CrossState Daily…5/24/2024

CrossState Association Board Meets; Names New Chair and Vice Chair, Approves 2023 Audit and Foundation Board Appointments

The CrossState Credit Union Association Board of Directors elected a new Board Chair, Wendy Kingsland, President & CEO of Visionary FCU, at its board meeting earlier this week in Atlantic City, NJ, during CrossState’s Annual Convention. Former Chair, Credit Union of New Jersey President & CEO, Andy Jaeger, completed two consecutive one-year terms, the maximum allowed by the Association’s bylaws.

The Association Board also elected a new Board Vice Chair, Jill Peterson, President & CEO of ABCO FCU.

The Board accepted and approved receipt of the 2023 independent audit, which received a clean, unqualified opinion — the best opinion granted.

The Board also approved the following appointments to the CrossState Credit Union Foundation Board of Directors:

Scott Brunner, West-Aircomm FCU
Garrett Garcia, Jersey Shore FCU
Kristen Heisey, Everence FCU
Amy Lyon, Kinzua FCU
Greg Minnich, PSECU
Soma Sarkar, Credit Union of New Jersey

Evoke’s Early Bird Savings Fly Away in a Week

This year at CrossState’s Evoke Marketing Conference, we have a great lineup of hot topic presentations to help you gain insight into emerging strategies, latest technologies, and best practices to keep your credit union moving forward.

Session topics include:

Compliance Marketing
AI (workshop)
Leveraging online and mobile banking
Photography & Video (workshop)
Marketing expertise (panel)

Evoke’s Early Bird Pricing ends in a week! Don’t miss out on the chance to save $50 and attend this premier event for credit union marketing professionals.

Partner Spotlight

Attract and Retain Top Talent with OneDigital’s Employee Benefits Solutions

CrossState acknowledges the challenges associated with managing the escalating cost of employee benefits. In today’s highly competitive job market, employing a standardized approach to benefits is inadequate. It is imperative for credit unions to adopt a more strategic and tailored approach, not only to optimize cost savings but also to enhance their standing as top employers. This is where CrossState’s Partner, OneDigital, steps in to provide assistance.

OneDigital changes how credit unions think about and handle employee benefits. They use a thorough approach that goes beyond the usual methods, focusing on custom solutions instead of generic ones. OneDigital works closely with credit unions to create special benefit packages that match the goals of the organization and the needs of the employees.

Empowering Your Workforce, Enhancing Your Bottom Line

Employee benefits serve as a strategic asset for recruitment and retention rather than merely a financial obligation. By offering benefits that cater to the physical and mental wellbeing of employees, credit unions can bolster job satisfaction and fortify their competitive position in attracting and retaining top talent.

Ready to Take Action?

Partner with OneDigital to overhaul your benefits strategy and unlock a multitude of opportunities for your credit union. Their team of seasoned professionals is poised to support you at every stage, from strategic planning to seamless execution.

Click here to schedule a consultation with OneDigital and explore how their expertise can help you achieve your business objectives while adhering to financial constraints. Let’s elevate your benefits strategy collaboratively.

Regulatory News

NCUA Board Approves Decennial Notice of Regulatory Review, Comments Due

The National Credit Union Administration (NCUA) Board unanimously approved this week, by notation vote, a voluntary regulatory review and request for comment to reduce regulatory burden of federally insured credit unions. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions. Over the next two years, the NCUA will publish four Federal Register notices each requesting comment on multiple categories of regulations. The first Federal Register notice was published on May 23 and requests comment on regulations concerning “Applications and Reporting” and “Powers and Activities.” Comments are due by Aug. 21.

Comments on the voluntary regulatory review will be accepted for 90 days after publication in the Federal Register.

CFPB on Protecting Military Community, Providing Relief

A news release Thursday by the Consumer Financial Protection Bureau (CFPB) said complaints the Bureau has received from servicemembers, veterans, and their families just crossed the 400,000 mark. Last year, the CFPB saw total complaints from the military community increase by 27% from 2022 and 98% compared to 2021—with complaints ranging from credit reporting errors to mortgage problems to financial fraud and scams. Each of these complaints represents a financial issue that a servicemember, military family member, or veteran could not get resolved with the respective company, so they turned to the CFPB for help. When banks and financial institutions flout consumer or military financial protections, the CFPB acts to ensure companies are held responsible.

The CDFI Fund is Moving: What You Need to Know

Effective today, Friday, May 24, 2024, the Community Development Financial Institutions Fund (CDFI Fund) will be in a new office location.

Newsmakers

American Heritage Credit Union and BIG 98.1’s 20^th Annual Car Show and Member Appreciation Day Raises $25,000

American Heritage Credit Union and BIG 98.1 recently hosted the 20^th Annual Car Show and Member Appreciation Day. The event had more than 250 cars and over 8,000 attendees that came out to support the event, raising $25,000 for the Kids-N-Hope Foundation.

Members 1st FCU Announces Promotion of Long-time Associate

Members 1st FCU recently announced the promotion of long-time associate, Erin Hermany, to Senior Vice President of Consumer Lending Operations.