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
From America's Credit Unions
Educational Opportunities
Credit Union News
Compliance Updates
SUBMIT AN ARTICLE OR PRESS RELEASE
Career Opportunities
Subscribe to our Newsletter
Not Receiving Our Newsletter?
President's Update
What’s in tap for 2025? Execution, Engagement, and Empowerment
Last week our Board of Directors met to update the League’s strategic plan. After an incredibly active year of change (rebranding, office moves, streamlining operations, launching new services, etc.) in 2024, we are shifting our resources to the three E’s:
Execution:
In 2024, we launched brand new services, such as Compliance+, Auto Advisors, and Buy Lokyl, designed to serve your needs and to generate the fuel necessary to ensure the ongoing independence of the Kentucky Credit Union League. We’re aligned the resources to make these programs successful, so now it’s time to execute our plans soundly. We’re prepared to sign as many as 5 credit unions to the Compliance+ program, we’re expanding the Auto Advisors program (first within Louisville and then Lexington), and Olivia Sharp has joined the team to take the reins of Buy Lokyl as it expands across the Commonwealth. All three programs play a large role in our future, and we’ll execute them with precision.
Engagement:
Your League team will be more present in market. This will include a concierge-type approach to service (more to come!), in-person visits, regional hosted luncheons, and more presence at Chapter meetings. To best understand and serve your needs, we need to meet you where you are. The entire team is excited about the chance to spend more time with you and your teams. Our Advocacy Ambassador program is moving beyond the design phase and entering implementation, connecting credit union professionals across the state to weave a network of support for state and local advocacy opportunities.
Empowerment:
Much like the old BASF advertisements (“We don’t make a lot of the products you buy, we make a lot of the products you buy BETTER!”) we’re committed to empowering you and your team to do your absolute best in accomplishing your strategic goals and objectives.
We’ll continue to provide your teams access to world-class events, training, and development. Our roster of service partners will continue to expand with special attention to technical providers that can make a difference for credit unions of all sizes. And our support services, both strategic and operational, will provide you with whatever you need to fulfill your mission. Big or small, there’s something for everyone with Kentucky’s Credit Unions and Thoroughbred Business Services.
I hope you had a tremendous Thanksgiving!
Sincerely,
Jim Kasch
League President
BACK TO TOP
Governmental Affairs Update
This November, as in most years, Americans headed to the polls to cast their votes for elected representatives. This year, in addition to selecting representatives for the House, Senate, and state legislatures, voters also chose a President. Here in Kentucky, the election brought little change, with the partisan makeup of the State House and Senate remaining the same, and all our members of the U.S. House of Representatives being reelected to another term.
While Frankfort and Kentucky’s delegation in Washington see continuity, significant change is occurring at the national level with the reelection of President Trump to a second term. Even as the incoming Trump administration garners much of the spotlight, important legislative work remains in Congress. December is expected to bring efforts to pass the annual National Defense Authorization Act (NDAA) and extend government funding for an undetermined period.
As these developments unfold, Kentucky’s Credit Unions remain steadfast in our commitment to supporting the wellbeing of all credit unions across the Commonwealth.
If you have any questions about the issues we addressed, are interested in getting more involved in advocacy, or if I can assist you in any way, please don't hesitate to reach out.
Sincerely,
Kyle Hagerty, CUCE
VP, Governmental Affairs
BACK TO TOP
The Governmental Affairs Conference 2025
March 2–6, 2025 // Washington D.C.
Venue: Walter E. Washington Convention Center
Registration is now open for Governmental Affairs Conference 2025!
Join thousands of credit union professionals in Washington, D.C., where you’ll engage with lawmakers and make a lasting impact on the credit union industry. Governmental Affairs Conference is the perfect opportunity to highlight the meaningful work credit unions are doing to improve the financial well-being of members and communities.
As the premier event for credit union advocates, GAC empowers you to connect with industry leaders, influence policy, and drive positive change.
This year’s theme, Together We Move – Moving with purpose. Moving with passion. Moving with strength, reflects the unity and determination you’ll help shape as we work together to improve financial well-being across the nation.
Here’s what to expect:
Hear from world-class keynote speakers: Gain insights and inspiration from leaders and innovators.
- Participate in impactful Hill Hikes: Collaborate with your state League to meet lawmakers and emphasize the credit union difference.
- Explore the industry's largest exhibit hall: Discover the latest products, services, and technologies in the credit union sector.
- Network with industry experts: Connect with professionals from credit unions, politics, business, and more.
Marketing, PR & Development Council Conference 2025
March 23 - 26, 2025 | Austin, TX
Join us for four days of inspiration, collaboration, and growth in Austin, TX!
Marketing, PR & Development Council Conference is the perfect environment to reconnect with other credit union marketing and business development peers who understand the challenges you face. Whether you’re a council member or not, you’ll want to be a part of this excitement!
This conference will feature a dynamic lineup of expert speakers, interactive workshops, and panel discussions that delve into hot topics relevant to today’s marketers. Conference content is driven by the Marketing, PR & Development Council, so you can be sure we are hitting relevant and trending topics impacting your role.
Whether you're looking to enhance your skills, network with like-minded professionals, or discover innovative solutions, this conference provides the perfect platform.
Who should attend:
This conference is beneficial for Marketing, PR & Development Council Members, as well as Marketing professionals.
The 2025 Event Calendar is Here!
We’re excited to announce our lineup of key events and training sessions for the year. Join us to enhance your skills, network, and grow with us!
January
13-14: Bankruptcy & Collections
28: Emerging Leaders Kickoff
31: Registration Deadline for Spring FiCEP
February
3-4: Supervisor Bootcamp
11: IRA Essentials
12: Advanced IRAs
TBD: CU Day in Frankfort
March
2-6: GAC
11: Emerging Leaders Day 2
18: Small CU Symposium
24: Spring FiCEP Begins
April
22: Emerging Leaders Day 3
May
8-9: Executive Forum (Lexington)
19: Emerging Leaders Day 4
June
6: Advocacy on Track
15-20: Southeast Management School (Athens, GA)
20: Registration Deadline for Fall FiCEP
July
15-16: TRG Women’s Leadership Conference (Nashville, TN)
28: Emerging Leaders Day 5
August
3-6: SRCUS Regional Directors’ Conference (Savannah, GA)
4: Fall FiCEP Begins
13-15: Vision 2025 (Louisville)
September
TBD: Hike the Hill
22: MLO Training for New Loan Originators
26: Bourbon Gala
November
6-8: Board & Committee Leadership Conference (Pigeon Forge, TN)
10: MLO Training for Experienced Loan Originators
We can’t wait to see you there!
BACK TO TOP
Bankruptcy & Collections Training
January 13-14, 2025 | Virtual Learning Experience
Educational Investment:
• Under $100 million assets: $289 per Credit Union
• Over $100 million assets: $399 per Credit Union
Investment includes unlimited attendees from the same credit union.
The world of the delinquent member is never boring and it never stands still. Much has happened over the last few months that directly impact your Collections Department. From understanding the virtual workflow to new ways to assess default risk and improving your collections calls to understanding your rights in bankruptcy, this informative and interactive session is sure to have something for you! It is never too late to sharpen your collections skills and better position your credit union to assist troubled members who want to work with you during these unprecedented times and maximize the recovery from everyone else.
But that’s not all! This often-overlooked operational area is at the unfortunate crossroads of member service and compliance risk and this creates the need to be continually looking for ways to improve our performance while limiting risk. Very few other areas have undergone a greater regulatory transformation in the last few months than collections.
Join credit union attorney and collections consultant David Reed for an exciting virtual training event as he highlights the latest techniques, tips and trends to maximize your collections function in the new world order. The event includes sample checklists and procedures and ample time to answer your questions.
Can you afford NOT to attend?
BACK TO TOP
Emerging Leaders Program
Program Overview
The Emerging Leaders Program is a dynamic leadership development experience designed to shape and grow the credit union leaders of tomorrow. Throughout the program, participants will learn from inspiring guest presenters, collaborate in small groups, explore essential topics, take part in meaningful community service, and sharpen the skills needed for success at the next level and beyond.
About the Emerging Leaders Program
- 8-month commitment
- 6 one-day interactive leadership development workshops
- 1 community service project
- Limited to 20 leaders
Why apply?
- Develop and build leadership skills.
- Share and grow with peers.
- Learn from nationally recognized presenters and industry experts.
Educational Investment: $725 per participant
Pricing includes:
- Meals and refreshments
- Presentation materials and handouts
- 1-Day Registration to Annual Meeting & Convention
Travel expenses are not included. Participants will be required to work on a group project, which may require additional hours and/or travel outside of your credit union’s normal work hours. Group project may require coordination between credit unions.
Program Agenda
To Register:
To register and pay by credit card, click HERE.
To register and receive an invoice, click HERE.
2025 Spring FiCEP Class
In collaboration with Luminate (Louisiana Credit Unions), Kentucky’s Credit Unions is excited to offer an enhanced Certified Financial Counselor Program tailored for success. This program leverages the America's Credit Unions FiCEP Edition 6 textbook while incorporating additional tools to ensure participants master essential financial counseling concepts with confidence. Engaging webinars, real-world examples, and interactive skill reviews make the learning experience dynamic and effective.
Designed to help you excel on the certification exam and in your counseling role, this program sets you up to provide impactful financial guidance to your members. Don't miss this opportunity to advance your career and empower financial well-being!
Spring Education Program begins March 24, 2025 and ends May 23, 2025
Interactive Exam Prep is May 28, 2025
Certification Exam is May 29, 2025
Deadline to register for the Spring Class and receive a physical book is January 31. Late registration for the Spring class will require a PDF book registration and will remain open until March 14.
BACK TO TOP
Virtual Supervisor Bootcamp
February 3-4, 2025 | Online Learning Opportunity
Educational Investment: $399 per participant
This training will be split over two days:
Day 1: February 3 from 9:00 a.m. - 1:00 p.m. ET (8:00 a.m. - 12:00 p.m. CT)
Day 2: February 4 from 9:00 a.m. - 1:00 p.m. ET (8:00 a.m. - 12:00 p.m. CT)
You don’t master the art of leading and managing through luck; you master it with training, experience, self-learning, and applying best practices. As a manager or supervisor, you must have the attitude, aptitude, skill set, confidence, persistence, and commitment to excel in this multi-tasking, challenging role. This training will help take your expertise to a new level as you learn how to collaborate and coach your employees to excel.
Whether you are new or seasoned managers and supervisors, attendees find this experiential training invigorating, motivating and applicable to managing and supervising others. You will learn how to handle crucial conversations and challenging situations. You will practice a coaching approach that encourages your staff to be engaged and accountable and walk away with a toolbox for immediate use back in your workplace!
Who should attend:
Anyone who is responsible for managing a team (new or seasoned) or identified as a future up-and-coming leader in your credit union. For anyone who wants to take their leadership role to the next level. Branch Managers most definitely benefit from this training as well!
This training is hosted by Kentucky's Credit Unions and offered in collaboration with the
leagues of Indiana, Louisiana, Mississippi, Tennessee, Virginia, and West Virginia. For more information, or to register, please click the button below.
BACK TO TOP
IRA Training
The best way to show your commitment and success in an ever-changing retirement savings plan industry is to continue learning.
Look to your League as your resource for IRA education. Whether you are interested in learning the basics or want to explore more advanced topics, our training covers all aspects of IRA plans.
REGISTER FOR THE SESSION THAT MEETS YOUR TRAINING NEEDS.
February 11th: IRA Essentials
Educational Investment: Full Day $299/person per session
VIRTUAL LEARNING OPPORTUNITY
9:00 a.m. - 4:30 p.m. (Break 12:00 p.m. - 1:00 p.m.)
IRA Essentials gives attendees a solid foundation of IRA knowledge. Exercises are included throughout the day to help participants apply information to job-related situations. Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence. This is a beginner’s session; no previous IRA knowledge is assumed.
February 12th: Advanced IRAs
Educational Investment: Full Day $299/person per session
VIRTUAL LEARNING OPPORTUNITY
9:00 a.m. - 4:30 p.m. (Break 12:00 p.m. - 1:00 p.m.)
Advanced IRAs builds on the attendees’ basic knowledge to address more complex IRA issues their financial organizations may handle. This is an advanced session; previous IRA knowledge is assumed. The instructor uses real-world exercises to help participants apply information to job-related situations.
BACK TO TOP
Earn Your CCUE Designation at the Southeast Management School!
Why Attend?
First-Rate Learning
Enjoy academic teaching that has direct credit union applications. The three-year program, which takes place one week per year in person, will help you develop your operational, managerial and leadership skills.
Collaboration
Engaging activities in class, on campus, and via team projects foster a collaborative atmosphere for you and your classmates. Form life-long bonds while benefiting from shared successes, resources, challenges, and solutions.
Shaping Leaders
Become a Certified Credit Union Executive (CCUE) here, and better the future for yourself, your team, and organization. For more than 50 years, we’ve seen alumni go on to hold leadership positions at their credit unions, in their local chapters, and with community-based organizations.
Start Your Journey!
June 15 – 20, 2025 at the UGA Center for Continuing Education in Athens, GA
Unlock Your Leadership Potential with iLead@11!
Are you ready to accelerate your performance and take your leadership skills to the next level? iLead@11 is a virtual leadership development program designed with YOU in mind. Comprised of three dynamic sections and two tailored tracks, this program is specially curated to support your unique leadership journey.
Take control of your professional growth:
- Discover more about your strengths
- Push beyond your limits
- Achieve results you never imagined possible!
Why iLead@11?
- Always-open registration for maximum flexibility
- Choose dates and times that fit your schedule
- Designed for leaders who want to elevate their game
Exclusive Offer!
Use promo code KCU for Platinum Partner Reward pricing.
Don’t wait—start your leadership transformation today!
Have questions? Contact Janet Garrett or Jenna Dye.
*The iLead@11 Emerging Leaders track differs from our existing Emerging Leaders Program.
Park Community Credit Union Delivers Thanksgiving Meals to 155 Families
Louisville, KY, -Park Community Credit Union has joined efforts with employees, members, and the community to collect items and donations to hand deliver 155 Thanksgiving meal kits to local families in need. This collective effort to battle food insecurity is called Parksgiving, because it is a united focus of us all to empower our underserved communities.
“The ability for families to cook a Thanksgiving meal in their own home and enjoy the time together is a luxury often taken for granted by many.” Shares Jana Erny, President/CEO of Park Community, “Unfortunately, in some of our most marginalized communities, a Thanksgiving meal is not a possibility. We are honored to provide this empowering opportunity to many in the communities we serve at Park.”
The initial goal for Parksgiving was to get Thanksgiving meals in the hands of at least 100 families. Through collection and donation efforts, the credit union was able to make Thanksgiving possible for 155 families in the Louisville Metro, Bluegrass, and Southern Indiana regions. Donations were accepted in branches and online from mid October to mid November, and a large portion of these gifts came from Park Community employees, who shared $2000 of their Thanksgiving appreciation dollars towards the initiative.
Erny shares, “Park is not simply a financial institution. The movement of building thriving communities and empowering underserved communities fuels our team, and this mission drives the work that we do each day. Nearly a third of our team paying forward their Thanksgiving Appreciation funds to feed families in need speaks to the bold compassion of our employees and their desire to bring our vision to life.”
Park employees spent the week prior to Thanksgiving sorting through and packing donated items and working with local businesses to acquire all of the additional perishable items to complete the meal kits, including turkeys and pies. On Saturday, November 23, the Park team and their families hand delivered the meal kits to local families.
Collaboration Station – Episode #5
Hey everyone – hard to believe we’re already on the 5th episode of collaboration station! If you haven’t seen it yet – check it out. Here’s a quick run-down of what we discussed if you’d rather read than watch…
I know we’re all so busy and inundated with info and issues – both old and new – all the time… I get it, and I want to help! That is truly the goal of this monthly video… a way that all of us ‘compliance peeps’ can receive a QUICK update about ‘what’s happening in our world right now’. It comes out via email, once a month - on the 15th, and then you can hop on and watch when it’s convenient for you! If you’re not already on the list, or you have another employee you want to add – just shoot me an email at [email protected] and say, ‘add me to your list!’. IN FACT – use this super easy email anytime you need anything compliance related from the league, and our team will be on it!
Speaking of questions/inquiries… all too often I get the same question/request from multiple CUs – which confirms for me that we’re often all spinning our wheels – and may I say, ‘on the same muddy road, that we all call compliance’ and we could all benefit from communicating more about our challenges and sharing solutions that we find to work!
All that said – ‘let’s get to the good stuff’ as we so lovingly call it - - - the things I’ve been getting questions about since the last time we were here to chat…
This month’s hot t topics that we may be able to share valuable info about include:
- Business Accounts – in general… I continue to research and develop resources we can all refer to regarding things like account opening requirements and documentation, etc. On that same topic…
- BOI Reporting – has been a buzz word of late. Still no changes there though. The new business reporting is the responsibility of the business owner, not us the FI. There are helpful guides available for consumers, so if you need that to provide to your members – let me know, happy to put you in touch with that resource – but know the responsibility lies on them. I’ll continue to keep a watch on this and let you know if anything changes!
- POA Issues – just a quick note, be it the time of year folks start getting their affairs in order for tax time and such - - - so thought valuable to mention that I just recently verified that in order for a POA to access IRA funds, the POA MUST specifically reference ‘retirement’ funds!
Last but, not least – lots of talk about required training and making sure that’s complete before year end. If you have any questions about what you need or help getting it done – please reach out! Great example of such is UDAAP. Just wanted to reinforce its importance by reminding you that not only is it now required – but I can attest that it’s so very valuable, not just for your marketing staff – to ensure you’re compliant from an advertising standpoint, but for ALL employees to ensure integrity and pride in the role they play – as being in a position of expected trust.
My final note for today… PLEASE make sure you’re using your resources!
We have the Compliance Hotline with WoodsRogers, as well as access to InfoSight & PolicyPro – both of which are endless troves of info and FREE Dues Supported services! You also have me – and you have one another!
Like I always say - - - if you’re dealing with something on my list, we should chat – or if you’re dealing with something that’s not on my list, we should chat!
Thanks for joining – whether you watched last week or read it today! Please reach out if you need anything and keep your eyes out for the next episode of Collaboration Station!
PS We WILL be rescheduling the TR Group’s virtual Mini-Compliance Conference that was postponed last week. Thanks for your understanding and we’ll be in touch with a new date very soon!
BACK TO TOP
InfoSight 360 Coming Soon
Each week I try to write articles that provide valuable insights into this ever-evolving regulatory environment. As I mentioned last week, it’s unlike anything I’ve experienced before. More than ever, I’m convinced that our collaborative model with our League/Association partners is the most effective and sustainable approach because it truly “takes a village.” We get to leverage the best and brightest talent across all your Leagues/Associations not only to maintain federal content, but also ensure state-specific content is up to date and relevant as well! This has become increasingly critical as your credit unions expand across state lines. Through our conversations with credit unions, we discovered that many weren’t aware that they already had FREE access to state content for all 50 states within InfoSight as a member benefit. We realized this was an opportunity to drive awareness and provide even more value through our technology.
When we started our technology transformation over a year ago, we recognized the need to modernize our systems in line with existing trends. Our goal was to make our systems easier for our credit unions to use, and ensure relevant information was front and center! Single sign-on was key, along with consolidating relevant resources under one URL.
Our hard work is finally coming to fruition! We are excited to announce that next year, in partnership with our Leagues/Associations, we will be launching InfoSight360! The new name reflects a major upgrade to our technology platform. We are bringing our flagship products, InfoSight, CU PolicyPro, and RecoveryPro together under a single sign-on, which will allow you to navigate seamlessly between the resources that you subscribe to. We’ve also added fresh new features and enhancements, including the introduction of our groundbreaking artificial intelligence feature, which will leverage the amazing content we have throughout our combined products.
Stay tuned for upcoming user training, user guides, FAQs and additional resources. While we are confident that the system will be intuitive and even easier to use, your Leagues/Associations and our team will be ready to answer any questions.
We also want to take a moment to express our heartfelt gratitude for your continued partnership and trust. We’re thankful for the opportunity to work within an industry that is constantly giving back to their community. We are grateful to be able to continue to serve all of you so you can continue to carry out your important mission!
Please reach out to [email protected] if you have any ideas or questions. We would love to hear from you!
A partner in your village,
Glory LeDu
CEO, League InfoSight and CU Risk Intelligence
BACK TO TOP
CFPB’s Final Rule on Big Tech & Digital Payment Apps
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB. The CFPB estimates that the most widely used apps covered by the rule collectively process over 13 billion consumer payment transactions annually.
"Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” said CFPB Director Rohit Chopra. "The rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures."
Digital payment apps have become a cornerstone of daily commerce, rivaling traditional payment methods like credit cards and debit cards for both online and in-store purchases. Some of these apps are owned by the world’s largest technology conglomerates. These services have gained particularly strong adoption among middle and lower-income consumers, who now use payment apps for daily spending and funds transfers at rates that rival or exceed the use of cash. What began as a convenient alternative to cash has evolved into a critical financial tool, processing over a trillion dollars in payments between consumers and their friends, families, and businesses.
While banks and credit unions offering consumer payment services are subject to CFPB supervisory examinations, many of these very large technology firms handling billions of transactions are not. The CFPB has closely observed developments in this emerging market, including by monitoring consumer complaints and launching an inquiry into Big Tech and peer-to-peer platforms offering popular payment apps. The final rule will enable to the CFPB to supervise companies in key areas including:
- Privacy and Surveillance: Large technology companies are collecting vast quantities of data about an individual’s transactions. Federal law allows consumers to opt-out of certain data collection and sharing practices, and also prohibits misrepresentations about data protection practices.
- Errors and Fraud: Under longstanding federal law, consumers have the right to dispute transactions that are incorrect or fraudulent, and financial institutions must take steps to look into them. The CFPB is particularly concerned about how digital payment apps can be used to defraud older adults and active duty servicemembers. Some popular payment apps appear to design their systems to shift disputes to banks, credit unions, and credit card companies, rather than managing them on their own.
- Debanking: Given the volume of payments consumers make through many popular payment apps, consumers can face serious harms when they lose access to their app without notice or when their ability to make or receive payments is disrupted. Consumers have reported concerns to the CFPB about disruptions to their lives due to closures or freezes.
While the CFPB has always had enforcement authority over these companies, today's rule gives the CFPB the authority to conduct proactive examinations to ensure companies are complying with the law in these and other areas. Supervision can prevent harm by detecting problems early. Supervision also is an important tool for the CFPB to assess risks that can emerge rapidly in this market, including from outages and other issues that could lead to millions of consumers losing access to their funds.
In the final rule, the CFPB made several significant changes from its initial proposal. The transaction threshold determining which companies require supervision is now substantially higher, at 50 million annual transactions. Given the evolving market for digital currencies, the CFPB also limited the rule's scope to count only transactions conducted in U.S. dollars.
Today's rule represents the latest step to strengthen oversight of large technology firms in consumer financial markets. The CFPB warned Big Tech firms in 2022 about their obligations under consumer protection laws when using behavioral targeting for financial products. The CFPB also issued a report about how funds held in some popular apps are not protected by federal deposit insurance, and advised consumers to regularly move their funds to an insured account. The CFPB also published research about regulations imposed by Apple and Google in the “tap-to-pay” market.
CFPB Supervision has also created a supervision technology program which assesses, among other things, technology and technology controls and its impact on compliance with Federal consumer financial law.
Today’s final rule is the sixth rulemaking by the CFPB to define larger participants operating in markets for consumer financial products and services. The first five rules covered larger participants in consumer reporting, consumer debt collection, student loan servicing, international money transfers, and automobile financing.
The rule will be effective 30 days after publication in the Federal Register.
BACK TO TOP
|
