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.

League Updates

CUNA Announcements

Educational Opportunities

Credit Union News

If your credit union would like to share an announcement, please email your article to Janet Garrett.

Compliance Updates

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Governmental Affairs Update

July was a busy month for a specific pair of state legislators. Not only did the Governor call a special session of the legislature that lasted July 19-25th with the goal of passing reforms to the pension plans at quasi-governmental agencies, but State House Majority Floor Leader John “Bam” Carney and State Senate Minority Floor Leader also made time to visit with credit unions in their districts.

Representative Carney visited the Campbellsville branch of Fort Knox FCU. While there, members, staff and volunteers shared their favorite stories illustrating the credit union difference and spoke with Rep. Carney about many of the great things they are doing in the community. Senator McGarvey visited the main branch of Jefferson County FCU in Louisville. While there, Sen. McGarvey heard from staff, members and volunteers who shared the basics of what makes a credit union different and special. In addition to learning more about the credit union movement generally, both Rep. Carney and Sen. McGarvey were able to hear specific stories of helping members, and stories that make clear the true value of credit unions in the lives of members & staff

Visits like these are a great way for our policy makers to learn about the credit union industry by visiting their own local credit union and hearing from the people who work to make the credit union difference a reality every day.

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Kentucky Recognition Awards Deadline Approaching

Each year, your League hosts an Awards Banquet to recognize the achievements of individuals, credit unions, and chapters.  Nominating an individual, credit union, or chapter for a Kentucky Recognition Award is a wonderful opportunity to honor those in the movement who demonstrate a sincere passion for the cause and recognize their commitment to the “people helping people” philosophy.

The deadline to submit a nomination is August 15, 2019.

Remember, we have revised the nomination process to be more transparent and much simpler:

  • Any volunteer or professional of a League-affiliated credit union may nominate any volunteer or professional, provided the individual is with a League-affiliated credit union. The person making the nomination and the nominee need not be affiliated with the same credit union. Nominations may be made without regard to chapter boundaries.

  • To make a nomination, visit https://www.kycul.org/cu-awards-programs, complete the Nomination and Biographical Form. The nomination process will be transparent, and it is recommended that the person making the nomination collaborate with the nominee in the submission process to ensure accurate and detailed information. 

  • Self-nominations will not be considered. If no candidate meets the criteria, a winner will not be selected.

  • The winner will be notified within 30 days of the annual meeting.

We hope that the change in guidelines will provide more opportunities for recognition and increase nominations moving forward. 

If you have any questions, please contact Vicki Hall at [email protected].  

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Cybersecurity Training Available through Radford University

Through our partnership with TRGroup and the Vinod Chachra IMPACT Lab at Radford University, we are excited to bring you and your staff educational resources to better protect your assets. 

We encourage you to watch this video https://vimeo.com/341339223 about the training opportunities available for IT professionals, managers, and senior executives. 

You may also find additional information online at https://www.radford.edu/trgroup. To request more information or learn how you can enroll your staff in this critical cybersecurity training program, contact Laura Parrish at [email protected].  

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Participate in the DiscoveryTM Conference 2019

Our rapidly evolving industry creates many challenges for credit unions, meaning strategic planning is more important than ever. At this year’s Discovery Conference, we’ll share ideas and inspiration, helping credit unions deepen their industry knowledge and plan for everyday success – just like we’ve done for the last ten years of Discovery.

View the conference agenda to see the line-up of fabulous speakers, and register today. We hope to see you there! 

Learn more & register.

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PolicyWorks Survey

Our compliance partner, PolicyWorks LLC, sent out their annual League Services survey on July 30th. This email went go out to the League members that have opted-in to our League communications list.

Your confidential feedback to these questions will help PolicyWorks better understand what’s important to you as we focus on improving our services.  To complete the survey, please click on the following link:

https://www.surveymonkey.com/r/PHFLVJV

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A National Conference Exclusively for Credit Union CEOs

September 23 – 25, 2019 | Hotel Del Coronado | Coronado, CA

A credit union CEO-only setting where you'll have ample opportunities to collaborate with peers and discuss topics important to you and your credit union. Share insights and advice, explore ideas and leverage the experience of fellow CEOs.

Sessions to include:

  • Topics Specifically Identified by Attendees
  • Pre-Conference Session: The CEO / Board Relationship – Governance and Communications
  • Cultivating a High-Performing, Growth Organization
  • Member Experience as a Competitive Advantage
  • Keeping the Human Connection in a Digital World
  • CEO Panel - Real-World Examples of Exemplary CU Growth in: Memberships, Assets & Loans
  • Priorities & Key Initiatives: A Dialogue with CUNA's CEO Jim Nussle
  • CEO Insights, Success Stores & Great Ideas
  • Discussion Groups that Encourage Dialogue & Input

Please Note: To create an event that supports meaningful discussions, idea exchange and sharing of insights, a limited number of conference registrations will be accepted.

MORE INFORMATION

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Saller, McLean named to America’s CU Museum board

America’s Credit Union Museum (ACUM) announced the appointment of Nathan Saller and Ron McLean to its Board of Directors.

“We are thrilled to welcome Nathan and Ron to our board,” said Stephanie Smith, executive director of America’s Credit Union Museum.  “Nathan and Ron will add great depth and service to the leadership we have represented on our board. 

“Nathan has worked closely with the museum for many years as chairman of our marketing committee and was instrumental in guiding the marketing of our recently completed, and highly successful Legacy Campaign, which raised over $3 million for renovations and expansion to the museum,” she added. “Ron offers a valuable perspective from the vantage point as president of the first credit union trade group ever formed in the United States, the Cooperative Credit Union Association (CCUA). Such a position allows Ron to understand the rich heritage of some of the oldest credit unions and trade groups in the country. I look forward to working with both Nathan and Ron.”

Saller is the president/COO of Bellwether Community CU, Manchester, N.H., and has been named the successor to current president/CEO, Michael L'Ecuyer. Saller will transition to CEO when long-time leader L'Ecuyer retires Oct. 1.

Regarding his appointment to the Museum board, Saller said: “America’s Credit Union Museum occupies a unique role in the Credit Union Movement. It’s here that we are reminded of the values and principles upon which credit unions were founded – that of people helping people.  I’m pleased to continue my involvement with the Museum as a director.”

McLean was appointed as the new president/CEO of the CCUA this spring. Prior to the CCUA, he most recently served as senior vice president and chief engagement officer of the New York Credit Union Association.

“It’s an honor to be on the Board of America’s Credit Union Museum,” McLean states. “Preserving and bringing to life the proud history of credit unions is vital.  It also inspires the credit union community to live up to the ideals and founding principles that still guide us today.”

With the appointment of Saller and McLean, America’s Credit Union Museum’s board consists of thirteen members, including:

  • Paul Gentile, president/CEO, Merck Employees FCU;
  • Ronald H. Covey, Jr., president/CEO, St. Mary's Bank CU;
  • Mike L'Ecuyer, CEO, Bellwether Community CU;
  • Chuck Fagan, president, PSCU;
  • Shawn Gilfedder, president/CEO, Kitsap CU;
  • Peter J. Lemire, Esq., Lemire Family Representative;
  • Lois Kitsch, CU Difference;
  • Todd Mason, president/CEO, Maine Credit Union League/Synergent;
  • Ron McLean, president/CEO, Cooperative Credit Union Association;
  • Jim Nussle, president/CEO, CUNA;
  • Michael Ray, CEO, Georgetown FCU;
  • Nathan Saller, president, Bellwether Community CU;
  • Bob Trunzo, president/CEO, CUNA Mutual Group.

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The Kentucky Credit Union League is proud to provide our credit unions with this distinguished opportunity for improvement, growth, and knowledge. The 85th KCUL Annual Meeting and Convention features a comprehensive agenda on top-of-mind issues, the KCUL Business Meeting, a golf outing, an awards banquet, entertainment and an extensive showcase of business partners and exhibitors. Whether you are a credit union professional or volunteer, from a small or large credit union, you will find useful information geared towards your needs.

For more information about this conference, visit https://www.kycul.org/am-attendee-information.

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East Coast Marketing & Business Development Conference

September 26 – 27, 2019 | Hilton Richmond Downtown | Richmond, VA

CONFERENCE REGISTRATION

Two-Day Conference Cost: $349 for first attendee from your credit union and $329 for each additional attendee.

HOTEL

Hilton Downtown Richmond
501 E. Broad St, Richmond, VA 23219

Hotel Discounted rate of $165 is good for Wednesday through Saturday night.
 

Call 757-305-9000 and use code VACUL.

Hotel Deadline: August 29

 

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Human Resources University

November 12-14, 2019 | The Westin Nashville | Nashville, TN

The Westin Nashville
807 Clark Place
Nashville, TN 37203 

Educational Investment:  EARLY BIRD $699 (Early bird pricing ends October 14, 2019, after which the regular price of $899 will apply.)

Hotel Deadline: October 22, 2019 

TRGroup and Woods Rogers Attorneys have teamed up to offer credit union professionals a two-day Human Resources Seminar in exciting Nashville, Tennessee. 

To view the Agenda or to Register, please visit: https://trgroup.regfox.com/hru2019

TRGroup (The Raiffeisen Group) is a collaboration of seven state leagues—Indiana, Kentucky, Louisiana, Mississippi, Tennessee, Virginia, and West Virginia. TR Group uses our collective strength to bring the best-of-class products, services, and service to credit unions at the lowest possible cost. Our mission is to empower credit unions to better serve their members, build loyalty, expand market share, realize savings on certain operational functions, and grow revenue.

For more information about TR Group, please visit: https://trgroup.org/

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Commonwealth CU Welcomes New VP of Lending

As Commonwealth Credit Union continues to grow, their leaders are rising up and growing as well. CCU is pleased to announce the promotion of Jaynel Christensen to Vice President of Lending.

Jaynel began her career at Commonwealth Credit Union in 2001 in the lending center. She has dedicated the past 18 years to CCU and is passionate about serving our members. She brings a high energy level, strong commitment to our culture, and desire to help the credit union grow. Jaynel has a wealth of knowledge about lending and uses this to better the lives of the people she serves. She is always looking for ways to improve member experiences and truly exemplifies our common purpose of bettering lives each and every day.

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Commonwealth CU Announces New Southeast CUNA Management School Graduate

Summer is in full swing, but Commonwealth Credit Union is celebrating graduation. CCU is pleased to announce that Stephanie Peavler, who serves as Lawrenceburg and Harrodsburg Branch Manager, recently graduated from the Southeast CUNA Management School. Graduation from the Southeast CUNA Management School is recognized throughout the credit union industry as a prestigious mark of achievement.

Over the course of this three-year program, Peavler received advanced academic instruction on a variety of topics including management, leadership, and financial analysis. Successful completion of the program also required Peavler apply the knowledge she gained from the on-site sessions to projects that required strategic analysis of the credit union and research of relevant issues facing the credit union industry. Peavler participated in a group research project and developed a 20+ page whitepaper on Workplace Violence, and participated in a group presentation on this topic, sharing the insights her team learned with peers.

Peavler has been in the credit union industry for 11 years, beginning her career as a Financial Service Representative for CCU. She has a passion for helping members.

For more information on the Southeast CUNA Management School, visit www.srcus.org/management.

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Commonwealth Helps Sponsor the PGA Tour Barbasol Championship

The 2019 PGA Tour Barbasol Championship has come and gone, and it was another exciting weekend of amazing golf here in the Bluegrass. The Barbasol Championship, the first non-major PGA tour event in Kentucky in 59 years, has been a huge attraction. Not only did this event bring the world’s eye to our beautiful Kentucky home, but it also bolstered our economy, supported local charities, and sparked a passion for golf statewide.

Commonwealth Credit Union saw the opportunity to be involved as a hole in one and were proud to be a supporting sponsor for the second year in a row. For the past two years, we served as the sponsor of all volunteers. Their logo was on the shirts and the golf carts, and team members were on-hand to make sure volunteers had plenty of water all weekend long. Commonwealth also covered the cost of every child under 16 for the entire championship and offered all state employees 20 percent off their ticket for Saturday’s play. They had a great time supporting this top-level golf experience here in the Bluegrass.

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RS to Allow SSN Truncation on W-2 Forms

The IRS recently issued final regulations amending applicable sections of the Internal Revenue Code to permit employers to voluntarily truncate employees' social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, that are furnished to employees so that the truncated SSNs appear in the form of IRS truncated taxpayer identification numbers (TTINs).

The amendments were effective as of July 3, 2019, but will apply to returns, statements, and other documents required to be filed or furnished after December 31, 2020.

Click here to view the final rule in the Federal Register.

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Currency with Stamped Image of Harriet Tubman Appearing in Circulation

As a political protest to the delay of the new Harriet Tubman $20 bill until 2028, people are using a 3-D stamp to superimpose a portrait of Tubman over Andrew Jackson’s portrait. These bills are appearing in circulation and are even being presented to credit unions.  The 3-D stamps are available for purchase online at ETSY, or plans can be downloaded for printing out the stamp using a 3-D printer.

In 2016, then U.S. Treasury Secretary Jack Lew had announced plans to add Tubman to the front of the $20 bill and move Jackson to the back and had instructed the Bureau of Engraving and Printing to expedite the redesign. The new bill was expected to enter circulation sometime after 2020.

Is it illegal for someone to put a stamp on currency?

According to the U.S. Department of the Treasury’s Bureau of Engraving and Printing there are a couple of considerations.

Under section 475 of the U.S. Criminal Code, “whoever designs, engraves, prints, makes, or executes, or utters, issues, distributes, circulates, or uses any business or professional card, notice, placard, circular, handbill, or advertisement in the likeness or similitude of any obligation or security of the United States issued under or authorized by any Act of Congress or writes, prints, or otherwise impresses upon or attaches to any such instrument, obligation, or security, or any coin of the United States, any business or professional card, notice, or advertisement, or any notice or advertisement whatever, shall be fined under this title.”

Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows: Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both.

The individuals who are stamping the $20 bills are not advertising any business, and their intent is for the bills to remain in circulation. This means it would not fall under the intent to render such item(s) unfit to be reissued and would not be considered defacement of currency.  Stamping campaigns as a political statement have been around for years as a way to send messages about issues that are important to those behind the campaigns.

What has the Federal Reserve Board and Secret Service said about these stamped bills?

Both the local offices Federal Reserve and Secret Service have agreed that the bills are not counterfeit, mutilated, or defaced.

What should we do if we receive one of these stamped bills?

Credit unions may continue accepting these bills from their members. The Federal Reserve suggests including the bills in your regular deposit and placing them at the top of the strap instead of reissuing them back to other members, as it isn't clear whether merchants would accept them.  Credit unions will want to train staff about the campaign and potentially having a $20 with the stamped image of Harriet Tubman being presented to the credit union.

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CFPB Issues New Advisory for Reporting Elderly Exploitation

The Consumer Financial Protection Bureau (Bureau) issued an updated advisory this week to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation. The Bureau also recommended that financial institutions file Suspicious Activity Reports (SARs) with the federal government when they suspect elder financial exploitation (EFE). Today’s updated advisory builds on the Bureau’s earlier recommendations and its recent research on elder financial abuse. It contains voluntary best practices to help financial institutions prevent and respond to EFE.

Source:  CFPB

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