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NAFCU's 51st Annual Conference wrapped up on Friday with an economic update, a review of the Bank Secrecy Act (BSA) and a talk about the power of credit unions in their members' lives and communities. Next year's Annual Conference is slated June 18-21 in New Orleans; register now.

Economic update
Elliot Eisenberg, president of GraphsandLaughs LLC, gave Annual Conference attendees a lively economic update where he detailed how household debt, delinquency rates and loans are all contributing to today's "solid economy."

Eisenberg also detailed the vehicle sales market and "skyrocketing" used-car volumes. He also said used-car values are declining along with prices for new cars.

"Tax cuts are going to supercharge the economy, but only in the short run," he said. He also took presentation viewers through labor market trends and wage growth data. Inflation, interest rates and the real estate market were also covered during his talk.

Data analytics
AdvantEdge Analytics at CUNA Mutual Group President Tim Peterson and Chief Strategy and Business Development Officer Shazia Manus delivered the five pitfalls of data analytics approaches and five steps credit unions can take to overcome them.

The five pitfalls they detailed include:

1. innovation for innovation's sake;
2. big/bad data vs. smart data;
3. failing to prep for surge;
4. neglecting governance from day 1; and
5. culture failure.

What it takes to avoid these pitfalls:

1. Identify the problems you want to solve.
2. Identify the data necessary to solve them.
3. Add contextual intelligence to the critical data.
4. Establish strong data governance from day 1.
5. Build and nurture a nimble, iterative culture.

Members' savings
Steve Christenson, executive vice president at Ascensus, talked about the diversification in retirement and how credit union members are saving for the future. He discussed current savings situations and how different generations think through retirement. Christenson also touched on various retirement issues, saving for college, health savings accounts and how credit unions can fit into this space. He told attendees at his session that they can't have a "one size fits all" approach to member savings and to look at a multi-generational digital experience.

BSA training

Stephanie Lyon, NAFCU senior regulatory compliance counsel, led board and supervisory committee members through a BSA training during a session sponsored by BFB Gallagher. During her presentation, Lyon gave an overview of the BSA, including its regulatory and recordkeeping requirements, examiners' expectations, directors' and supervisory committee oversight, penalties for noncompliance, and delivered a primer on the Office of Foreign Assets Control.

Digital platform
Kathy Chicas, COO at Farmers Insurance Federal Credit Union, and Adele Glenn, emerging channels innovation architect at Credit Human Federal Credit Union, talked about what is needed for credit unions to move their institutions to a digital competitor. To do this, they encouraged credit unions to define their brand, engage their teams, ready their websites and other channels, and educate their members.

Power of credit unions
Scott Butterfield, principal and founder at Your Credit Union Partner, talked about the healing power of credit unions and how the institutions address their members' financial needs. During his session, Butterfield cited examples from other credit unions on best practices for offering appropriate products and services that impact their members and communities.

Friday's Annual Conference also offered several roundtable discussions for attendees, including one on how to define critical risks and opportunities for the future, and others for board chairs (sponsored by BFB Gallagher), board of directors and CEOs (sponsored by PSCU).

NAFCU's 51st Annual Conference and Solutions Expo was sponsored by NAFCU Services Corporation Preferred Partner Strategic Resource Management.