CrossState Daily…5/30/2024
Elder Financial Abuse Prevention Legislation Passes the PA House Commerce Committee
Last week, the House Commerce Committee passed legislation that would provide financial institutions additional capabilities to protect seniors from financial exploitation. House Bill 2064, introduced by Rep. Joe Hogan, would equip financial institutions and fiduciaries with the necessary tools for identifying, reporting, and preventing the financial exploitation of older adults and care-dependent individuals.
The legislation will also authorize the sharing of information and records between financial institutions, fiduciaries, and area agencies on aging. Like other voluntary reporters to protective services, financial institutions and fiduciaries would be immune from civil or criminal liability when exercising their discretion to report, share records, provide information to area agencies on aging, and temporarily delay financial transactions. The legislation provides the necessary legal clarity to enable financial institutions and fiduciaries to proactively report and help prevent financial exploitation.
In advance of the House Commerce Committee hearing, CrossState, the PA Bankers Association, and the PA Association of Community Bankers circulated a joint letter in support of the legislation.
Reminder: Please Complete CrossState Survey
CrossState Credit Union Association and CrossState Solutions are asking all credit unions in New Jersey and Pennsylvania to provide your input.
Please take a few minutes to complete a survey for us.
You should have received a few emails from Portland Research Group, an independent marketing research consulting firm, inviting you to participate in a survey. The survey is designed to assess how well we are meeting your needs. Your responses to the survey will remain confidential.
Please check your spam folder if you have not received an email from Portland Research Group. Let us know if you have not received the link to the survey.
We understand that your time is valuable. The survey should take approximately 10-15 minutes.
Thank you for your participation. We look forward to enhancing the services and enriching the experience we offer to all New Jersey and Pennsylvania credit unions.
Thank You from the CrossState Credit Union Foundation
On behalf of the CrossState Foundation Board of Directors and staff, thank you for your support of the Foundation during the 2024 CrossState Convention. The CrossState Foundation was able to raise $50,000 through the luncheon, raffle baskets, and an initiative with exhibitors. We are grateful to the sponsors, basket contributors, and exhibitors. Please take a moment to review the lists below!
We also had the opportunity to celebrate our 2024 winners of the Financial Literacy Awards and celebrate all credit unions providing financial education to members and their communities. You can see the winners’ videos on our YouTube channel.
- Cross Valley Federal Credit Union: Ranger Credit Union – Promoting Financial Wellness for High School Students
- First Commonwealth Federal Credit Union: Raub Middle School Financial Wellness Program
- Jersey Shore Federal Credit Union: Conducting seminars, “Senior Financial Scams: How to Protect Yourself, Family and Friends.”
- Mercer County Community Federal Credit Union: Junior Achievement BizTown Partnership
- Special Collaboration Award: Members 1st of New Jersey FCU
We also had the honor of hearing from our 2023 winners during a Financial Education Workshop – thank you to Belco Community Credit Union, North Jersey FCU, Service 1st FCU, White Rose CU, and Reading Financial Reality Fair Committee.
Please take a moment to celebrate all the good work of credit unions by watching this brief video sponsored by Members 1st FCU. Thank you for all you do!
Another thank you to our Luncheon sponsors, raffle basket donators, and Grow Hope Exhibitor supporters.
Luncheon Sponsors:
- Affinity FCU
- Alloya Corporate FCU
- Advanced Financial FCU
- CHROME FCU
- Credit Union of New Jersey
- Cross Valley FCU
- Erie FCU
- First Commonwealth FCU
- Freedom Credit Union
- Manville Area FCU
- MBFS
- Mercer County Community FCU
- Merck Sharp & Dohme FCU
- North Jersey FCU
- Norwin Teachers FCU
- Penn East FCU
- Pheple FCU
- PSECU
- Service 1st FCU
- TruMark Financial Credit Union
- TruStage
- Vizo Financial
Raffle Basket Donations:
- 1166 FCU
- ABCO FCU
- Affinity FCU
- Belco Community CU
- Credit Union of NJ
- Cross Valley FCU
- Discovery FCU
- Erie FCU
- Freedom Credit Union
- Garden Savings FCU
- Gary Chizmadia
- Greater Alliance FCU
- Hidden River CU
- Members 1st FCU
- Members 1st of NJ FCU
- Mercer County Community FCU
- Mon Valley Chapter of Credit Unions
- Norwin Teachers FCU
- Pheple FCU
- Riverfront FCU
- Service 1st FCU
- Timberland FCU
- TruMark Financial Credit Union
- TruStage
- UFCW Community FCU
- U$X FCU
- Vizo Financial
- Washington Area FCU
- York Chapter of Credit Unions
- Hard Rock Hotel & Casino
Grow Hope Exhibitors:
- Alloya Corporate FCU
- Applied Valuation Services
- CompuSource Systems
- Corporate America CU
- Envisant
- Holman
- Keystone Lending Alliance, LLC
- Member First Mortgage
- SHAZAM
- VISA
Partner Spotlight
NewtekOne: When to Recommend Lines of Credit to a Small Business
Lines of credit are often an underutilized funding solution but can be a flexible option for small businesses. Here are some things to consider as a credit union when exploring funding options with a member.
Regulatory News
Treasury, IRS Issue Proposed Regulations Related to Clean Electricity Facilities and energy Storage Technologies
The Department of the Treasury and the Internal Revenue Service (IRS) Wednesday issued proposed regulations under the Inflation Reduction Act for owners of qualified clean electricity facilities and energy storage technology that may want to claim relevant tax credits. The Inflation Reduction Act of 2022 established the clean electricity production credit and the clean electricity investment credit; taxpayers may be eligible for a credit on electricity produced from a qualified clean electricity facility or may be eligible for a credit for a qualified investment in a qualified clean electricity facility or energy storage technology. The proposed regulations provide guidance for these types of facilities placed in service after 2024 and invite comments from the public on the proposed regulations.
NCUA to Host MDI Webinar: “How MDIs Serve Their Communities”
The National Credit Union Administration NCUA will host a June 18 webinar highlighting the role of minority depository institutions in expanding access to the underserved, promoting economic growth, and fostering financial inclusion. The webinar is scheduled to begin at 2 p.m. and is expected to run for one hour. Guest credit unions and leagues will discuss how they support MDIs and leverage community partnerships to expand outreach, particularly to underserved communities.
Newsmakers
Penn East FCU Holds Successful Mother’s Day Diaper Drive
Penn East FCU recently held its Third Annual Mother’s Day Diaper Drive. Thanks to the generosity of the Penn East members and staff, the credit union collected 7,500 diapers, 177 baby outfits, 7,000 baby wipes, and $2,000 in donations. The donations will support the Maternal & Family Health Services Nurse-Family Partnership.
Moonlight Credit Union Hosts Annual Meeting, Awards Scholarships
Moonlight Credit Union held its 77th Annual Meeting on May 18, and awarded two $1,000 William C. Lane Memorial Scholarships to Robert John and Jessica Brisbin for continuing education.
William C. Lane was one of the seven original members who started the credit union in 1947. The scholarship is awarded yearly to an individual who carries a high GPA, is active in volunteering, has been accepted at an accredited college, and judged on an essay. This year the question was based on their life experience of the hardest lesson about money that they witnessed for themself, or someone they know.