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About The League

The united CUNA/League/credit union system sees big wins in first quarter 2014 removing barriers


Credit unions like yours that are part of the CUNA-League system have a massive support structure behind them and countless resources at your fingertips. The success we achieve as a united movement is explained on our Membership@Work homepage. Removing legislative and regulatory barriers—identified as a key action step on our nationwide Unite for Good strategy—were among our many shared achievements in the first quarter.

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Through March of this year, credit unions, Leagues, CUNA & system partners:

 

Advanced legislative & political priorities

 

  • Our nationwide "Don’t Tax My Credit Union" advocacy, in conjunction with leagues, CUNA and credit unions, protected credit unions’ tax status as part of U.S. House tax reform efforts. This unprecedented collaboration that engaged millions of member-owners in defense of their credit union earned for our system a Grassroots Innovation Award for social media engagement.

 

 

  • Activists visited all 132 offices in the state Legislature as part of the annual state Government Affairs Conference. We shared credit unions’ successes via the Scorecard and thanked lawmakers for their support of regulatory reforms.

 

  • Wisconsin made a strong showing in Washington D.C. as part of CUNA’s Governmental Affairs Conference in Washington DC, visiting all 10 members of Wisconsin’s Congressional delegation. We shared the Scorecard and discussed issues that included taxation, member business lending, housing finance reform, and data security. More than 60 Congressional and industry leaders addressed 4,400 participants. CUNA's Credit Union Magazine garnered record views that week, with 5,000 unique visitors and 15,570 page views (nearly double the 8,390 views the previous year).

 

  • CUNA’s legislative team helped pass a bill through a House Committee that would permit privately insured credit unions to apply for membership in the Federal Home Loan Bank system. The committee also passed legislation on a bipartisan vote to amend Dodd-Frank and address rulemaking by the Consumer Financial Protection Bureau. The Senate also passed CUNA-supported legislation to delay implementation of the 2012 Biggert-Waters Flood Insurance Act for four years and cap annual premium increases at 18%. This became law in March.

 

  • CUNA introduced the Member Activation Program, offering resources to help credit unions involve members in advocacy—outreach that has been proven to strengthen member loyalty.

 

  • The League conducted free advocacy trainings for 40 Activists.

 

  • The League monitored 187 state and federal proposals with the ability to affect credit union operation or service.

 

  • The League held or sponsored 10 events for credit union champions.

 

 

  • The League facilitated disbursement of $18,970 to pro-credit union lawmakers or candidates through state & federal PACs and the Members Conduit program.

 

  • League staff connected with lawmakers at meet and greets, fundraisers, chapter legislative nights, in-school branch openings, regular branch openings, credit union office tours and at local public service, benevolent and business events.

 

  • Wisconsin Activists made over 900 contacts and all Activists nationwide collectively made tens of thousands of contacts to policymakers during the first quarter.

 

Advocated on regulatory burden

 

  • We launched a nationwide effort to comment on the National Credit Union Administration’s (NCUA’s) damaging risk-based capital proposal. Former CUNA CEO Bill Cheney called "one of the most severe threats to credit unions’ ability to continue to fulfill their statutory mission" by forcing credit unions to hold $7.3 billion additional dollars to preserve capital adequacy. CUNA explained the proposal to a standing-room-only crowd of credit union leaders at the CUNA Governmental Affairs Conference.

 

  • On the heels of meetings with the House Financial Services Committee and Senate Banking Committee, CUNA met with NCUA Board Chairman Debbie Matz and her senior staff to discuss concerns about its Risk-Based Capital proposal.

 

  • We conducted open dialog with examiners from the Office of Credit Unions and NCUA. The discussion addressed the impact of regulatory burden and issues concerning exams. League and credit union reps discussed additional regulatory issues with the Credit Union Review Board.

 

  • The League held meetings with the NCUA on the Risk-Based Capital proposal and the Office of Credit Unions on payday lending and other regulatory matters.

 

  • Shared the Wisconsin results  from CUNA’s exam survey, which revealed decreasing overall satisfaction but identified key issues that could be addressed to improve exam experiences.

 

  • The League filed 3 comment letters on behalf of Wisconsin credit unions concerning remittance transfers, emergency liquidity, and ability to repay requirements. CUNA filed 14 comment and agency letters.

 

Communicated the credit union story

 

  • Activists showed appreciation for lawmakers supporting the credit union tax status via CUNA’s "Thank You Thursday" on Twitter. The League supplied text to help thank members.

 

 

 

 

  • CUNA invited credit unions to opt-in to communications they’d like to receive. Log on to www.cuna.org to view your profile. Select "custom opt-in" and make your selections.

 

  • We stepped up our game telling the CU story. A total of 80 credit unions showcased their best practices advancing our Unite for Good effort through a CUNA GAC storyboard. More than 200 credit union-submitted stories were posted to www.UniteforGood.org to share best-practices within the movement. There have been 36,000 visitors to the site in a year.

 

  • The spring issue of brass|MAGAZINE was delivered to more than 300 Wisconsin teachers to aid their understanding of credit unions and personal finance issues. Brass held a photo contest in April to engage students in financial learning.

 

Addressed compliance issues

 

  • The League answered more than 780 compliance-related questions (calls and emails) to guide credit union operations. CUNA fielded over 550 inquiries.

 

  • CUNA made 173 Compblog posts, including 128 federal regulator updates from 10 agencies, 29 FAQs and 12 issue analyses on topics such as fair lending, HELOC mortgage rules, liquidity and data breach. Four new webcasts alerted credit unions to new developments in mortgage lending, BSA & OFAC, NCUA rules, data security and more.

 

  • 13 issues of The League’s Compliance Courier newsletter alerted credit unions to changes in Wisconsin laws, compliance deadlines, available resources and more. CUNA contributed eight articles to CUNA’s Credit Union Magazine to interpret emerging compliance issues.

 

  • 32 credit unions expedited compliance workload using League-trained & employed Compliance Specialists who assist credit unions on a shared basis. The Specialists concentrated this quarter on helping credit unions adapt to the new mortgage regulations by addressing changing forms, learning about ARMs, determining what were "qualified mortgages," obtaining background checks on loan originators, etc. This fee-based service has been lauded by regulators who have expressed trust in The League’s knowledge of regulatory requirements. It helps credit unions manage the cost of compliance, reduce the strain of exams and preserve a focus on member service.

 

  • 42 credit union participants received practical guidance at The League’s Spring Compliance Roundtable. The sessions covered recent and upcoming mortgage law changes, the Wisconsin Marital Property Act, trust accounts, stop payments, wire transfers, set off, advertising, and indirect lending. Attendees had the opportunity to share their insights, as well.

 

  • Three of The League’s lending forms were revised to comply with changing state and federal regulations. CUNA revised its Reg. Z eGuide chapter to include all of the new CFPB mortgage lending rules, adding over 100 pages to the online manual. A new eGuide chapter on FATCA addresses new rules on nonresident alien members.

 

Tackled operational challenges

 

  • CUNA launched a Risk-Based Capital Action Center on its website to help credit unions understand the negative impact the NCUA’s proposal will have on member service & income. Tools included calculators, videos, sample comment letter language and a blog.

 

  • We tallied the cost impact of the Target data breach to credit unions via a survey so that we could impart it to policymakers & media. More than 1,000 U.S. credit unions completed the survey, revealing a total liability to the movement of $30.6 million. CUNA was the first trade association to call on Congress to hold hearings on the breach and inquiries were held by the Senate Banking Committee, Senate Judiciary Committee, House Financial Services Committee, House Energy & Commerce Committee, and House Science Committee.

 

  • CUNA Strategic Services reported that in 2013 it saved credit unions $35 million through alliance relationships, conducted due diligence on 37 companies and contributed $2.8 million to the credit union system.

 

 

  • CUNA became an NMLS approved provider for Mortgage Loan Originator Training. Under the S.A.F.E. Act certain mortgage loan originators are required to be licensed and take continuing education courses.

 

  • League consulting helped credit unions follow up on exam issues, complete call reports, review income statements/balance sheets, complete board plannings, create policies, and improve their accounting.

 

  • Two credit unions worked to improve their growth potential by addressing a wide range of issues – from operations to training, marketing and more – as part of The League’s Small Credit Union Initiative. Another engaged the League for asset/liability management training.

 

Pursued educational opportunities

 

  • More than 12,000 credit union employees and volunteers completed more than 85,000 courses through CUNA.

 

  • The League helped 764 individuals complete 70 courses in person or online. Learning centered on fee income, hosting retirement fairs, consumer & auto lending, marketing, using tax returns, improving your board, security, e-documents & document retention, social media, IRAs, business continuity, IT risk, troubled debt & foreclosed assets, loan portfolio management, the Hispanic market, the role of tellers and notaries, cross-selling, elder fraud, vendor contract management, ALM, youth outreach and dozens of compliance-related issues.

 

  • The League facilitated Roundtables for credit union execs on key issues including Human Resources, Compliance and issues of concern to Small Credit Union CEOs.

 

  • CUNA Councils conducted six roundtable discussions and identified 24 topics for white papers this year.

 

  • More than 70 Young Professionals (age 35 and younger) participated in a YP Boot Camp held at Royal Credit Union in Eau Claire to learn about community outreach strategies.

 

  • A representative from Wisconsin and 44 other states and D.C. crashed  the CUNA Governmental Affairs Conference to advocate and learn about CU issues.


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