IRS: CU, Bank Reporting Rule Would Raise $460 Billion in 10 Years
Requiring financial institutions, including credit unions, to report to the Internal Revenue Service the inflows and outflows from customer accounts could raise $460 billion in additional tax revenue over ten years, according to IRS Commissioner Charles Rettig. Reported by David Baumann of the Washington CU Daily.
Is Data Privacy Legislation Coming to Your State?
The privacy of data is becoming increasingly important by the day, and credit unions could find themselves paying a pretty penny for failing to meet regulations. Patrick Sickels reviews data privacy legislation currently on the table and discusses the potential for more.
Trust, But Verify: How Not to Potentially Lose Out on Thousands
Are you putting your credit union at risk for losing thousands of dollars? Cody Smith argues that failing to validate results after a software change is released can lead to big losses over time.
NCUA to Accept Streamlined Applications for CDFI Certification
Low-income, federally insured credit unions that wish to be certified as Community Development Financial Institutions may apply for the NCUA’s streamlined qualification process between Sept. 12 and Oct. 15, agency officials announced.
Creating a Tried-and-True Training Program
There’s no one perfect method for developing a great training program, but Sarah Ashby has created a tried-and-true system to make sure you have all your bases covered.
Why Aren’t Your Members Attending Your Annual Membership Meeting?
Annual meetings are essential for keeping your member-owners informed and invested in the credit union, so how do you get your members in the door? Melissa Fulgenzi shares her thoughts after attending annual meetings at multiple credit unions.
Experts Predicting Doom: A Perennial Practice
Predicting the potential doom of a thing is easy. Predicting its certain doom is silly. Chip Filson suggests listening to doomsayers for warnings, then moving forward towards progress.
CU Trades: NCUA is Too Picky in Anti-Money Laundering Exams
NCUA examiners are too picky in their Anti-Money Laundering/Bank Secrecy Act enforcement and are citing financial institutions for small technical violations, NAFCU and CUNA have told the agency, reports David Baumann of the Washington CU Daily.
Beware of Ideas That Are Not Your Business
John Beauchamp urges credit unions not to be blinded by flashy ideas and technologies that bring nothing to the business—or their members—except glitz and glamor.
Cracking the Code: Millennials and Gen Z
Figuring out how to market to Millennials and Gen Z seems to be a riddle with no answer, but the code might have finally been cracked. Emily Claus dives into what younger generations want from the financial institutions and how your credit union can get on track.
