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Advocacy News

New sheriffs in town: Harper and Hood confirmed on NCUA Board

As a savvy credit union leader committed to making members’ dreams a reality, you know that an appropriate dose of consistent and balanced federal regulation can free your credit union to do more. That’s why your League believes an empowering operating environment begins with a full, three-person NCUA board. Since April 2016, NCUA’s ongoing board vacancies have hampered the Movement’s proactive regulatory stance. Fortunately, the current NCUA dynamic is about to change with the recent U.S. Senate Banking Committee confirmation of Rodney Hood and Todd Harper onto the NCUA board. Both Harper and Hood are no strangers to the Credit Union Movement; Harper helped organize the first hearing on the stabilization fund, while Hood held a previous term on the NCUA board. Hood’s term will run through August 2023, replacing outgoing Board Member Rick Metsger. Todd Harper fills the vacancy created by former Chairman Debbie Matz, with a term expiring in April 2021. Your League looks forward to engaging the full NCUA Board on the future progression and empowerment of Ohio’s 267 credit unions. To learn more about our federal advocacy efforts, or if you have questions about the League’s priorities for NCUA, contact League VP of Advocacy Emily Leite (800) 486-2917, ext. 270, or eleite@ohiocul.org.

 

League fights for CFPB delay of short-term, payday lending rule

As member-owned cooperatives, credit unions are the original consumer protectors, especially when it comes to providing affordable, small-dollar loans in a time of need. Your League is committed to defending your ability to provide critical services, such as payday alternative products, by monitoring all proposed rules and laws that may impact your ability to meet your membership’s unique needs. Most recently, the Consumer Financial Protection Bureau (CFPB) proposed to delay the compliance date for the agency’s short-tern lending, or the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans, rule. To protect burdensome regulatory hurdles from impacting your credit union’s product offering, we wrote in support of delaying the mandatory underwriting compliance requirements until Nov. 19, 2020. Additionally, we are actively engaging the CFPB to curb predatory behavior while sparing responsible lenders, such as credit unions, in the short-term lending space. For an overview of the agency’s rule, visit InfoSight or contact our expert compliance partners PolicyWorks  at 1-844-731-6073 or OCULCompliance@policyworksllc.com.

 

Senator Brown hears Ohio CU need for stronger data security standards

Every day, millions of people’s privacy and security are threatened by sophisticated fraudsters, including your credit union’s members. With 10,000 data breaches impacting 11.6 billion consumers since 2005, federal decision makers are examining how the lack of a national data security standard impacts consumers and the businesses that serve them. At a recent hearing in the U.S. Senate Committee on Banking, Housing and Urban Affairs, Ranking Member U.S. Senator Sherrod Brown (D-Ohio) requested feedback from interested stakeholders on the collection, use, and protection of sensitive information by financial regulators and private companies. Your League knows how important data security is to your ability to protect your members and provided Senator Brown with the following recommendations:

-        Any new consumer data protection standard must include elements that protect both the privacy and security of consumer data.

-        Congress should apply data security standards to any agency or private company that collects, uses, or shares personal data and impose accountability standards in the event of a data breach or compromise.

-        Robust data security standards must be baked into any new data protection law as the current notification process alone fails to timely and preemptively address the misuse or breach of consumer data.

-        Consumer data protection laws must include remedies in the event of a breach to empower impacted businesses, like credit unions, and consumers to hold the culpable party accountable.

-        A national data security standard must preempt the current inconsistent and inequitable state-level data standards, to ensure fair compliance and protection for all consumers.

 

Establishing national data security standards, like those your credit union follows under the Gramm-Leach-Bliley Act, is imperative to reducing the frequency of data breaches that expose the personal information of millions of Ohioans. To learn more about our federal advocacy efforts or if you have questions about the League’s priorities for data security, contact League VP of Advocacy Emily Leite (800) 486-2917, ext. 270, or eleite@ohiocul.org.

 

League political disbursement strategy in full swing

Legislative success does not happen without active engagement. For the League and credit unions to secure tangible victories, such as regulatory relief or enhanced lending powers, we must be persistently communicating with members of Congress and the Ohio General Assembly. In modern times, communicating means sharing the value proposition of credit unions through multiple media channels and face-to-face interactions. To support those who champion our issues, we provide campaign support from our Political Action Committees (PACs), so they have the financial fuel needed to broadcast the benefits of cooperative lending.

 

Since our PACs are funded solely by credit union employees and directors, we take our fiduciary responsibility very seriously, which is why our team of political experts drafted a board approved budget to ensure our disbursements are appropriately targeted. We put a premium on being bi-partisan, as both Democrats and Republicans support credit unions. Further emphasis is placed on: leadership, committee assignments, and experience. During the spring and summer, there will be many opportunities to join us in supporting those that support credit unions, so contact Director of Legislative and Political Affairs, Cory Fleming, at (800) 486-2917 ext. 205 or cfleming@ohiocul.org and Manager of Legislative and Political Advocacy, Andrew Canan, at (800) 486-2917 or acanan@ohiocul.org, who would be happy to coordinate your participation.

 

#AdvocacyInAction: Meanwhile, back home in Ohio

While CUNA GAC was a huge focus of the advocacy team last week, your League staff was also busy back in Ohio at the Statehouse and beyond. Below is a snapshot of recent advocacy action. For a more in-depth synopsis, follow our social media channels: TwitterFacebook, Instagram, LinkedIn.

-        To ensure credit unions have a voice in any potential legislation that could impact them, League staff has recently participated in several interested party meetings to share the thoughts and concerns of credit unions. Recent meetings include a bill being introduced by State Senator Theresa Gavarone (R-Bowling Green) that would make a savings account for a first-time home buyer tax deductible and a bill from State Rep. Derek Merrin (R-Monclova Township) that would overhaul the unclaimed funds system.

-        Meeting with key leaders in the legislature is critical to a strong advocacy effort, which is why your League staff recently met with Chairman of the Senate Insurance and Financial Institutions Committee, State Sen. Bob D. Hackett (R-London), in order to discuss the legislative priorities of Ohio’s credit unions.
 

-        Check out the third posting of On Miriah’s Mind, the League’s newest blog that covers the legal buzz and regulatory rundown. This month it takes a look at elder fraud. Don’t forget to subscribe (by clicking the follow button) so you stay well informed.

 

If you would like to learn more about your League’s constant advocacy efforts on behalf of credit union priorities or have questions about a specific piece of legislation, contact the League government affairs experts: Emily Leite at (800) 486-2917, ext. 270, or eleite@ohiocul.org; Cory Fleming at ext. 205 or cfleming@ohiocul.org; or Andrew Canan at ext. 210 or acanan@ohiocul.org.

NEWS, RESOURCE UPDATES + MORE

Premier Foundation experience at inVest48: April, 15

InVest48 is celebrating 60 years of Motown and 21 years of the Ohio Credit Union Foundation with a memorable evening to kick off convention, generously sponsored by Corporate One FCU. Join your peers for a night of dining, dancing, and a wine pull fundraiser, all supporting a worthy cause for credit unions.

A $50 donation, with your i48 registration or at the door, gains you full access to this exclusive event taking place Monday, April 15, at 6:30 p.m. in the Hyatt Regency Columbus Ballroom, located on the third floor. If you have questions, or are already registered for inVest48 and would like to add this experience to your registration, contact League Director of Member Experience Kimberly Connor at (800) 486-2917, ext. 248, or kconnor@ohiocul.org.

 

Hear how the state regulator is preparing for CECL at inVest48 workshop: April, 15

Do you want to know how the Ohio Division of Financial Institutions (ODFI) is preparing to examine for the new Current Expected Credit Loss (CECL) accounting standard? Join ODFI and other experts at inVest 48 on Monday, April 15 for a CECL workshop where expert speakers will demystify common misconceptions about CECL and help you prepare for the upcoming implementation. Because CECL can be confusing, the workshop will provide a one-hour CECL overview exploring the extended deadline and new accounting staff guidance. Attendees will then hear from a panel covering each perspective: modeling, auditing, and examining. Attendees will also have the opportunity to explore CECL solutions and hear directly from vendors, learning how business solutions are preparing their clients for the implementation deadline. Make sure you register now to attend Demystifying CECL. Contact League Regulatory Counsel Miriah Lee at (800) 486-2917, ext. 262, or mlee@ohiocul.org with any questions.

 

Consumer tips to share with members: Informed Consumers  

On average, Ohioans consider themselves adept at protecting their personal information, but research suggests that may not be enough to keep identity thieves at bay. March’s Monthly Marketing Toolkit, a complimentary resource as part of your League membership, provides tips for surviving identity fraud to share with your members. The toolkit contains an article perfect for sharing with members in your credit union’s newsletter, website, blog, and latest press release, as well as a month’s worth of related social media posts. Access the latest Monthly Marketing Toolkit on the League’s website, or contact League Director of Member Experience Kimberly Connor at (800) 486-2917, ext. 248, or kconnor@ohiocul.org with any questions.

 

Credit union leaders face challenges every day, inVest48 has a track to help: April, 15-17

As a leader, the everyday challenge of running a branch is not the same as it was ten, or even five years ago. How you react to the workforce changes will determine your success as a credit union. The only conference specifically geared toward Ohio’s credit unions, inVest48, has an entire track focused on best advocacy practices, letting go of legacy thinking, empowering your team, and of course, big picture thinking. Don’t miss out on all this year’s conference has to offer. Register for inVest48, or if you would like to hear more about a breakout track that is right for you, contact Jose Ortiz at (800) 486-2917, ext. 217, or jortiz@ohiocul.org.

 

Beyond IT: How to Create an Organization-wide Cybersecurity Culture
Employees may unintentionally cause data breaches by clicking on a phishing email or inadvertently downloading a malicious document or access a link on their work computer that allows hackers access to your system. Faced with such challenges, credit unions must make cybersecurity part of the company culture. CMG brings you four essential components to consider when it comes to a good employee-related cybersecurity plan.