CrossState Daily…6/5/2024
Learn How to Speed Up the Compliance Marketing Process at the Compliance Conference
Launching a new product or service? Creating a new campaign? Compliance doesn’t have to slow the process down.
Amy Wargo from CU Risk Intelligence will be leading a session at the 2024 Compliance Conference on compliant marketing. This session will cover how working together can shorten a product development cycle by incorporating compliance along the way. You’ll learn what regulations apply to various product and marketing channels, tips to create effective compliant marketing and resources to streamline the process.
Learn More About the Compliance Conference
Free Event; Safeguarding Seniors: A Symposium Promoting Dignity, Security, and Advocacy
Does your credit union work with seniors on a daily basis? Consider registering for this free event at DeSales University on June 25 from 8 a.m. to 12 p.m. to elevate your skills in advocating for and protecting the health, safety, and finances of seniors. The event will feature expert guest speakers and keynote speaker, Paul Greenwood, LLB, JD, a retired San Diego District Attorney who led the Elder Abuse Protection Unit for 22 years.
Register for this event and learn how to better protect your elder members today.
June Small CU Collaborate Coming Up Next Week
CrossState continues to provide a forum for small asset-sized credit unions through Small CU Collaborate. The Small CU Collaborate group meets each quarter via a hybrid model. In-person meetings rotate between the Hamilton and Harrisburg offices with Zoom options for each. This Small CU Collaborate meeting will be hosted at the CrossState Hamilton Office on June 12 from 10 a.m. to noon.
Attendance is limited to executives of credit unions with less than $50 million in assets and their teams.
For additional information, please contact Nick DiFrancesco, Member Engagement Consultant, ddifrancesco@crossstate.org. The Small CU Collaborate is made possible by sponsorships from Vizo Financial and Alloya Corporate FCU.
Sign Up for In-Person or Virtual
Partner Spotlight
Clutch: Effortless Digital Banking
Discover Clutch—a modern solution for effortless digital banking. Clutch provides a rapid account opening process, taking less than five minutes online or in-branch. With automated features such as cross-selling and fraud verification, members benefit from a streamlined experience.
Clutch enables the seamless opening and funding of various deposit accounts, spanning from checking to IRAs. Members have the flexibility to select their preferred funding method, whether via internal transfers, ACH transfers, or debit/credit cards.
Experience the convenience of ready-to-fund loans seamlessly integrated into your credit union’s Loan Origination System, complete with all necessary documentation. Clutch empowers members to easily apply for credit cards, HELOC, auto, personal, or debt consolidation loans while ensuring compliance and a smooth member experience.
Drive impressive growth with Clutch by increasing loans while fostering deposit growth. Deliver a consistent experience across all channels with Clutch’s omnichannel capabilities for both members and branch staff. Transform your digital banking experience with Clutch, click here to speak to a Clutch representative.
Engage, Inform, Repeat
PA DoBS June Consumer Financial Protection Events Coming Soon
Education and outreach staff from the Pennsylvania Department of Banking and Securities (DoBS) will be hosting and participating in numerous presentations for groups of senior citizens, service providers, and the public throughout the month of June to promote financial capability and provide investor education.
June outreach events will be held in person and are open to the public unless otherwise noted.
For credit union professionals:
- Elder Financial Abuse and Scam Prevention: June 6, Phoenixville, PA
- $camJam!: June 11, Chambersburg, PA
- Cybersecurity – Staying Safe Online: June 13, Camp Hill, PA
- $camJam!: June 14, Friedens, PA
- Avoiding ID Theft: June 25, Carlise, PA
- Fraud BINGO, June 25, Norristown, PA
For elders:
- Cybersecurity – Staying Safe Online: June 6, Milford, PA
- Fraud BINGO: June 11, Harrisburg, PA
- Popular Scams and How to Avoid Them: June 12, Blain, PA
- Fraud BINGO: June 13, Wellsboro, PA
- Popular Scams and How to Avoid Them: June 13, Davidsville, PA
- Fraud BINGO: June 27, Knoxville, PA
- Fraud BINGO: June 27, Millerton, PA
Share and Learn More About the Events
U.S. Credit Unions Outperform Banks in Mortgage Lending Efforts
While credit unions are the original consumer financial protectors and work every day to help families reach their dreams of homeownership, a newly released two-page report published by America’s Credit Unions supports this claim.
The latest available Home Mortgage Disclosure Act (HMDA) data shows that credit unions nationwide remain the best option for consumers when it comes to buying a home. “In fact, credit unions are every consumer’s best option when it comes to purchasing, refinancing, or improving their home,” the study states (*Based on America’s Credit Unions’ analysis of 2022 HMDA data using the rubric and performance criteria developed and employed by the National Community Reinvestment Coalition—NCRC in its 2009 report “Credit Unions True to their Mission?—Part II”).
America’s Credit Unions’ analysis shows that credit union mortgage lenders equaled or outperformed bank mortgage lenders in 118 of 159 metrics — 74 percent of all criteria studied.
Regulatory News
Reminder: 2024 CDRLF Grant Round Application Period Ends July 1
Low-income-designated credit unions have until July 1 to apply for 2024 Community Development Revolving Loan Fund grants. The National Credit Union Administration (NCUA) will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds. Eligibility and award categories information is available here, and credit unions with questions about the grants should contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov.
A video explaining how to apply for a CDRLF grant is available on the NCUA’s YouTube Channel.
The CFPB Issued a Circular Warning Against Deception in Contract Fine Print
The Consumer Financial Protection Bureau (CFPB) Tuesday issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. The CFPB’s announcement states that companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections. When financial institutions take these types of actions, they risk violating the Consumer Financial Protection Act. The warning is part of the CFPB’s broader efforts to ensure freedom and fairness in people’s interactions with financial institutions.
Newsmakers
Steel Strong Community FCU Announces Winners of Inaugural Scholarship Competition
Steel Strong Community FCU recently announced their three winners of their first scholarship competition. Contestants were asked to write an essay on the benefits of keeping a budget after graduation. The winners each received a $1,000 scholarship to be used toward higher education.
The three winners included, Laura Adams who graduated from Elizabeth Forward and will be attending LaRoche University in the fall to study interior architecture and design, Taylor Betzner who graduated from Serra Catholic and will be attending Seton Hill University in the fall to study nursing, and Carlee Soukup who graduated from Elizabeth Forward and will be attending Ohio State University to study neuroscience in the fall.