Preparing for the Final Flood Insurance Rule
By: Kari Osier, Compliance Specialist
July 1st is Getting Closer – a couple of weeks left until the Final Flood Insurance Rule takes effect!
Credit unions don’t have much time left before the flood insurance final rule takes effect. Hopefully credit unions that need to be ready are ready to comply!
The final rule amends NCUA’s flood insurance ...
The Continued Success of Your Credit Union Might Depend on Your Succession Plan
By: Robin Hollis, Regional Director
The business of running a credit union is becoming more complex every day as the financial industry advances. Often times when searching for qualified people to lead credit unions, boards are surprised at the expertise required, cost involved, and time consuming search efforts needed to replace credit union leaders. ...
Cannabis Banking Legislative Update
By: Ashley Niebur Sharp, VP State Advocacy & Legislative Counsel
As the Illinois General Assembly embarks on the last few weeks of session, a topic of frequent conversation is the legalization of adult-use cannabis. A major concern facing the cannabis industry involves the ability – and willingness – of financial institutions to offer banking ...
Flood Insurance – Are You and Your Members Covered
By: Pat Voss, AVP Member Outreach
Considering that in Illinois many credit unions and credit union members are located in and around both major and secondary rivers that tend to be flood prone, a recent article from the CUNA Mutual Group caught my eye. I wanted to share the article and links with our member ...
Creating a Record Retention Policy
By: Shannon Basile, Compliance Analyst
The ICUL compliance team frequently receives questions about record retention. Primarily because the task of determining what records to keep and for how long can be tedious and stressful. The good news is there are plenty of resources available to help credit unions create a compliant record retention policy.
Appendix ...
TILA-RESPA–Imposition of Fees for Appraisal
By: Kari Osier, Compliance Specialist
We don’t receive many TILA-RESPA questions, but I received the following question last week:
If a borrower does not use your credit union for a mortgage loan, is the credit union not allowed to charge the borrower for an appraisal that it ordered?
The regulation that answers this question is Regulation ...
Credit Union Regulatory Agency Staff Changes
By: Patrick Smith, SVP Regulatory Affairs
The winds of change are swirling through the state and federal regulatory agencies, so I thought it might be a good time to provide a comprehensive update to everyone on recent staff changes at both IDFPR and NCUA.
At IDFPR, Deborah Hagan has been appointed IDFPR Secretary. Francisco Menchaca remains ...
By: Joni Senkpeil, SVP Member Solutions
More than 30 states have taken action concerning retirement savings plans for small business employees and ten states have enacted legislation, including Illinois. Launched as a pilot in 2018, Secure Choice offers Illinois businesses (including credit unions) the option to either offer a private market savings vehicle, or automatically ...
How to Become a Low-Income Designated (LID) Credit Union
By: Kevin Shaw, Senior Regional Director
Back in the 1850’s in Germany, the financial institution we know today as a credit union was referred to as “The People’s Bank.” Through the years, U.S. credit unions have been formed to assist people of modest means. It was this philosophy that created the credit union ...
The Competitive Landscape-An Ever Changing Strategic Issue
By: Pat Voss, AVP Member Outreach
Many of you have completed and implemented your operational and strategic plans for the upcoming year(s). As we all know, the competitive landscape continues to rapidly change right before our very eyes, making it harder and harder for us to keep our eyes on the bouncing ball and our ...