CrossState Daily…4/30/2024

Credit Unions Support the CrossState Credit Union Action Fund

The CrossState Credit Union Action Fund (Fund) is used to advocate for the common interests of New Jersey and Pennsylvania credit unions in federal and state legislative and regulatory arenas. Contributions to the Fund are critical for our collective work to defeat burdensome policies that will impair credit union operations and service to members and communities. Defeating credit card interchange fee caps and imposing data security regulations on the merchant community, protecting overdraft and non-sufficient funds fees, and reforming the CFPB are several examples of policies that will require renewed credit union advocacy efforts and investment.

CrossState would like to acknowledge the following credit unions for their recent investment in the Fund:

American Heritage Credit Union
CHROME FCU
Diamond Credit Union
Erie FCU
First Capital FCU
First Harvest Credit Union
Franklin Mint FCU
Freedom Credit Union
Garden Savings FCU
Mon Valley Community FCU
Net FCU
Service 1^st FCU
The Atlantic FCU
USSCO FCU

We encourage credit unions to also support the fund by considering a contribution that meets your comfort level. Your contribution will be strategically invested in advocacy efforts to improve the credit union operating environment, increase credit union awareness, and support policy initiatives of America’s Credit Unions and League system. Please contact Christina Mihalik for more information.

Pack Your Pink for Connect

The PA and NJ Sister Societies are proud to be a part of CrossState’s upcoming Connect Annual Convention. On Monday, May 20, we encourage all attendees to proudly dress in pink to make a statement and draw attention to the incredible mission of the Global Women’s Leadership Network and the PA and NJ Sister Societies.

In addition to Monday’s “Wear Pink” Day, the Sister Societies will be at the trade show. Be sure to stop by to learn more about the exciting initiatives they have planned throughout the year, and about the many opportunities available to you to become a member today.

Free Webinar: Spring 2024 Compliance Hot Topics

Join CrossState tomorrow, May 1, at 2:00 p.m. for a free webinar discussing a variety of compliance hot topics. The CrossState Advocacy Team will be providing updates on the following:

War on “Junk” Fees
Adverse Action Notices
HMDA Update
NACHA Update
FinCEN’s Corporate Transparency Act (CTA)
Check Fraud

If you have questions you would like to submit in advance, email compliance@crossstate.org. Thank you to TruStage for sponsoring this webinar.

Partner Spotlight

Large or Small, Any Credit Union Can Invest in Fintech

Ensuring credit unions remain ahead in technology is crucial, that is why our strategic partner, Envisant, is introducing a unique opportunity for credit unions to collectively invest in Envisant Curql Fund II, a revolutionary way for credit unions to engage in cutting-edge fintech advancements.

What is Envisant Curql Fund II?

Curql Fund II is a collective investment strategy to engage with Curql Collective, an ecosystem created to expand dialogue between fintech companies and credit unions. Curql Collective fosters industry relationships and partnerships, driving collaboration, innovation, and collective decision making to propel the industry forward for the mutual benefit of all stakeholders. Curql Fund II makes it easier for credit unions of all sizes to readily participate in this transformative dialogue.

Your credit union will gain access to curated calls introducing leading fintech companies and collaborative working groups with credit union peers. Plus, investors enjoy exclusive event invitations and significant discounts on fintech products and services.

Become a catalyst for change and position your credit union as a leader. Credit unions eager to participate or wish to learn more are encouraged to register for one of the five upcoming webinars hosted by Envisant.

This is your chance to embrace the future of fintech and drive meaningful growth for your credit union and members. Reserve your spot today!

Sign Up for an Informational Webinar

Regulatory News

Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes

The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term according to a Consumer Finance Monitor story. On April 17, 2024, the VA issued Circular 26-24-8, which extends the available term of its loan modification option. Effective immediately, VA servicers can modify loans to a repayment term of up to 480 months from the due date of the first payment required under the modification.

HUD and USDA Issue New Energy Efficiency Standards for New Construction

The Department of Housing and Urban Development’s (HUD) Office of Environment and Energy (OEE) and the U.S. Department of Agriculture (USDA) April 26 published a Notice of Final Determination, “Adoption of Energy Efficiency Standards for New Construction of HUD- and USDA-Financed Housing,” [Docket No. FR-6271-N-03] in the Federal Register. This final determination fulfills a statutory requirement under the Energy Independence and Security Act of 2007 (EISA) that requires HUD and USDA to jointly adopt the most recently published energy efficiency standards for single family and multifamily homes, subject to an energy efficiency determination by the U.S. Department of Energy (DOE) and a cost-benefit housing “affordability and availability” test by HUD.

CFPB Now Going After Mortgage Servicing in War on ‘Junk Fees’

The CFPB published its latest edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB claims the agency’s examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes.

Registration Open for May 2 NCUA Webinar Covering the 2024 CDRLF Grant Round

Low-income credit unions that want to apply for 2024 Community Development Revolving Loan Fund grants can get valuable information from a National Credit Union Administration (NCUA) webinar on May 2. Applications for low-income designated credit unions for the first round of NCUA’s Community Development Revolving Loan Fund (CDRLF) grants open Wednesday, May 1. Online registration for this webinar, “Applying for the CDRLF Grant,” is now open. The webinar is scheduled to begin at 2 p.m. Credit unions are encouraged to review the Notice of Funding Opportunity, which describes the 2024 grant initiatives.

Newsmakers

Patriot FCU’s Celaschi Receives Award from Alma Mater

Patriot FCU’s President/CEO Ron Celaschi was recently awarded the Meritorious Award from PennWest University in California, PA. The award is given to a graduate who has earned the highest standard and recognition for outstanding accomplishments and achievements in a specified field of their chosen profession.

First Capital FCU and FirstCap Foundation Donate to Local SPCA

First Capital FCU and the FirstCap Gives Back Foundation jointly raised money and collected supplies for the York County SPCA. In total, both organizations donated $3,000 and pet supplies in branches during the first quarter.