WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | January 19, 2024 | |
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January is so much more than just the feet of snow and freezing temperatures we're currently "enjoying." Here are a few fun things still to come this month that have absolutely nothing to do with the weather:
- Today is National Popcorn Day. Are you a sweet or savory popcorn fan? Perhaps that should be the next survey question...
- January 23 is National Pie Day. We're now accepting donations.
- For the literary-inclined folks out there, both Virginia Woolf (January 25) and Lewis Carroll (January 27) were born in January.
- January's full moon is called the Wolf Moon (January 25) because wolves are most likely to howl at this time... opposed to other full moons... 🤷♀️
- We have Julius Caesar to thank for January 31. In 46 BCE, he added 10 days to the year, introduced the leap year, and added an extra day to January. Talk about a power trip!
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The Family First FCU appoints new President/CEO: In a recent media release, the board of directors of The Family First FCU announced that Kyeanna Scharberg (left) will be stepping into the position of President/CEO effective April 1. Kyeanna will succeed Kathy Briggs who has held that leadership role for 38 years.
Briggs noted, “Kyeanna Scharberg has invested the last few years getting to know our members, learning the broad range of operations of a financial institution, and embracing the culture of our credit union. She will bring new energy to our leadership while ensuring that the caring and trustworthy philosophy of our institution continues.”
Please help us wish Kyeanna congratulations on her new position!
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Fergus FCU awarded Newsweek "America's Best Regional Banks and Credit Unions" status: Achieving a five-star ranking from Newsweek and market data research firm Plant-A Insights Group, Fergus FCU joined just 249 other regional banks and credit unions on the list. Congratulations! | | |
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The Foundation announces new grant opportunity: The National Credit Union Foundation (the Foundation) recently announced it will offer a grant pool of $750,000 to aid mid-sized credit unions (with assets ranging from $500 million to $1 billion) in conducting a thorough analysis of their membership demographics to better comprehend how culture, race, and ethnicity influence people's financial well-being.
The grant will be divided among 20 credit unions and will provide them with access to top-notch programs, data analysis, and consultation services offered by Attune Insights and Coopera Consulting. Additional information and an application can be found in a recent blog post.
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MonDak 2024: That's a wrap on MonDak 2024! Our most sincere thank you to all of the attendees, speakers, and sponsors who make this an exceptional event each year. | | |
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ADVOCACY UPDATE
Overdraft rule proposed: The CFPB issued its long-awaited proposed rule for overdraft credit this week. While the proposal would only apply directly to financial institutions with over $10 billion in assets, the impact could be broad for credit unions and consumers. It is being touted to “rein in excessive overdraft fees charged by the nation’s biggest financial institutions” and to “close an outdated loophole that exempts overdraft lending services from” Reg. Z and other consumer financial protection laws, but it has the potential to force smaller institutions to match the $3 to $14 overdraft limits imposed on larger institutions.
America’s Credit Unions President/CEO Jim Nussle noted, “We have worked tirelessly to ensure our credit union members can provide the services their members need when it comes to their financial planning and goals when opting into these products. The bureau must be held accountable for its war on American families and Main Street America.” Read the America’s Credit Unions "Summary of CFPB Proposed Rule" and watch for updates from us as the issue moves forward.
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THIS WEEK'S BLOGS
A Direct Line: As a financial institution, your credit union has something hackers and cyber criminals want — members’ financial data. Your only option is to be aggressive and proactive in protecting it. So what do you do, especially when you have limited staff and budget to fight it? You start with this week's blog post.
Consumer Blog: Two financial education blog posts in one week: how lucky can a person get? The first post provides five tips for budgeting, saving, and paying off debt from one of our newest FiCEP designees, Dustin Gregor. The second covers the importance of emergency funds, how much should be in them, and where to stash your cash.
We'd love to have you contribute to our consumer blog! If you have tips and tricks or best practices for consumers and businesses — and we know you do, email Michelle.
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Cyberthreats are real and growing: If you’re not sure how to protect your credit union while managing the technology that keeps your daily operations functioning and thriving, it might be time to think about outsourcing some — or all — of your technology needs to an IT service provider. First Call is not only a valued MCU business partner, but they’ve been providing IT services and support for over 25 years in Montana. Contact First Call to learn how they can help your credit union.
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The Importance of Continuous Learning at Work: Continuous learning is a must — especially in the financial industry. Here are a few Tips on Creating a Continuous Learning Environment from OnCourse Learning.
Check out their list of webinars and online courses available on our website.
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A Layered Security Program for Credit Union Safety: 3SI’s on-demand webinar highlights compliant ways to implement technology to improve employee safety. The webinar — and all of 3SI's services — will help keep your employees safer — especially tellers who travel or managers who have to open or close branches. | | |
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You're invited to experience CU Sales Intensive Workshop, the transformative two or three-day online service culture workshop that will transform your service culture from order taker to value creator. This workshop is designed to provide the essential sales mindset, processes, and skills for all member-facing employees and leaders at your credit union.
With seven virtual dates to choose from, proven sales development is available for everyone.
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Three Takeaways from My First MonDak
We just wrapped the 2024 MonDak event in Las Vegas, where more than 100 credit union leaders and board members from Montana, Minnesota, and the Dakotas participated in great thought leadership, discussions, and networking to sharpen our skills as we serve our members and communities. This was my first MonDak, and here are three takeaways:
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Collaboration is vital to our success. Perhaps some of the best conversations happened around the table and during the receptions. Credit unions across the four states shared ideas and best practices, asked questions, and sought advice on so many topics.
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Our speakers and partners are part of our family. I know all the speakers on the agenda and many of the vendors and partners. They are as committed to credit unions and our movement as we are. They are there when we need them, they share their expertise and tools, and they are at the table with us, learning from us as well.
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"Financial Well-being for All" is our lifeblood. At the end of the day, our role is to ensure all Montanans have access to financial services in ways that work for them. We believe that credit unions are in the best position to meet our members where they are. Jean Chatzky, our closing speaker, is passionate about financial well-being, and she challenged us, motivated us, and inspired us to remain committed to our mission of people helping people.
I am grateful that we have opportunities like the MonDak to network and collaborate with credit unions in our region. That is the key to remaining independent and the key to remaining relevant to our members and communities. For those of you who attended MonDak, please share your perspective and learning with your peers. If you don’t attend, I encourage you to go next year.
Have a great weekend.
Cooperatively, Gerry
(Pictured above: The three best league presidents and Jean Chatzky [second from right] all of whom happened to be at MonDak.)
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This is an internal publication of Montana's Credit Unions intended for our affiliated credit unions and their official family.
For more information, call us or visit our website.
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Montana's Credit Unions | 800-745-5546
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