Newsletter

2024 Legislative & Regulatory Conference Registration Now Open

Registration for the 2024 Legislative & Regulatory Conference is now open! This conference is a must-attend event for anyone passionate about advocating for the future of the Iowa credit union industry and staying up to date in an ever-changing regulatory and political landscape. 

Join your peers and other leaders in the industry who are passionate about the work and financial well-being that credit unions provide to their members and communities. New this year, all educational sessions have been adapted to fit into the one-day format on February 20, with a Capitol Hill Hike on February 21.

Thank you to our 2024 Legislative & Regulatory Conference Presenting Sponsor, TruStage.

Iowa Innovation Group Applications Closing November 3

Applications and nominations are open for the 2024 Iowa Innovation Group (IIG). IIG is a transformative program offering opportunities for credit union professionals to embrace innovation through skill-building, understanding key components of the credit union movement and exposure to different ways of thinking. 

If you are looking for your next career-development opportunity, or know someone who would be great for the program, apply or nominate today! Applications will close November 3.

Thank you to our 2024 Iowa Innovation Group Sponsor, SHAZAM.

New Litigation Results in Nationwide Stay of CFPB's 1071 Rule

In March, the Consumer Financial Protection Bureau finalized the Section 1071 rule, requiring credit unions to collect and report certain data on applications for credit for women-owned, minority-owned, and small businesses - creating the potential for a significant compliance burden for some credit unions.

Credit unions are now protected by a nationwide injunction preventing implementation of the rule, thanks to quick legal action by CUNA, Cornerstone League and Rally Credit Union of Corpus Christi, Texas. Learn more here.

Filene Report Summary: New ITIN Lending Growth Insights

Filene Research Institute recently released a new report with updated data based on their initial 2018 ITIN Lending Implementation Guide prepared in collaboration with ViClarity, Inclusiv, Coopera and TruStage.

This report highlights current data and insights on Individual Taxpayer Identification Number (ITIN) lending programs. ITIN lending creates a low-risk, long-lasting relationship between credit unions and community members who do not currently have a social security number.

The report describes the policies and procedures needed for a proper ITIN lending program and the growth that credit unions can experience from these programs.

Life Insurance Helps Ensure Tomorrow's Certainty Today

As society continues to grapple with the ripple effects of the pandemic, credit unions tend to play a vital role in helping members get access to life insurance coverage.  

Help protect your members and their loved ones by offering TruStage Life Insurance. With this straightforward and accessible product, your credit union can help provide an efficient and hassle-free program that covers your members during their future life events.

As a strategic partner of ICUL, TruStage offers insurance and protection for credit unions, employees and members; lending solutions and marketing programs; consumer insurance products; and investment and retirement services. TruStage and ICUL partner together to educate and inform Iowa credit unions.

Legal Tip: Consumer Financial Protection Bureau and AI

A September 19 Consumer Financial Protection Bureau (CFPB) Circular provides creditors guidance for communicating credit denials based on an AI or complex credit models. Relying on codified sample adverse action notice forms may not satisfy obligations under ECOA & Reg B if the forms do not accurately indicate the principal reason for the denial – particularly if that reason was derived from use of an AI or other complex credit model. 

Questions? Contact Barker, Hodgson & Miller, P.C. (BHM). 

ICUL member credit unions have access to a variety of legal services and resources made available through ICUL's strategic partnership with BHM.

Industry News & Events

Industry News

Have news to share? Email marketing@iowacreditunions.com. You must be logged onto the members-only website in order to view submitted content.

• Dupaco Sponsors Membership Grants to Key City Creative Center
• Governor Kim Reynolds Declares October 19 as "Credit Union Day" in Iowa

Upcoming ICUL Events

• November 1-2 - IRA Workshops
• November 7 - Secondary Mortgage Lending Training
• November 8 - CEO & Executive Roundtable
• February 20-21 - Legislative & Regulatory Conference

View the full ICUL event calendar here.