YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | January 26, 2024 | |
The word of the day is "impact." From an impact you can have on your emerging leaders, to the impact you make with the #CUDifference, to our 2023 Impact Report, we hope this newsletter has a positive impact on your Friday morning. | | |
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NCUA Priorities Letter: The NCUA released its annual supervisory priorities letter this week. While there are no big surprises on the list of focus areas for the agency, we recommend you add it to your reading plans nonetheless. The letter also includes links to additional resources and notes these top priorities for the upcoming year:
- Credit risk
- Liquidity risk
- Consumer financial protection (including overdraft programs, fair lending, and auto/indirect lending)
- Cybersecurity
- Interest rate risk
Returning to the list after a year is the Bank Secrecy Act. Our OFAC emails were distributed this week to complete our BSA email training series. If you missed them, find them all on our Compliance Training Tools page. Be sure to bookmark the page for future reference.
For a deeper dive, register for the NCUA’s 2024 Supervisory Priorities Webinar on February 8 which will include "exclusive insights" on the letter.
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Retention Tool Incoming: According to the U.S. Chamber of Commerce, two top retention strategies are "identify and invest in high performers" and "offer the ability to grow." Lucky for you, our popular Take the Lead program can help.
By encouraging your emerging leaders and current managers to participate, you're showing appreciation for your employees and investing in your credit union.
Registration includes the initial workshop in April, several professional training opportunities throughout the year, and membership to MCU’s Take the Lead Community. Participants will connect with other motivated professionals across Montana and build a network of contacts. Contact Ranel if you have questions. Registration ends March 19, but space fills quickly!
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Interchange Update: Credit unions continue to express concern about interchange issues, with Senators Durbin and Marshall pushing for a hearing and seeking anything to which they can attach their Big Box Bailout bill.
Protectinterchange.com provides resources and updates to help you stay informed on interchange. You can also access new research from Cornerstone Advisors, along with the two previous Cornerstone studies:
The Federal Reserve's proposed changes to the debit interchange fee cap (Reg II) are also causing apprehension. The Fed recently announced an extension of the comment period (now May 12) for its proposed changes to Regulation II, which governs interchange fees. Utilize the Action Alert and encourage members of Congress to urge the Fed to stop and study before making any decisions.
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The CFPB Proposed Rule: The CFPB has proposed a rule to ban nonsufficient funds (NSF) fees on transactions that are instantly declined, addressing practices deemed unfair and abusive. While the impact on credit unions is expected to be minimal, those currently charging such fees may need to review and adjust their fee structures. Check out this comprehensive summary for more. | | |
America’s Credit Unions Letter of Support: In a recent letter to Senate Banking Committee Ranking Member Tim Scott, Sen. Joe Manchin, and Rep. Bryan Steil, America's Credit Unions expressed support for the bipartisan Business of Insurance Regulatory Reform Act. The bill aims to clarify the CFPB's authority, ensuring it doesn't expand under the Consumer Financial Protection Act. | | |
Consumer Blog: You're probably not looking for a new job because you work for a credit union. Naturally, you wouldn't want to be anywhere else. If you have others in your lives who are job hunting or just landed a new gig, this is the blog for them. | |  |
A Direct Line: Sometimes "breaking it down" doesn't mean showing off your dance moves. This week's blog not only breaks down five key areas of focus for credit unions to manage liquidity effectively but also lists resources for further research. | | |
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Focus on 2024 Financial Goals: SRM’s latest report looks at six areas credit unions should focus on as they look to achieve their 2024 financial goals, including the rise of AI and its long-term potential. Schedule a call with Jason Berman to learn more about how SRM can support your credit union.
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2024 Website Preparedness Webinar: Is your credit union prepared to tackle the digital challenges of 2024? Buckle up for an exclusive and enlightening webinar hosted by First Call at 10:00 on January 31. Although the webinar will be recorded, join live to chat with First Call experts in the chat to answer any questions you may have. Secure your spot by hitting the subscribe button. | | |
CU Webinar Network: Webinars for credit union professionals in HR, compliance, operations, marketing, and more are available now through CU Webinar Network. Scholarships are available for credit unions with total assets less than $35M as of the end of the second quarter of the previous year. Use them to help you stretch your education budget even further. | | |
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Food banks take a significant hit to their inventories during the holidays. Daniels-Sheridan FCU recognizes this and steps up each year to help restock the Daniels County Food Bank. Each January, they pick a day to purchase tickets for movie-goers who donate food and essential items.
This year, they purchased 108 movie tickets — which adds up to quite an impactful donation to the food bank.
That's the #CUDifference!
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We are excited to share the impact we had across the state in 2023! You'll find an introduction to the report in the video above, but I encourage you to explore the full 2023 Impact Report. I am proud of our team of committed leaders who support you as you serve your members and communities. We continue to focus on our three pillars of advocate, educate, and collaborate, which you’ll see highlighted in the Impact Report.
Please join me in celebrating our mutual success and impact across the state — more Montanans are members of credit unions, Montanans have greater access to financial services through your credit unions, you and your staff are better equipped and connected, and we all have business partners that are committed to our mutual success. We have big plans for 2024 building on our success and impact in 2023!
We’ll continue to share pieces from this report over the next few weeks. Enjoy your weekend.
Cooperatively, Gerry
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After seeing the results of last week's survey, we were curious to know if this is an accurate representation of Montanans' feelings, so we Googled it. Turns out a survey on how much we all like snow doesn't really exist — at least on the first two pages of Google. If you're still interested in the topic and looking for a much (ahem) drier survey about snow, check out the Montana Snow Survey, which is used to help predict snow-melt runoff in the spring and summer months. It's kind of cool ❄️. | | | |
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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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