By The Way
The By The Way newsletter is a great way to keep Kentucky credit unions informed of the latest updates in governmental affairs, compliance and regulations, education and training. In addition, By the Way highlights the difference credit unions are making on a daily basis.
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A Message from the President 
Credit Union Strong
Although you’ve heard me use this phrase before, it’s probably more applicable today than ever.
In light of the bank failures and consumers and members concerned over their deposits, it is important to remember that credit unions stand strong with almost 100% of deposits nationwide being federally insured (NCUSIF) and almost 91% of Kentucky deposits being federally insured (NCUSIF).
There is also a lot of conversation around who and/or what is to blame for the failures. Most likely, one of the immediate causes is a lack of strong management and a failure to manage interest rate risk.
This is where credit unions shine.
Credit Unions don’t generally “put all of their eggs in one basket” and they manage interest rate volatility exceptionally well. Even though credit unions are nowhere near the situation with the bank failures, nor are they likely to be, we wanted to share resources that you can share with your members.
This is an opportunity to reassure credit union members about the safety and soundness of credit union deposits, remind them of the credit union difference as member-owned financial cooperatives, and provide some peace of mind during uncertainty.
We will continue to update this page as new developments arise so check back often.
Sincerely,
Debbie Painter
League President
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Governmental Affairs Update
This month sees the action in Frankfort ramping up to a fever pitch as legislators came back together from across the commonwealth to finish the business at hand. That business saw over 600 new bills filed in Frankfort, as each legislator tries to bring attention and action to their top priorities.
In our continuing efforts to make the Credit Union movement a priority for legislators your League hosted Credit Union Day in Frankfort in late February. This annual event is a great opportunity to connect Credit Union leaders with regulators and legislators, especially those leading our key committees like Banking & Insurance and Appropriations & Revenue. Participants were able to engage with and hear directly from the KY DFI Commissioner, State Legislative leadership and many rank-and-file members of both chambers and share their stories of the Credit Union difference with them all.
As always, please reach out with any questions or if there is anything I can do to be of service to you or your Credit Union.
Sincerely,
Kyle Hagerty, CUCE
Director of PR & Governmental Affairs
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Simplified CECL Tool Updated for March 31, 2023
The National Credit Union Administration today released the March 2023 update of its Simplified CECL Tool. The update includes the following:
• The incorporation of each credit union’s December 2022 net charge-offs values in its average three-year net charge-off rates
• The adjustment of Weighted Average Remaining Maturity (life-of-loan) factors for recent trends
• Minor technical enhancements
For most credit unions, CECL became effective at the start of 2023. For credit unions that started using the Simplified CECL Tool in the first part of 2023, the March 2023 release is used to determine the credit loss expense, or provision for credit losses, from the date of adopting CECL until March 31, 2023. For credit unions that adopted CECL in the first quarter of 2023, the March 2023 Call Report will include the day-one adjustment to undivided earnings and the credit loss expense since the date of CECL adoption.
With this update and future quarterly updates of the Simplified CECL Tool, a credit union can use the CECL to estimate its allowance for credit losses on loans and leases. Quarterly updates will be provided so a credit union can incorporate them before its books are closed and before it submits the NCUA’s Call Report.
To obtain the latest version, please visit The Simplified CECL Tool page and click on, “Download the Latest Simplified CECL Tool.” To help you determine if the Simplified CECL Tool is right for your credit union’s needs, please review Frequently Asked Questions, the User Guide, and the Model Development Document located on the Simplified CECL Tool page.
For additional information on CECL, please visit our CECL Resources page.
For any questions unanswered in the CECL Resources, please contact [email protected]
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Midwest Small Credit Union Conference
May 21-23, 2023 // Indianapolis, IN
Venue: Embassy Suites by Hilton Plainfield Indianapolis Airport
Credit Union National Association and the Illinois, Indiana, Kentucky, Michigan and Ohio Credit Union Leagues are proud to co-present the Midwest Small Credit Union Conference. Curated specifically for the executives and board members of smaller shops, this low-cost event will focus heavily on generating income, loan-growth strategies, improving your bottom line, and ROA. Attendees will have the opportunity to strengthen their operations to remain competitive long into the future. Full of networking, best practices, and hard-hitting takeaways, the value of this conference can not be beat.
Who should attend?
Executives and board members of small credit unions, especially those from the Midwest. It will be most beneficial for credit unions under $120 million in assets.
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2023 Southeast CUNA Management School
Registration is now open for the 2023 session of Southeast CUNA Management School!
Meeting Dates: Sunday, June 18, 2023 through Friday, June 23, 2023
Location: UGA Georgia Center for Continuing Education, 1197 South Lumpkin Street, Athens, GA.
Southeast CUNA Management School is the premier learning opportunity for credit union professionals in the southeast, providing students with the skills and knowledge to meet today’s leadership challenges. The three-year program features advanced academic instruction on a variety of topics including management, leadership, and financial analysis. Students apply what they learn from the on-site sessions to projects that require strategic analysis of their credit unions and research of relevant issues facing the industry.
“SRCUS has provided me with the tools to be a better leader in my credit union,” said Eric Bennett, 2022 graduate and Hugh Watson Award recipient, Southeastern CU. “I was able to meet and make lifelong friendships with fellow credit union leaders. I am thankful for the opportunity to attend SRCUS.”
Start or continue your SRCUS journey.
Tuition: $2,195 if paid on or before April 22, 2023
Need financial assistance? Contact Janet Garrett to learn more about available scholarships and how to apply.
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Executive Forum-Save The Date
May 11-12, 2023 | Embassy Suites by Hilton Bowling Green | Bowling Green, KY
Embassy Suites by Hilton Bowling Green
556 Hub Blvd
Bowling Green, KY 42103
The Kentucky Credit Union League is proud to host an executive-level gathering for credit union leaders across the state.
The Executive Forum is a one-day event with insightful presentations, timely updates and open discussion among your peers who are all facing similar challenges and looking to share best practices and experiences.
WHO SHOULD ATTEND:
Attendance is limited to League-affiliated and associated credit unions. This conference is a special occasion for CEOs and their Executive Teams to come together for valuable education and networking opportunities.
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2023 Southeast Regional Director's Conference
July 23 – 26, 2023
Peabody Hotel • Memphis, TN
Welcome to the Southeast Regional Directors Conference, which features a full range of informative educational sessions on critical, timely issues related to the economy, lending environment, and more.
Located in the historic area of Memphis, conference attendees will experience a unique opportunity for professional development while enjoying the sights, sounds, and flavors of the home of blues, soul, and rock and roll.
The Southeast Regional Directors’ Conference is designed for credit union directors and committee members. The conference location rotates among the ten Southeastern states, giving each state an opportunity to host their fellow credit union volunteers and showcase the best of what their state has to offer.
The conference will be hosted by the Tennessee Credit Union League and the other nine supporting states of the Southeast Region - Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, Kentucky, South Carolina and Virginia.
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Winners of Abound Credit Union Celebration of the Arts Awarded at WKU
Abound Credit Union Celebration of the Arts is a competitive exhibition located at the Kentucky Museum on the campus of Western Kentucky University in Bowling Green. It remains open to the public through April 14, 2023. The art competition was open to all residents 18 years of age or older, living in a Kentucky county which falls within a 65-mile radius of Bowling Green and awards were presented March 10.
Pictured: Award winners from the Abound Credit Union Celebration of the Arts exhibition.
Select winners included:
Best of Show – Yvonne Petkus
Kentucky Museum Purchase Award – Myra Dwyer
ArtWorks Merit Award - Tony Murray
World’s Greatest Studio Tour Merit Award - Leslie Nichols
A full listing of all winners will be published in SOKY Magazine.
The art show, generously sponsored by Abound Credit Union, is open to the public: March 4 - April 14, 2023, with the exception of WKU's Spring Break, March 13-18, when the museum was closed.
“At Abound, our purpose is to help our communities thrive,” said Jake Darabos, CPA, Chief Finance and Administration Officer of Abound Credit Union. “We’re proud to be the title sponsor of this exhibition and work with institutions like WKU to enhance the lives of Kentuckians.”
Pictured: Jake Darabos, CPA, Chief Finance and Administration Officer of Abound Credit Union, congratulates Best of Show winner Yvonne Petkus.
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Service One Credit Union Announces New Management at the Scottsville Branch
Two Service One Credit Union (SOCU) associates have been promoted to new positions.
Jonathan Turner is the Retail Relationship and Sales Manager / Branch Manager for Scottsville. Turner is adding a Branch Manager role for the Scottsville Branch to his duties in the credit union. He is a resident of Scottsville with his wife Amy, of 19 years, and three boys. Turner is very active and involved in the Allen County Community, serving on the School Site-Based Decision-Making Council for Allen County, is a member of the Scottsville Rotary Club, a Member of the Scottsville Chamber of Commerce, and is President of Allen County Scottsville Youth Football League. His professional Licenses include Life and Health Insurance, Series 66, and 7 Licensed which is also known as a Licensed Stockbroker. A graduate of WKU in Business Economics, Turner has a professional background as a Financial Advisor and has been with Service One since July 2022.
Amy Holthaus is the Assistant Branch Manager for Scottsville. Holthaus has experience in supporting the Call Center, Teller lines, and helped the Scottsville branch during growth transitions last year. She is a Certified Credit Union Financial Counselor (CCUFC), an alumnus of WKU, and joined SOCU in August 2020.
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Abound Credit Union Recognized as a 2023 Winner of Best Places to Work in Kentucky™
Abound Credit Union was recently named one of the 2023 Best Places to Work in Kentucky. The 19th Annual Best Places to Work in Kentucky, a joint project of the Kentucky Chamber of Commerce and the Kentucky Society for Human Resource Management (KYSHRM) in partnership with Workforce Research Group, honors employers in Kentucky that are making their workplaces great.
“We’re thrilled to celebrate as a Credit Union and recognize our 335 amazing team members,” says Ray Springsteen, President & CEO of Abound Credit Union. “Their dedication and passion for finding real solutions that make more possible for our Members and communities is inspiring.”
The Best Places to Work in Kentucky survey and awards program evaluates policies and practices through an employer assessment and captures employees’ opinions about their workplace experience through an employee feedback survey. Abound’s core values, which are lived by each team member every day, are: Selfless, Connected, Learning-Driven, Passionate, and Fun.
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Service One Credit Union Announces New VP of People & Culture
Service One is pleased to announce, Nathan “Nate” Dalrymple as our new VP of People & Culture. As Service One’s VP of People and Culture, he will be accountable for all aspects of Human Resources, Culture, Associates, Benefits, and Training.
Nate has over 10 years of experience in Human Resources with 5 years in a leadership role within various industries. He is a WKU graduate with a Bachelor’s degree in Political Science and Religious Studies along with a Master’s degree in Public Administration. He is a SHRM Certified Professional. He also served in the Navy onboard a fast-attack submarine based out of Pearl Harbor, Hawaii. Nate is a native of Franklin, KY. He currently resides in Smiths Grove, KY.
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Abound Credit Union Ranked a Top-Performing Credit Union in 2022 by S&P Global
Abound Credit Union was recently named one of the top-performing U.S. credit unions by S&P Global Market Intelligence. Based on data through December 31, 2022, Abound ranked 15th out of 1,797 credit unions that qualified for this annual analysis.
“For over 70 years, Abound has prioritized safety and soundness for our Members,” said Ray Springsteen, President and CEO of Abound Credit Union. “We’re proud to reliably serve the financial needs of 130,000 Kentuckians. Our conservative approach to management and investments means we’ll be able to continue serving Kentucky families for generations to come.”
To compile this ranking, S&P Global Market Intelligence calculated scores for each credit union based on five metrics: member growth; total number of loans per member; net worth as a percentage of total assets; delinquent loans as a percentage of total loans; and return on average assets. Each company's standard deviation from the industry mean was calculated for every ranking metric, weighted equally, then combined to derive a performance score.
To help normalize the data and mitigate the impact of outliers, caps and floors were applied for each metric. Criteria for the rankings included credit unions with more than $100 million in total assets and a net worth ratio of at least 7% as of Dec. 31, 2022. Based on this criteria, 1,797 credit unions qualified for the ranking.
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Service One Credit Union Celebrates National CU Youth Month
April is Credit Union Youth Month. Service One Credit Union is celebrating with a prize giveaway that includes 2 bikes and a Chromebook. Visit any Service One branch with your child and they will receive a special goodie bag! Inside that goodie bag are treats and instructions on how to enter Service One’s Youth Month Celebration. Winners will be drawn on May 1st and contacted privately.
This year’s theme for National Credit Union Youth Month is “Unleash the Power of Saving.” Service One has tools to help unleash this knowledge. With a free youth saving account that earns compound interest, young members can deposit small amounts on a regular basis and watch their savings grow. Parents can participate by enrolling in Service One’s Round-Up savings. Their debit card purchases are rounded up to the nearest dollar and the difference can be elected to automatically deposit into the child’s savings account.
“We know that encouraging the savings habit at a young age sets the path to successful financial well-being,” Michelle Dyer, SOCU Chief Operations Officer. “We look forward to welcoming parents and their children at our branches to join us in celebrating National Credit Union Youth Month.”
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