Find us on social media! - Visit our YouTube page for AVCU's latest video showcasing the experiences of Vermont credit union personnel attending their first CUNA GAC.
Vermonters Meet with Congressional Delegation & CUNA in D.C.
“Bankers don’t come in this office much anymore” and “we need to protect the tax exempt status of credit unions” were among the messages Vermont credit union leaders heard in the office of Senator and presidential candidate Bernie Sanders this week. On Tuesday, 13 Vermonters met with Vermont’s congressional delegation in their Capitol Hill offices and CUNA’s management (see story below) at their Pennsylvania Avenue office.
In addition to meeting with Sanders and the national trade association, participants also held face-to-face meetings with Congressman Peter Welch and with key staff from Senator Patrick Leahy’s office (the senator was unfortunately called away for a family emergency).
In all three meetings, participants received messages of support for the work credit unions do, and a desire to hear the challenges they face in today’s regulatory and economic environment. The primary messages to Vermont's legislators were:
A need for increased authority to meet member business lending demand;
Relief from excessive regulatory burdens intended for the largest Wall Street financial institutions; and
More stringent laws to curb data breaches and place related liabilities on the appropriate parties.
All of Vermont’s federally elected legislators and/or their senior staff expressed support for relieving the vast majority of credit unions from most, if not all, Consumer Financial Protection Bureau regulatory requirements designed for much larger institutions. They are also in unison on the need to curb data breaches, sympathizing with credit union concerns about shouldering card replacement and other costs resulting from data breaches allowed by other parties.
Regarding member business lending, Sanders and Leahy have been repeated co-sponsors of Senate legislation that would increase the cap on credit unions, agreeing that such changes would be beneficial in creating more jobs and providing working capital to a greater number of small businesses.
Vermont CUs Lead the Industry in Mortgage Market Share
Vermont credit unions lead the industry in total mortgage loan origination market share at 23.9% according to analysis of the latest Home Mortgage Disclosure Act data conducted by Callahan & Associates through its MortgageAnalyzer software. Three other New England states -- Rhode Island (17.5%), New Hampshire (16.8%), and Maine (13.7%) -- made the top 10.
Vermont leads the industry in market share of both the purchase and refinance markets according to this most recent data set, which covers mortgage activity from 2014. Wisconsin, Iowa, Rhode Island, New Hampshire, North Carolina, and Utah also appeared on all three lists.
Click image for full size version
"We know buying a home is one of the most important purchases members will ever make" NorthCountry FCU CEO and AVCU Director Bob Morgan said in a Callahan & Associates press release. "Home ownership can be a pathway to economic stability and create a deeper sense of community. We strive to offer creative, innovative solutions that allow people to buy a home, often for the first time. As a community credit union, the economic health and well-being of the area we serve is critical to our success. We can't succeed unless we help our members and our community succeed."
Credit Union Leaders Briefed by CUNA CEO & Staff
While in Washington to meet with the state’s Congressional delegation during AVCU’s Hike-the-Hill, Vermont credit union leaders also met with the CEO of CUNA and several members of his staff. Their briefing included analysis and discussion of key legislative and regulatory issues as well as strategies being employed and developed by the trade association on behalf of all its members.
CUNA President Jim Nussle reflected on his first year at the helm of the national trade association and shared insights about future advocacy efforts. Following their briefing and dialogue with Nussle, members of his executive staff provided updates on several legislative and regulatory issues, as well as an economic update on the performance of Vermont credit unions compared to the nation.
Bernie Isabelle, Vermont FCU Bob Morgan, NorthCountry FCU Carrie Allen, Heritage Family FCU Jeff Morse, River Valley CU Jim St. Peter, New England FCU Kim Cheney, VSECU Matt Levandowski, Heritage Family FCU
John Dwyer, New England FCU Sean Gammon, Members Advantage Community CU Susan Poczobut, Granite Hills CU Terry Field, VSECU Joe Bergeron, AVCU Bryan Kent, AVCU
Vermont FCU Welcomes Two New Business Lenders
Bernie Isabelle, President and CEO of Vermont Federal Credit Union, is pleased to announce that Kevin DeCausemacker and Penny Overton have joined the credit union as Business Lenders.
Kevin joins Vermont FCU with eight years of related experience in financial services and business banking. He most recently worked at Vermont Economic Development Authority as a Commercial Credit Analyst. Kevin is based in the Burlington branch.
Penny is working in the Milton branch office and brings over 10 years of experience in business lending. She most recently worked as a Business Banker at People’s United Bank. AVCU joins Vermont FCU in welcoming both Kevin and Penny to the Vermont credit union family.
Last Chance to Register for AVCU's BSA Officer Training
If your credit union hasn't yet registered personnel for AVCU's BSA Officer seminar on October 14th, today is your last chance to do so. Registration via Eventbrite for this important annual training expires at 5:00 PM today. The seminar is appropriate for those responsible for your credit union’s BSA / AML program, especially designated officers, risk managers, compliance / operations / administration executives, auditors, and select volunteers.
Our presenter Steve Gibbs (CUCE / BSACS), Manager of Shared Compliance Resources, a division of Credit Union Resources, Inc and the Cornerstone CU League, has again designed a terrific presentation specifically for Vermont's experienced group. Two interactive group discussions entitled “BSA / Compliance Officers - Liability" and “I Was Prepared for the Examiners and Then …” will deliver the peer-to-peer guidance to which Gibbs adds his own experiences. He'll also address changes in all aspects of BSA policy administration and offer a comprehensive compliance strategy that is appropriate for credit unions of all asset sizes.
Management Minute, Calendar, Jobs & Updates Recent Headlines from Management Minute
House to vote on TRID delay bill next week
Yellen says she expects Fed to raise rates by year's end
Fed adopts same-day ACH: CUs not considered enough, CUNA says
Upcoming Education Calendar Please note: AVCU will be closed on Monday, October 12 for the Columbus Day federal holiday
Share With Us - We're always looking for pictures, press releases, and news that helps tell the story of why credit unions in general, and yours in particular, are so special to Vermont consumers. Send submissions tojcote@vcul.org.
National News & Updates
Daily national news and weekly updates on regulatory and legislative issues provided by CUNA News Now - view today's issue or archives Regulatory Advocacy Report - member login / registration required Legislative Update - member login / registration required
Daily Rates CUNA's Financial Rates page offers information from the Wall Street Journal and other sources
