Member Expectations Headline 2015 CEO+ Roundtable in McCall

Gem
Gem
Climb Idaho Broadcasts YPs Event
2
Credit Union Day 3
CU Service Tops in Consumer Reports
3
Update Your CU’s Listings
3
New Cooperative Principles Video
Released for CU Community 4
Volume 54, No. 9
A Publication of the Idaho Credit Union League
IN THIS ISSUE
Member Expectations Headline
2015 CEO+ Roundtable in McCall
Virtual Conference Offers Real Insights 4
Sprint 5
Registration Opens for DE Trainings 6
Turbo Tax Program 7
Compliance News 8
Idaho Goes Big at Western CUNA
Management School 9
Payments Systems Conference 10
Mandatory Compliance Breaking Down
TRID 11
Senator Crapo Rep. Tours Idaho Credit
Unions11
Fall Compliance Seminar 12
Retirement Crisis for Women Credit Unions in the News 13
14-15
Events Calendar September 2015
Member expectations headlined the 2015 CEO+ Roundtable in McCall last month, when
credit union leaders and senior staff from around the state gathered for the annual event.
Matt Davis, the former director of innovation at the Filene Institute, and founder of the
consulting group 6th Story, facilitated the day’s events and led off with his presentation,
“Branches, Smart Phones & New Technology: The Evolving Definition of Member Convenience.” Matt’s presentation drove home the need for credit unions to stay focused on the
wants and needs of members as options for financial services and providers proliferate,
and to meet an increasingly younger membership in the digital world.
Later in the day, attendees’ focus shifted from a national perspective to what is happening right here in Idaho, a perspective which often is not readily available. Gerald Hunter,
president and executive director of the Idaho Housing and Finance Association, briefly
introduced his organization and then described how credit unions of various sizes can
leverage IHFA resources to offer home loans, and others can become involved in financing
for developers and small businesses.
Craig Shaul, research analyst supervisor in the Communications and Research Division at
the Idaho Department of Labor, continued the Idaho focus with a presentation entitled,
“Idaho Demographics.” Shaul’s message about the demographic shift in Idaho demonstrated the need for credit unions to prepare for the continued aging of Idaho’s population,
the growth of urban centers, and the future (widening) employment gap (the difference
between ready and willing workers and the number of available jobs) that can be expected
in Idaho. He also shared some eye-opening trends concerning the future for various job
classifications and the likelihood that they will be supplanted by technology, such as robots
and artificial intelligence.
Jay Petty, executive benefits specialist at CUNA Mutual Group, also gave a presentation
with an eye on the future, “Leadership Continuity: The Next Generation of Succession
Planning”. Petty detailed the need for succession planning not only for a credit union’s
CEO, but also for key senior staff and provided examples of best practices for ensuring
a seamless and smooth transition. Petty also described the powerful role that executive
benefit plans can play in executive and staff recruitment and long-term retention.
Davis wrapped up the Roundtable with another
presentation about the future entitled, “Buried
in a Pringles Can: Leading & Living Innovation,”
which emphasized that successful companies
– new market entrants and survivors – often
must reinvent the market or themselves. He
noted that credit unions are at a cross-roads or
inflection point, a time when they must reckon
with member and consumer expectations and
new competitors, and presented examples of
successful reinventions and strategies for making them.
16
IDAHO CREDIT UNION LEAGUE
A N D A F F I L I AT E S
© 2015 Idaho Credit Union League
The Gem is a monthly publication of the Idaho Credit
Union League, 2770 Vista Avenue, Boise, ID 83705
Telephone (208) 343-4841
Fax (208) 343-4869
www.idahocul.org
Click here to Like us on facebook
Board Chair: Shane Berger, Beehive FCU
President/CEO: Kathy Thomson
Editor: Nancy Bernhard
Matt Davis, 6th Story
The Idaho Credit Union League organizes this
annual event to facilitate the exchange of
knowledge, networking, and cooperation among
credit unions. This year’s Roundtable was sponsored by League business partners CUNA Mutual
Group, Catalyst Corporate FCU, and CU Service
Network.
Climb Idaho Broadcasts Young Professional Event Statewide from
Lewiston, Idaho
Climb Idaho – the young professional group of Idaho’s credit unions – hosted James Marshall from the Filene Institute, at
the headquarters of P1FCU in Lewiston, Idaho. Other young professionals from around the state also participated via the
League’s new video broadcasting system at centers in Boise and Chubbuck. Attendees in these locations were able to see and
hear Marshall’s presentation entitled, “Young Adults as Future Leaders in Credit Unions”, as well as converse with the attendees in Lewiston. Marshall travelled from Madison, Wisconsin, where he lives and works for the Filene Institute, and manages
The Cooperative Trust.
Approximately 100 young professionals and other credit union staff attended Marshall’s presentation about the principles of
leadership and characteristics of good leaders. A networking session followed the presentation.
The event was the first in a series planned by the group to engage, educate, and promote young professionals for the purposes of development, retention, and involvement in the credit union movement.
2
Get Ready for Credit Union Day
This year’s International Credit Union Day (ICU) theme,
“People Helping People” celebrates the important economic
and social contributions credit unions make to their communities worldwide. Financial cooperatives around the globe
will celebrate their heritage and contributions on October
15.
Credit unions use this day to raise awareness about credit
unions and give their members the opportunity to get more
involved. Start planning something fun and engaging at
your credit union!
Remind members and tell potential members what makes
credit unions unique — the fact that you’re not just a customer, you’re an owner of your credit union. Member service is important all year round, but ICU Day is a reminder
that credit unions exist to serve their members.
Plan a festive week in your credit union; focus on financial
education; explain the credit union difference; take part in
community events. There are lots of tried-and-true ideas
for your credit union’s celebration at www.woccu.org or
www.cuna.org.
CU Service Tops in Consumer Reports Ranking
Consumer Reports named credit unions recently as the industry with the most outstanding customer service nationwide.
Other respected business rankings have put credit unions on top for trust and service as well – the American Customer Satisfaction Index, Harris Poll, Temkin Group and Chicago Booth/Kellogg School Financial Trust Index among them.
Clocking in with a top score of 90, credit unions outranked banks, auto insurance companies and brokerage firms, which were
among the 22 industries rated through reader polls.
Scores were based on how highly each respondent graded aspects of the care they experienced with each particular industry.
CUNA President/CEO Jim Nussle said, “This is great recognition for the service that the nearly 250,000 employees of the nation’s nearly 6,300 credit unions provide every day to our more than 100 million members and reaffirms for me the value of
our member-owned cooperative structure.”
In addition to credit unions nabbing top honors in general, the report also named the three credit unions that demonstrated
the highest levels of service, including SchoolsFirst FCU, Santa Ana, Calif.; Wings Financial CU, Apple Valley, Minn.; and Randolph-Brooks FCU, Live Oak, Texas.
Update Your Credit Union’s Listing on aSmarterChoice.org
When was the last time you checked your credit union’s information on aSmarterChoice.org?
As you may know, CUNA’s credit union locator is a national database that matches consumers with credit unions they can join in their communities. The site also contains many tools
consumers can use to find out more about credit unions, comparative daily rate charts,
consumer testimonials, and videos illustrating why credit unions are a smarter choice for
financial services.
The website is only valuable in directing consumers to your credit union if your information is correct. Be sure all your
branches are listed, all phone numbers are current, and your field of membership is accurate.
Updating the information is easy. Simply email your changes to Nancy Bernhard at nbernhard@idahocul.org. We can also
include your logo if you include it with your email. It should be in .gif format no larger than 260 pixels in height or width.
3
New Cooperative Principles Video Released for CU Community
The National Credit Union Foundation (the Foundation) and Corporate One FCU have just released a short video on the cooperative principles for credit union organizations to leverage with their staff, members and community. The animated video
discusses the benefits of what it means for a credit union to be a cooperative and goes into the 7 cooperative principles in
brief detail.
“Part of the credit union difference is the fact that they are cooperatives,” said Gigi Hyland, Foundation Executive Director.
“We need to celebrate that and shout it from the rooftops! Therefore, we hope credit unions share this video far and wide to
help people better understand our cooperative advantage.”
“Corporate One is by definition exactly what the seven cooperative principles are all about,” said Lee Butke, President and
CEO of Corporate One Federal Credit Union in Columbus, Ohio. “We were built by our member credit unions working together
for a common goal, making it easier for people to achieve financial success. We’re proud to team up with the Foundation to
make this video available to help credit unions spread the word about the unique and powerful principles that are the foundation of the credit union movement.”
For more information contact Christopher Morris, Communications Director, at cmorris@ncuf.coop or (608) 231-4374.
Virtual Conference Offers Real Insights
CUNA Mutual Group will hold its 6th annual Discovery Conference
on Wednesday, October 21. This no-cost conference will provide valuable insights pertaining to key topics and trends in the credit union
industry—to help credit union leaders move forward with even more
confidence. Designed to fit into busy schedules, this conference also
features a unique collaborative environment where credit union leaders can discuss important topics and network. Register today!
4
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on Talk Share 700. Other Terms: Offers and coverage not available everywhere or for all phones/networks/plans.
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Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners.
2014 Sprint Item #800-1
©2014 CU Solutions Group 10/14 3557
5
Registration Opens for 2016 Development Education (DE) Trainings
First Two CU Philosophy Programs to be held by Foundation in Texas & Wis.
Registration is now open for the first two Credit Union Development Education (DE) trainings of 2016, with the third opening later this year. The first 2016 program takes place January in Dallas, Texas followed by trainings in the Spring and Fall in
Madison, Wis. Attendees of the National Credit Union Foundation’s (the Foundation) six-day total immersion experience will
learn about credit unions’ social responsibility and domestic and international development through interactive education and
professional networking.
The next DE Training is set for September 9-16, 2015 in Madison, Wis. and has been sold out since the Spring. Registration
for each training is limited to just 42 attendees.
After attending the most recent DE training this Spring, Karen Viets, CEO/Treasurer of Metropolitan District ECU in Hartford,
Conn., said, “DE Training has been a life-changing experience for me. It has re-kindled a passion and prepared me to share
it with others. From getting down to the basics of the credit union movement and the cooperative principles to life lasting
relationships with others that are working for that same common goal. It was the best experience of my life!” (Watch & read
more testimonials here)
2016 Locations & Registration
The first DE training will take place January 13-20, 2016 at the American Airlines
Training & Conference Center in Dallas, Texas. The next two trainings will be held May
18-25, 2016 and September 14-21, 2016 at the Lowell Center, which is part of the University of Wisconsin campus in Madison, Wis. Registration can be found at ncuf.coop.
The registration fee includes seven nights of single-room lodging, as well as all training
materials and meals. Scholarship information is included on the registration page.
Who Should Attend – And Why
DE training is open to everyone from new employees who need a credit union orientation to seasoned executives who need to recharge. Participants cite many benefits of
attending DE training:
• Graduates acquire skills in credit union outreach initiatives, problem solving, technical assistance, team building, and
public presentations.
• Graduates earn certification as Credit Union Development Educators (CUDEs). They join a networking group including
over 1,400 graduates across America and over 34 other countries.
• CUDEs realize that local issues are indeed global – and that global issues are local.
• CUDEs understand that credit unions grow stronger by working cooperatively.
• CUDEs return to their jobs with new understanding of how to promote cooperative principles and credit union values as
distinct advantages in today’s competitive financial services marketplace.
• CUDEs become passionate advocates of the credit union philosophy, which boosts employee motivation, creativity and a
deeper commitment to their credit union organization and the movement.
6
TurboTax Program – Enroll Today!
It's hard to believe it's time to start thinking about tax season. The Love My Credit Union Rewards TurboTax
program is a great way to offer your members discounts on tax services from America's #1 online tax preparation
service, and there are great opportunities for your credit union to:
•
•
•
•
Build member loyalty and retention with great discounts on the most popular federal online
editions
Drive members to your website
Cross-sell loan products and other services to your members on your co-branded TurboTax microsite
Capture tax refund direct deposits and investments
Here are just some of the highlights of the TurboTax program for the upcoming tax season:
•
•
•
•
Member discounts on the most popular TurboTax federal tax products
o $5 off the Federal Deluxe Edition
o $10 off the Federal Premier Edition
o $15 off the Federal Home and Business Edition
Military Discount
o Explicit handling of unique military events and expertise in military tax issues
o Grade E1 to E5 - FREE Federal Deluxe edition and State edition (where applicable)
o Grade E6 to E10 and Officers - Special discount on Federal Deluxe edition and State edition
Bi-lingual customer service and tax specialists to assist your Spanish speaking members
Free marketing materials and banners to promote the program to your members
Visit LoveMyCreditUnion.org/PartnerCenter and sign your credit union up today. For more information or if you
have questions, please contact Gail Machos 1-800-627-1820 ext. 126 or gmachos@idahocul.org.
7
Compliance News
The Idaho Credit Union League partners with PolicyWorks. Through this partnership, the League’s member credit unions have access to the PolicyWorks’ compliance hotline, which provides email and telephone access to PolicyWorks’ regulatory team for answers to compliance questions. As well,
member credit unions have access to up-to-the-minute compliance news and information. Call 866-499-7350 or email Idahocul@policyworksllc.com
NCUA Issues Final Rule on FCU Ownership of Fixed Assets
The NCUA Board unanimously approved a final rule amending its regulation on fixed assets. The rule provides regulatory relief to federal credit unions (FCUs) with $1,000,000
or more in assets by eliminating the 5% cap on fixed-asset investments. Provisions
regarding waivers from the aggregate limit are eliminated as well. In addition, the rule
simplifies partial occupancy requirements by establishing a single six-year period for
partial occupancy of FCU premises acquired for future expansion, and removes the 30-month requirement for partial occupancy waiver requests.
Before the final rule takes effect the NCUA will issue updated guidance to examiners and FCUs, as the agency’s focus will be
shifted from regulation to the supervisory process. The guidance will reflect supervisory expectations that require an FCU to
demonstrate appropriate due diligence, ongoing board and management oversight, and prudent financial analysis to ensure
the FCU can afford any impact on earnings and net worth levels caused by its purchase of fixed assets.
The final rule is effective October 2, 2015.
Click here to view the final rule.
CFPB Issues Guidance on PMI Cancellation and Termination
Credit unions that service mortgages will want to pay attention to a recently released bulletin regarding the cancellation and
termination of private mortgage insurance (PMI). PMI is typically required by lenders if a borrower’s down payment is less
than 20 percent, in order to protect the lender if the borrower stops making payments on the loan. Once borrowers reach a
certain level of equity in the property, the Homeowners Protection Act provides that PMI insurance may be cancelled or terminated.
The CFPB has observed several institutions violate the requirements of the Homeowners Protection Act, and has issued a
bulletin (2015-03) to provide guidance and alleviate any confusion. The bulletin summarizes existing requirements under the
law, and does not create any new responsibilities or requirements.
The bulletin covers the following topics:
• Borrower-requested cancellation of PMI
• Automatic termination of PMI
• Final, mid-amortization termination of PMI
• PMI refunds
• Annual PMI disclosures
• Investor guidelines
Click here to view the bulletin.
8
Idaho Goes Big at Western CUNA Management School
Idaho credit union representatives descended on Pomona College recently and swelled the ranks of those attending Western
CUNA Management School (WCMS). Twenty-three students (a decade-high attendance record) made the trek to the small
California community of Claremont, which is outside of Los Angeles, this past July. They joined their peers from credit unions
across the Western states.
For more than 50 years, WCMS has prepared up-and-coming staff members to become leaders at their credit unions and in
the industry by immersing them in an intensive two-week program in each of three years. The challenging curriculum covers
strategic planning, operations, finance, marketing, lending, human resources, technology, business development, economics,
business law, communications, leadership, and much more.
1st row: Ashley Dixon, Lewis Clark CU; Amanda Guzman, Clarity CU; Amy Wellard, Pocatello Simplot CU; Amy L. Ciciliot,
ISU CU; Donna Bachleda, CapEd FCU.
2nd row: Lori Gull, Idaho Central CU; Dulce Gomez-Ortiz, Pioneer FCU; Alicia N. Jones, East Idaho CU; Will Hall, Idaho Credit Union League; Travis Allen, East Idaho CU; Travis Wade, Beehive FCU.
3rd row: Kari Murillo, Potlatch No. 1 FCU; Jake Denning, Beehive FCU; Amy Ellis, Simplot ECU; Cheri Schumacher, Pine Tree
Community CU; Dan Williams, Potlatch No. 1 FCU; David M. Hiatt, Simplot ECU.
4th row: Cory Omanson, ISU CU; Ryan Smathers, Lewis Clark CU; Nick Fugal, Clarity CU; Vanessa Broemeling, Potlatch No.
1 FCU; Dan Thurman, East Idaho CU; Todd Chestnut, Icon CU.
Several Idahoans graduated from WCMS this year, but one
student stood out amongst all of the successful candidates:
Lori Gull graduated with High Honors. This means that Lori,
who is an assistant vice president and regional manager at
Idaho Central CU, received honors or high honors on five out
five of required components (three exams and two projects).
Congratulations, Lori!
The Idaho Credit Union League is an annual sponsor of
WCMS, along with other leagues and many individual credit
unions.
Lori Gull far left next to Dr. Likens
9
Note: Date Change
Payments Systems Conference
October 1, 2015 • 8:00 a.m. - 4:00 p.m.
League Office • 2770 S Vista Ave Boise ID 83705
Registration Fee: $275.00
Registration Deadline: September 18, 2015
www.idahocul.org
2015 Events Calendar
Click here to register
Change is the order of the day in the payments field, and it’s coming at a rate equivalent to drinking from
a fire hose. Are you ready? To help respond to this question and to put the ever-changing payments
landscape into perspective, you will want to attend payments expert and Filene Institute collaborator
Glen Sarvady’s upcoming seminar, “Turmoil in Payments” at the Idaho Credit Union League on October 1,
2015.
Join him as he lays out the current state of the payments landscape - consumer priorities/demands for
change, economic opportunities/costs, and existing and emerging technologies, such as Apple Pay and
digital wallets. Additionally, Sarvady will engage participants in a discussion about what the shifting
landscape specifically means for credit unions and their members. The conference will also include a
whiteboard session during which Sarvady will work with participants to develop specific takeaways and
action items to help answer the question: “Are you ready?”.
About the Presenter
Glen Sarvady is the Managing Principal of 154 Advisors, providing
payments expertise and strategic insights to financial institutions and
related companies. Glen has over 20 years of payments industry
experience: he co-led the payment-focused Global Concepts unit of
McKinsey and Company, held a variety of financial and senior
management positions for CheckFree Corporation prior to its acquisition
by Fiserv and coinciding with the online bill payment provider’s period
of most rapid growth, and has also led check and payment programs for
Deluxe Corporation.
Glen is a board member of the Technology Association of Georgia’s FinTech Society, and was a founding
director of the University of Pennsylvania Students Federal Credit Union. He was also an Examiner with
the Federal Reserve Bank of Chicago. He writes regularly for McKinsey on Payments and ForwardBanker.
Glen earned a BA in Economics and Mathematical Methods in the Social Sciences from Northwestern
University, and an MBA from the Wharton School of the University of Pennsylvania. He lives in Atlanta with
his wife and three children.
Sponsored by:
Recommended Hotel: Comfort Suites, 2906 S Vista Avenue, Boise, ID 83705. Call 208-472-1222 by August
27, 2015 for reservations. Mention you are with the Idaho Credit Union League to receive the $79 per
night, plus tax, rate. (1/2 block from League Office)
Nancy Bernhard
Marketing Specialist I Idaho Credit Union League
P: 208.343.4841 • F: 208.343.4869 • 800.627.1820 • idahocul.org
Idaho Credit Union League • 2770 Vista Avenue • Boise, ID 83705
www.idahocul.org
2015 Events Calendar
Click here to register
10
Mandatory Compliance, Good Faith Efforts and Safe Harbors – Breaking
Down TRID
By Lauren Capitini, Senior Compliance Manager, CUNA Mutual Group
The Mandatory Compliance Date
On July 21, the Consumer Financial Protection Bureau (CFPB) issued a Final Rule extending the looming mandatory compliance date for the TILA/RESPA Integrated Disclosure Rule (TRID) to October 3, 2015. If you were among the credit unions
challenged to meet the August 1 compliance date, you may have breathed a sigh of relief at this welcome news. It is imperative, however, that you continue to work diligently to integrate the new disclosures onto your existing or new systems,
update your policies and procedures, and train your front-line staff for the new go-live date. Come October 3, the regulation
is effective and compliance is required. As a practical matter, you should note that early compliance is not permitted. Even if
you were ready to go-live on August 1, the “switch” to the new disclosures cannot be flipped until October 3.
Good Faith Efforts
The National Credit Union Administration (NCUA) and CFPB have each stated they will consider credit unions’ “good faith
efforts” to comply with the Rule. As discussed by staffers at the agencies, this provides a bit of flexibility for you if you’re
working toward compliance, but just don’t quite have the ducks in order. Officials from CFPB have stated that credit unions
and other financial institutions should be able to showcase that they are working diligently toward compliance. Importantly,
while this flexibility is helpful from a credit union examination standpoint, it does not relieve you of civil liability – put simply,
members can still sue for lack of compliance with the law. Come October 3, TRID is the law of the land.
Safe Harbor
In order to enjoy a true safe harbor – no CFPB enforcement actions or private lawsuits – congressional action must occur. At
the time of this writing, a number of bills are pending within the House or Senate that would provide this safe harbor. Unless
and until a bill is passed by both Houses and is signed by the President, a true safe harbor will not be in effect come October
3.
For the last 20 months, the financial services industry has been preparing for implementation of TRID. As we approach the
October 3 mandatory compliance date, it is important to turn your attention toward potential liability. To that end, it is critical to understand regulator risk and litigation risk, as well as the impact of “good faith efforts” and potential new safe harbor
legislation.
LOANLINER® users with access to Lending Resource Center can sign up now for two new TILA/RESPA educational webinars
and bi-weekly TRID talks. CUNA Mutual Group created these sessions to provide a forum for you to learn details and ask
questions.
Visit www.loanliner.com/realestate to sign up and access more tools.
Senator Crapo Representatives Tour Idaho Credit Unions
Representatives from Senator Mike Crapo’s office toured credit unions with League representatives in the Capital region and
north Idaho last month to experience them on their home ground.
Gregg Richard, a long-time staffer for the Senator in Washington,
D.C. and currently the staff director for the Senate Subcommittee on Securities, Insurance and Investment, toured three credit
unions in the Treasure Valley. Richard met with Val Brooks, president/CEO, Simplot Employees CU; Brad Swartzentruber, president/CEO, Northwest Christian CU; and Elizabeth Thomas, vice
president of marketing, Pioneer FCU and other managers from the
credit unions. Richard expressed appreciation for the opportunity
to visit credit unions in Idaho – he’s a member of a credit union
himself - and to talk to them personally about the opportunities
they have to serve members and the challenges they face. He also
noted the difficulty that credit unions have in meeting the unique
needs of individual members as the regulatory burden increases.
Colin St. Maxens, a legislative correspondent in the Senator’s D.C.
office, toured credit unions in north Idaho, where he met with
Amanda Tanner, branch manager at Potlatch No. 1 FCU in Hayden;
Emily Haas, branch manager at Idaho Central CU; and Gloria Rauch, president/CEO of St. Joe Valley CU, and their colleagues. Not only
was it his first visit to the state, but it was also his first time in a credit union. St. Maxens noted the huge difference among credit unions
in terms of fields of membership and in terms of size, having visited the state’s largest credit union and one of its smaller. This size difference threw into relief the regulatory burden born by all financial institutions, as he discussed compliance issues with Gloria Rauch at
St. Joe Valley CU. Rauch alone, unlike in some larger credit unions, must ensure compliance with state and federal regulations.
From left to right: Amy Ellis, Gregg Richard, David Hiatt, and
Val Brooks
Richard and St. Maxens visits came at an opportune time for credit unions in Idaho and around the country, as Senator Crapo and his
colleagues on the Senate Banking Committee discuss regulatory relief legislation this month. Their firsthand knowledge and experiences
with Idaho credit unions will prove helpful as the legislative process moves forward, especially if Senator Crapo should become chair of
the Banking Committee after the next election.
11
Fall Compliance Seminar
October 2, 2015 • 8:30 a.m. - 4:00 p.m.
League Office • 2770 S Vista Ave Boise ID 83705
Registration Fee: $275.00 • Registration fee includes continental
breakfast and lunch
Registration Deadline: September 18, 2015
www.idahocul.org
2015 Events Calendar
Click here to register
Get up-to-speed on regulatory changes, ensure your compliance knowledge is current, and get a view of
the regulatory landscape ahead. This day-long session will cover the following areas in an engaging,
interactive environment:
•
•
•
•
•
•
•
Do You Know What’s Up? Get a regulatory update on pending final and proposed rules
NCUA and CFPB hot topics
The Regulation That Keeps on Giving: BSA Update (including changes to the FFIEC BSA Manual)
Potential marketing compliance blind spots
The Mysterious Compliance Management System – Demystified!
Busted: Recent UDAPP and Fair Lending Violations (and Big Fines)
Tomorrow is the Day! Are you Ready? The TILA-RESPA Integrated Mortgage Disclosure rule goes
into effect on October 3rd. Are you ready? Share your challenges, and dive into other upcoming
mortgage rules.
About the Presenter
Chris Collver I Senior Compliance Officer
Chris is responsible for assisting credit unions with their compliance needs, including
communicating new compliance-related requirements, responding to compliance
questions, and writing and reviewing policies. Chris has over 14 years of compliance
experience and has been working in the credit union movement for 30 years. Chris
worked for 12 years at the California and Nevada Credit Union Leagues, where he
served as a compliance consultant and senior regulatory and legislative analyst. He most
recently held the position of Vice President of Compliance and ERM at a large credit
union in Southern California where he was responsible for developing, implementing and
maintaining the credit union's compliance program, encompassing BSA/AML, consumer
protection laws and regulations, vendor management, and fraud investigation.
Sponsored by:
Recommended Hotel: Comfort Suites, 2906 S Vista Avenue, Boise, ID 83705. Call 208-472-1222 by
September 18, 2015 for reservations. Mention you are with the Idaho Credit Union League to receive the
$79 per night, plus tax, rate. (1/2 block from League Office)
Nancy Bernhard
Marketing Specialist I Idaho Credit Union League
P: 208.343.4841 • F: 208.343.4869 • 800.627.1820 • idahocul.org
Idaho Credit Union League • 2770 Vista Avenue • Boise, ID 83705
www.idahocul.org
2015 Events Calendar
Click here to register
12
Retirement Crisis for Women
While it’s commonplace to see research on the number of Americans who are not well prepared for retirement, new surprising
research from the Employee Benefits Research Institute (EBRI) and the Filene Research Institute reveals just how much more
unprepared women are for retirement than men. These findings should be especially alarming to credit unions—where the
majority of employees are female.
Alarmingly Unprepared for Retirement
The EBRI, which previously assessed individuals’ probability of running out of money in their retirement years, published new
research measuring the size of the deficits various demographic groups would generate in retirement. The research found,
on average, significantly larger savings deficits for women and projected that an early Baby Boomer family will generate a
$19,304 average deficit per individual in retirement. This is even more problematic for single women, where an early Baby
Boomer will generate an average deficit more than three times larger, at $62,734.
It gets worse. Previously, EBRI found that 43% of all Baby Boomers and Gen Xers are at risk of running out of money in retirement. For single women included in this “at-risk” population, the average deficit increases substantially to $104,821.
Reasons for Retirement Savings Deficit
These findings are further supported by research recently published by the Filene Institute, which revealed how the relative
unpreparedness of women for retirement can be linked to women’s financial behavior. For example, 60% of women have not
taken the steps to find out how much they need to save for retirement. Also, women are, on average, more likely to engage
in expensive credit card behavior, like carrying a balance or paying late.
As a result:
• Women show high rates of “financial fragility”—the inability to cover expenses for three months in the event of sickness, job loss, economic
downturn, or other emergencies.
• There is a high rate of debt among women. 68% of women have at least one of the four sources of long-term debt–mortgage, auto loan,
student loan, or home equity loan. They are also more likely burdened with short-term debt, such as credit card debt.
Important Considerations for Credit Union-Sponsored Retirement Plans
The EBRI and Filene underscore the need for credit unions to pay attention to retirement savings trends of women, who
comprise over 75% of their staff. Credit unions can serve an important role addressing these trends by providing easy-to-use
retirement savings calculators, one-on-one education, and investment guidance that can help their employees better plan
and prepare for retirement.
For more information about how CUNA Mutual Retirement Solutions can help prepare your employees for retirement, call
your Sales Executive at 800.356.2644 or visit https://www.cunamutual.com/products/employee-benefits/401k-and-retirement-plans
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Credit Unions in the News . . .
2015 Business Professional of the Year
Kent Oram and Mikkel McBride were
both nominated for the 2015 Business Professional of the Year. The
award event aims to recognize the
contributions of the regions hard
working men and women in professional fields, and to encourage and
honor their long term commitment
to making Southeast Idaho a better
place.
P1FCU’s Old Fashioned 4th of July
CU employees had a blast at the P1FCU Old Fashioned 4th of
July at Pioneer Park in Lewiston. The annual event, included
great food, live music and old fashioned fun for the whole
family. The event was sponsored by Lewiston Parks and Recreation. Volunteers created a “Water Zone” where kids of all
ages (and kids at heart) could beat the heat by playing catch
with water footballs and water Frisbees. The only rule was to
play nice, have fun and if you found yourself in the “P1FCU
Water Zone,” prepare to get wet!
Mikkel McBride is a Business Development Officer for Idaho Central
Credit Union. McBride is dynamic and
outgoing. Her personality and drive to work hard allows her
to interact with a diverse group of people with ease, have fun,
and get work done. McBride’s nominator said she takes her job
seriously and is a supportive team member, as well as involved
in many community events. It’s not uncommon to see her at
several events in the same day. Mikkel has supported many
youth sporting activates though the years by coaching, pitching, and cheering on the children in baseball, basketball, soccer,
and football. She believes in teaching young people about their
finances and has taught many financial education classes.
Kent Oram was not only honored to be nominated, but was
chosen to be this year’s Business Professional of the Year. Oram
is a graduate of Ricks College in Rexburg and Idaho State
University. He also has a degree and certification from Western
CUNA Management School, the Credit Union Executive Society Management Institute, and its CEO Program. In November
2014, Oram was inducted into the CUES Hall of Fame. Kent
was recognized because he has led his credit union to achieving
some of the fastest growth rates in the country since taking
the helm in 2007, while the Pocatello-based institution was also
earning statewide honors as an outstanding workplace. A designation it continues to hold to this day.
East Idaho Supports the Community
Left to right: Katy Reed, MSR 2; April McKelway, Frontline
Lead Backup, and her little helper; Bobbi Combs, Assistant
Branch Manager; Tracie Schultz, Consumer Loan Officer.
East Idaho CU, Idaho Falls, supported Ammon City T-ball.
Photo with Charlie Chukar from the Idaho Falls Chukar baseball team.
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Credit Unions in the News Concluded
Shoots for a Cause
Clarity CU 16th Annual Charity Golf Tournament
Idaho Central CU was the co-sponsor of the Bill Parrish Family Memorial 3-on-3 Basketball Tournament in Pocatello for
the second year in a row. The Chubbuck Lions Club organizes this fundraiser which educates the public about carbon
monoxide poisoning. All proceeds and team fees will be
used toward carbon monoxide awareness and assistance to
vision and hearing impaired individuals. Last February, Bill,
Ross, Keegan, and Liam Parrish died in their Pocatello home
because of carbon monoxide poisoning. Bill’s cousin, Fred
Parrish, started the event last summer in honor of his late
family members.
Clarity’s 16th Annual Charity Golf Tournament for Children’s
Miracle Network was a huge success!
The CU is so grateful for all those who played in and sponsored our 16th Annual Golf Tournament on August 14th at
Eagle Hills Golf Course.
Not only did ICCU have the championship court named after
them, they sponsored four adult and one youth team playing
in the two-day basketball tournament. Jake Dyer, a team
member for the ICCU Eagles, said, “I like playing in this tournament because the causes are important. The money raised
goes to assisting individuals in need of help with vision and
informs the community about the dangers of carbon monoxide.” Mr. Dyer was impressed with how organized this event
was and how much it has grown from the first year it was
put on. “You can really see the community’s support for this.
There are more fans watching the games and more booths
then the previous year.”
Simplot Employees CU Delivers Check to the Kamiah Fire Relief Fund
On the way to his vacation destination, Simplot Employees
CU Loan Manager, David Hiatt visited Kamiah Community
CU. He delivered a check from Simplot Employees CU and
staff to the Kamiah Fire Relief Fund. The Idaho Credit Union
League asked all Idaho credit unions to help the many credit
union members being affected by the devastating fire in the
Kamiah area. When that call for help was made; Simplot Employees CU was quick to respond. “We might be a little credit
union but we have a big credit union heart” said Simplot ECU
CEO, Val Brooks. “We follow the excellent example of the JR
Simplot Company in being good corporate citizens and we
do what we can to help those in need. The long time credit
union movement philosophy of People Helping People is alive
and well at Simplot Employees Credit Union” said Brooks.
Anyone who wants to donate to the fire relief fund can send their donations to the Kamiah Fire Relief Fund c/o Kamiah Community Credit Union at PO Box 68, Kamiah, Idaho 83536.
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Events Calendar September 2015
1
The 20 Most Important Things to Know About TRID Compliance Before the Revised October 3 Deadline - Webinar
1
Deposit Account Regulations - QuickBite
2
Advanced ACH Specialist Series: Defining & Identifying Third-Party Senders: Risk, Liability & Audit Requirements
Webinar
3
Loan Modifications - QuickBite
3
Members for Life: Creating an Effective Member Retention Plan - Webinar
7-10 Hike-the-Hill - Washington, DC
9
“What if” Planning Using Loan Application Data - QuickBite
9
HR Series: HR Danger Zones: Regulations, Requirements & Best Practices to Keep You Out of Trouble - Webinar
10 Loan Concentration Management: Evaluation, Risk Tolerance & Regulatory Guidance - Webinar
14 Three Components of Success On-Line - DCL - QuickBite
15 Loan Underwriting Basics: Interviewing, Credit Reports, Debt Ratios & Regulation B - Webinar
16 Managing the 8 Categories of Risk Assessment - Webinar
17 Remote Deposit Capture - Rules & Regulations - QuickBite
17 Director Series: UDAAP for the Board & Senior Management - Webinar
22 Social Media Compliance - QuickBite
22 Imaged Documents: What to Keep, What to Destroy, What Holds Up in Court? - Webinar
23 Regulator Guidance & Issues in ATM Security - Webinar
24 Cyber Liability/Data Security - QuickBite
24 IRA Series: Auditing IRAs Step-by-Step - Webinar
29 What Does Membership Growth Have To Do With Google Analytics? - QuickBite
29 Required Compliance Series: Compliance Regulations for Deposit Operations - Webinar
30 Mortgage Advertising: Keeping Your Promotions Compliant - Webinar
Oct. 1 Payments Systems Conference - League Office, Boise Idaho
Oct. 2 Fall Compliance Seminar - League Office, Boise Idaho
Idaho Credit Union Philosophy Certifications
We believe that credit unions are unique. When our staff and volunteers understand and are comfortable speaking about
this, we will thrive. We urge you to make reading of the Philosophy Manual mandatory for all new employees and volunteers. For more information please contact the Idaho Credit Union League at (800) 627-1820.
Certificate Recipients
Brooke Holloway Julia Larson
Emilee Nagele
Almira Vega
Annette Purdy
Suzanne Hurtado
Benjamin Bloom
Paulina Bravo-Morris
CapEd FCU
CapEd FCU
CapEd FCU
CapEd FCU
Clarity CU
Clarity CU
Icon CU
Icon CU
David Klungle
Amber Orr
Cherity Place
Katrina S. Slocum
Veronica Clayburn
Kimberli Loveman
Treylon Sobotta
Tess Bodily
September 9, 2015
Pioneer FCU
Pioneer FCU
Pioneer FCU
Pioneer FCU
Potlatch No.1 FCU
Potlatch No.1 FCU
Potlatch No.1 FCU
Scenic Falls FCU
Click here for more information
www.idahocul.org
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