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for Friday, August 28, 2015
Find us on social media! - Visit our Facebook for a Chicago Tribune article that offers consumers tips on opening up new financial accounts for college students.


AVCU's Bergeron & Kent Discuss CO-OP Shared Branching
AVCU President Joe Bergeron and Vice-President/LSC Executive Bryan Kent recently sat down in front of the camera to discuss the Association's shared branching program which we offer in partnership with CO-OP Financial Services.  Nationwide, there are more than 5,000 shared branching locations and an additional 2,000 stand-alone shared branching kiosks.  In Vermont, three credit unions - Heritage Family FCU, NorthCountry FCU, and Vermont FCU - offer more than 25 shared branch locations.
In AVCU's newest video, Bergeron and Kent talk about the behind-the-scenes mechanics of shared branching that allows members the convenience of using another participating credit union's location to conduct teller transactions.  They also discuss how the program, which uniquely demonstrates the difference of the credit union movement, offers benefits to institutions of all sizes. (Click image for video)
CUNA/NASCUS Event Offers Tips for Cybersecurity Protection
Tips from a variety of cybersecurity experts highlighted the CUNA/National Association of State Credit Union Supervisors Cybersecurity Symposium that took place earlier this week in Denver.  The two-day event featured a number of experts offering information on assessing risk, dealing with the aftermath of a data breach, cybersecurity best practices, and more.
Tom Schauer, CEO of Trust CC, offered a look at the cybersecurity landscape facing financial institutions in 2015, a year in which high-profile data breaches seem to be in the headlines more than ever.  Incidents involving Ashley Madison and the U.S. Office of Personnel Management are just the most recent, while Home Depot, TJ Maxx, Neiman Marcus and Michael’s are among those that made headlines in 2014. He recommended five key actions:
  • Make sure privilege escalation can be detected;
  • Make sure you have a proper incident response plan;
  • Address high and medium-high deficiencies;
  • Regularly ask “How would I steal money from this credit union?” and “If I wanted to negatively affect the reputation of this credit union, how would I do it, and what can prevent this type of attack?”; and
  • Recruit information technology talent to the board so the board is well equipped to provide guidance and oversight.
Patrick Sickels of CU*Answers cited Verizon’s 2015 data breach investigations report, and found three main categories of attack: external, internal or attacks through a partner of clients. He recommended credit unions enact security policies that cover each of these angles.
 
Mick Kless, president of R.I.S.C. Associates, broke down how credit unions should prepare contracts with all third-party vendors, including a checklist of questions credit unions can use when evaluating a contract.

HUD Announces Energy Efficiency Guidance for FHA Financing
On Monday, the U.S. Office of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced its intent to issue a set of guidelines supporting borrowers seeking to make energy efficient improvements to their homes.  In the announcement (PDF file), FHA expressed the intent to allow borrowers to use Single Family FHA financing for properties with existing Property Assessed Clean Energy (PACE) loans that meet certain conditions.
“These new tools will help homeowners make smart choices for their pocketbooks and for the environment,” said HUD Secretary Julián Castro.  “HUD and the Obama Administration are proud to invest in American families and in the future of our planet.”

In an email to AVCU’s Bryan Kent, Jeffrey Gephart of Efficiency Vermont explained, “HUD will incorporate the U.S. Dept. of Energy (DOE) Home Energy Score (HES) in FHA financing. Efficiency Vermont (and partners) has been working on adding the DOE HES as a feature of the Home Performance with Energy Star existing home service. Vermont has Property Assessed Clean Energy (PACE) financing available in some municipalities.”

The Single Family FHA guidance will allow lenders to evaluate the conditions under which borrowers purchasing, refinancing properties, or modifying their loans with existing PACE assessments will be eligible to use FHA-insured financing. Through this guidance FHA is committing to develop more specific guidance in the near future that will include the following requirements:
  • PACE liens that preserve payment priority for first lien mortgages through subordination are eligible;
  • PACE assessments must be fixed-rate and fixed repayment schedule;
  • PACE assessments must be recorded and identifiable to the lender; and
  • PACE assessments must be attached to single family properties, as defined by FHA, which are 1- to 4 unit dwellings.
Additionally, to support efforts to provide potential homeowners with an easy way to measure the energy efficiency of their homes and to benefit from the associated cost savings, FHA also announced a new partnership with the DOE that will incorporate the use of the HES into Single Family existing FHA’s Energy Efficient Home program.  Under the new FHA and DOE partnership, FHA will provide flexible underwriting to recognize the reduced costs of utilities when those costs are established with the HES.  For more information about the new guidance, view the Obama Administration’s Fact Sheet here.
Registration Now Open for 2016 Development Educator Training
Registration is now open for the first two Credit Union Development Education (DE) trainings of 2016, with the third opening later this year. The first program takes place in Dallas, Tex. next January, followed by trainings in the spring and fall in Madison, Wis. Attendees of the National Credit Union Foundation’s (the Foundation) six-day total immersion experience will learn about credit unions’ social responsibility and domestic and international development through interactive education and professional networking.
There are 11 Certified CUDEs among the staff and volunteers at Vermont credit unions:  AVCU Director Carrie Allen, Mark Grossarth, Ron Hance, Nan Kirbach, Matt Levandowski, Peg Lucci, Tom O'Brien, and Julie Tanner Riccardi of Heritage Family FCU; Bob Cowie and Jeff Smith of NorthCountry FCU; and Joe Finnigan of Vermont FCU.  CUDEs become passionate advocates of the credit union philosophy, which boosts employee motivation, creativity and a deeper commitment to their credit union organization and the movement (watch and read some of their testimonials here).
 
The first 2016 session takes place in Dallas January 13-20 at the American Airlines Training & Conference Center. The next two trainings will be held May 18-25 and September 14-21 at the Lowell Center, which is part of the University of Wisconsin campus. Registration for each training session is limited to a maximum of 42 attendees.  For more information about achieving your CUDE certification, or to register for an upcoming 2016 training, visit the Foundation's website.

Two Free Webinars Available for AVCU Member Credit Unions
A few weeks ago, we told Newslines Express readers about AVCU’s new partnership with the Supervisory Committee Academy (SCA) a new webinar series designed exclusively for credit union supervisory committees.  The complimentary first introductory 45 minute session entitled “Supervisory Committee Basic Duties & Responsibilities is available On Demand and AVCU encourages our members to take advantage of this free training resource.
Detailed information about SCA's webinar topics for September through January are now listed on our website’s Education page and our InfoSight Event Calendar.  The calendar listings include a description of each session, a detailed speaker bio, and a link to the GoToMeeting registration page.  Each 90 minute webinar is $249 and includes both the live presentation and an On Demand archive that will be accessible for six months.  Each webinar and archive will be broken up into three distinct, 30-minute sections, making them convenient and efficient for use as a professional development tool at both board and committee meetings.

Just Announced: Free CUWN Webinar on Disparate Impact
Another education partner, Credit Union Webinar Network, has just announced a complimentary On Demand webinar entitled "Disparate Impact Analysis: What the U.S. Supreme Court's Decision Means for Your Institution".  On June 25, 2015, the U.S. Supreme Court upheld disparate impact analysis under the Fair Housing Act. Although the court's decision is limited to the Fair Housing Act (i.e., home loans), the ECOA and Reg B have long upheld disparate impact analysis for all consumer loans. Under a disparate impact analysis, an institution can be found liable for discrimination even if there was no intent to discriminate and even if steps were taken to prevent discrimination.  This webinar explains the importance of clearly stating a legitimate business purpose for all policies and procedures and provide ideas on how to defend against disparate impact claims.  Registration is not required - simply visit the link to play the webinar.

Management Minute, Calendar, Jobs & News Updates
Recent Headlines from Management Minute
  • CFPB highlights credit reporting in monthly snapshot
  • CUs Adding New Branches as Bank Branches Decline
  • Student loan debt: America’s next big crisis
  • Biometrics: The key to secure, convenient ATM transactions
Upcoming Education Calendar Please Note: The AVCU Offices will be closed on Monday, September 7 in observance of the Labor Day federal holiday.

Employment Opportunities
Client Services / Admin Specialist, Vermont Federal Credit Union (3rd and final post)
Consumer Loan Underwriter, Vermont Federal Credit Union (3rd and final post)
Teller (Essex Junction), One Credit Union (3rd and final post)
Teller (Barre), One Credit Union (3rd and final post)
Part-Time Teller (Barre), One Credit Union (3rd and final post)

Positions previously posted in Newslines Express are available here.

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 to jcote@vcul.org.

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Daily Rates
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