ICUL Service Corporation
 
ICUL League Directors Report
 
 
     LEAGUE             
DIRECTORS' REPORT
Illinois Credit Union League                                                 June 2015
  
Feature Story
  
ICUL confirms Tom Kane as President/CEO 
  
The Illinois Credit Union League (ICUL) and ICUL Service Corporation (LSC) are pleased to announce the selection of Tom Kane as President/CEO, effective immediately.  Tom had been serving as interim CEO since May 26, 2015.
  
"We are excited to elevate Tom to President/CEO," said Pete Paulson, ICUL & LSC Board Chairman.  "With his relationships inside and outside the organization, knowledge of the movement and wide range of experience, Tom is uniquely qualified to lead the Illinois Credit Union System."
  
Tom's track record of strong leadership includes the last 12 years as Executive Vice President of the Illinois League and LSC, a $65 million business, providing financial products and services for than 2,300 credit unions across the country.
  
"I am thrilled to be leading our organizations and look forward to doing my best to ensure our members receive the time, attention and resources they deserve.
During my nearly 12 years with the Illinois League and LSC, I've had the privilege to meet many credit union people and the opportunity to work alongside a terrific staff dedicated to our mission of serving credit unions and their members.  I look forward to seeing many of you as I visit credit unions and attend events around the state.  I'm excited about our future and look forward to working with you.  As always, my door is open," said Tom.
  
Important News
  
Lawmakers in continuous summer session
ICUL successful this Spring
  
Illinois lawmakers departed Springfield on May 31, the scheduled date of session adjournment, with direction from leadership that the legislative session will continue throughout the summer months. The failure of legislators and the Governor to agree on a budget for the coming fiscal year necessitates the extended session. House and Senate Democrats presented a budget which includes a $3 billion deficit, but no agreement was reached with the Governor on a final budget for FY 2016.
  
The monumental task facing legislators and the Governor is to pass a budget for the coming fiscal year, which begins on July 1.
  
During the continuous summer session, ICUL Governmental Affairs staff will monitor General Assembly proposals for anything that might affect credit union operations, including taxation and fund sweeps.
  
Throughout the 2015 legislative session, several proposals which would have resulted in a negative impact on credit unions were defeated. By the same token, legislation was advanced which will enhance the ability of credit unions to operate in Illinois. The most prominent piece of legislation involving credit unions was a measure proposed by ICUL to amend the Illinois Credit Union Act.
  
Click here for a more comprehensive look at credit union related state legislation.
  
As part of our advocacy strategy, more than 110 credit union advocates attended ICUL's annual Legislative Day event in Springfield on May 5.  This one-day event included state and national presenters, legislative briefings and state capitol visits.  Attendees ended the day at a reception where they were greeted by Comptroller Leslie Munger and many members of the General Assembly. ICUL received positive feedback from both attendees and legislators following this event. We thank all of our attendees and look forward to seeing you back in Springfield next year! To view a photo recap of the day, please click here.

  
"It's a Money Thing"
  
The Illinois Credit Union Foundation is collaborating with Currency Marketing on a fundraising agreement to promote the popular "It's a Money Thing" financial education content program to Illinois credit unions.
  
The program provides engaging, educational content to young adults on a range of important financial topics.  It was piloted by Filene Research Institute, which researches and analyzes issues vital to the future of credit unions and consumer finance.
  
Join us for a free webinar on June 23 to learn how your credit union can get involved and help the ICU Foundation benefit from this program. 

 

 

Get Recognized!
ICUL statewide award competitions now open   
  
Please consider this the official call for entries for the annual Desjardins Youth Financial Education Award Program, the Dora Maxwell Social Responsibility Award and the Louise Herring Award for Philosophy in Action award competitions.
  
New changes for 2015! In an effort to streamline the submission process for our member credit unions and to reduce financial and human resources spent on the submission process, CUNA and the Leagues have collaborated to produce one standardized format and online submission process.

The Desjardins Financial Education Award recognizes leadership within the credit union movement on behalf of youth and adult financial literacy.  The Dora Maxwell Social Responsibility Community Service Award program honors the work of credit unions for external activities in the community, and the Louise Herring Philosophy-in-Action Member Service Award program recognizes the practical application of credit union philosophy in daily internal operations.
  
Winning credit unions at the state level will be recognized at the Keynote & Awards program held during the League's 86th Annual Convention (April 7-9, 2016) and at their respective chapters.  State winners from each competition will then advance to the national competition for judging. In addition, national winners will be recognized at the 2016 CUNA Governmental Affairs Conference in Washington, D.C.
  
All entries must be submitted to the League office by July 31, 2015.  Submit today!
  
  
Embrace with Members
 
The World Council of Credit Unions has announced the 2015 International Credit Union (ICU) Day® theme is "People Helping People," embracing the longstanding credit union philosophy. ICU Day is celebrated annually on the third Thursday of October and will take place this year on Oct. 15, 2015.

Since appearing in several past ICU Day themes from the 1960s and 1980s, the phrase's meaning has stood the test of time. By adding a modern and colorful design, ICU Day celebrations this year have potential to raise awareness of credit union benefits and ultimately attract more members worldwide-contributing to World Council's goal of adding 50 million new members by the year 2020.
  
Official ICU Day graphics and posters in English and Spanish are available for download on the World Council's website at www.woccu.org/icuday. Promotional materials and other tips to help celebrate International Credit Union Day will soon be available.
  
Mark the date of this annual worldwide credit union celebration and start making plans today!

 
Educational Opportunities
  
How do you take a multi-billion dollar idea and make it work at a non multi-billion dollar credit union? What makes a select group of right-sized, entrepreneurial companies turn value into profit, focus on growth, and lead in their respective markets?  More important, how do they uphold and enrich an agile, entrepreneurial mindset and steer clear of the competitive liability of mediocrity? Find out more at the Think Big - Act Small QuickBites on June 23 (Session Code: 490).
 
Constant regulatory changes are taxing even the most robust credit union regulatory compliance programs. Given all of the recent and upcoming regulatory compliance changes, it is more important than ever to have a solid regulatory compliance program.
 
The Ten Steps to a Successful Compliance Program QuickBites on June 25 (Session Code: 491) will focus on the elements critical to every regulatory compliance program.
 
We all know it's critical to prepare for the 2015 ACH Rules changes and to understand the future of ACH. Ensure you'll be in compliance by attending the ACH New Rules Update Quickbites on June 30 (Session Code: 493), which will provide an overview of recent ACH Rules amendments and other important issues impacting the industry.
 
Skip tracing is the debt collectors' Big Secret, the Ace in the Hole that makes people ask, "How did you get my number?" The art of skip tracing has also become a science, driven by new technologies and society's mad use of social networks. Find out what's hot, what's not, what to ask and how to stay compliant at the Skip Tracing QuickBites on July 7 (Session Code: 603).
 
Proper titling and documentation of accounts is extremely important. The FDIC requires specific terminology in the account title, and titles often are key in legal disputes or when an account holder passes away. The Basic Account Training QuickBites on July 9 (Session Code: 604) will cover:  the Bank Secrecy Act (CIP), FDIC Insurance Basics, TIN Certification, and much more.
  
Changes to the wire transfer fraud environment have made accepting transfer requests remotely (phone, fax, email and online banking secure messaging systems) from members very risky. At the Wire Fraud QuickBites on July 16 (Session Code: 606), learn how fraudsters perpetrate wire transfer fraud schemes and how to minimize your exposure to large losses.
  
Deciding what types of loans to make, who to make the loans to, and how to most effectively go about reaching these potential members can be challenging, to say the least. Find out more at  the Why Marketing Analytics Change Landscape QuickBites on July 21 (Session Code: 607).
Also on-demand for 2015 is H.B. 5342 - BOD & Supervisory Committee Training.  H.B. 5342 was initiated by the League to provide consistency and clarity in the credit union regulatory exam process. H.B. 5342 requires that each credit union board director must understand the credit union's financial statements. Sign up for this important training today (Session Code: 419).
  
On-going resources also include on demand training for the Bank Secrecy Act and Financial Exploitation of the Elderly.  In addition, the audio archive of all QuickBites and telecourses is 60 days with paid registrations!
  
For the complete calendar, see the League's Web site.
                             
    
Create Mobile Moments   
  
Today's members desire connection.  They value convenience and access. Truth is, your members have higher expectations than ever before when it comes to carrying on a conversation - especially when the mood strikes them.
  
When U.S. consumers are online, they turn to apps 86% of the time. With CU Mobile Apps, your credit union can be part of the decision process, even when you can't be there.
  
Alexis is on the dealer's lot eyeing a new Audi.  Victoria wants to chat about her financial goals from her office.  Brooke is online planning ahead for her weekend home décor shopping trip.  Financial needs occur anytime, anywhere
  
With CU Mobile Apps, put the power of a credit union branch right into your member's hand.  Your credit union is just a tap away.
  
Deliver convenience with a mobile solution. CU Mobile Apps incorporates the functions of your current app and adds easy-to-use, customized mobile applications, such as push notifications, live chat and a loan request form - all of which give members the convenience and connection and service experience they want, when they want ithttp://cumobileapps.com.
  
  
Let's Hear Your Stories!
  
Do you have inspirational stories of how your credit union helped its members?  How about meaningful pictures from your events?
  
LSC is developing its 2016 calendar for credit unions around the United States. We are currently collecting images and member stories to be included in the calendar. 
  
Please send your submissions to William Wille, LSC PR Coordinator.
DATES & EVENTS
  

Small Credit Unions - It's your Time to Shine! The highly popular Small Asset Size CU Conference will be held at ICUL's Naperville offices August 4-5 for credit unions up to $40 million in assets.  Get the latest updates via an interactive session with state and federal regulators and League staff dealing with the latest regulatory and compliance issues; an update on what is happening at the Office for Small Credit Union Initiatives; hear all about the newest products & services available from the League and LSC and learn from your peers via networking and a best practices panel.

 

"Take Me Out to the Ball Game" and Celebrate Credit Unions! Join us for U.S. Cellular Field's Credit Union Day!  This special event will be held on Monday, August 10 as the Chicago White Sox take on the Los Angeles Angels. Game time is 7:10 p.m.  Plan now to gather your credit union members, your family and friends for a great evening at the ball park.  Purchase your tickets online through the Chicago White Sox at www.whitesox.com/creditunion or for group ticket sales (20 or more tickets), please contact Mike Rourke at 312-674-5186 or mrourke@chisox.com.

 

Annual Chapter Meet Up.  Chapters are integral to the Illinois Credit Union System.  Chapter leaders, your annual conference is being planned for August 19-20 in DecaturWe look forward to seeing you in August!  For now, mark the dates in your calendar and watch for more details in the coming weeks. 

 

Get the Latest Legal Updates.  We encourage you to attend ICUL's 38th Annual Attorneys' Conference, which will be held in Oak Brook on September 18-19Designed for credit union attorneys, this conference provides an annual update on laws, regulations and judicial decisions impacting the operations of credit unions you assist.  For more information about the conference including hotel arrangements, please contact the Office of General Counsel.

  
Just for Young Professionals.  After achieving a sold out inaugural event, CU Reach will be holding its second annual Young Professionals conference in Naperville on September 22-23CU Reach is committed to recruiting and retaining young professionals to inspire life-long careers in the Illinois credit union movement and is looking forward to another high energy and dynamic conference for those 40 and under.  Get ready to send your younger staff to a gathering they won't soon forget!
  
A New Opportunity for Women.  Join us for the Women's Leadership Conference, to be held on October 6 at the Morton Arboretum in Lisle.  This first-of-its-kind event is open to all women in the credit union movement and will focus on developing and enhancing leadership skills, and empowering women to achieve their goals.  There will be many great speakers and opportunities for networking.  Full conference details will be available via the League's Web site and sent to all credit unions this month.  Join us for this unique gathering! 
  
  
 
Study: Online Calculators Improve Probability of Saving Enough for Retirement
   

Over the last several years, you've probably read about dozens of surveys in which a large majority of American workers say they're not saving enough for retirement. But that only tells half the story, if that.

For a deeper understanding of how many of us are saving enough for retirement, measure how many of us actually have an educated idea of how much "enough" is likely to be.

 

According to the 2015 Retirement Confidence Survey (RCS) conducted by the Employee Benefits Research Institute (EBRI), less than half of workers report that they or their spouses have tried to calculate how much they'll need to live comfortably in retirement.

To read the full article and learn more, please click here

 

 

TRID Compliance - Getting Down to the Details: Timing Requirements

 

With less than three months before the August 1 deadline for the TILA/RESPA combined disclosure, your credit union should have a solid plan for where the new disclosures are coming from and how to implement those documents. It's now time to think about policy and procedure changes required by the new rule.
One of the key procedural changes will be the myriad of timing requirements for the new disclosures.  The basic timing rules are:

Illinois Credit Union League

 

1807 W. Diehl Rd. Naperville, IL 60563      225 S. College, Suite 200, Springfield, IL 62704

(800) 942-7124      http://www.iculeague.org


Our Mission: To Serve You