Sept. 20, 2022 — We recognized 12 credit unions for taking a stand during the HCUA Convention and Annual Meeting. The “Take a STAND” award recognizes credit unions for their efforts in advancing the credit union message within their credit union and at their state capitols. Credit unions that complete every action step in the five key areas of our grassroots program – called STAND – receive this honor. Those actions range from activating their members, to making significant contribution to CUPAC and CULAC, and taking the credit union message directly to lawmakers and their members.
Collaboration consolidation Cornerstone/Heartland Merger
By Caroline Willard, President/CEO, Cornerstone League
Sept. 7, 2022 — Here’s a thought experiment for you. If Louise Herring were to somehow time travel to 2022, would she be proud of the legacy she built? What would she think of bankers’ attacks on credit unions, the interchange debate, or the hold financial technology has on consumers?
What would she do to ensure credit unions’ sustainability in today’s environment?
I believe the Mother of Credit Unions would draw from her famous quote, which encapsulates her resolve: “… the purpose of the credit union is to reform the financial system so that everyone can have his place in the sun.”
She would tackle the issue of ensuring credit unions’ sustainability by leveraging the gumption she displayed at 24 years old when she rode the bus to Estes Park, Colo., for the 1934 meeting that would establish the Credit Union National Association. She would tighten her focus, keeping her eye on the prize like she did when she ignored unfriendly comments and stares from her colleagues in those fateful days nearly 100 years ago.
Her resolve prevailed as she signed the original constitution for the national association that became CUNA, later co-founded the Ohio Credit Union League, and organized more than 500 credit unions.
And while in 2022 we find ourselves in a vastly different world, obstacles not unlike those Herring experienced still threaten our efforts to keep the credit union movement alive.
Which brings me back to her quote, “… the purpose of the credit union is to reform the financial system…”
Like Herring, I believe it’s time to reform the infrastructure that surrounds, supports, and advances our credit unions.
As certain forces seek to take us down, dismantle, and discredit the movement, we can mobilize our credit unions to do what we’re meant to do: provide unbridled access to affordable financial products and create financial well-being for all, but in a transformative way. As I’ve challenged my colleagues in the last year to ponder the question “Will credit unions be around in 100 years?” I can’t help but draw a direct line between survival, collaboration, and consolidation.
April 29, 2022 — The Kansas Senate formally confirmed Julie Murray as the new administrator of the Kansas Department of Credit Unions (KDCU) on April 27. The Senate voted 39-1 to approve Murray to serve the remainder of the current four-year term, which runs until December 31, 2025. The KDCU regulates all state-chartered credit unions operating in Kansas.
Murray has more than 18 years of financial institution management experience, including three years as a financial examiner with KDCU. Prior to that, she worked 13 years as a branch manager and compliance specialist for Azura Credit Union. She also worked three years as banking center manager for Bank of America and as a customer service officer with Sunflower Bank.
Vickie Hurt, who has served as KDCU administrator since November 2020, will assist as a consultant during the transition.
Kansas Governor Laura Kelly announced the appointment of Kevin Wilmoth, president/CEO of Skyward Credit Union in Wichita, to the Kansas Credit Union Council. The Council acts as an advisory board to the KDCU administrator.
December 3, 2021 — During the 2021 legislative session, the Kansas Legislature approved SB 106 implementing the Revised Uniform Law on Notarial Acts (RULONA), which permits a Kansas notary to provide remote online notarizations (RON) and makes the key changes outlined below to Kansas notary law effective January 1, 2022.
- Surety Bond: A $12,000 surety bond is required for notary applications submitted on and after January 1, 2022.
- Remote Online Notary: Allows remote online notarization (RON) in Kansas, which enables a Kansas notary to provide notarizations for remotely located individuals. RON allows a notary and a remotely located individual with an electronic document to be notarized to communicate using audio-visual technology to satisfy the personal appearance requirement, eliminating the need for the signer to be in the physical presence of the notary at the time the document is notarized. Notaries must meet certain requirements to perform remote online notarizations, which can be found here.
- Notary Journal: Kansas notaries are required to maintain a notary journal. A notary may maintain a journal in both a tangible form and an electronic form. While a notary may maintain only one journal in a tangible format, a notary may maintain more than one journal in an electronic format. The journal is required to be maintained for 10 years after the last entry.
- Verification of Identity: The law sets out documentation that can be used to verify the identity of the signer of a document to specifically include a driver’s license and passport, but also permits a government-issued nondriver identification card or another form of government identification. Identification can be accepted if it is expired, but the expiration is not more than three years prior to the notarial act.
- Beneficial Interest: The beneficial interest provision is expanded to prohibit a notary from performing a notarization of a record in which either the notary or the notary’s spouse is a party to or has a direct financial or beneficial interest.
- Notary Stamp: A notary is required to notify the Secretary of State if the notary’s stamp is lost or stolen.
- Notary Advertising: If a notary advertises or offers notarial services, the notary shall include the following statement: “I am not an attorney licensed to practice law in this state. I am not allowed to draft legal records, give advice on legal matters, including immigration, or charge a fee for those activities.”
August 16, 2021 — Credit unions in Kansas and Missouri do great things for their members and communities every single day. CUNA’s national award program honors credit unions’ impact on their member and their communities. The awards highlight distinguished credit unions that demonstrate social responsibility, the credit union philosophy, and financial education. The following credit unions are recognized as this year’s CUNA winners.
April 5, 2021 — On any given day, my email box fills with all kinds of exciting compliance-related credit union, and non-credit union, stories. Some of you may disagree with my use of the word “exciting”! Nonetheless, there is new information available every day.
This bulletin provides an abundance – or cornucopia – of important information…
Always at the top of the priority list is cybersecurity, or the cyber health, being implemented by credit unions. If Solar Winds, Microsoft, Ubiquiti, or any number of other breaches, didn’t get your attention, you had better look again. Consider signing up for alerts from the Cybersecurity & Infrastructure Security Agency (CISA), the U.S. Government agency working to defend against threats and collaborating to build a more secure and resilient infrastructure.
On March 11, 2021, the Consumer Financial Protection Bureau (CFPB) announced it was rescinding a January 2020 policy statement related to abusive acts or practices (§1031 of the Dodd-Frank Act), specifically Unfair, Deceptive, or Abusive Acts and Practices. Going forward, the CFPB intends to exercise its supervisory and enforcement authority under the Dodd-Frank Act which prohibits (1) materially interfering with someone’s ability to understand a product or service; (2) taking unreasonable advantage of someone’s lack of understanding; (3) taking unreasonable advantage of someone who cannot protect themselves; and (4) taking unreasonable advantage of someone who reasonably relies on a company to act in their interests. Additional information may be found on the NCUA website.
In addition to the above, the CFPB announced on March 31, 2021, the agency was rescinding seven policy statements issued last year providing temporary flexibility in the pandemic. These statements address, among others, Home Mortgage Disclosure Act quarterly reporting, Regulation Z billing error resolution timeframes and electronic credit card disclosures.
Kansas credit union legislation enacted
April 17, 2019 — Last week, legislation modernizing the Kansas Credit Union Act was signed by Governor Laura Kelly after passing both the House and Senate. The Heartland Credit Union Association spearheaded the bill, which makes 67 changes to the state statutes to brings Kansas law up-to-date and continue to protect the locally operated, not-for-profit structure of credit unions. Key aspects of the bill include:
- Technical corrections of the credit union statutes to bring them in line with other statutes and federal law, and remove outdated requirements;
- Removal of language that duplicates what is already spelled out in a credit union’s bylaws to protect local control and flexibility.
- Modernizing consumer notification requirements by giving members the option to receive electronic notifications rather than mailed notifications.
- Protects Kansans from financial fraud by limiting the use of the term “credit union.”
The changes go into effect on July 1.
Credit Unions Kick Off Annual Giveaway Program
May 7, 2015 – Area credit unions will be giving away $25 gift cards starting at 11 a.m. Thursday, May 7, at the Kwik Shop in Derby as part of the Kansas Credit Union Association’s Make a Difference statewide event.
What’s new in your state?
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