Onsite: NAFCU’s 47th Annual Conference and Solutions Expo in Las Vegas
NAFCU’s 47th Annual Conference and Solutions Expo is taking place this week in Las Vegas, NV. Stop by often and follow CUInsight.com’s coverage on the site and through our social media channels. Check out @CUInsight and #NAFCUAnnual on Twitter for real time coverage throughout the week.
NAFCU announced Ed Templeton, Pres/CEO of SRP Federal Credit Union in North Augusta, SC as its new board chairman Tuesday.
The NCUA’s Board Chairman Debbie Matz addressed the attendees. Matz said the NCUA will propose to “effectively” eliminate the 5 percent cap on federal credit unions in fixed assets. “The proposal would cut the red tape and streamline the process for federal credit unions to occupy land or buildings.” Matz also talked risks to the credit union industry’s safety and soundness. Cyber security and interest-rate risk were a focus. She also updated the group on the NCUA’s approach to regulation and discussed seeking to modernize RBC standards.
Doug Duncan, SVP and Chief Economist at Fannie Mae, told attendees that we will see $1.1 trillion in mortgage loans in the US this year, most being first mortgages. There are still almost 1 million homeowners affected by the financial crisis that remain eligible for help through the Home Affordable Refinance Program. Duncan also addressed young renters and the student debt that is holding them back from being homeowners.
John Ainsworth of MasterCard presented a breakout session discussing the transition from digital payments to digital wallets. “Digital payments provide credit unions and their members a gateway from physical to virtual mobile.” Ainsworth also discussed the topic of EMV technology and the transition credit unions are making.
Dan Berger, NAFCU president and CEO, stated that NAFCU will continue its commitment to championing credit unions RBC concerns to the NCUA. He called the Matz’s comments a “great step forward.” He also reiterated the NAFCU’s estimate that credit unions would need to come up with more than $7 billion in capital to retain their current capital cushion under NCUA’s current proposal.
NAFCU Services Corporation announced the winners of their 2014 Innovation Awards. This year’s winners were Burns-Fazzi, Brock; Allied Solutions; DDJ Myers; and Insuritas.
Burns-Fazzi, Brock: The BFB Executive Benefits Learning Series helps credit unions understand effective methods for executive compensation and benefits to help recruit, retain, and reward their executive team. Complex topics in executive benefits and compensation are broken down into tax, accounting, legal, regulatory compliance, funding, and administrative concepts allowing credit unions to increase their knowledge and gain free practical advice. The series consists of monthly, free live webinars which are recorded and archived for future reference.
Allied Solutions: UniTrac is a proprietary insurance tracking system that benefits credit unions by reducing the risk associated with collateralized loan portfolios. The tracking solution is completely workable online for credit unions through their client portal: CenterPoint. CenterPoint offers clients full access to insurance history and document images, letter notifications, customer service call notes, and claims. Lenders are able to view, work, print and download reports, submit claims, update required data fields and chat online with Allied representatives.
Insuritas: InsureNOW™ was designed for credit unions with large member bases, big data CIF/CRM capabilities, and high-member affinity levels. InsureNOW™ allows credit unions to provide highly-customized, concierge-level insurance offers to their indirect borrowers at the moment when the member intends to shop for insurance. InsureNOW™ identifies insurance policy renewal dates for each member and generates targeted, automated pre-populated e-engagement communication to these indirect borrowers 30 days before their insurance policy renews.
DDJ Myers: The DDJ Myers Board Performance Assessment was developed to support credit union boards. The assessment is designed to guide boards in reaching their highest level of performance, and creating a high standard of excellence between board and CEO, one of the most critical interactions within the credit union. The assessment makes boards more cohesive and pinpoints critical areas where improvements could be made.
