(Clockwise from top left) Moderator George Hofheimer (Hofheimer Strategy Advisors), left, NASCUS President and CEO Lucy Ito and NASCUS EVP and General Counsel Brian Knight take in the Exchange discussion; Mike Williams, CEO of Colorado CU and chairman of the NASCUS Credit Union Advisory Council, enjoys the discourse; Participants are both face-to-face in Phoenix, and by virtual means.
(Nov. 5, 2021) Payment preferences, “buy-now-pay-later,” field of membership (FOM) barriers and more were all on the table at the meeting of CEOs of very large credit unions with state regulators held this week in Phoenix, sponsored by NASCUS.
The discussion was held at the two-day 2021 Exchange, an invitation-only event for regulators and leaders from credit unions with more than $10 billion in assets. The event is sponsored by NASCUS through the Dual Charter Resource Initiative (DCRI). The DCRI is a partnership, fostered by NASCUS, between the state system and key organizations within the credit union system at large. The program is committed to strengthening the state credit union charter by pursuing progressive legislation and regulation, building relationships to foster charter innovation, guarding against unnecessary federal pre-emption and expanding awareness of options available to state-chartered credit unions
Among the topics discussed by the participants were:
- Consumer behaviors with payment alternatives Venmo and PayPal and the growing tendency for Millennials and Gen Z to use their primary financial institutions as “paycheck motels” before transferring funds to a third-party payment app.
- Exploring alternative short-term loan options through “buy-now-pay-later” arrangements through payment alternatives that break payments into small installments to thwart high-interest short-term lending.
- Growing social acceptability of crypto currency as a primary payment method (particularly in Miami, Fla.) and associated risks.
- FOM barriers with digital banking and disruptions to traditional banking models.
Credit union CEOs participating included: Benson Porter, Boeing Employees’ Credit Union (BECU); Mike Ryan, Boeing Employees’ Credit Union (BECU); Mike Williams, Colorado Credit Union (and NASCUS Credit Union Advisory Council chairman); Mary McDuffie, Navy Federal Credit Union; Emily Troncoso, Navy Federal Credit Union; Bill Cheney, SchoolsFirst FCU; Gary Rodrigues, Star One Credit Union; and Brian Wolfburg, Vystar Credit Union.
State regulators participating were: Joni Kimbrell, California Department of Business Oversight; Ben Brinkley, Florida Office of Financial Regulation; Steve Pleger, Georgia Department of Banking & Finance (and NASCUS Regulator board member); Francisco Menchaca, Illinois Department of Financial & Professional Regulation; Charles Vice, Kentucky Department of Financial Institutions (and NASCUS Regulator board member); Melanie Hall, Montana Department of Administration; and Rose Conner, North Carolina Credit Union Division, (and NASCUS Regulator Board Chairman).
(Oct. 29, 2021) NCUA Board meetings in 2022 will be – again – on Thursdays, beginning at 10 a.m. ET, and skipping an August meeting, the agency said in a release this week. In most cases, the meetings will be on the third Thursday of the month – with the exceptions of January, May and September, when the meeting falls on the fourth Thursday of each month … NASCUS Credit Union Advisory Council Chairman Mike Williams, who is also president and CEO of Colorado Credit Union in Denver, was named a ‘Most Admired CEO’ by the Denver Business Journal this week. The award, the publication said, recognizes CEOs who are driving transformative change within their organization, industry, and the community … The Oregon Department of Consumer and Business Services has three openings for a Financial Examiner 3 extended to Nov. 29. See the link below for details (and other recent job openings) … Congrats to the New York Credit Union Association (NYCUA) for its steadfast efforts in achieving credit union authority to participate in its state’s program to provide commercial loans to small and mid-sized businesses at reduced interest rates. Legislation was signed by NY Gov. Kathy Hochul (D) to authorize credit unions to participate in the program – the culmination of an effort that NY credit unions began in the 1990s. The new law also allows marks the first time New York state has been authorized to deposit public funds in credit unions, according to NYCUA … Congrats, also, to CUNA, state associations and others for convincing congressional negotiators to keep out from the “framework” of the massive “build back better” legislation a provision that would require increased reporting of some members’ savings accounts by credit unions to the IRS. Reports Thursday indicated the provision has been omitted from the framework.
LINK:
NCUA Board Announces 2022 Meeting Schedule