October – November 2013
Our Financial Reality Fair held at the State Capitol is an annual event that attracts legislators and government officials interested in seeing the kind of practical financial education that Connecticut credit unions are providing state high school students.
Hundreds of students from surrounding towns participate in this stimulating venue – our historic State Capitol Building!
Many volunteers are needed to insure the success of this important educational activity. Please consider volunteering!
Watch for more information on this exciting event!
Taking risk, and balancing it with returns, is one of the most fundamental things
all financial institutions – including credit unions – do. While all organizations understand that balancing risk versus return is vitally important, few evaluate risk as a whole across their organization. Understanding systemic risk and how it can be mitigated allows organizations to better manage this critical process.
The program will explore Enterprise Risk Management (ERM) through an interactive presentation and dialog. The morning session will cover the basics of what ERM is and why it is important to credit unions, the regulatory requirements surrounding ERM, and how some have implemented ERM in their organization. It will also cover policy, procedure and governance.
The afternoon session will review a model program and provide a template for attendees to develop ERM programs that can be tailored to their individual credit unions. Attendees will leave the session with the necessary tools to develop and implement an ERM program at their shop.
The program presented will address the following questions:
• What is ERM?
• Why is ERM important?
• Are there any regulatory requirements for ERM?
• What are people in the credit union industry doing for ERM?
• What would model ERM program look like?
• What would an ERM policy look like?
Sponsored by CUNA Mutual Group
This session will help financial institutions understand the risks of not only ACH payments but other payment systems as well. The “bad guys” tend to jump from one payment system to another looking for the path of least resistance. This session will address the latest trends in payments fraud and provide information that will help mitigate fraud risk. There will be focus on ACH fraud and the keys to defeating that fraud with good agreements, rule compliance and communication.
When: Monday, March 4th, 2013
Where: New Haven County Credit Union
450 Universal Drive
North Haven, Ct 06473
Agenda: 5:30 – Pizza and soft drinks available
5:45 – Brief Meeting and Election of Officers
(There will be no program, and the meeting should not run more
than 30 minutes.)
**** If anyone is interested in a position, please let Jim know. ****
Cost: No Cost to attend!
Please call Jim Howard to let him know you will attend
@ 203-234-8773 x 109, or email him at email@example.com,
so that he knows how many pizzas to order!
He will be ordering the pizza at four, so please
make sure you call beforehand!
Two Sessions: Morning and Afternoon:
9:00 a.m. – 12:00 p.m.
1:00 p.m. – 4:00 p.m.
Each session will cover the same material; participants need attend only one session.
Have you wondered what specific areas of the ACH rules are included in the audit requirements and what the most common areas of noncompliance are?
Arm yourself with “inside” information on how to best comply with the NACHA Audit requirements. We will review areas to be audited and also describe the most pressing compliance issues during this session.
- Return Time Frames and Reason Codes
- ACH Record Retention and Data Security
- Account Disclosures
- Third-Party Service Provider Agreements
- ACH Authorization and Origination Agreements
The program will be repeated in the afternoon, so choose the program that fits your schedule.
NCUA’s Letter to Federal Credit Unions #11-FCU-02, issued in February of 2011, requires that directors of FCUs “must have at least a working familiarity with basic finance and accounting practices, including the ability to read and understand the credit union’s balance sheet and income statement.” It continues, “A director must understand these financial statements to participate in a meaningful manner in the direction and control of the institution.”
This session will be for NEW DIRECTORS who have joined your board since the last required training in the fall of 2012. This will be a two-hour session from 5:00-7:00 p.m. Sandwiches will be served. There is no cost to attend.
Topics will include:
- Balance sheet and income statement basics
- What does ‘off balance sheet’ mean
- The importance of trend analysis (tables or graphs)
- Key financial ratios
- What does ‘accrual accounting’ mean
- Delinquency reporting
- What is the Allowance for Loan and Lease Losses contra asset account and how is it related to the Provision for Loan and Lease expense
- NCUA 5300 quarterly reports
- Budgeting and ALM basics
- The risks: credit, liquidity, interest rate, compliance, strategic, transaction, and reputation
- Peer analysis
- Internal controls
- Asking the right questions
Please email firstname.lastname@example.org or call (203) 608-7061.
This network is designed to provide a forum for supervisors and managers to discuss issues and best practices related to managing people. The topic for this program is Training for 2014, and will be facilitated by Barb Bass.
Barb will review some nation trends for training and approaches CUs are taking in incorporating into management responsibilities for 2014. This overview will be followed by an open discussion. Part of the open discussion will include identifying opportunities for CUs to collaborate in creating and maintaining a cross-sales culture. Topics include:
- What topics are required training?
- What are CUs focusing on in 2014?
- Cross selling – how do you manage cross selling goals
- Collaborating on 2014 training schedules
To register please email Susan O’Loughlin at email@example.com.
The CFPB will be issuing new rules related to combining the mortgage disclosures provided to consumers under the Truth-in-Lending Act and the Real Estate Settlement Procedures Act. Combining these rules for purposes of issuing disclosures for mortgage loans will require credit unions to create and deliver a new early disclosure as well as a new closing disclosure for certain home secured loans. This webinar will discuss the details of what needs to be included in the disclosures as well as when and how they must be delivered to members.
The webinar will be followed by an ‘open discussion’ at the conclusion of the program.
Click for the Registatrion Flyer.
These webinars will be placed on the League’s member-protected area of the website.
Credit unions promote the economic well being of their members, especially those of modest means, through a system that is member-owned, volunteer-directed and not-for-profit.
The credit union mission has always been to ensure secure financial choices at lower costs for their members. That’s why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.
While credit unions are regulated by the federal and state governments, they are also governed by volunteer boards elected by their membership. Credit unions don’t answer to stockholders, but to each of their 96 million members.
Credit unions invest in people by helping those who have been traditionally underserved by banks. Groups like seniors on fixed incomes, single working moms, minority communities needing greater community investment, and small business owners struggling to raise capital all rely on credit unions for important financial services at reasonable costs.
While the big banks have abandoned small businesses in droves because they just can’t make enough money, credit unions promote their small business members in a struggling economy by providing low cost credit alternatives. This credit union investment means millions of jobs across America.
Unfortunately, the big banks and some in Congress want to raise taxes and impose new fees on 96 million credit union members who represent 40% of all Americans, yet represent only 6% of the assets in financial institutions. And, they want to do this despite the fact that credit unions are not-for-profit and meeting their core mission every day.
That’s wrong and will imperil the credit union movement that so many have come to depend on for real financial choice.
Don’t let Congress raise taxes on 96 million credit union members. Don’t let Congress eliminate real financial choice. Don’t let Congress destroy our credit unions.
To learn even more about credit unions in your community, or join a credit union please visit http://www.asmarterchoice.org/.