposition or sales pitch about your
credit union that you should spend resources on to shore up</a>?</p><div class="img"><a href="https://www.cuinsight.com/author/bo-mcdonald/"><img alt="Bo McDonald" src="https://www.cuinsight.com/wp-content/uploads/2023/06/Bo_uncommn-2022-1-179x166.png" /></a>
</div><p>
</p><div class="details">
<h3 class="name"><a href="https://www.cuinsight.com/author/bo-mcdonald/">
Bo McDonald </a></h3>
Bo McDonald is president of Your Marketing Co. A marketing firm
that started serving credit unions nearly a decade ago, offering a wide
range of services including web design, branding, ... <em class="source">Web: <a href="http://yourmarketing.co/">
yourmarketing.co </a></em></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-49392466837080982502024-02-28T11:01:00.003-05:002024-02-28T11:01:58.541-05:00 OMNICOMMANDER® Introduces the Industry's First Comprehensive Digital Branch™ for Financial Institutions.<p style="text-align: center;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGwoRmYvSfQFWX42J7ZXuALHPKFJvp5nstGrD0zhhaM1vawIIa2c5RoAvL179T9CeX5omud7vC8Fn725MudG1jAywVueWazzaVz62MjaNinhLXBufosSV9EnMxnm50j6yyrYPbxBPmDDKUSNPbNZBHT5BOr9e0_pioblRlGsx_QSvUOSbxTofa_9LoqSE2/s1000/OMNICOMMANDER%20PNG%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="544" data-original-width="1000" height="174" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGwoRmYvSfQFWX42J7ZXuALHPKFJvp5nstGrD0zhhaM1vawIIa2c5RoAvL179T9CeX5omud7vC8Fn725MudG1jAywVueWazzaVz62MjaNinhLXBufosSV9EnMxnm50j6yyrYPbxBPmDDKUSNPbNZBHT5BOr9e0_pioblRlGsx_QSvUOSbxTofa_9LoqSE2/s320/OMNICOMMANDER%20PNG%20.png" width="320" /></a></div><p></p><p class="MsoNormal"><span style="font-family: arial;"><a href="https://www.omnicommander.com/">OMNICOMMANDER INC.</a>
announced the launch of <a href="https://www.omnicommander.com/press-releases/omnicommander-introduces-the-industrys-first-comprehensive-digital-branch-for-financial-institutions" target="_blank">BRANCHCOMMANDER</a>™, an all-in-one Digital Branch™
solution, poised as the new gold standard for digital transformation in the
financial industry. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">According to OMNICOMMANDER, this new offering is the
culmination of industry knowledge attained through the meticulous design and
ongoing management of nearly 600 financial institution websites and over 3
million members. Unlike a website, BRANCHCOMMANDER is a fully optimized Digital
Branch created specifically for financial institutions’ online
visitors. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: arial;">A key differentiator of BRANCHCOMMANDER is the interactive
live chat feature. The chat function is not powered by AI or a third-party call
center – it’s powered by OMNICOMMANDER employees. Thoroughly trained chat
agents assist online visitors in navigating the Digital Branch, answer routine
questions about how to join, guide them through selecting products and
services, and much more. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://youtu.be/_rc9iLVi_2g?si=vDd3jMMMXCG8d8sb" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="627" data-original-width="1144" height="350" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2BS8oIjjXeIwPIrxTHKDlREfDgrg8xOE6AS1RSkdxfUFkyulE43Jecr63BN5xACuoBVHr1SDLh7I8qBJEIle-1NmVdaOgeK5xEzQgUb_edAsIkdlnhGTnH9LaX6nZ9kbf73Ncw5J7i_vf2WAISutkaqNBEmj6ftH0_ynO9mpzCpyQqp_Q6kPg5QTBje4b/w640-h350/Omni%20Branch%20Commander.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background-color: white; border-collapse: collapse; border-spacing: 0px; color: black; font-family: Merriweather, Georgia, serif; font-size: 16px;"><tbody><tr style="height: 113.35pt;"><td style="border: medium; height: 113.35pt; padding: 5pt;" valign="top"><p style="margin: 0in;"><span face=""Arial",sans-serif" style="border: 1pt windowtext; padding: 0in;"><img alt="Josh Gallo" height="123" id="_x0000_i1025" src="https://lh3.googleusercontent.com/Rc7ZnShmGHESXDPQFa92XkgDqJEiyRAiyUEIm2CYzDBAhmlDuD-NJrywWcScz5c81Zvz93STgLajju1uGSkiXocI606ctPGqF22lOjWlLEns52CJ5GahhLi76c3jnjvCU2dITav6Zq3n3I5avnePyg" style="border: 0px; height: inherit; margin-left: 0px; max-width: 100%;" width="126" /></span></p></td><td style="border: medium; height: 113.35pt; overflow: hidden; padding: 5pt;" valign="top"><p style="margin: 0in 0in 0in 0.15in;"><b><span face=""Century Gothic",sans-serif" style="color: #622c90; font-size: 13pt;">Josh Gallo</span></b></p><p style="margin: 0in 0in 0in 0.15in;"><span face=""Century Gothic",sans-serif" style="font-size: 10pt;">Regional Manager</span></p><p style="margin: 0in 0in 0in 0.15in;"><span face=""Century Gothic",sans-serif" style="font-size: 10pt;">Cell: 917 402-7720</span></p><p style="margin: 0in 0in 0in 0.15in;"><span face=""Century Gothic",sans-serif" style="font-size: 10pt;">(850) 279-9721 EXT 220</span></p><p style="margin: 0in 0in 0in 0.15in;"><a href="mailto:josh@omnicommander.com" style="background: transparent; 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<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Protecting Your Partner: The
Importance of Advance Directives for Unmarried Couples</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Estate planning is often overlooked by unmarried couples,
yet it is crucial for ensuring that their wishes are respected in times of
need. One critical aspect of estate planning for unmarried couples is the
creation of advance directives, including a durable power of attorney and a
healthcare proxy. These legal documents appoint someone to make financial
and medical decisions on their behalf if they become incapacitated. Without
these directives, unmarried partners may face significant challenges and pitfalls,
particularly regarding their status as the legal next of kin.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">The Pitfalls of Not Being the
Legal Next of Kin</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">One of the primary pitfalls that unmarried couples face is
not being recognized as the legal next of kin. In the absence of a durable
power of attorney or healthcare proxy, the decision-making authority
defaults to the next of kin, typically a blood relative. This means that
your partner may not have the legal authority to make decisions about your
finances or medical care if you become unable to do so.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Financial Decisions</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Without a durable power of attorney, your partner may not be
able to access your bank accounts, pay your bills, or manage your
investments if you are incapacitated. This can lead to financial
difficulties and delays in accessing necessary funds for your care.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Medical Decisions</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Similarly, without a healthcare proxy, your partner may not
be able to make medical decisions on your behalf. This can be particularly
problematic in emergencies when quick decisions are needed. Your partner
may also be excluded from discussions about your care or denied access to
your medical records.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Family Disputes</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">In the absence of clear directives and legal recognition,
unmarried partners may face disputes with their partner's family. Family
members may challenge your partner's authority or decisions, leading to
stressful and costly legal battles.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Avoiding Pitfalls with Advance
Directives</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Creating advance directives is a proactive step that
unmarried couples can take to avoid these pitfalls. By appointing your
partner as your agent for financial and medical decisions, you ensure that
they have the legal authority to act on your behalf if you are unable to do
so. This can provide peace of mind and help avoid confusion and conflict
during difficult times.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Conclusion</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">Estate planning can be complex, especially for unmarried
couples. It is essential to consult with an experienced estate planning
attorney who can help you understand your options and create advance
directives that meet your needs. By taking these steps, you can protect
your partner and ensure that your wishes are respected, even if you are
unable to express them yourself.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> ***</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">This article is provided for informational purposes only and
is not intended as legal advice. For further inquiry, please feel free to
contact me at the email or telephone listed below.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
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</div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-87408338459508590942024-02-26T18:30:00.006-05:002024-02-26T18:30:54.866-05:00Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues, announced today she plans to retire this year.<p><br /></p><div class="blog-body" id="471364646755563866-blog" style="float: left;"><div id="wsite-content"><div class="blog-post" id="blog-post-480886824220264660"><div class="blog-header">
</div>
<div class="blog-content">
<span class="imgPusher" style="float: left; height: 0px;"></span><span style="clear: left; display: table; float: left; margin-top: 0px; margin-top: 0px; max-width: 100%; position: relative; width: 327px;"><a><img alt="Picture" class="galleryImageBorder wsite-image" src="https://www.cubroadcast.com/uploads/2/2/3/4/22347314/published/dianadykstra-pic.jpeg?1708979673" style="border-width: 1px; margin-bottom: 10px; margin-left: 0px; margin-right: 10px; margin-top: 5px; max-width: 100%; padding: 3px;" /></a><span class="wsite-caption" style="caption-side: bottom; display: table-caption; font-size: 90%; margin-bottom: 10px; margin-top: -10px; text-align: center;">Diana Dykstra</span></span> <div class="paragraph">Diana
Dykstra, President and CEO of the California and Nevada Credit Union
Leagues, announced today she plans to retire this year after more than
four decades of financial services leadership.<br /> <br />Never
one to do things as “they’ve always been done,” Dykstra’s constant
challenge of the status quo earned her accolades throughout her career.
Among other honors, she was one of the first inductees into the Credit
Union Museum’s “Credit Union Women Making History: Herstory” exhibit in
2022, was awarded the National Credit Union Foundation’s Herb Wegner
Memorial Award in 2019 in recognition for her lifetime of service and
received the American Association of Credit Union Leagues’ (AACUL) Eagle
Award in 2014 – the highest possible honor for League service.
Dykstra’s retirement date is set for July 1, 2024.<br /> <br />“The past 40-plus years have been an incredible journey. I am deeply grateful for the opportunity to <span style="color: #0d0d0d;">guide and collaborate with remarkable individuals, united by what I consider to be one of the most meaningful motivations</span>,” said Dykstra. “This industry changes lives, and w<span style="color: #0d0d0d;">hile
I will soon mark the end of my tenure as CEO, it is only the beginning
of a new journey filled with gratitude, pride, and the excitement for
what lies ahead for me personally and for credit unions.”</span><br /><span style="color: #0d0d0d;"> </span><br />Dykstra
has served in the top post at California and Nevada Credit Union
Leagues for 14 years. Prior to her tenure there, Dykstra served as
President and CEO of San Francisco Fire Credit Union, President and CEO
of CoastHills Federal Credit Union, senior vice president at Patelco
Credit Union, and senior vice president at Golden 1 Credit Union.<br /> <br />“Diana’s
leadership has been an inspiration to so many in the credit union
industry,” said Jennifer Denoo, President and CEO of Great Basin Federal
Credit Union and Nevada Credit Union League Board Chair. “Her legacy
embodies the values, principles, and accomplishments that will continue
to guide us for years to come.”<br /> <br />During
Dykstra’s time at Golden 1, she led the team that developed the
prototype of the Credit Union Direct Lending (CUDL) program. Now named
Origence, the program has grown to position <span style="color: #38363b;">credit unions as the nation’s largest auto lenders.</span><br /><span style="color: #38363b;"> </span><br />“No
one can deny the indelible mark Diana has had on credit unions in
California, and that impact has carried forward to many areas of the
credit union industry across the country,” said Geri LaChance, President
and CEO at SESLOC Federal Credit Union and California Credit Union
League Board Chair. “She has been a true visionary, willing to make
innovative moves to enhance revenue and efficiency. These innovations
have been consistently evidenced from her early days at Golden 1 forming
the nucleus of what would become a major national auto lender in CUDL.”<br /> <br />Dykstra’s
career accomplishments are only matched by her service record. She
currently is the Board Chair of the World Council of Credit Unions. She
is also the President of Western CUNA Management School, executive
managing partner of Humanidei (an LLC of O’Rourke & Associates),
serves on the boards of CUNA Strategic Services, Global Women’s
Leadership Network, ViClarity, Plexcity – a cooperative business for
credit unions, trade associations, and member credit union leagues. She
is also past chair of the AACUL.<br /> <br />“Diana
has been a tireless champion of credit unions, advocating to promote
growth, sustainability, and relevance for the industry,” said Bill
Cheney, <span style="color: #333333;">President and CEO of
SchoolsFirst Federal Credit Union and former President and CEO of Credit
Union National Association and California and Nevada Credit Union
Leagues. “Diana’s </span>commitment is not
merely professional; it's deeply personal. We are continuously grateful
for the enduring mark she has imprinted on this industry.”</div></div></div></div></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-44141847380307624012024-02-26T09:18:00.003-05:002024-02-26T09:20:16.636-05:00As Digital Wallet Use Goes Up, Financial Institutions Must Adapt<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFSW3kszW4Bf08Zn5eYOumQ9Wm7_lRsch4QBwMEPQ2cFpNWoT7m_mOq_ol81saHY_ON3fB7ql-wTdz_J8QakSkCuFEiUkyOH9HFXCphzr2-w-xMoPsOagIodFOjPebh6TFf9lrYzRQeUbXUjkfTTF6h0H5sZW9OPlxXgPCH-GkiJr1WUPXVombCfKNWR_c/s690/Digital%20Wallt.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="107" data-original-width="690" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFSW3kszW4Bf08Zn5eYOumQ9Wm7_lRsch4QBwMEPQ2cFpNWoT7m_mOq_ol81saHY_ON3fB7ql-wTdz_J8QakSkCuFEiUkyOH9HFXCphzr2-w-xMoPsOagIodFOjPebh6TFf9lrYzRQeUbXUjkfTTF6h0H5sZW9OPlxXgPCH-GkiJr1WUPXVombCfKNWR_c/w640-h101/Digital%20Wallt.jpg" width="640" /></a></div><p>Digital wallets are becoming more popular with consumers using
smartphones and other mobile devices to make purchases. Here's why — and
how — bankers should be preparing for a future where the use of this
payment option is even more widespread.</p><p>U.S. consumers are embracing digital payments, which is, in turn,
giving a boost to digital wallets. Leaders at banks, credit unions and
fintechs should take note and strategize accordingly.</p><p>Most people — 64% — now say they use digital wallets at least as much
as traditional methods of payment, such as paying with cash or a card,
according to a Forbes Advisor survey of 2,000 U.S. consumers with bank
accounts. And just over half — 53% — say they use digital wallets even
more often than traditional payment methods,<a data-wpel-link="external" href="https://www.forbes.com/advisor/banking/digital-wallets-payment-apps/" rel="noopener" target="_blank"> the August 2023 survey shows</a>.</p><p>The pandemic prompted many people to try contactless payments for the
first time, as such options were viewed as more hygienic and, thus,
safer. The pandemic also drove up the adoption of mobile banking, which
made digital wallets more accessible. Some banks offer their own wallets
within their banking apps, along with incentives to encourage use,
including cash back, discounts, and exclusive offers.</p><p>Digital wallets, which are also sometimes called mobile wallets or
e-wallets, store information for bank accounts, cards and loyalty
programs in one place. In the survey, 43% of the respondents report
having two bank accounts linked to their digital wallet, while 33% say
they have linked two debit or credit cards.</p><p>
</p><p>When facilitating a transaction on a mobile device, wallets create a
unique token, ensuring that card details are not shared with the
merchant. So, if that merchant’s system becomes compromised, the payment
information remains protected.</p><h2 class="subhead" style="--tw-text-opacity: 1; background-color: white; border-color: rgb(187, 187, 187) rgb(204, 204, 204) rgb(204, 204, 204); border-image: initial; border-style: dotted solid solid; border-width: 2px 0px 0px; box-sizing: border-box; font-family: "Work Sans", sans-serif; font-size: 1.45rem; letter-spacing: -0.882px; line-height: 1.2; margin: 15px 0px 1rem; padding-top: 6px;">How to Prepare for the Increased Use of Digital Wallets</h2><p style="background-color: white; border: 0px solid rgb(204, 204, 204); box-sizing: border-box; font-family: "Work Sans", sans-serif; font-size: 17.8584px; letter-spacing: -0.882px; margin: 0px 0px 1.25rem;">To prepare for the increased use of digital wallets in the next few years, leaders in the banking industry should consider implementing the following strategies.</p><h2 style="text-align: left;"><a href="https://thefinancialbrand.com/news/payments-trends/as-digital-wallet-use-goes-up-financial-institutions-must-adapt-175203/?edigestM2" target="_blank">READ MORE</a></h2>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-82128020921582441182024-02-20T18:33:00.001-05:002024-02-20T18:33:54.636-05:00NCUA Issues HMDA Regulatory Alert for 2024<p style="text-align: center;"> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhItDpGFs8CtrSJpYGu-a9h_G_qFMgI556jr41NvN7wg2UeQl_zifdxyLoygcSManhtEDbmIMAX5nD0yoVsTCbMVAsjQSdyNrJLuIrCFJ6-PamujsEqvjFC9taREIPn62cIXXwAmr6JU-uQ7oa3iejKmtibRuO50Xw4eDNlx2XGb1A56qR5RXNj3W9bWziZ/s139/NCUAnewslayout.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="139" data-original-width="139" height="139" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhItDpGFs8CtrSJpYGu-a9h_G_qFMgI556jr41NvN7wg2UeQl_zifdxyLoygcSManhtEDbmIMAX5nD0yoVsTCbMVAsjQSdyNrJLuIrCFJ6-PamujsEqvjFC9taREIPn62cIXXwAmr6JU-uQ7oa3iejKmtibRuO50Xw4eDNlx2XGb1A56qR5RXNj3W9bWziZ/s1600/NCUAnewslayout.gif" width="139" /></a></div><br /><p></p><p>Home Mortgage Disclosure Act Data Requirements</p>
<div class="row no-gutters">
<div class="body col-12">
<div class="row-col node-fields noPrint">
<div class="field_subjectlist field-type-list_string">
<div>Subject</div>
<div class="field_subjectlist field-type-list_string">HMDA</div>
</div>
<div class="field_to field-type-string">
<div>To</div>
<div class="field_to field-type-string">Federally Insured Credit Unions</div>
</div>
<div class="field_status field-type-list_string">
<div>Status</div>
<div class="field_status field-type-list_string">Active</div>
</div>
</div>
<div id="publication_body">
<div class="body field-type-text_with_summary"><p>Dear Boards of Directors and CEOs:</p>
<p>If your credit union makes residential mortgage loans and meets all
four criteria outlined below, you must comply with the Consumer
Financial Protection Bureau’s (CFPB) Regulation C, which implements the
Home Mortgage Disclosure Act (HMDA).<sup><a href="https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/home-mortgage-disclosure-act-data-requirements#ftn_1" id="ftn_1_ret" name="ftn_1_ret">1</a></sup></p>
<h2>HMDA Data Collection Requirements for Calendar Year 2024</h2>
<p>Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during 2024 if:</p>
<ol>
<li>Your credit union’s total assets as of December 31, 2023, exceeded $56 million;<sup><a href="https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/home-mortgage-disclosure-act-data-requirements#ftn_2" id="ftn_2_ret" name="ftn_2_ret">2</a></sup></li>
<li>Your credit union had a home or branch office in a Metropolitan Statistical Area on December 31, 2023;</li>
<li>Your credit union originated at least one home purchase loan (other
than temporary financing such as a construction loan) or refinanced a
home purchase loan, secured by a first lien on a one-to-four-unit
dwelling during 2023; and</li>
<li>Your credit union originated at least 25 covered closed-end
mortgage loans in each of the 2 preceding calendar years (2022 and 2023)
<u>or</u> at least 200 covered open-end lines of credit in each of the 2 preceding calendar years (2022 and 2023).</li>
</ol>
<p><strong>If your credit union meets all four criteria, you must
collect HMDA data during calendar year 2024 and submit the data to the
CFPB no later than March 3, 2025.</strong><sup><a href="https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/home-mortgage-disclosure-act-data-requirements#ftn_3" id="ftn_3_ret" name="ftn_3_ret">3</a></sup> If
your credit union does not meet all four criteria, you are exempt from
filing HMDA data for mortgage loan applications processed in calendar
year 2024.</p>
<h2>HMDA Data Partial Exemptions</h2>
<p>Regulation C contains partial exemptions from HMDA’s requirements for certain transactions.</p>
<p>Regulation C provides that a credit union is not required to collect
or report certain data points with respect to closed-end mortgage loans
if the credit union originated fewer than 500 covered closed-end
mortgage loans in <u>each</u> of the 2 preceding calendar years.
Similarly, a credit union is not required to collect or report certain
data points with respect to open-end lines of credit if the credit union
originated fewer than 500 covered open-end lines of credit in <u>each</u> of the 2 preceding calendar years.</p>
<p><a class="_tc" data-ed-link="https://www.ecfr.gov/cgi-bin/text-idx?SID=e25b7021b2148ccf4fa71f49d468ad1d&mc=true&node=se12.8.1003_13&rgn=div8" href="https://www.ecfr.gov/cgi-bin/text-idx?SID=e25b7021b2148ccf4fa71f49d468ad1d&mc=true&node=se12.8.1003_13&rgn=div8" target="_blank">Section 1003.3(c)<span class="hidden _tc"> (opens new window)</span></a> of Regulation C lists excluded (not covered) transactions.</p>
<p>The table below provides partial exemption examples.</p>
<table border="1" cellpadding="1" cellspacing="1">
<thead>
<tr>
<th scope="col">Credit Union</th>
<th scope="col" style="width: 20%;">Loan Type</th>
<th scope="col">Originations During Calendar Year 2022</th>
<th scope="col">Originations During Calendar Year 2023</th>
<th scope="col">Partial Exemption In 2024</th>
</tr>
</thead>
<tbody>
<tr>
<td>A</td>
<td>Closed-end mortgage loans<br />
<br />
Open-end lines of credit</td>
<td>425<br />
<br />
500</td>
<td>450<br />
<br />
525</td>
<td>Only closed-end mortgage loans are exempt</td>
</tr>
<tr>
<td>B</td>
<td>Closed-end mortgage loans<br />
<br />
Open-end lines of credit</td>
<td>475<br />
<br />
400</td>
<td>500<br />
<br />
425</td>
<td>Only open-end lines of credit are exempt</td>
</tr>
<tr>
<td>C</td>
<td>Closed-end mortgage loans<br />
<br />
Open-end lines of credit</td>
<td>525<br />
<br />
600</td>
<td>550<br />
<br />
625</td>
<td>Neither exemption applies</td>
</tr>
</tbody>
</table>
<p>As the table indicates, the partial exemption for closed-end mortgage
loans and the partial exemption for open-end lines of credit operate
independently of one another. Thus, a credit union may rely on one
partial exemption but not the other.</p>
<p>There are 48 data points required by Regulation C. The regulation
specifies that 26 of these data points are not required to be collected
and reported if a transaction qualifies for a partial exemption. The
regulation also specifies that 22 of these data points must be collected
and reported even if a transaction qualifies for a partial exemption.
Appendix F (Partial Exemptions Charts) in the 2023 <a class="_tc" data-ed-link="https://www.ffiec.gov/hmda/guide.htm" href="https://www.ffiec.gov/hmda/guide.htm" target="_blank">A Guide to HMDA Reporting: Getting It Right!<span class="hidden _tc"> (opens new window)</span></a> outlines the 26 data points covered by the partial exemptions and the 22 data points not covered by the partial exemptions.</p>
<p>As illustrated in the table above, in 2024, Credit Union A would only
be required to collect and report the 22 non-exempt data points, but
not the 26 exempt data points, for its closed-end mortgage loans and
applications. Credit Union A would, however, be required to collect and
report all 48 data points for its open-end lines of credit loans and
applications.</p>
<p>In 2024, Credit Union B would only be required to collect and report
the 22 non-exempt data points, but not the 26 exempt data points, for
its open-end lines of credit loans and applications. Credit Union B
would, however, be required to collect and report all 48 data points for
its closed-end mortgage loans and applications.</p>
<p>In 2024, Credit Union C would be required to collect and report all
48 data points for both its closed-end mortgage loans and applications
and its open-end lines of credit loans and applications.</p>
<p>Please note that a credit union may <u>voluntarily</u> report any or
all of the 26 exempt data points. However, if a credit union opts to
report an exempt data point voluntarily, it must report all data fields
that are part of that data point.</p>
<h2>Submission of 2023 HMDA Data</h2>
<p>As a reminder, credit unions subject to HMDA data collection
requirements in calendar year 2023 must submit their loan/application
register data to the CFPB using the <a class="_tc" data-ed-link="https://ffiec.cfpb.gov/" href="https://ffiec.cfpb.gov/" target="_blank">HMDA Platform<span class="hidden _tc"> (opens new window)</span></a> by March 1, 2024. To determine if your credit union must submit HMDA data for calendar year 2023 activity, please review the <a class="_tc" data-ed-link="https://files.consumerfinance.gov/f/documents/cfpb_hmda-institutional-coverage_2023.pdf" href="https://files.consumerfinance.gov/f/documents/cfpb_hmda-institutional-coverage_2023.pdf" target="_blank">2023 HMDA Institutional Coverage Chart<span class="hidden _tc"> (opens new window)</span></a>.</p>
<p>The NCUA expects every credit union required to report 2023 HMDA data
to submit its file to the CFPB by the March 1, 2024, deadline. Credit
unions appearing on a delinquent filers list could become subject to
civil money penalty assessments.</p>
<h2>Additional Information</h2>
<p>Additional resources, including the <a class="_tc" data-ed-link="https://ffiec.cfpb.gov/documentation/fig/2023/overview" href="https://ffiec.cfpb.gov/documentation/fig/2023/overview" target="_blank">Filing Instructions Guide for HMDA data collected in 2023<span class="hidden _tc"> (opens new window)</span></a>, can be found on the <a class="_tc" data-ed-link="https://ffiec.cfpb.gov/" href="https://ffiec.cfpb.gov/" target="_blank">Resources for HMDA filers<span class="hidden _tc"> (opens new window)</span></a> page on the CFPB’s website. Technical questions about reporting HMDA data should be directed to <a href="mailto:hmdahelp@cfpb.gov">hmdahelp@cfpb.gov</a>.</p>
<p>If you have questions about the information in this Regulatory Alert,
please contact the NCUA’s Office of Consumer Financial Protection at
703.518.1140 or <a href="mailto:ComplianceMail@ncua.gov">ComplianceMail@ncua.gov</a>. You can also contact your NCUA regional office or your state supervisory authority.</p>
</div>
</div>
<div id="publication_signature">
<div class="field_signature field-type-text_long"><p>Sincerely,</p>
<p>/s/</p>
<p>Todd M. Harper<br />
Chairman</p>
</div></div></div></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-63130298130612008492024-02-19T20:32:00.000-05:002024-02-19T20:32:31.294-05:00Judy DeLucca: 2024 Herb Wegner Memorial Award Winner<p><img alt="Judy DeLucca Outstanding Individual Achievement Award Winner" class="single_resource--img wp-post-image" decoding="async" fetchpriority="high" height="427" sizes="(max-width: 924px) 100vw, 924px" src="https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-924x616.jpg" srcset="https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-924x616.jpg 924w, https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-540x360.jpg 540w, https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-730x487.jpg 730w, https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-768x512.jpg 768w, https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-396x264.jpg 396w, https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual-75x50.jpg 75w, https://www.ncuf.coop/files/2024-NCUF-Judy-DeLucca-Outstanding-Individual.jpg 1000w" width="640" /></p>
<div class="single_resource--content">
<p><em><strong>For more than 40 years, Judy DeLucca has been moving
people forward toward their goals. From the dedicated staff of New
Orleans Firefighter’s Federal Credit Union (NOFFCU) who thrive under her
leadership to the partners she’s connected to help combat predatory
lending, to the members of the credit union and community who struggle
to find their financial footing, Judy and her team have been there to
answer the call. </strong></em></p>
<p>Judy’s core belief in financial inclusion for all hasn’t just
inspired the people around her. It has been a catalyst for initiatives
that are improving lives in Louisiana and Mississippi every single day.</p>
<p>As the CEO of a Community Development Financial Institution (CDFI),
she has paved the way for more than 50% of the credit union staff to
become Certified Credit Union Financial Counselors and the formation of a
Financial Inclusion Team. The one-on-one counseling and innovative
solutions they provide make all the difference in their members feeling
seen, heard, and supported in their financial goals.</p>
<p>In the words of Captain Clinton deArmas Sr., a member of NOFFCU, “Ms.
Judy plays a huge role in how employees handle themselves with their
members, and also cares on how her employees are treated. It’s all a big
family. That’s what separates NOFFCU from any other Credit Union and/or
Bank.”</p>
<p>Judy has also tirelessly advocated for the underserved outside the
credit union’s walls. When she and other leaders were unable to persuade
the Louisiana legislature to impose a mandatory cap on payday lending,
she and other partners formed the Faith Fund, a a501c3 non-profit to
help families manage their money, escape predatory lending, and achieve
financial stability. Since the Faith Fund’s founding, it has saved
Louisiana families an estimated $13.7 Million that would have been spent
on payday loan fees and interest.</p>
<p>When disaster has threatened NOFFCU and its members, Judy’s
compassion for people and expertise in disaster preparedness have shown.
Hurricane Katrina displaced more than one-third of credit union
employees and thousands of members. Not only did Judy lead the effort to
convert branches into living quarters with washers, dryers, and stoves,
but she also helped employees find hotels in Texas and set them up to
work remotely so they could continue to support the many members who had
also been forced out of their homes. She also worked with the
Cornerstone League to ensure that members could have access to their
money even through power failures and core system outages.</p>
<p>Determined to provide members with the right resources at the right
times, Judy mobilized NOFFCU’s “Financial First Responders.” This
cross-departmental team was well prepared to help members navigate
difficult times like Hurricane Ida, the COVID-19 Pandemic, and the
financial impact they bring.</p>
<p>“Throughout the unprecedented situations over the past two years,
Judy has ensured that all the communities would have the resources they
need to weather the financial burdens that were yet to be determined.”,
says Amy Rodriguez, NOFFCU Chief Experience officer.</p>
<p>Throughout her career in the credit union industry, Judy DeLucca has
been a leader who cares deeply about reaching people from all walks of
life, showing them compassion, and helping to lead them toward financial
independence. She’s been recognized with local, state, and national
accolades for her work, and it pleases us immensely to honor her this
year with the Herb Wegner Memorial Award for Outstanding Individual
Achievement.</p>
<p>Visit <a href="https://www.ncuf.coop/foundationdinner">https://www.ncuf.coop/foundationdinner</a> to learn more about the Herb Wegner Award winners and register to attend the Foundation Dinner.</p></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-61436810287486620412024-02-19T09:40:00.000-05:002024-02-19T09:40:53.935-05:00Moderate Growth for Economy Forecast in New Report from ACU Economists<p>WASHINGTON—The U.S. economy will experience moderate growth in 2024
while avoiding recessions, America’s Credit Unions’ economists forecast
in ACU’s January Economic Update.</p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-long" itemprop="articleBody">
<div class="object-right"><div class="content-view-embed">
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<img alt="economy" height="260" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/economy6/1731600-1-eng-US/economy_large.jpg" style="border: 0px solid;" title="economy" width="360" />
</div>
</div>
</div>
</div><p>According to the trade group’s economists Curt Long and Mike
Schenk, liquidity, loan performance cost of funds, and operating
expenses will combine to make a “challenging year for earnings.”</p><p>“We
expect credit unions to face a challenging earnings environment in
2024. Cost of funds is rising rapidly, which is weighing on net interest
margins,” the economic forecast reads. “Loan delinquencies are also
climbing, particularly the credit card and auto segments. While member
demand for loans will likely rise this year, those credit unions with
tighter liquidity will not be able to take advantage.”</p><p><b>Headwinds & Tailwinds</b></p><p>Among the headwinds and tailwinds facing the economy in 2024, according to the forecast:</p>
<ul>
<li>Moderating inflation</li>
<li>Slowing job gains</li>
<li>Lagged effects of tight monetary policy</li>
<li>Declining interest rates</li>
<li>Dwindling excess savings among households</li>
<li>Pent-up loan demand</li>
<li>The resumption of student loan payments</li>
</ul>
<p>The forecast notes these factors make the outlook “far from certain.” </p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-68507666226117160282024-02-14T07:41:00.004-05:002024-02-14T07:41:29.009-05:00What the New Inflation Data Mean, According to One CU Economist<p><br /></p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-socialize"> </div>
<div class="attribute-long" itemprop="articleBody">
<p>WASHINGTON–Inflation cooled again in January, although it remained higher than many had expected and hoped.</p><p>According
to the new Labor Department data, consumer prices were up 3.1% in
January from one year earlier, vs. a December gain of 3.4%. That marked
the lowest reading since June.</p><p>The Bureau of Labor Statistics
numbers further found core prices, which exclude food and energy items,
were up 3.9%, which was equal to December’s gain and the lowest since
mid-2021.</p><p>From a month earlier, overall prices were up 0.3%, and core prices were up 0.4%—larger gains many had predicted.</p><p>"Headline
inflation over the previous 12 months declined in January although
monthly prices came in a little higher than expected,” said Dawit
Kebede, senior economist with America’s Credit Unions. “A combination of
lagging indicator for rent and high price increase for lodging away
from home led to a large increase in shelter price contributing for
two-thirds of the overall monthly increase in prices. Energy and
commodity prices continued their decline for several months in a row.
Inflation is heading in the right direction but the Federal Reserve
needs more data points to change policy direction with confidence." </p>
<div class="object-center"><div class="content-view-embed">
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<img alt="inflation data" height="229" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/inflation-data/1731007-1-eng-US/inflation-data_galleryfull.png" style="border: 0px solid;" title="inflation data" width="640" />
</div>
</div>
</div>
</div><p><b>What Data Mean for Rates</b></p><p>Of interest to many,
including credit unions, is what the data will mean for the future of
any rate cuts by the Fed. The New York Times noted interest-rate
futures, which before the report implied the central bank would probably
begin cutting rates by its May meeting, now suggest a June start date
is more likely.</p><p>Following its most recent meeting Fed officials
indicated they believe inflation is now under control. Fed Chair Jerome
Powell said the country has seen six months of good inflation data, but
it is now seeking more evidence that “confirms what we think we’re
seeing and…gives us confidence that we’re on a path to, a sustainable
path down to 2% inflation.”</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-24816276152111503932024-02-13T09:04:00.002-05:002024-02-18T08:10:05.815-05:00Navigating the Waters of Trust Funding: A Crucial Step in Estate Planning<p> </p><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-padding-alt: 0in 0in 0in 0in; mso-yfti-tbllook: 1184; width: 100%;">
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<p align="center" style="text-align: center;"><b><i><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 13.5pt;">Helping families and
their businesses plan for the future</span></i></b><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 10.5pt;"><o:p></o:p></span></p>
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<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Navigating the Waters of Trust Funding:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">A Crucial Step in Estate Planning</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Introduction</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Although
establishing a trust is a powerful tool to ensure the seamless transfer of
assets to beneficiaries while minimizing the complexities of probate,
merely creating a trust is not the end of the road. Properly funding the
trust is a crucial step that often requires careful attention to detail and
adherence to legal protocols. In this article, we will explore the
intricacies of trust funding, shedding light on the importance of this
process in preserving your legacy.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Understanding Trust Funding</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Trust funding
refers to the process of transferring assets into a trust, thereby aligning
them with the trust's structure and objectives. A well-funded trust
provides numerous benefits, including avoidance of probate, privacy, and a
smoother transition of assets to heirs.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Identify Assets and Determine Ownership:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Before
funding a trust, it's essential to take stock of a client’s assets. This
includes real estate, financial accounts, business interests, and personal
property. Understanding how these assets are titled is crucial, as it
impacts the ease with which they can be transferred into the trust.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Real Estate:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Transferring
real estate into a trust involves executing a deed that conveys the
property to the trust. This process ensures that the property is governed
by the terms of the trust, avoiding probate upon the client’s passing.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Financial Accounts:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">For bank
accounts, investment accounts, and other financial assets, ownership may be
formally transferred to the trust. This often involves working with
financial institutions to update account registrations. It can also involve
titling the accounts as “ITF” accounts or jointly titled accounts. The
exact nature of this process will depend on the accounts and the financial
institution in question.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Business Interests:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Business
interests can be transferred to the trust through various legal mechanisms,
such as assigning partnership or membership interests. In some cases, it
might be necessary to draft articles of organization or by-laws that may be
missing or have been previously neglected.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Personal Property:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Tangible
assets like vehicles, jewelry, and art can be specifically identified and
transferred to the trust through appropriate documentation, when necessary.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Update Beneficiary Designations:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Assets with
beneficiary designations, such as life insurance policies or retirement
accounts, should be reviewed and, if necessary, updated to align with the
trust's objectives.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Document the Funding Process:</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">Maintaining
meticulous records of the funding process is crucial. This documentation
includes deeds, assignments, and any other legal instruments used to
transfer ownership to the trust.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;">Conclusion</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;">In the
intricate dance of estate planning, trust funding stands out as a pivotal
choreography that determines the effectiveness of the client’s legacy
preservation strategy. By paying careful attention to the details and
understanding the legal nuances involved, we can help to ensure that a
client’s trust is not only established but fully equipped to fulfill its
intended purpose. Remember, the key to a well-executed estate plan lies in
the thoroughness of its funding – a step that can truly make a difference.
Without funding, a trust is just a piece of paper.<o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Arial",sans-serif;"> <o:p></o:p></span></p>
<p align="center" style="text-align: center;"><b><span style="color: #343332; font-family: "Arial",sans-serif;"> ***</span></b><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;"> </span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
<p><span style="color: #343332; font-family: "Georgia",serif; mso-bidi-font-family: Arial;">This article is provided for informational purposes only and
is not intended as legal advice. For further inquiry, please feel free to
contact me at the email or telephone listed below.</span><span style="color: #343332; font-family: "Arial",sans-serif;"><o:p></o:p></span></p>
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<p align="center" style="text-align: center;"><b><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 13.5pt;">Contact</span></b><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 10.5pt;"><o:p></o:p></span></p>
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<p align="center" style="text-align: center;"><b><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 10.5pt;">305-502-1013</span></b><span style="color: #3e3e3e; font-family: "Arial",sans-serif; font-size: 10.5pt;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="text-align: center;"><span style="display: none; mso-fareast-font-family: "Times New Roman"; mso-hide: all;"><o:p> </o:p></span></p>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-64367356148034335702024-02-13T08:24:00.002-05:002024-02-15T13:08:28.254-05:00All You Need to Know About Tech Support Scams<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQIXrZiGcQq_-tdeyKt4rgEbzrrwjqBdj_A97yY1tBSgZvk-jwg5hoYElkmgMwxrUnFbclQ7zjJp99eJJnWxDxkhfbcuPSCcUlmbFCghCEfQoAhW9Q7p4M1CAYQjKIu44MFGKXZObqtN9UysB-r6LDQGaOvVj1Nuy1_p3sAX18SXeEzxLGcgD3nVTsbCBy/s290/Network.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="174" data-original-width="290" height="174" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQIXrZiGcQq_-tdeyKt4rgEbzrrwjqBdj_A97yY1tBSgZvk-jwg5hoYElkmgMwxrUnFbclQ7zjJp99eJJnWxDxkhfbcuPSCcUlmbFCghCEfQoAhW9Q7p4M1CAYQjKIu44MFGKXZObqtN9UysB-r6LDQGaOvVj1Nuy1_p3sAX18SXeEzxLGcgD3nVTsbCBy/s1600/Network.jpg" width="290" /></a></div><p style="text-align: center;"><a href="https://www.noffcu.org/articles/author/New%20Orleans%20Firemen's%20Federal%20Credit%20Union" style="text-align: left;" tabindex="0">New Orleans Firemen's Federal Credit Union</a><span style="text-align: left;"> | February 9, 2024</span></p><div class="inner-pages-title-div">
<div><a href="https://www.noffcu.org/articles/keywords/Financial%20Education" tabindex="0">Financial Education</a></div>
</div>
<div class="blog-text"><p>There’s little in life
that’s more frustrating than a computer that won’t do its job. But
sometimes, like your own private miracle, a message appears on your
screen. It says: “Technical difficulties? Click here for assistance.”</p>
<p>Unfortunately, if you follow these instructions, you’ll probably fall
directly into a scammer’s trap. Here’s what you need to know about
technical support scams and how to prevent yourself from falling victim.</p>
<p><b> How the scams play out</b></p>
<p>In a tech support scam, a target will get an email, text message,
pop-up or even a phone call allegedly from a computer technician who
works for a well-known company. The “rep” will offer to help with any
computer issues they may (or may not) have. They’ll direct the target to
call a specific number or click on an embedded link, which will connect
them to the “rep” who can supposedly help them. Once connected, the
scammer will ask the victim to pay for the services before they’re
rendered using a wire, prepaid gift card or cryptocurrency. Once the
payment is made, the scammer disappears.</p>
<h6 aria-level="4" data-uw-rm-heading="level" role="heading"><span style="font-size: small;">Red flags of technical support scams</span></h6>
<ul>
<li aria-level="1">
<p>You get an unsolicited message or phone call offering tech support for an issue you aren’t having.</p>
</li>
<li aria-level="1">
<p>You’re required to pay for tech support by wire transfer, prepaid gift card or crypto.</p>
</li>
<li aria-level="1">
<p>A pop-up message appears claiming there’s a security issue with your computer and directing you to call a specific number. </p>
</li>
</ul>
<p><b> What you need to know about tech support</b></p>
<ul>
<li aria-level="1">
<p>Legitimate tech companies won’t reach out to you by phone, email or
text message to let you know your computer is having issues. </p>
</li>
<li aria-level="1">
<p>Security pop-up warnings from authentic companies won’t ask you to call a number or click on a link. </p>
</li>
<li aria-level="1">
<p>Legitimate companies won’t demand that you pay for a service by wire transfer, prepaid gift card or crypto. </p>
</li>
<li aria-level="1">
<p>Logos are easily spoofed and should never serve as proof of a message’s true origin.</p>
</li>
</ul>
<p> Protect yourself</p>
<p><b> Don’t fall for a tech support scam!</b></p>
<p> First, if you run into technical difficulties with your computer,
don’t wait for a rep to contact you to offer assistance. Instead,
directly reach out to a trusted company.</p>
<p> Also, if you believe there may be a problem with your computer,
update its security software and run a scan to identify any potential
problems.</p>
<p> Finally, never provide an unverified contact with access to your device.</p>
<p><b> If you’ve been targeted</b></p>
<p> If you believe you’ve been targeted by a tech support scam, here’s how to mitigate the damage.</p>
<p> If you’ve given a scammer remote access to your computer, update your
computer’s security software, then run a scan and delete anything
that’s flagged as a problem. If you’ve shared your login credentials
with a scammer, change all your passwords.</p>
<p>You’ll also want to report the scam to the <a aria-label="FTC - open in a new tab" class="cms-external-link" data-uw-rm-ext-link="" href="https://reportfraud.ftc.gov/" tabindex="0" target="_blank" title="External Link | https://reportfraud.ftc.gov/" uw-rm-external-link-id="https://reportfraud.ftc.gov/$ftc">FTC</a>.</p>
<p>Stay safe!</p></div>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-46168751468093931642024-02-13T08:05:00.002-05:002024-02-15T12:58:36.351-05:00NCUA Has Concerns Over Overdraft Concentration Risk<p><i><b>By Ray Birch</b></i></p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-long" itemprop="articleBody"><p>ALEXANDRIA, Va.—Not only will credit
union overdraft programs be getting scrutiny this year from NCUA, but
the agency will also be expanding the number of credit unions it will be
watching, according to Todd Harper, who said the issue is about more
than just fairness for consumers but also about concentration risk.</p><p>In
an exclusive interview with CUToday.info, NCUA’s chairman said the
agency in 2024 will be looking at overdraft programs of all credit
unions above $100 million in assets. In 2023, the threshold was $500
million.</p><p>Harper is cautioning that credit unions that rely too heavily on overdraft income will need to change their business model.</p><p>As CUToday.info previously <a href="https://www.cutoday.info/site/null" target="_self">reported</a>,
Harper recently spoke to the Brookings Institution, where in addition
to a broad update on CU- and agency-related issues, he also indicated
the agency will be giving greater scrutiny to overdraft programs and
that examiners this year will continue an expanded review of credit
union overdraft programs, including website advertising, balance
calculation methods, and settlement processes.</p>
<div class="object-center"><div class="content-view-embed">
<div class="class-image">
<div class="attribute-image">
<img alt="thumbnail_Feature Harper" height="286" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/thumbnail_feature-harper/1730381-1-eng-US/thumbnail_Feature-Harper_galleryfull.jpg" style="border: 0px solid;" title="thumbnail_Feature Harper" width="770" />
</div>
</div>
</div>
</div><p><b>Changing Marketplace</b></p><p>“The marketplace on overdraft
fees is changing,” Harper told CUToday.info. “We're seeing numerous
institutions lower their overdraft fees or are dropping them all
together. We’re also seeing not only are they dropping price, but some
of them are getting rid of NSF fees.”</p><p>Harper pointed to a recent
CFPB study that shows two out of three banks above $10 billion in assets
have eliminated their NFS fees, whereas four out of five credit unions
still have them.</p><p>“We have to be thinking about this and be
competitive,” Harper said. “Credit unions have a statutory obligation
and mission to meet the credit and savings needs of members, especially
those of modest means. We know that overdrafting often falls on people
of modest means and lower income. Again, the marketplace is changing.
Credit unions have to be adjusting their business models to meet that
change.”</p><p><b>‘Going Deeper’</b></p><p>Harper emphasized the agency
will be “expanding what we started last year,” when NCUA began looking
at OD programs of CUs above $500 million in assets.</p><p>“This year
we're looking at credit unions above $100 million—as well as those
credit unions above $500 million that we may not have gotten to last
year,” he said. “We're taking a look at exactly what are their
practices. What are their website advertising practices? What is their
business on balance calculation methods, and their settlement processes?
Going deeper, we're looking for things like authorizing positive,
settling negative, where the consumer believes they have a positive
balance and they go forward and make the transaction and then get a fee
charged.”</p><p>As CUToday.info has reported, numerous credit unions
have been hit with lawsuits over the so-called practice of authorize
positive, settle negative, with a panel of attorneys at CUNA’s GAC in
2023 <a href="https://www.cutoday.info/site/null" target="_self">warning credit unions</a> to be especially careful.</p>
<div class="object-right"><div class="content-view-embed">
<div class="class-image" style="width: 200px;">
<div class="attribute-image">
<img alt="Harper Todd" height="263" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/harper-todd9/1705801-1-eng-US/Harper-Todd_medium.png" style="border: 0px solid;" title="Harper Todd" width="200" />
</div>
<div class="attribute-caption" style="width: 100%;">
<p>Todd Harper</p> </div>
</div>
</div>
</div><p><b>Looking for Patterns & Practices</b></p><p>In addition,
the chairman said the federal regulator will be watching for incidents
where members are paying multiple overdraft fees in quick succession,
which can “can drive somebody into a hole.”</p><p>“We're also looking
for those patterns or practices that could be problematic or unfair to
consumers, likely to cause substantial injury,” said Harper, who has
made consumer compliance a priority, even as CU trade groups have pushed
back. “Those are the main issues that we're looking at.”</p><p><b>What’s Fair?</b></p><p>One
much-debated issue is just what is “fair pricing” to cover the costs a
credit union incurs from an overdraft. Asked about that issue, Harper
said the answer will be market-driven and also being addressed by the
CFPB.</p><p>As reported <a href="https://www.cutoday.info/site/null" target="_self">here</a>,
CFPB Director Rohit Chopra recently called overdraft fees a “junk fee
harvesting machine.” In its newest proposal, the Bureau has proposed a
range of pricing benchmarks of $3-$14 per overdraft.</p><p>“The CFPB has
proposed what these fees should be. But what I'm focused on is whether
there is concentration risk,” Harper said. “Is the credit union overly
reliant on overdraft fees. If so, then that credit union has more than
just a consumer compliance problem, it has a safety and soundness
problem.”</p><p>Harper urged credit unions to closely monitor the overdraft market.</p><p>“Credit
unions need to be thinking, they need to be 10 steps ahead of where the
market is and be adjusting their balance sheets and their business
plans accordingly, knowing that these (prices) are going to continue to
drop,” he said.</p><p><b>A Business Decision</b></p><p>Asked if the
agency is concerned all of the pressure on overdraft programs will lead
many credit unions to exit this market, as some analysts have predicted,
Harper said that is “a business decision for the credit union to make.
There ought to be many different available means for low-cost low dollar
loans. For example, the Payday Alternative Loan product. I know of some
credit unions that got rid of their overdraft programs and replaced it
with a low-dollar revolving line of credit. I want to make sure that
credit is available. I want to make sure that it's safe, it's fair and
it's affordable.”</p><p>Will the CFPB’s proposal, which applies to Fis
above $10 billion in assets, trickle down to the smaller credit unions
through competitive pressures? Harper said he expects the market may
dictate such a scenario.</p><p>Harper did not offer an opinion on
whether NCUA believes many credit unions have become too reliant on
overdraft revenue. Instead, he stated the answer will be “determined on a
credit union by credit union basis. A good balance sheet is made up of a
wide variety of sources of revenue. I do think that markets are
changing. Credit unions need to be adjusting their business models.</p><p><b>From the Have Not’s to the Have’s</b></p><p>“We
know that one-third of households earning $65,000 or less are charged
these fees, yet it's only one in 10 households above $175,000 that are
charged these fees,” concluded Harper. “The credit union system should
not be taking from those who don't have and giving to those who have. We
need to make sure that there's balance in the credit union system.”</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-17897524373088403392024-02-13T07:39:00.003-05:002024-02-13T07:39:35.808-05:00How to Avoid Becoming a Target of Regulators<p><i><b>By Ray Birch</b></i></p><article class="class-article row" itemscope="" itemtype="http://schema.org/NewsArticle"><div class="span7"><div class="attribute-long" itemprop="articleBody"><p>LAKE FOREST, Ill.—A “new era” in
checking—and overdrafts—is upon financial institutions, and those that
adopt the new ways of the market will prosper, while those that don’t
will lose money and will likely become a target of regulators, one
economist is stating.</p><p>“What is the new era of checking? Checking
has always been unprofitable,” said Michael Moebs, economist and chair
of Moebs $ervices. “The Great Recession era from 2008 to 2014 finally
made this obvious to users, regulators, and Congress. COVID, from 2019
to 2022, made it a an even clearer issue today.”</p><p>Profitable checking is the key to driving deposit funding for loans and investments, reminded Moebs.</p>
<div class="object-center"><div class="content-view-embed">
<div class="class-image">
<div class="attribute-image">
<img alt="Feature New Checking Era" height="312" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/feature-new-checking-era/1730884-1-eng-US/Feature-New-Checking-Era_galleryfull.jpg" style="border: 0px solid;" title="Feature New Checking Era" width="770" />
</div>
</div>
</div>
</div><p>“There are about 9,000 financial institutions that offer
checking,” stated Moebs. “This number will fall dramatically in this
decade due to unprofitable checking. Credit unions could outdistance
their competition by making all CU checking reasonably profitable.”</p><p>Moebs
argues that by making the checking product profitable, FIs will need to
rely less on high overdraft charges, which is the model that many
regulators are now targeting.</p><p><b>More Volume </b></p><p>As CUToday.info recently <a href="https://www.cutoday.info/THE-feature/Agency-Has-Concerns-Over-Concentration-Risk" target="_self">reported</a>,
the CFPB is zeroing in on overdrafts with a new proposal that
recommends fees should range from $4-$14. And, as CUToday.info reported,
NCUA chairman Todd Harper said the agency will be more closely
scrutinizing CU OD programs this year.</p><p>“Prices for all fees,
whether for deposits or loans, are too high,” said Moebs. “Reducing fees
to a reasonable price will get much more volume. Volume is key. Lower
price produces high volume and revenue will increase. CUs will become
more than a target from regulators but also from competitors like
Walmart and Chime, and many will have to seek merger or liquidation if
they stay with a high overdraft charge, which today is anything much
above $20.”</p><p><b>Difference Between NCUA and CFPB</b></p>
<div class="object-right"><div class="content-view-embed">
<div class="class-image" style="width: 200px;">
<div class="attribute-image">
<img alt="Screen Shot 2021-10-05 at 8.44.08 PM" height="247" src="https://www.cutoday.info/var/ezdemo_site/storage/images/media/images/screen-shot-2021-10-05-at-8.44.08-pm/1366480-1-eng-US/Screen-Shot-2021-10-05-at-8.44.08-PM_medium.png" style="border: 0px solid;" title="Screen Shot 2021-10-05 at 8.44.08 PM" width="200" />
</div>
<div class="attribute-caption" style="width: 100%;">
<p>Michael Moebs</p> </div>
</div>
</div>
</div><p>Citing the comments made by NCUA’s Harper on the agency’s
increasing focus on overdrafts, Moebs said, “(The) CFPB’s issues on ODs
are not the same as NCUA’s. CUs often do not have much say with IT
systems without heavy expense and often with no optional choices. NSF
pricing is falling to zero fast. Charging for a denial with no available
balance is problematic, because this raises the question of who should
pay for the cost of the system that does and reports the denial: the
consumer, merchant, credit union, or a combination? So, who should
determine the OD price—CFPB, NCUA, state and national (associations),
credit unions or members? The easy and simple answer is the
marketplace.”</p><p><b>What Must be Recognized</b></p><p>Turning to the
new checking era Moebs said is here, the economist emphasized credit
unions must recognize consumers have moved to three major sources of
checking accounts during COVID.</p><p>“Namely, Walmart with 116.5
million accounts with an OD price of $15, Bank of America 69 million
accounts and a $10 OD charge, and Chime with 13 million accounts and no
overdraft charge. This is 32.5% of the over 610 million consumer
checking market, or one out of three Americans,” said Moebs.</p><p><b>The Forecast</b></p><p>Moebs is predicting the following will take place in the market in 2024:</p>
<ul>
<li>The consumer will have more flexibility with their financial behavior</li>
<li>With more flexibility the consumer will not be punished for making errors</li>
<li>FIs will experience a falloff in OD revenue</li>
<li>Revenue will rise as the consumer experiences errors that cost less than a parking ticket.</li>
<li>Walmart’s philosophy of more for less will spread, as their $15 OD
fee for $500 is less than the payday lender fee of $110 for $500.</li>
<li>Prices for the OD family of services--stop payment, NSF, transfer fees, and RDIs--will drop to zero.</li>
<li>De minimis transactions and balance will rise, fee caps will fall, and grace days wo;; go up furthering volume.</li>
<li>More FIs will experience profitable checking even as consumer fee prices fall</li>
</ul>
<p><b>The New Era</b></p><p>The result, Moebs said, will be the “new era.”</p><p>“Most
banks, credit unions, thrifts and fintechs must change their overdraft
programs,” concluded Moebs. “OD prices in the $10-$15 range or less will
make the overdraft service consumer friendly. The consumer will respond
by using the overdraft service more, yet less in total price cost.” </p><p>What if an FI does not change?</p><p>“The
era of just ‘stop by and our FI will get you in the right checking
account’ is over. Why? Walmart, BofA, and Chime have only one account,”
Moebs said. “In ‘A Christmas Carol,’ Ebenezer Scrooge transformed his
ways and moved from greedy to generous. The same is necessary for
financial institutions to assuage their regulators.”</p></div></div></article>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0tag:blogger.com,1999:blog-7718442258202307794.post-64189697065173504502024-02-09T12:33:00.000-05:002024-02-09T12:33:42.014-05:00San Diego Firefighters Federal Credit Union is Seaking a Chief Executive Officer (CEO)<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFdrjs-PfVIe_fchcCZtOptCZaEA5jTVY73VhNSOWvll1wlohUKUPVM5V4p9pvX3AE5LUWFldeW_TkuGIiSWhJOgAuzQoZegb4iD8CEO_6bvwsEpTbUCBnONYTNRKqAN0FBCp77c5npas-xAy1KcQ1RvGnhaY137zz-sAOm_1oo8XYn2BqLeUZQVHvxzp5/s233/logo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="131" data-original-width="233" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFdrjs-PfVIe_fchcCZtOptCZaEA5jTVY73VhNSOWvll1wlohUKUPVM5V4p9pvX3AE5LUWFldeW_TkuGIiSWhJOgAuzQoZegb4iD8CEO_6bvwsEpTbUCBnONYTNRKqAN0FBCp77c5npas-xAy1KcQ1RvGnhaY137zz-sAOm_1oo8XYn2BqLeUZQVHvxzp5/s1600/logo.png" width="233" /></a></div><br /><p></p><p class="MsoNormal">San Diego Firefighters Federal Credit Union, a $126M credit
union in San Diego County, is seeking an experienced, visionary executive with
strong leadership skills for the position of Chief Executive Officer. Job
responsibilities include overseeing operations, profitability, and growth of
the Credit Union through strategic planning while ensuring that the
organization is adhering to all applicable State and Federal laws. Bachelor’s
Degree in Business, or a related field is preferred. Three to five years of credit
union management experience required. To be considered for this position,
please email a resume to Erin Brophy at <a href="mailto:ebrophy@richardscpas.com">ebrophy@richardscpas.com</a> <span style="mso-spacerun: yes;"> </span>.</p>
<p class="MsoNormal">Company Profile-<o:p></o:p></p>
<p class="MsoNormal">San Diego Firefighters Federal Credit Union was founded in
1984 by a group of firefighters determined to create a better financial
alternative for their fellow firefighters and their families. Our volunteer
Board of Directors is currently comprised of retired and active firefighters.
Membership is currently open to employed and compensated firefighters, all Fire
Department personnel permanently assigned to any Fire Department located with
the county of San Diego, employees of firefighter-related organizations, and
immediate family members of employees of these organizations.<span style="mso-spacerun: yes;"> </span><o:p></o:p></p>
<p class="MsoNormal">Community Profile-</p>
<p class="MsoNormal">San Diego is a city in the U.S. state of California located
alongside the Pacific Ocean in Southern California. With a population of over
1.3 million residents, the city is the eighth-most populous in the United
States and the second-most populous in California after Los Angeles. The city
is located immediately adjacent to the Mexico–United States border and is the
seat of San Diego County, which has a population of nearly 3.3 million people
as of 2021. San Diego is known for its mild year-round Mediterranean climate,
extensive beaches and parks, and its long association with the United States
Navy.<o:p></o:p></p><p><span style="font-family: Arial, sans-serif;"><span style="font-size: 13.5pt;">Erin
Brophy</span></span><span style="color: #500050;"><br /></span><span style="font-family: Arial, sans-serif; font-size: 10pt;">Richards
& Associates, CPAs<br /></span><a href="mailto:ebrophy@richardscpas.com">ebrophy@richardscpas.com</a><span style="font-family: Arial, sans-serif; font-size: 10pt;"><br /></span><span style="color: #500050; font-family: Arial, sans-serif; font-size: 10pt;">Phone:
</span><span style="font-family: Arial, sans-serif; font-size: 10pt;"><span style="color: blue;">949-395-7569<br /></span></span><span style="color: #500050; font-family: Arial, sans-serif; font-size: 10pt;">Fax:</span><span style="font-family: Arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> 714-455-7082<br /></span></span><span style="color: #500050; font-family: Arial, sans-serif; font-size: 10pt;">Website: </span><span style="color: blue; font-family: Arial, sans-serif; font-size: 10pt;"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.richardscpas.com_&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=SmClHmhNZgvPlZeIvJq2y6Uyu94MozoBoCjLLwN_zZc&m=qaV_iTMoWya1zREuMIKnMukyWR0SuWtYwbZGUEN7G83649JcCQLegwmpMehVeDVt&s=Y5eGST0sESUMdwn4TFqAxrNW7CYxFOgCooypMio9Ovs&e=" target="_blank">http://www.richardscpas.com</a></span></p>NCOFCUhttp://www.blogger.com/profile/17723814794215493034noreply@blogger.com0