CrossState Daily…10/20/2023
Penlanco FCU is the First Member to Pay Dues; CrossState Dues are in Your Mailbox!
CrossState recognizes Penlanco FCU for being the first credit union to pay its dues for 2024. A big thank you to the entire Penlanco team for your continued engagement with CrossState. Your membership keeps your credit union moving forward.
Membership dues were sent by mail, and you should have received them this week. Please send your membership investment by January 31, 2024, to avoid disruption of services. If you did not receive your invoice or have any questions, please contact Member Engagement Consultant, Nick DiFrancesco.
CU Reality Check Starts on Monday; Are You Packed and Ready for Atlantic City?
CU Reality Check, CrossState’s premier innovation event, starts Monday! What are you most excited about? The great speakers, fun evening activities, or networking opportunities? We’re excited to see you in Atlantic City, NJ. In the meantime, pack your bags, download the agenda, map out the Borgata, and find some great dining options.
Check out the sponsors, session descriptions, and speakers on the event site.
CrossState Member Benefit! Recent Content Updates for CU PolicyPro, RecoveryPro
The content in CU PolicyPro and RecoveryPro is reviewed regularly and updated as needed to keep current with changing laws and regulations. The CU PolicyPro content update included seven updated policies and the creation of one new procedure (2232.10 – Federal Credit Union Expulsion Procedures). The RecoveryPro update included the addition of two new sections, 1551 – Communications Template and 2750.15 –Business Process Summary – Administer Business Continuity Program. The Business Process Summary section was reorganized, and the layout updated for better readability, making it easier to develop and publish the credit union’s business processes. In addition, new worksheets have been added to the Resources area of RecoveryPro to assist with the development of the Business Process Summaries. Login to
CU PolicyPro or RecoveryPro to find more information about the updates and what your credit union needs to do next!
Partner Spotlight
Constant Free Webinar; Default Risk: Cash-Strapped Members Need Proactive Hardship Assistance
With rising costs and unemployment, escalating borrowing rates, and dwindling savings, credit union members face the very real threat of not meeting their financial obligations, including loan repayments. The best way to keep a member out of collections is to make sure they never fall behind on payments in the first place. It’s especially important now that hiring and retaining experienced, empathetic collectors is difficult, and the old methods of contact aren’t working. Credit unions offer proactive assistance during severe storms and natural disasters and should consider extending similar programs to their members in the current environment.
Join RuthAnn Riggs and Brandon Guerrero from Constant as they explore creative programs to help members who are struggling financially, how to keep current without overwhelming your back office, the importance of enabling your members to self-serve, and more, for a webinar on October 31 at 2 p.m.
Engage, Inform, Repeat
CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking
The CFPB proposed a rule Thursday that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data. The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago. It would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products. The proposed rule would allow people to break up with banks that provide bad service and would forbid companies that receive data from misusing or wrongfully monetizing the sensitive personal financial data. View the CFPB press release.
Regulatory News
NCUA October Board Meeting Summary
NCUA Staff provided an update to the Board on the state of cybersecurity. Based on 2023 Information Security Examinations (ISE), the agency suggests credit unions focus on the following:
- Report information security risk assessment results to the board of directors;
- Provide test results of key or critical controls to their board of directors; and
- Provide third-party service provider cybersecurity contract provisions to their board of directors.
The proposed changes would align with FDIC changes scheduled to become effective in April 2024. The NCUA will accept comments on the proposal for 60 days following publication in the Federal Register.
The Board also issued a proposed rule to amend the NCUA’s regulations governing share insurance coverage, as well as proposal to incorporate the agency’s “Second Chance” Interpretive Ruling and Policy Statement (IRPS 19-1) regarding statutory prohibitions imposed by Section 205(d) of the FCU Act into NCUA’s regulations. The NCUA will accept comments on the proposal for 60 days following publication in the Federal Register.
Click here to read the NCUA press release.
FTC Proposes Rule to Ban Junk Fees
The Federal Trade Commission announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs. Read the FTC announcement here.
Newsmakers
American Heritage Credit Union Donates Over 4,300 Books to Local Charities and Organizations
Philadelphia, PA – American Heritage Credit Union donated over 4,300 new books to hospitals, community centers, and special care facilities throughout the Philadelphia and suburban region during its 14th Annual Books for Kids program.