ICYMI: May-June NAFCU Journal offers insights on post-COVID remote work, compliance
The May-June edition of The NAFCU Journal is available on the association's virtual hub and includes several recurring columns featuring important industry trends and valuable insights from NAFCU and credit union leaders.
NAFCU Vice President of Research and Chief Economist Curt Long’s column, “The Bottom Line,” is the first of part of a three part series that discusses remote work following the coronavirus pandemic.
“Prior to the pandemic, remote workers were a small but growing part of the labor force. Based on surveys conducted by the Labor Department, it is estimated that just over 10 percent of workers teleworked one or more days per week prior to the pandemic,” writes Long. “That number jumped to nearly 40 percent in a Labor Department survey conducted in May 2020.”
In the column, Long analyzes the latest findings and estimates for post-COVID remote work.
Additionally, in this edition’s Compliance Central column, NAFCU Regulatory Compliance Counsel Loran Jackson dives into NCUA’s fair lending exams and what it means for credit unions.
Each edition of The NAFCU Journal also includes feature articles that offer credit unions a deeper look into the industry’s most important topics.
Featured in this issue:
- PPP Requires Quick Revamp of Processes
Teamwork to launch the SBA's COVID-relief program for small businesses results in new services and new members.
- Fraud Trends Require Extra Attention
Alert branch staff, expanded monitoring and diligence mitigate risk.
- Planning Ahead for the Unpredictable
Stress testing and scenario planning ensures faster decisions when needed.
- From the Chair: A Trusted Resource for Your Compliance Needs
- Washington & Industry Briefs: Managing Risk to the Financial System
- Leadership Download: Consider These Big Ideas, Questions to Develop Strong Strategy
- Inside NAFCU Services: Expert Answers to Your Stress Testing Questions
- Management Insight: Social Entrepreneurship is the Antidote to COVID-19
- Executive Spotlight: Faheem Masood
- Industry Perspectives (sponsored content): Pandemic-Driven Mortgage Regulatory Challenges Persist in 2021
- From the President's Desk: Looking Ahead to a Prosperous Future
The virtual hub hosts The NAFCU Journal and provides credit unions with a user-friendly experience to explore the award-winning magazine's content.
Management & Operations
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 CU Case Study: Growing Your Consumer Loan Portfolio and Gaining New Members About the Webinar According to the NCUA, credit unions experienced a 20% annual increase in total deposits in 2020. Meanwhile, current economic conditions have credit unions struggling to find qualified member borrowers, leading to a capital surplus without viable investment options. To buck the trend, many credit unions have partnered with fintech companies to grow their consumer loan portfolio by finding more creditworthy borrowers and gaining new members. Discover how your credit union can tap into this opportunity to quickly increase consumer lending to more creditworthy borrowers with minimal upfront costs. In this webinar, Brent McCoy, Vice President of Credit Administration, KEMBA Financial Credit Union, will share how KEMBA is putting its cash to work to grow its consumer loan portfolio while gaining new members. 3 Key Takeaways: Learn how KEMBA Financial Credit Union originates loans digitally as a complement to its existing offerings to acquire more borrowers, without disrupting its branch network or processes. Discover how KEMBA Financial Credit Union maintained control of its risk profile and monitored loan performance during the pandemic. Learn how credit unions can use sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit score-based lending models. Watch the Webinar On-Demand Web NAFCU firstname.lastname@example.org America/New_York public
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 BSA Training for Staff The Bank Secrecy Act (BSA) continues to be an area drawing increased scrutiny from examiners. Credit union staff need to understand the purpose of the BSA and its requirements. This webinar will address key components of BSA, Anti-Money Laundering (AML) and Office of Foreign Asset Control (OFAC) and address compliance requirements for your credit union. Key Takeaways Understand the basic requirements of the BSA Develop tools to help your credit union address member identification and due diligence Review the basic requirements of Office of Foreign Asset Control (OFAC) Discuss reporting and record-keeping Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until June 15, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Legal staff HR staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCBSOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the basic requirements of the BSA. Develop tools to help your credit union address member identification and due diligence. Review the basic requirements of Office of Foreign Asset Control (OFAC). Discuss reporting and record-keeping. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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