Newsletter

Credit Union Leaders Gather in Washington D.C. to Advocate

The 2024 Governmental Affairs Conference (GAC) was held in Washington D.C. earlier this month. Sixty-four Iowa credit union advocates joined more than 6,000 other credit union leaders from around the country to advocate for our industry. 

Highlights of the trip include:

• Iowa attendees meeting with all six members of the Iowa congressional delegation to discuss opposing changes to interchange, supporting our Community Development Financial Institutions (CDFIs), and the importance of fraud protection for members.
• Chelsie Madden of Community 1st Credit Union was selected to represent Iowa in the CRASH the GAC program. 
• Iowa CULAC Trustee, Marian Holmes of Community 1st Credit Union, led efforts to raise over $16,000 for CULAC from Iowa attendees. Iowa ranked third among all states!
• Congressman Zach Nunn signed on as a co-sponsor of the Secure Payments Act, a crucial piece of credit union legislation aimed at stopping the implementation of the Federal Reserve debit card interchange rule (Reg II). 

Cedar Falls Community Credit Union's Chad Kaeppel Authors Opinion for Cedar Rapids Gazette

Cedar Falls Community Credit Union President/CEO Chad Kaeppel recently wrote an op-ed for the Cedar Rapids Gazette about the proposed Credit Card Competition Act (CCCA) congressional bill that will hurt Iowa credit unions.

Chad shares, “The proposal is anything but competitive and would pose a significant threat to American consumers’ financial security and will hurt Iowa’s credit unions and small banks.”

Read the full article here.  

Credit Union Code Update Bill Passes Senate Committee with Amendment

Two weeks ago, the Senate subcommittee and Senate Commerce Committee passed the Credit Union Code Update bill (HF 131) with an amendment, marking a significant step forward in the legislative process.

The Senate may vote on HF 131 as early as this week. The proposed changes to the Iowa Credit Union Act will update aspects of credit union board governance and operational processes. With a strong, up-to-date charter, your credit union can continue to invest in your communities and your members.

The bankers association is opposing the bill, so we need strong, continued grassroots support. Please take a few minutes to send an email to your Senator through our online call to action.

Questions about legislation or the 2024 Iowa Legislative Session can be directed to Director of Government Affairs Madison Grady.

ICUF 'People Helping People' Financial Coach Training Program Registration Open

Registration for the 2024 'People Helping People' Financial Coach Training Program is open! 

For the last five years, the Iowa Credit Union Foundation has hosted a training program for credit union professionals across Iowa to become financial coaches. Program participants learn how to connect with members to not only help address every-day financial burdens, but create new opportunities for financial success.

Adam Carroll, founder of National Financial Educators, will be back again this year to facilitate the training sessions. 

Financial coaches in Iowa's credit union movement have opportunities to help members and cultivate financial well-being for all. Learn more about the program here, and contact the ICUF team with any questions.

A 4-Point Vendor Management Checklist for Mitigating Risk & Keeping Employees Happy

The work of credit union staff who lead vendor management has never been more important to their organizations. While there are many best practices that drive vendor management excellence, the ViClarity team has run across four must-haves that can benefit every credit union. Read the full article here.

ICUL member credit unions have access to a variety of membership-benefit compliance services and resources through ViClarity. Find more information here.

Legal Tip: Utilizing Ineffective Chatbots May Risk Violating Federal Law

A CFPB October 2023 advisory opinion put large banks and credit unions on notice that use of interactive technologies like chatbot could risk violating Section 1034(c) of the Consumer Financial Protection Act if those services are ineffective - if the chatbot does not properly recognize consumer information requests or provides inaccurate or incomplete information in response to a request. A credit union can mitigate this risk by ensuring interactive technologies are properly structured and are monitored so that they facilitate requests for information and do not inhibit them.

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

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• First Community Trust Strengthens Team with Recent Hires
• Linn Area Credit Union Sponsors Second Annual Emerging Entrepreneur of the Year Summit
• The Family Credit Union Welcomes Financial Wellness Coordinator

Upcoming ICUL Events

• March 27 - Capitol Hill Day
• March 28 - The State of Credit Union Strategy Board Education Webinar
• April 3 - Accounting & Finance Roundtable
• April 10 - Human Resources Roundtable
• April 16 - Frontline BSA Training

View the full ICUL event calendar here.