The Point: Oct. 11, 2013

Holiday schedule:
The Credit Union Association of New York, Covera, CUC Mortgage Corporation, UsNet and the New York Credit Union Foundation will be closed Oct. 14 in observance of Columbus Day.

Economic Forum delivers expert speakers, timely topics

Credit union leaders heard from economists, industry experts and a bestselling author during the Credit Union Association of New York's 2013 Economic Forum earlier this week. The Forum was held Tuesday and Wednesday at the Desmond Hotel in Albany, drawing attendees from every corner of the state.

Following a brief welcome from Association President/CEO William J. Mellin, the Forum kicked off Tuesday morning with a presentation from John Lass, CUNA Mutual Group's SVP of strategy and business development. Lass highlighted emerging threats posed by non-traditional financial institutions, as well as new payment technologies expected to make an impact in the coming years. Lass also encouraged credit unions to look for growth opportunities by focusing on member needs instead of specific products or services.

"The presentation was great," said Don Denofio, president/CEO of Saratoga's Community FCU. "It wasn't a dry economic presentation; it was a presentation on the bigger picture-what boards and CEOs have to be looking at as far as trends in the industry that will affect us the most."

Following Lass' presentation, attendees had their choice of concurrent breakout sessions led by industry experts. The three sessions focused on economic outlooks, asset/liability management trends and loan portfolio risk management strategies.

Tuesday's agenda concluded with a networking reception, allowing attendees to connect with their peers. "It's really important to be exposed to high-caliber presenters, but there's equal brilliance to be found in the networking and conversations with our colleagues," said Jack Ewald, manager/CEO of UHS Employees FCU. "There's really a lot to be gained by just speaking with folks on the other side of the state who are working in the same environment."

Wednesday morning began with a presentation by Dr. Barry Asmus, a senior economist with the National Center for Policy Analysis. Asmus offered a positive outlook on the U.S. economy and focused on the resurgence of American manufacturing and production.

The Forum concluded with a lighthearted presentation from keynote speaker Steve Gilliland. A credit union board member, bestselling author and Speaker Hall of Fame inductee, Gilliland encouraged the group to rediscover their passion and "enjoy the ride."

"It's so easy to get caught up in what we're going to do next in order to stay competitive, but Steve Gilliland really made me remember that we have to focus on the here and now-what we're doing today," said ACMG FCU President Vicki O'Neill. "And he knew how to drive home his point with humor. It's always good to laugh."

Lead sponsors of the Forum included CUNA Mutual Group, CO-OP Financial Services and CU Direct.

CFPB publishes HMDA resubmission schedule, guidelines

The CFPB has published a bulletin addressing new Home Mortgage Disclosure Act (HMDA) resubmission schedules and guidelines, compliance tips and a list of factors the Bureau will consider when deciding whether to pursue a public enforcement action for HMDA violations.

The resubmission guidelines, also available online, outline the error thresholds that CFPB examination teams will use to determine when institutions should correct and resubmit their HMDA data. The new guidelines will apply to HMDA reviews that begin on or after Jan. 18, 2014. The examination teams will use different guidelines when conducting HMDA reviews at banks and nonbanks that have 100,000 or more mortgage loans to report.

Recognition Round-Up

Three New York credit unionists have been named "credit union rock stars" by CUNA's Credit Union Magazine, the largest national publication in the credit union industry. Cara Carlevatti, member development coordinator at Great Erie FCU; Emma Smalley, financial counselor at Boulevard FCU; and Lisa Totaro, content manager at Sunmark FCU, are among an elite group of 48 individuals featured in the magazine's special "Rock Stars" issue. The issue will be mailed to all member credit unions next week in honor of International Credit Union Day.

Hudson Valley FCU recently received a Business Excellence Award from the Dutchess County Economic Development Corporation in the Special Award category-a category created specifically to honor Hudson Valley FCU. The credit union will be presented with the award at reception event Oct. 17 in Poughkeepsie.

About Recognition Round-Up:
Credit unions and/or credit union leaders receiving a significant local, state or national award are encouraged to complete and submit the Credit Union Announcement Form for recognition in The Point and on the Association's Facebook page. Photos and related press releases may also be attached with the form.

CUNA offering free CPDOnline basics webinar Oct. 16

Credit unionists can learn more about CUNA's CPDOnline program during a free webinar Oct. 16. CPDOnline is a web-based training service that provides more than 350 credit union-specific courses on topics including lending, member service, compliance and more.

Scheduled to begin at 11 a.m., the webinar will provide information on navigating CPDOnline, the main functionality modes and the basic features included with the program. An open Q-and-A session will also be included.

To register or learn more about the webinar, visit CUNA's website.

Helpful Links

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New York's State of Mind Blog

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