CrossState Daily…5/9/2024
CrossState Advocacy Update at Connect 2024
Join CrossState Chief Regulatory Officer, Nicola Foggie, and SVP, Government Relations, Christina Mihalik for a CrossState Advocacy update at Connect on May 20. The session will look at current legislative and regulatory topics impacting credit unions, in addition to giving you valuable insights on governmental affairs, legislative advocacy, and the evolving regulatory environment.
Explore Educational Opportunities at Connect
Free Webinar: Navigating Litigation Trends
Class action lawsuits and litigation can present significant risks to credit unions. Credit unions need to exercise caution as it relates to strategy and risk. And keeping ahead of the complex array of ever-changing risks and litigation challenges is critical. Join CrossState and TruStage for a free webinar on Thursday, May 30 at 10:00 a.m. This session will cover topics like:
- Overdraft / NSF fee litigation
- Collection letters (defective post-repossession notices)
- Wage & hours and FLSA
- Foreign transaction fees
- Peer-to-Peer (P2P) fraud & Reg E
- FCRA
- Fair lending
Partner Spotlight
Connect 2024 Spotlight: Simplify Operations and Enhance Capabilities with Alloya
CrossState Solutions partner, Alloya Corporate FCU, exists to strengthen credit union success by simplifying operations and enhancing capabilities. Alloya offers a wide range of services, including liquidity, investment, payment solutions, and member support, all conveniently accessible in one centralized platform. Connect with Alloya Corporate FCU today or catch them at the CrossState Annual Convention to learn more!
Regulatory News
FinCEN Issues Advisory on Iran-Backed Terrorist Organizations
The Financial Crimes Enforcement Network (FinCEN) Wednesday, considering intensified terrorist activity in the Middle East, issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The Advisory highlights the means by which certain terrorist organizations receive support from Iran and describes several typologies these terrorist organizations use to illicitly access or circumvent the international financial system to raise, move, and spend funds. These terrorist organizations include Lebanese Hizballah, Hamas, the Palestinian Islamic Jihad, the Houthis, and several Iran-aligned militia groups in Iraq and Syria. It also provides red flags that may assist financial institutions in identifying related suspicious activity.
TruStage Releases April Trends Reports
TruStage’s April 2024 Credit Union Trends Report is now available.
Highlights from the Credit Union Trends Report
- Credit union loan balances fell 0.1% in February, below the 0.4% gain reported in February 2023.
- Many home buyers have switched to adjustable-rate mortgages which rose 26% over the last year.
- We are forecasting credit union savings balances to grow 3% in 2024, below the 7% long-run 30-year average.
- The credit union industry’s average loan net charge-off rate rose to 0.77% in the fourth quarter, from 0.43% one year earlier.
Highlights from the Economic Report
- Inflation reaccelerated to a 3.5% year-over-year pace in March.
- Credit union loan delinquency rates rose to 0.83% in February, above the long run average of 0.75%.
- The economy is expected to grow 1.9% in 2024, slightly below the natural long run average of 2%.
- The U.S. money supply as measured by the monetary aggregate M2 fell 2% over the last year, creating liquidity problems for credit unions.
Chapter News
North Jersey Chapter Holds Meeting on Attraction and Retention
North Jersey Chapter held a chapter meeting on May 7, hosting Jessica Gomez from OneDigital, who presented on attracting and retaining top talent. She discussed ways to attract and retain employees and focused on employee appreciation and adapting to the workplace post-COVID. She also shared ways to improve job postings and compensation ideas.
CrossState Solutions Credit Union Relationship Executive, Andrea Cassens was in attendance and provided attendees an update on upcoming events, solutions, and webinars.
Newsmakers
Members 1st FCU’s Derr Makes Central Penn Business Journal’s Woman of Influence List
Member 1st FCU Branch Manager Katlyn Derr was recently named a Woman to Watch by Central Penn Business Journal, as part of their Women of Influence list.
Katlyn will be recognized alongside several other outstanding women in our community at the annual awards dinner on June 27 at the Sheraton Harrisburg Hershey Hotel.