NAFCU Services Podcast

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and today I am sitting down with Parijat Sinha, Head of Ecosystem Products at FIS, to talk about Meeting & Exceeding Member Expectations with Open Banking.   Join FIS expert Parijat Sinha for an informative session to explore: what is driving Open Banking in the credit union market, what the open banking world looks like, how permissioned data and open banking can create opportunity, concerns about the reliability of APIs and the security risks of sharing data with third-party applications, how credit unions can successfully embrace open banking while retaining a focus on their data security requirements, best practices for open banking ecosystem governance, how the regulatory environment needs to change to ensure open banking is successfully adopted throughout the credit union market, how the industry and government can collaborate to deliver an open ecosystem where consumers have greater control over their financial planning, and how FIS is seeing credit unions incorporate open banking in their strategy.   

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and today, I am sitting down with Zach Douglass, Director of Bond & Risk Management at Allied Solutions, to review fraudulent activities in 2024.   Join Allied Solutions expert Zach Douglass for an informative session to explore: the types of fraud activity they have been seeing most, how to make detecting account takeover attacks easier, if counterfeit US passport cards are a new type of fraud to watch out for, how fraudsters are using corporate and paper checks, what financial institutions should be on the lookout for when it comes to phishing schemes and how they should be educating their members, recent litigation trends for financial institutions to be aware of, and the types of fraud activities credit unions need to pay the most attention to in the back half of 2024. 

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and today I am sitting down with William Wetherill, Chief Information Security Officer at DefenseStorm, to talk about The Evolving Role of the CISO: From Technical Expert to Strategic Leader.  William, it's great speaking with you, and thanks so much for joining us today. Join DefenseStorm expert William Wetherill for an informative session to explore: how the role of CISO changed from being a technical role to a more strategic one, the key responsibilities of a CISO in managing an organization's cyber and technology risk posture, the importance of having a CISO at the decision-making table, how the SolarWinds case highlights the need for transparency in cybersecurity practices, potential legal and financial consequences of failing to prioritize cybersecurity, how CISOs can effectively protect their organization by expanding their strategic roles, the importance of training and awareness in maintaining cybersecurity, the role of the CISO in incident response planning, how the CISO can stay updated on the latest cybersecurity trends, threats, and mitigation strategies, the role of a CISO in ensuring regulatory compliance, and more.  In This Episode: [00:31] Today I am sitting down with William Wetherill, Chief Information Security Officer at DefenseStorm, to talk about The Evolving Role of the CISO: From Technical Expert to Strategic Leader. [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. It really comes down to culture, communication, and being able to help drive that leadership and strategy in a way that ensures the protection of the organization.  [02:58] Having the CISO with their knowledge of the potential impacts really helps drive a strategy that is understanding of those risks.  [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically.   [08:09] The ramifications and outcomes can be huge in a lot of different ways.   [11:19] Because of this awareness training and just training in general about cybersecurity becomes even more important.  [12:14] Treating people with the respect they deserve for being such an integral part of how a business runs and operates is incredibly important and every CISO should be out learning and understanding their challenges.   [14:28] It is critical that any CISO actually goes and meets the people where they are.   [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters.  [18:28] The reaction from the governing bodies is directly related to the needs of the position. They're trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions.  [19:08] Communicate first and relate. Understand the organization.    Links and Resources: NAFCU DefenseStorm William on LinkedIn

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld, with America's Credit Unions and I'll be your moderator. Today I am sitting down with Liz Santos, Chief of Staff at Gallagher, and we are going to talk about the annual Gallagher Executive Compensation and Benefits Survey.  It's one of the credit union industry's premier resources for compensation data. The report provides hundreds of data points for salary, scorecards, retention plans, and more, enabling credit unions to make better decisions for their rewards strategy. We talk about who participated in the survey, the positions included in the survey, key trends that stood out in this year's survey that are noteworthy, and how credit unions can access the report and use the data.    In This Episode: [00:32] Today, I am sitting down with Liz Santos, Chief of Staff at Gallagher, and we are going to talk about the annual Gallagher Executive Compensation and Benefits Survey. [01:11] They sent invitations to all credit unions across the country to participate in the survey, so that included federal charters, state charters, and those credit unions that are privately insured.  More than 700 credit unions participated and provided information for about 2500 of their executives.  [02:03] Traditionally, the report has included the CEO as well as the next four executives in terms of salary. This year, they also added CFO-specific information.  [04:01] Over ten years, the annual raise percentage has more than doubled. In 2015, the average increase was 3%, and today it is 7%. When executive's salaries are strong and increasing that is a good reflection on the industry as a whole.  [05:53] Another trend that I think credit unions should consider is annual incentives. 70% of CEOs have some sort of annual bonus or incentive.  [06:52] Previously, the type of plan was split, but now we are starting to see more plans lean toward the formal type. This year 38% of those plans were formal as opposed to 32% informal. That is a reflection of boards wanting to pay for performance by setting strategic goals and by pushing and incentivizing their CEOs and the rest of the C-suite to achieve those.  [07:41] Another trend is the use of nonqualified benefit plans. Nonqualified benefit plans or executive benefit plans are used to retain and reward your executives, top leaders, and other top performers. With credit unions that are 100 million in assets and greater, 75% of all executives have some sort of plan.   [09:22] 23% of other leaders or managers were also receiving some sort of nonqualified benefit plan. It is showing that there is a greater need and desire to retain these up and comers and build their leadership pipeline.  [11:05] Close to a third of CEOs are aged 60 years and older. About half of all CEOs are aged 55 and older. You have a great number of CEOs who are considering retirement if not already there. It pushes that time for succession planning.  [13:27] About 40% of CEOs have been in their role for five years or less.   [14:15] The primary objective of resources like this is to educate the decision-makers on the state of executive compensation so they have up-to-date information on what is happening in the market.  [16:52] Work with a compensation consultant to make the data more actionable. The data behind the data is where you can find the actionable tasks and make sure they are aligned with your strategic goals and where you want to be.    Links and Resources: NAFCU Gallagher Liz on LinkedIn Succession Planning

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and I'll be your moderator. Today, I am sitting down with Aoife May, Market Manager of Compliance Program Management for Wolters Kluwer, who is a trusted leader in compliance management. Today we're going to talk about Democratizing AI: Powerful Regulatory Compliance for Every Financial Institution. Join Wolters Kluwer expert Aoife May for an informative session to explore: the aspects of today's regulatory environment that are driving digital and AI adoption, expectations from regulators, and the increasing burdens put on compliance departments, what a credit union wants to understand when it comes to AI and regulatory compliance, expert augmented intelligence model, and if these offerings are feasible for any size credit union.   

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and I'll be your moderator. Today I am sitting down with Karan Kashyap, Chief Executive Officer of Posh AI, and Sam Das, Managing Director of TruStage Ventures, and today we are going to talk about Artificial Intelligence vs Emotional Intelligence.  Join TruStage Ventures experts Karan Kashyap and Sam Das for an informative session to explore: why both emotional intelligence and artificial intelligence are important for credit unions, some innovative ways credit unions are currently using AI to enhance member services, how credit unions can approach educating their board members and staff about the benefits and challenges of AI, how credit unions can build trust with their members when introducing new AI-driven tools and services, how AI can be designed to support empathetic interactions without replacing people, the potential risks associated with AI in the credit union industry and how to mitigate these risks, and the balance between leveraging AI for efficiency and maintaining the human touch that is so essential in the credit union industry.   

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and I'll be your moderator. Today I am sitting down with Keith Stayer, Executive Vice President at Triad Financial Services – a specialty finance company serving the manufactured housing industry since 1959. Today, we are going to talk about Affordable Housing and Manufactured Homes. Join Triad Financial Services expert Keith Stayer for an informative session to explore: the history of Manufactured Homes, why buyers should consider Manufactured Homes versus traditional site-built homes, why Manufactured Housing is a solution for affordable housing, some of the builders of Manufactured Homes, who are the typical owners of Manufactured Homes and where are they located, loan characteristics and rates of Manufactured Homes, how credit unions can support Manufactured Housing, and how credit unions can learn more about Manufactured Housing. 

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and I'll be your moderator. Today, I am sitting down with Barry Roach and Drew Megrey, Senior Account Managers at Upstart, and we're going to discuss How Credit Unions Can Win in 2024.  Barry Roach and Drew Megrey, Senior Account Managers at Upstart, join the CU Lab to share 'How Credit Unions Can Win in 2024.' They delve into the challenges facing credit unions today, from liquidity constraints to regulatory hurdles. Through their firsthand experience with Upstart, they explore how AI can revolutionize credit unions by maximizing liquidity, gaining and retaining membership, and ensuring fair lending practices. Discover success stories from current partners and gain insights into effective collaboration in the ever-evolving financial landscape. Plus, learn about Upstart's new AI certification programs, empowering industry professionals to lead the AI conversation at their credit unions.

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld with America's Credit Unions, and I'll be your moderator. Today, I am sitting down with Christopher Leonard, Chief Executive Officer at Velocity Solutions, and we are going to talk about putting fairness first in your overdraft strategy.  Join Velocity Solutions expert Christopher Leonard for an informative session to explore: CFPB's overdraft rule, what most credit unions will do in response, using alternative data to assess creditworthiness in providing overdraft limits and small-dollar, short-term loan amounts, components of a fair overdraft program, what other products and services credit unions should be offering as part of a complete consumer liquidity program, and if overdraft will ever go away.   

Thank you for joining us for another episode of the CU Lab. I'm John Ross with America's Credit Unions, and today I am sitting down with Scott Myers, 2nd VP of Operations at Allied Solutions, and Mike Batchelor, 2nd VP of Risk Management Product at Allied, to talk about Covering your assets, specifically tracking and collateral protection.   Join Allied Solutions experts Scott Myers and Mike Batchelor for an informative session to explore: market trends, which trends Allied tracks causing the greatest implications to auto loan portfolios for credit unions, what credit unions are doing to protect their portfolios when it comes to repossession and recovery, how credit unions can adapt their collateral protection strategies to mitigate risks and keep members in their vehicles, how credit unions can strike a balance between ensuring compliance and delivering exceptional member experiences, and what credit unions should be on the lookout for when leveraging digital tools and technology to optimize their insurance tracking and collateral protection programs.   

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld, with America's Credit Unions and I'll be your moderator. Today I am sitting down with Deedee Myers, CEO of DDJ Myers, and Peter Myers, Senior Vice President at DDJ Myers, and we are going to talk about Blind Spots in the Boardroom.   Join DDJ Myers experts Deedee Myers and Peter Myers for an informative session to explore: meaty topics happening in the boardroom today, why a board might not put some conversations in the foreground, blind spots for CEO succession and other areas, risk management, approaches of how boards are addressing succession planning and risk today versus historically, and other blinds spots boards and executives should be aware of over the next couple of years. 

Thank you for joining us for another episode of the CU Lab. I'm Madeline Kronfeld, with America's Credit Unions and I'll be your moderator. Today I am sitting down with Mark Mrva, Senior Director of Community Financial Institutions at SRM, and Mike Langenkamp, Director of Community Financial Institutions at SRM, and we are going to talk about operational agility and the key factors for success in 2024 and beyond.  Join SRM experts Mark Mrva and Mike Langenkamp for an informative session to explore: SRM's report that looks at critical operational areas that credit unions should examine, hidden expenses that some credit unions may not be aware of, related expenses and automating processes to offset costs, amount of lead time for renewing vendor contracts, some of the biggest challenges facing credit unions when it comes to evaluating their core investments, the pros, cons, and benefits of middleware, and considerations credit unions should take to control expenses this year and beyond.  

Thank you for joining us for another episode of the CU Lab. I'm Randy Salser with America's Credit Unions, and today I am sitting down with Liz Santos, Chief of Staff, Executive Benefits Practice at Gallagher, to talk about Mergers and Acquisitions, and unifying Two Different Executive Total Compensation and Benefits Programs.    Join Gallagher expert Liz Santos for an informative session to explore: the typical situations that she is seeing when it comes to bringing two different compensation and benefits programs together, the first step in the unification process, how a retention plan should be evaluated, and when changes should be implemented in these programs.  

Thank you for joining us for another episode of the CU Lab. I'm Randy Salser with America's Credit Unions, and I'll be your moderator. Today I am sitting down with Lynn Sautter Beal, Vice President of Implementation and Success at Upstart. We are going to talk about ensuring safety and soundness with AI.  Join Upstart expert Lynn Sautter Beal, Vice President of Implementation and Success for an informative session to explore why credit unions are applying AI to lending and how to empower credit unions to regulators and outside examiners through AI models during exams to ensure transparency and compliance. We also discuss challenges and key best practices for credit unions, and how credit unions can proactively prepare for upcoming developments in AI to stay ahead of the curve and maintain safety and soundness.    In This Episode: [00:32] I am sitting down with Lynn Sautter Beal, Vice President of Implementation and Success at Upstart. We are going to talk about ensuring safety and soundness with AI. [01:32] She leads Upstart's customer success implementation programs and professional services teams as well as their diligence teams.  [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast.   [04:02] As you are a credit union thinking about partnering with a Fintech look for the expertise within that organization.   [06:49] We have an Upstart diligence data room that is just a retro repository of everything that a credit union or potential partner would want to know about us.     [08:25] Articulating that business use case and then how partnering with a Fintech like Upstart can support that is really the first step in having a successful conversation with your board.   [10:30] If you are a champion of the program and you think this is the next type of right step for your credit union and you know there are objectors, talk to your account executive at your Fintech and have them help you overcome those objections.  [12:02] Lynn shares a recent positive success story.   [13:45] In addition to really knowing your business use case, plan for diligence.  Don't scrimp on due diligence. It will not support you long-term.  [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint.  [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly.  [17:31] Making sure you are talking to your peers is really a great best practice.   [17:41] Staying informed and connected will help keep you on the forefront of what is happening.    Links and Resources: NAFCU Upstart Lynn on LinkedIn

Thank you for joining us for another episode of the CU Lab. I'm Randy Salser, President of NAFCU Services, and today I am sitting down with Elizabeth Houser, Director of Cyber Defense at DefenseStorm, and James Bruhl, Director of Cyber Threat Intelligence at DefenseStorm.   The recent bank run at Silicon Valley Bank has clearly shown how dangerous false information can be, proving that financial panics aren't just things of the past like we see in old movies or history books. Social media's ability to spread rumors and fear quickly played a big role in this panic, as social media posts about the bank's health fueled a bank run. The event underscores a broader concern, especially in an election year, where the blend of social media's influence and the sophisticated tactics of social engineering and scams pose a significant threat.  Cybersecurity experts are increasingly alarmed at how these platforms can be exploited to fuel not just financial instability but also to undermine democratic processes and public trust, emphasizing the need for everyone to be careful and well-informed online. Join DefenseStorm experts Elizabeth Houser, Director of Cyber Defense, and James Bruhl, Director of Cyber Threat Intelligence for an informative session to explore: The role of media and social media platforms in spreading and sensationalizing false information, the threat of social engineering and scams perpetuated by media platforms, the importance of cybersecurity awareness and vigilance to protect yourself and your members from social engineering threats, and how to educate and foster awareness with your employees and members to combat the impact of false narratives and encourage critical evaluation of online information.

Thank you for joining us for another episode of the CU Lab. I'm Randy Salser with America's Credit Unions and I'll be your moderator. Today I am sitting down with Liz Santos, Chief of Staff, Executive Benefits Practice at Gallagher, and we're talking about Retaining Key Positions During Mergers and Acquisitions.  Liz shares the changes she is seeing in the credit union industry regarding mergers and acquisitions and the number of reasons for these changes. She also shares the options credit unions have regarding leadership retention, the risks to the continuity of leadership through a merger or acquisition, and what could happen if credit unions aren't proactive in retaining key positions.  Liz also touches upon the costs of a merger or acquisition overall including monetary and non-monetary costs. Tune in to learn the key consideration and where credit unions should start to retain key positions at their organization. 

Welcome to the 100th episode of the show, everyone! I, your moderator Randy, am thrilled to be joined today by Eric Kraus, the head of products and services at FIS. Join us as we delve into the evolving landscape of fraud prevention and detection. As we navigate the intricacies of payment fraud trends over the last three years, Eric sheds light on the impact of the surge in digital interactions, emphasizing the persistent challenges of card enumeration and account takeover scams. We explore the resurgence of seemingly old-school tactics like check fraud and the alarming rise of generative AI in the hands of fraudsters. Looking ahead to 2024, Eric also provides valuable insights into anticipated fraud tactics, urging credit unions to remain vigilant. We discuss strategies, from strengthening data strategies and embracing AI models to reinforcing multi-factor authentication controls, all essential components in staying ahead of sophisticated fraud schemes. As we unravel the complexities of card enumeration attacks, Eric shares best practices, emphasizing the importance of vigilance in monitoring various transaction activities. Eric also touches upon anti-money laundering processes, highlighting the need for a holistic approach, data consolidation, and the integration of predictive capabilities in safeguarding financial institutions against evolving threats. Tune in to equip yourself with the knowledge and strategies necessary to navigate the ever-changing landscape of fraud prevention.  

Your moderator Randy is back for today's episode in which I take a deep dive into the ever-evolving landscape of vehicle protection in the era of electric cars and extended ownership, and I have Patrick Lynch, VP of Sales of Automotive Solutions at Allied Solutions, joining me for this insightful conversation! We reflect on the past four years since the pandemic hit, exploring how supply chain issues initially impacted vehicle values and gap claims, and Patrick takes us through the surprising shifts in the market, discussing the unique challenges posed by electric vehicles, from rapid depreciation rates to the staggering costs of repair. However, it isn't just about EVs; we also touch on the broader trends affecting gap and mechanical breakdown protection. With rising repair costs and consumers holding onto their cars longer, we explore how credit unions can position these products to shield members from potential financial hardships. Tune in as we navigate compliance changes, including insights on the new California Gap insurance law, and wrap up with a discussion on why credit unions offer a more member-centric approach to protection products compared to dealers or direct marketers!  

I, your host Randy, am sitting down this week with Vince Passione, CEO and founder of LendKey. We dive into the tumultuous year in lending, discussing the challenges credit unions faced, from economic impacts to rising delinquency rates. Vince shares insights into navigating liquidity pressures, exploring tools like subordinated debt and loan pool sales. We tackle the philosophical hurdles credit unions face in selling loan portfolios and the strategic importance of adapting to evolving industry dynamics. The conversation also unfolds into the implications of unprecedented rate hikes, auto loan challenges, and the surge in home improvement lending. As we peer into the future, Vince sheds light on managing balance sheets with a risk-adjusted return on capital approach and offers valuable considerations for credit unions in partnering with fintechs. Tune in for a deep dive into the complexities and opportunities shaping the credit union industry as we chart the course ahead!  

Welcome back to CU Lab where I, your host Randy, am joined this time by Matt Roe, the Chief Revenue Officer at Open Lending, to delve into the dynamic landscape of near and non-prime consumer trends in the used and new car markets. As we reflect on the challenges and opportunities of the past year, Matt sheds light on Open Lending's commitment to making vehicle ownership more accessible, especially for underserved credit union members. We explore the impact of the Fed's interest rate hikes on near and non-prime consumers, discussing the factors that contributed to a significant decline in used car originations.  

I, your host Randy, am interviewing Cindy Bryant and John DeLuccia of Allied Solutions, with Cindy the SVP of Client Sales and Service and John a CPI Sales Specialist. They are joining me today to take a deep dive into the world of premium protection and the advantages of Single Monthly Premiums (SMP). As the insurance market experiences turbulence, we explore how credit unions can assist uninsured members in keeping their vehicles amidst rising costs.

Join me, your host Randy, in this episode as I sit down with Ryan Gifford, the senior VP of client success at LinkedIn, to discuss the landscape of student lending in 2023 and provide insights into the 2024 outlook. We delve into the challenges and opportunities credit unions face in navigating student lending, emphasizing the importance of understanding the distinctions between federal and private loans. Ryan highlights the dual components of education lending—in-school loans and student loan refinance—shedding light on the potential for credit unions to engage with younger demographics. We also explore the impact of the student loan repayment pause on credit unions, the significant policy changes affecting student lending, and the key lessons learned in 2023. Looking ahead, you can also expect Ryan to share predictions for 2024, emphasizing the rate dependency of certain outcomes and advising credit unions on how to best serve their student borrowers by recognizing the lasting impression they can create. Tune in for valuable insights and a comprehensive review of the current state and future prospects of student lending!  

In this episode of the CU Lab, your host Randy sits down with Elizabeth Houser, Director of Cyber Defense, and James Broad, Director of Cyber Threat Intelligence, both from DefenseStorm. We explore the critical topic of safeguarding credit unions with threat intelligence, with Elizabeth defining threat intelligence as analyzed information about cyber threats, emphasizing its simplicity, and James discussing the role of threat intelligence feeds in real-time risk reduction. The conversation covers evolving cyber threats, staying current with trends, and dispels the misconception that threat intelligence is overly complicated. Join us for a concise yet insightful discussion on fortifying credit unions against cyber threats!

With interest rates up and banking brand trust down, credit unions need to make 2024 a year of innovation and growth. To get there, prioritizing loan growth and digital optimization will play a crucial role in setting credit unions apart. Join Allied Solutions' Chief Lending Consultant Jack Imes as he discusses technology in the lending landscape, key drivers for growth, and more.

Consumers increasingly want insurance from their bank or credit union, especially when their choices are personalized. While insurance products can serve a large number of consumers, it's important to offer the right products using expert deployment and engagement tactics in order to maximize revenue. In this on-demand webinar, Franklin Madison's VP of Business Engagement, Stephen King, will dig into the latest trends and reveal some surprising things you may not have known about today's consumer preferences—and how this information can help you increase non-interest income. They'll also discuss dynamic digital solutions that address those preferences, leading to improved member satisfaction.

Thank you for joining us for another episode of the CU Lab! I'm Randy Salser, President of NAFCU Services, and I am sitting down today with Mike Kirby, the VP of Managed Risk and Security Services at Bias, to explore the evolving landscape of cybersecurity in the cloud, particularly within the credit union space. We delve into the surge of cloud adoption among credit unions, driven by technologies like Microsoft 365 and private cloud infrastructures. Mike sheds light on the intricate challenges faced, from innovative phishing tactics to the complexities of managing cybersecurity tools effectively.  

This fireside chat will address a common question that comes up for credit unions with portfolio loans and/or those that retain servicing for loans sold to investors: What is the minimum volume of loans needed to justify a move towards subservicing? The podcast will explore several factors that influence the decision to move to a subservicing model and analyze some of the benefits a subservicing partnership can provide.

Today I am sitting down with Kevin Filan, Senior Vice President of Marketing at Open Lending, we are going to talk about The Value of Lending Enablement Solutions: From Loan Volume to Risk Mitigation. 

Speaker: Ann Davidson, Vice President of Risk Consulting | Allied Solutions BIO: With more than 40 years of diverse experience in the financial industry, Ann Davidson has become a nationally renowned expert in risk control and risk management. Ann has an impressive list of achievements and accreditations in the financial industry, which includes making notable article contributions to accredited financial publications and being a keynote speaker on a variety of risk management topics at hundreds of conferences and seminars nationwide.

Speaker: Adam Barrett - DefenseStorm Senior Product Manager BIO: Adam is the DefenseStorm Fraud Geek with an extreme passion for protecting financial institutions and the people who trust them to provide a safe banking experience. He is currently the Senior Product Manager for the DefenseStorm fraud product, Fraud Detection. With 25 years of experience in banking operations, fraud and risk, you would think he's seen it all, however, the constantly evolving schemes keep him motivated to stay in the fight. When not at work, he enjoys traveling, paddle boarding, gardening, and cooking. Can you explain the concept of Fraud Fusion Centers and what their main objective is in the world of fraud prevention? What is the current state of cyber fraud, and why have Fraud Fusion Centers become more prevalent? How are Fraud Fusion Centers being utilized across various industries, and what are some specific examples of how they are being used in the financial sector? What are some of the benefits of utilizing Fraud Fusion Centers in fraud prevention, and how do they improve the overall process? Can you provide some guidance on how companies or individuals can participate in or implement Fraud Fusion Centers in their own fraud prevention strategies? How does DefenseStorm utilize Fraud Fusion Centers in their efforts to combat cyber fraud, and can you provide some specific examples of their success in this area?  

Anne Holtzman, Senior VP of Risk Management at Allied Solutions, will speak in-depth about the current state of CPI and the importance of having a proactive strategy.  How has CPI changed/shifted since the onset of the pandemic? With a slight shift in the used and new car market this year, how has CPI been affected?  With the increase in delinquency levels and shrinking new loan volumes why is a risk management program like CPI important to the consumer or borrower?    Why do FIs need a proactive CPI strategy? What are some of your predictions for CPI and the auto market for the remainder of the year and into early 2024?

The Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. What will this rule mean for your institution? Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses and small farms, including women- or minority-owned entities. Randy Salser, President of NAFCU, digs into the new rule with two regulatory experts from Wolters Kluwer, both of whom are former federal regulators, to uncover the “what's”, “who's” and “when's.” Experts also dive into what credit unions can do today to prepare, and what to keep in mind as they build out systems to comply with 1071.   Additional topics include: Substantive differences between the DRAFT rule to the FINAL rule; Key dates to monitor; and Demographic information that needs to be collected and what credit unions need to know.   Speakers: Timothy Burniston, Senior Advisor, Regulatory Strategy, Wolters Kluwer Jason Keller, Associate Director, U.S. Advisory Services, Wolters Kluwer   Timothy.Burniston@wolterskluwer.com Jason.Keller@wolterskluwer.com

Many credit union executives assume that once they acquire new members, those members will embark on a journey to become loyal and profitable account holders. This assumption is often wrong. If those new members never fully onboarded or engaged with your credit union, then they're costing you money.  So merely “winning the account” doesn't really count.  A successfully onboarded member will generate more deposit activity, use more products and services with your credit union and stay with you longer.  In this podcast, Steve Swanston from Velocity Solutions explains how our current interest rate environment is creating both a critical need and a massive opportunity for credit unions  to optimize their entire retail performance—from acquisition to retention. And a key part to that performance is driving more low-cost deposits that deliver! 

After our original podcast discussion, the Battle for Deposits has intensified, and current events - like the massive shift in deposits toward the big banks the week of March 13 - have made this topic even more pertinent to credit unions. It's worth diving even deeper into this subject, to look at items such as:    How behavioral economics can impact customer saving The role open banking will play in deposit defense and acquisition How credit unions can utilize a multi-channel approach to deposits Why an engagement foundation is so vital in this battle

Mark Sievewright of Sievewright & Associates (An SRM Company) will chat with NAFCU Services CU Lab on the latest opportunities and challenges related to mergers and acquisitions for credit unions and what he expects for the remainder of 2023. 

SRM's Larry Pruss will speak with NAFCU Services CU Lab to catch up on guidance and regulation trends in the digital assets space – including the latest on enforcement actions and what the federal agencies are saying – and what it all means for credit union strategy and operations in 2023. 

Credit unions must configure each of their debit cards so that card-not-present transactions performed with such cards can be processed on at least two unaffiliated networks. As a practical matter, a credit union will first need to determine whether card-not-present transactions performed with its debit cards can already be processed on at least two unaffiliated networks; if the credit union is not already compliant with the final rule, it will need to adjust its debit card processing arrangements to meet the final rule's requirements by July 1, 2023. Importantly, the final rule notes that credit unions do not need to affirmatively guarantee that two unaffiliated networks will always be available to all merchants in every conceivable transaction context but instead that credit unions configure their debit cards so that transactions performed with the card can be processed on at least two unaffiliated networks. This rule clarifies that the requirement for at least two unaffiliated payment networks to be enabled, which has applied to debit card transactions in general since 2011, now explicitly applies to card-not-present transactions. The final rule clarifies that an issuer is not required to ensure that two or more unaffiliated networks will actually be available to the merchant to process every electronic debit transaction, rather that issuers must enable routing choice for card-not-present debit card transactions.  The final rule considers the requirement satisfied if: 1) the issuer has enabled a combination of networks that avoids network exclusivity; and 2) the networks have each taken steps reasonably designed to be able to process electronic debit transactions. The final rule does not alter interchange fees. The final rule does not alter the Regulation II exemption from interchange fee limitations for financial institutions with less than $10 billion in assets. 

With more “money in motion” in a rising rate environment, consumers have multiple choices on where to place their deposits for maximum value.  Beyond simply choosing the best rate, consumers are increasingly seeking institutions that will help them better manage their day-to-day banking and deliver tailored advice.  A recent survey found that 58% of consumers are likely to move their money to an institution that provides better money management capabilities.  In this session, we'll discuss how credit unions can win the Battle for Deposits by amplifying their promise of looking out for the financial well-being of their members.  By leveraging advanced data and analytics, credit unions can demonstrate a deeper understanding of members' needs and deliver personalized insights and savings tools that can help members better meet their financial goals.  The Battle for Deposits is underway, and savvy credit unions are poised to grow and better meet the needs of their members.  

It's never too late to make your holiday fraud list and check it twice to let the holiday fraudsters know we're watching to see if they are naughty or nice.  Ann Davidson of Allied Solutions will speak in-depth about blocking scammers this holiday season.

Today, I'll be speaking with two members of the CUNA Mutual Group team about their research to get some of those answers: Kevin Cummers, TruStage Life Products Director, and Sarah Randle, TruStage Program Specialist.  We'll discuss common member worries, the goals life insurance can help them address, barriers to an insurance purchase, and the steps your credit union can take to better understand your members and their needs. Kevin, Sarah, great speaking with you, and thanks for joining me today. 

Transaction fraud continues to be a top risk for financial institutions across the country. Ann Davidson of Allied Solutions will speak in-depth about transaction risk & fraud. 

Customers typically don't close their financial accounts when they leave for another provider But this gives credit unions an opportunity to re-engage these customers and expand relationships  Data-driven engagement is the key – understanding where each customer is on their financial journey  

Fraud using payment P2P online or using apps continues in financial institutions across the country. Listen as Ann Davidson of Allied Solutions sits down with Randy Salser to speak in-depth about P2P online and payment apps fraud attacks. 

In this episode of The CU Lab podcast, Randy Salser sits down with Jason Kratovil, Head of Public Policy at SentiLink to talk about how credit unions can onboard new members faster and with less friction and help cut back on fraud with eCBSV. Jason shares what is eCBSV as well as the benefits credit unions can get when incorporating it in their account opening process. Learn more about SentiLink at: https://www.nafcu.org/sentilink

In this episode, we are joined by Mike Umscheid, CEO of ARCSys. Mike is an expert in everything CECL and will be touching on what CECL means for TDRs. There have been many changes with Troubled Debt Restructuring since FASB issued an accounting standards update eliminating the model. We hope you enjoy expanding your knowledge on TDRs and it helps you be more well prepared for what is to come with CECL.

In an ever competitive landscape, embedded finance is what many are seeing as the next point of evolution in the consumers' digital experience. As financial institutions, credit unions should heavily consider it as part of their member retention and acquisition strategy, especially among small businesses. In this episode with Matt Collicoat from FIS, we're discussing what embedded finance is, why it should be leveraged and how. 

Financial institutions across the country continue to experience card-not-present (CNP) fraud at an alarming rate and it is not stopping. Currently in the top fraud spot, this type of fraud occurs online and involves both credit and debit card numbers. Ann Davidson of Allied Solution outlines how these nefarious attacks are occurring and how to prevent this type of fraud before it happens.  

In this podcast, Randy Salser talks to Christopher Leonard, CEO of Velocity Solutions, about how credit unions can provide responsible and compliant liquidity options for their members, while preserving the revenue they need to run their credit union.

Hello! And welcome to another episode of the CU Lab. I'm Randy Salser, President of NAFCU Services, and today I'm talking to the Co-Founder and CEO of SentiLink, Naftali Harris, to get his insights on fraud. We'll discuss fraud attacks on credit unions, what new tactics are criminals using against credit unions, and how can credit unions protect themselves. Naftali, it's great to speak with you today. Thanks for joining me!

Retirement plan sponsors have day jobs--they are busy running their businesses. But at the end of the day, plan sponsors are fiduciaries. They are legally responsible for their plans. Most mistakes involve plan administration. 

Authentication measures can stop fraud before it happens.  However, the bad guys are getting more clever and are finding ways around traditional authentication measures to commit fraud. New trends in biometrics leverage voice technology for more secure authentication measures and enhanced member convenience. Ann Davidson and Charlie Peterson of Allied Solutions will address how to leverage biometric technology to mitigate costly fraud before it affects your members.