Posted August 19th, 2020 No Comments
Guidance on CFPB’s payday rule outlined in NCUA letter to credit unions

The NCUA recently issued guidance to credit unions regarding the CFPB’s July 22 changes to parts of its Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule. {Read The Full Article}

Posted August 19th, 2020 No Comments
U.S. Mint takes to airwaves to encourage circulation of coins

The U.S. Mint is encouraging the public to “help get coins moving.”

“Coins aren’t circulating through the economy as quickly as they were prior to the COVID-19 pandemic, which means that sometimes coins are not readily available where needed,” said David J. Ryder, U.S. Mint director, in a public service announcement recently released. “This is NOT a coin supply problem. It’s a circulation problem.”

Ryder encouraged the public to “help get coins moving” by using exact change when making purchases, taking coins to financial institutions or turning them in for cash at coin sorter or recycling kiosks.

Ryder also advised that individuals should remember to follow all health and safety guidelines when out spending or recycling coins.

The public service announcement follows recommendations from the Federal Reserve’s new “limited-scope, limited duration” U.S. Coin Task Force, which was created to identify, refine and promote strategies to resolve the coin supply chain issues resulting from COVID-19-related disruptions to normal coin circulation.

After convening in July, the task force released its initial recommendations for addressing the coin circulation issues, including:

— urging Americans to return their spare change to circulation by using it for retail transactions, depositing it with financial institutions, and/or redeeming it at coin recycling kiosks;

— identifying sources of “friction” that prevent the smooth functioning of the coin supply chain, including consumers’ redemption of coins, which has slowed due to limited access to financial institution lobbies;

— encouraging consumer-facing campaigns to promote awareness of the need for coin recirculation and development of ideas to encourage consumers to act;

— preparing best practices for financial institutions and retailers to get coin from consumers and recirculated through the supply chain via their armored carriers; and

— assisting supply chain participants, such as financial institutions, retailers, consumers and other coin handlers to reduce the most critical industry-specific points of friction.

Task force members represent several major participants in the coin supply chain, including credit unions.

coins

 

Posted August 19th, 2020 No Comments
CUs can learn how to move forward post-pandemic

Nearly 400 credit union professionals participated in CUNA Mutual Group’s recent “Moving Forward Forum – Insights and Strategies for a New Frontier,” focusing on the fact that there likely is no such thing as “going back to normal” in a post-pandemic world. {Read The Full Article}

Posted August 19th, 2020 No Comments
Bedtime Story Telling – CU4Kids

To date, Children’s Hospital has recorded hundreds of stories read by Children’s employees and volunteers and they would love to include Credit Unions in their virtual library.  {Read The Full Article}

Posted August 19th, 2020 No Comments
It’s Annual Convention Game Time!

It’s Game Time!

Registration to attend the 2020 BEST IN THE FIELD ~ NCUL Annual Meeting and Convention has started!   {Read The Full Article}

Posted August 18th, 2020 No Comments
Santa is Coming!

Ho! Ho! Ho!

We will be holding the Santa Letter campaign again this year!  Letters remain at $3 and the forms should be ready by late September for your members.  It is suggested that members will need to return forms to you by November 6th.  Spreadsheets will be due to the League no later than November 23rd and the letters will be mailed to the kids by December 4th.   Please let us know if you have any questions in the mean time.

Santa sampleCUforkids

Posted August 18th, 2020 No Comments
Miracle Jeans Day: September 9th!

CU4Kids_MJD_DEVIN_600px

A longtime CU4Kids staple, Miracle Jeans Day, is being nationally celebrated on Wednesday, September 9th.

Click here to learn more and register your credit union to participate

 

Posted August 18th, 2020 No Comments
Nebraska Legislature Update

The 106th Nebraska Legislature adjourned Sine Die today and with it brings the departure of several senators due to term limits.  {Read The Full Article}

Posted August 18th, 2020 No Comments
Be a Hero. Make life easier for your members.

Credit and debit cards have become the non‐cash standard way to pay merchants. However, when it comes to paying an individual, there is no standard way to do so because of so many hurdles blocking a person‐to‐person (sometimes called peer‐to‐peer) transaction. {Read The Full Article}

Posted August 18th, 2020 No Comments
Contactless payments with Transfund

NCUL_Transfund_Contactless_Ad

Posted August 18th, 2020 No Comments
Bring fun home for the summer with the security of prepaid cards

In the midst of the pandemic, families still seek entertainment and adventure. With states in various phases of stay-at-home orders, families are forced to get creative and bring fun home for the summer.  {Read The Full Article}

Posted August 18th, 2020 No Comments
Keeping the talent pipeline strong in today’s climate

As HR professionals, we know the importance of recruiting – finding the best, most diverse pool of talent we can for our organizations is a top priority.  {Read The Full Article}

Posted August 18th, 2020 No Comments
Mid-Year Reassessment Leads to Improved Outcomes

4 things you can do now to address the challenges of COVID-19

By: Ron Jennings, Executive Vice President of National Sales & Alliances

Throughout history, unexpected events and significant milestones—from natural disasters to economic downturns, regulatory constraints and the advent of new technologies—have tested the financial services industry. Time after time, credit unions have adjusted their operations and service delivery strategies in order to address changing business environments and deliver services to fill critical member needs.

As we reach the mid-point of 2020, COVID-19 is the latest challenge to place pressure on consumers and financial institutions alike. In the first quarter, the U.S. economy shrank nearly 5%. Since then unemployment has reached levels not seen since the Great Depression. What’s more, the economic outlook ahead is clouded by uncertainty, with predictions of further contractions, prolonged low interest rates and falling loan demand which will further impact income.

And while there is no way to predict when the uncertainty will end, there are steps that can be taken now to maintain or grow reputational capital, strengthen your operations and enhance your bottom line to prepare for the changes that lie ahead for your credit union, your members and your community as we work through this ongoing crisis.

  1. Improve the member experience

Stay-at-home orders have been lifted across the country and most businesses are opening, at least partially. However, record unemployment and under-employment persist across a broad spectrum of the population. Uncertainty about how long the virus will pose a threat increases the anxiety for millions of Americans who are looking for some peace of mind and financial security.

Are you taking steps to address your members’ financial service needs?  A fully disclosed Overdraft Privilege program can provide a user-friendly solution to your members’ occasional financial insecurities—both now and throughout the Pandemic—until more stable financial conditions return.

Just make sure that the important details of your program—like overdraft limits and fees—are fully explained to your members at account opening and through on-going interactions. Your program also should provide on-going communication regarding member account status and the availability of alternative solutions that can help them maintain their finances through economic uncertainties.

By taking a proactive approach to identifying user-friendly initiatives and strategies that take into account individual circumstances, you can be the solution for your members’ most pressing financial needs and protect vital sources of revenue for your credit union.

 

  1. Maintain compliance awareness

With all of the new challenges that financial institutions are currently experiencing, it’s imperative not to become complacent when it comes to maintaining compliant programs and procedures. Litigators across the country continue to target credit unions for activity that negatively impacts consumers. This includes class action lawsuits and demand letters against institutions whose overdraft policies are deemed to be confusing.

Are you utilizing best practices to manage your overdraft program? Do you have access to the latest advice on regulatory and consumer protection expectations? If not, you are risking increased examiner scrutiny and possible legal action.

When your members are aware of how to access your overdraft solution—and the other services you provide to help them when they are faced with a financial downturn—there is no guesswork and no surprise fees to further complicate their situation. Using the service becomes a clear choice they can make to avoid having transactions denied or checks returned on necessary purchases and emergency expenses.

If you are managing your overdraft strategy in-house, now is a good time to have a compliance expert review your policies and procedures to make sure they are in line with regulatory expectations and pose no threat of legal scrutiny or penalties.

 

  1. Take control of your expenses

At a time when you may still have employees working from home or have reduced staffing in place, it can be tempting to push some less member-facing tasks to the back burner. But don’t overlook the long-term financial consequences of not staying on top of your existing service contracts—you could be missing out on significant benefits.

What’s more, changing financial needs caused by the Pandemic have created more demands for employees to be engaged with new ways to address individual member challenges. Having an expert to help with evaluating contracts that are coming due or finding ways to save money—or add revenue—can be a valuable solution for improving efficiencies, as well as your service capabilities and your bottom line.

 

When was the last time you had a professional take a looks at your service contracts? Re-negotiating vendor agreements can uncover savings and improved contract terms on the services you use every day.  In many cases, a no-cost expert review can have a positive impact right away on contracts that are expiring between now and early 2022 on such agreements as card processing, card brand, core data processing and much more.

 

 Utilize tools and resources that support successful results

Since the onset of COVID-19, consumer use of contactless methods for obtaining financial services has increased, due to limited access to branch facilities, work-from-home requirements and social distancing recommendations. In this unsettling environment, it’s imperative to examine how effectively you are providing consistent financial services and support to strengthen existing relationships and attract new ones.

For instance, does your overdraft program include continuous member communication and on-going evaluation to make sure it is providing the best results for your members and your credit union? The combination of the right technology and sound expert advice is essential to ensuring your program is supplying accurate account tracking, analysis and reporting that is necessary to ensure a responsible solution for your members and a reliable source of revenue for your institution.

Effective utilization of data to identify individual members who may be affected financially during the Pandemic allows you to match your services to their needs. This, in turn, increases the likelihood that your institution will be seen as a trusted financial ally.

In light of existing staffing situations, it is essential for your employees to have access to training opportunities that instill the knowledge and confidence they need to do their jobs successfully. If you are relying on employees to train new hires and provide ongoing refresher courses while some individuals may be working remotely and/or taking on new responsibilities, your training strategy may be lacking consistency and failing to fully engage everyone who needs to be involved.

When it comes to training employees on critical member initiatives—like Overdraft Privilege and other services that offer financial stability for members—professional, program-specific trainers can take the guesswork out of the learning process and strengthen everyone’s peace of mind. With the support of experienced facilitators, you can boost your employees’ knowledge of program management, compliance, industry best practices and member engagement to make sure that everyone on staff has more confidence regarding how the program works, how to explain it effectively to members, as well as what value it brings to program users and the credit union.

For the past several months, COVID-19 has had a major impact on the economic well-being of financial institutions and consumers alike. And its impact is expected to continue for the remainder of the year, at least. How you respond to your members’ needs today can have a substantial impact on the success of your credit union for years to come. By reassessing your current strategies for improving the member experience, controlling your expenses and protecting revenue, you can address the changing environment with confidence.

 

ABOUT JMFA
JMFA is one of the most trusted names in the industry. Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving members better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.

CUA JMFA

 

Posted August 18th, 2020 No Comments
Jackson Lewis Webinar on D&I in the Workplace

As a valued credit union member of the NCUL, we are offering another free educational opportunity!  Please join Chad Richter of Jackson Lewis as he presents Enhancing Diversity and Inclusion in the Workplace.  {Read The Full Article}

Posted August 18th, 2020 No Comments
Alloya Corporate FCU’s 2020 Executive Leadership Symposium

Alloya Corporate FCU has announced that its 2020 Credit Union Executive Leadership Symposium, slated for Sept. 10-11, will be held virtually. {Read The Full Article}

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