Open Your Eyes - CUNA€¦ · (password: openyoureyes). This great resource remains a key component of the initiative, allowing credit unions to align their local messaging to the

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Open Your EyesWork continues to accelerate toward the January 2019 national consumer launch of Open Your Eyes to a Credit Union™, an integral part of our Creating Awareness Initiative. In advance of the launch, credit unions will learn how they can participate and what material will be available to complement existing marketing.

Credit union interest coming out of CUNA GAC is very strong and

is building as word spreads. Staff is busy making presentations at league meetings, the National Credit Union Roundtable, and other forums.

A media firm was selected to guide decision making around CUNA’s national digital media strategy, and a nationwide consumer segmentation study is also underway to define what key audience profiles are most open to considering credit

unions for financial services. That survey will inform the next stage of creative material development in advance of the national launch, ensuring that this campaign is led by the needs and desires of potential credit union members.

The entire effort is based on changing consumer perceptions about eligibility and access to credit unions.

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National research revealed that too many believe they can’t join a credit union and have concerns about accessing their money (particularly when away from home). This national effort is aimed at changing minds to: I can join, and I can access my money.

Credit unions are still encouraged to download the Messaging Guide from www.awareness.creditunion (password: openyoureyes).

This great resource remains a key component of the initiative, allowing credit unions to align their local messaging to the national effort. Be on the lookout for more information later this summer!

At America’s Credit Union Conference (ACUC) this June, Jim Nussle announced a goal to raise $100 million over 3 years to support the Creating Awareness Initiative.

Compliance CommunityCUNA is growing and expanding the way that our league partners can stay up to date and in touch about new and pressing compliance issues and expanding its community platform, by adding League Compliance Communities.

Much like the larger CUNA Compliance Community, these CUNA & Compliance League Communities will be a CUNA/League benefit available to all members, and will provide an online hub for compliance professionals to connect via discussion boards, share resources via document

libraries, and locate state specific compliance information provided by participating Leagues including state level blogs, local compliance events, and other state compliance tools.

The project began with the Mountain West Credit Union Association, North West Credit Union Association, and Credit Union Association of the Dakotas – but stay tuned for the launch of additional League Compliance Communities as other Leagues work with CUNA to launch their own.

Open Your Eyes (continued)

In June, CUNA held the first Digital Marketing School in Nashville, TN. A sell-out group of more than 80 attendees gathered to learn about topics including Google AdWords and Analytics, developing an SEO-friendly website, unlocking the power of Facebook advertising, ADA and website compliance, and managing online reputation.

Pockets of applied learning were woven throughout classroom learning during the 2 ½ day school, allowing attendees to practice what they learned onsite, with oversight and guidance from instructors and the Credit Union Advisor, Andrea Parrish from STCU. Due to the positive response for the inaugural event, we’ve already added another full day of content for the 2019 school which will be held June 3-6 in San Antonio, TX. More information can be found at cuna.org/dms.

Digital Marketing School

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What’s Next? Continuing the fight for Regulatory Relief After the House passed the bipartisan regulatory relief bill, CUNA didn’t even wait for it to be signed into law before writing to the House Financial Services Chairman and Ranking Member to highlight even more area where credit unions need additional regulatory relief.

In the letter CUNA highlighted the need for structural changes at the Bureau of Consumer Financial Protection (BCFP). CUNA reiterated the need for Congress to replace the lone director with a multi-person, bipartisan commission. In addition to urging for structural changes at the BCFP, CUNA encourages the Committee work with credit unions on efforts related to the NCUA’s Risk Based Capital Rule (RBC), to strike a balance with BSA/AML regulations, and to address weaknesses in the law that permit and perpetuate merchant data breaches.

Additionally, the Committee needs to continue its work on a number of regulatory relief bills – and Congress needs to enact several of the bills that have passed the Committee with bipartisan support.

H.R. 1116 - Taking Account of Institutions with Low Operation Risk (TAILOR) Act, which would require federal regulators to tailor regulations to fit the business model and risk profile of institutions

H.R. 2396 - Privacy Notification Technical Correction Act, which would update the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions

H.R. 2706 - Financial Institution Consumer Protection Act, which would specify that government agencies cannot request or order a financial institution to terminate a customer account for reasons of reputational risk

H.R. 3072 - Bureau of Consumer Financial Protection Examination and Reporting Threshold Act,

which would increase the threshold at which financial institutions are subject to direct examination and reporting requirements of the bureau to $50 billion, up from $10 billion

H.R. 3299 - Protecting Consumers’ Access to Credit Act, which would ensure state loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party

• H.R. 3911 - Risk-Based Credit Examination Act, which would allow the Securities and Exchange Commission to perform risk-based examinations of the Nationally Recognized Statistical Rating Organizations (NRSROs) and reduce

compliance burdens for financial services providers

H.R. 4545 - Financial Institutions Examination Fairness and Reform Act, which would facilitate examination transparency and consistency for credit unions and other financial institutions

H.R. 5078 - TRID Improvement Act, which would amend the Real Estate Settlement Procedures Act to require the bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.

While S.2155 marks a significant victory for Credit Unions across the nation, the CUNA-League system remains hard at work fighting for common sense regulations that benefit credit union members.

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@workmembership For more information on CUNA/

League Membership, please contact Greg Michlig, CUNA Deputy Chief Engagement Officer, at [email protected] or 608-231-4090.

S.2155 Signed into Law The Economic Growth, Regulatory Relief and Consumer Protection Act was signed into law in late May, following months of fierce advocacy. The CUNA-League system was heavily engaged with both the Senate and House throughout the entire process, and its passage enacts a major piece of CUNA-supported bipartisan regulatory relief legislation.

“President Trump’s signature on S. 2155 brings a successful end to one of the most comprehensive, historic advocacy efforts the credit union system has seen in quite some time. From the moment the text of the bill was released by a group of bipartisan Senators, credit unions made their voices heard wherever possible, resulting in significant regulatory relief for credit unions and 110 million Americans,” said CUNA President/CEO Jim Nussle. “This could not have been accomplished without fierce advocacy directly to members of Congress, in addition to social media posts, letters to the editor, the e-mails, the op-eds, all of which showed the majority of Congress that the time of one-size-fits-all regulations is over, and that American consumers need access to safe mortgages and other financial services products.”

On behalf of America’s credit unions and their 110 million members, CUNA looks forward to continuing to work with leadership on both sides of the Capitol to ensure common sense regulations are signed into law.

Credit Unions Vote

for Miracles

Credit Union for Kids, a nonprofit collaboration of credit unions, chapters, leagues, and partners exists to engage in fundraising activities that benefit 170 Children’s Miracle Network Hospitals. Since its founding in 1996, CU4Kids has raised $170 Million for CMN Hospitals.

Vote for Miracles was a three-week online voting contest run by CU4Kids wherein credit unions and the general public were invited to cast their votes to support their favorite CMN Hospital. At the conclusion of the promotion, the top five hospitals were awarded a total of $100,000 on behalf of the nation’s credit unions, courtesy of CO-OP Financial Services and CU Direct.

The second annual promotion ran during the end of 2017, and generated massive amounts of exposure for credit unions across the county. Over 600,000 votes were received, coming from members of over half of the credit unions in the US. Several celebrities even joined the Vote for Miracles effort by posting on social media, including Lady Antebellum, Mark Ruffalo, Chelsea Clinton, Marie Osmond, Miss America 2018 Cara Mund, and Bill Engvall. One video about Vote for Miracles, posted by Mountain America Credit Union received over a half million views.

Credit Union House UpdateThus far in 2018, 1,500 visitors, including 30+ credit union-friendly lawmakers, have attended various events at Credit Union House. Among them were Minority Leader Nancy Pelosi (who attended 3 separate events) and Minority Whip Steny Hoyer.

A quarter of the events hosted at Credit Union House in 2018 were “non-system”, meaning they operate outside of the credit union movement. Hosting such events provides a unique opportunity to educate visitors about the credit union difference.

Click above to see the impact of S.2155