Holly Hughes

This week in exciting #OpenBanking news: last Wednesday, the Consumer Financial Protection Bureau (CFPB) announced a new rule explaining the qualifications and attributes a standard setting body will need to be recognized by the CFPB. This is significant because recognized industry standard setting bodies will be able to issue standards to companies so they can comply with the CFPB’s upcoming Personal Financial Data Rights Rule.   “Industry standards can be weaponized by dominant firms in order to maintain their market position, undermining competition for all,” said CFPB Director Rohit Chopra in the CFPB's press release. “Today’s rule will prevent these firms from rigging standards in their favor by identifying attributes the CFPB will use to recognize standard setters.”   To gain recognition from the CFPB, a standard setting body will need to display: ·  Openness ·  Transparency ·  Balanced decision-making ·  Consensus ·  Due process and appeals It is widely expected that the FDX API from the Financial Data Exchange will be declared as official standard, based on its existing market dominance. However, the CFPB has made it clear that FDX should not take this for granted, and with the release of these guidelines, they have set the bar for selection quite high, level playing field in the open banking ecosystem.   Read more in the release here: https://bit.ly/3KydorY

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Is your credit union looking to expand its community impact and access critical funding? Our latest blog post breaks down the key takeaways from last week's webinar, "Understanding the CDFI Opportunity." Learn from CUCollaborate's CDFI expert Jeff Bailey, CUDE as he covers: ✅ The benefits of CDFI certification for growth and community impact ✅ Key requirements and strategies for certification success ✅ How CDFI funding can support underserved communities 📌 Read the full post here: https://lnkd.in/g6UVTBw3 #CreditUnions #CDFICertification #CreditUnionGrowth #CDFI

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We're proud to be a #CDFI, and join the other CDFI's and Responsible Lenders across the country in making real change! Community Development Finance Institutions (CDFIs) have turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK.  They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023, lending from CDFI's hit a record high of £287 million - and CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. This growth reflects how CDFI's fill widening needs seen for the right finance at the right time.  Here’s what CDFIs achieved in 2023: - Supported 4,546 start-ups and SMEs with £102m of loans.  - 12,135 jobs were created or safeguarded.  - 99% of businesses had been declined by another lender.  - 371 social enterprises were supported with £119m of loans.   - Households saved £29m in interest repayments compared to high-cost lenders.   - CDFIs lent £66m to 85,208 individuals.  - CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about the impact of CDFIs’, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs Responsible Finance 👏

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#Communityfinancialinstitutions looking to grow their business may want to focus on the growing needs of small- and medium-sized businesses that are also looking to scale. In today’s #PCBBBID we look at 3 community financial institutions that are doing just that by offering an expanded digital and geographical reach, robust cash management services, and personalized support. https://lnkd.in/e8Wx48cj

⏳ The countdown begins – only 2 weeks to go before the Credit Research Foundation October Forum. Don’t miss out on credit management expert insights, networking opportunities, and more! Registrations are still open here: October Forum - The Credit Research Foundation (crfonline.org) #CadexSolutions #CreditResearchFoundation #Ordertocash #O2CSolutions

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Empowering Credit Unions to Connect Meaningfully with Gen Z In an age where digital transactions are becoming the norm, it's noteworthy that a significant portion of Gen Z still prefers interactions with real people when it comes to their financial needs. This preference presents a unique opportunity for community banks and credit unions to strengthen their role and grow their presence. The challenge of low financial literacy rates among young adults further underscores the potential for these institutions to make a profound impact. By integrating meaningful human interactions into their digital services, credit unions and community banks can offer the personalized experience that younger customers value, while also providing the financial education they often miss in school. This dual approach not only meets the immediate needs of the community but also builds a foundation of trust and loyalty that can benefit both the institution and its members in the long run. As we navigate the complexities of modern banking, the institutions that prioritize personal connections within their digital strategies are likely to be the ones that thrive.

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We're thrilled to announce our acquisition of Lillie & Company, LLC and Lillie Resource Group, which complements and expands GBQ's capabilities to empower growth of the #creditunion industry. As a result of the acquisition, GBQ will rank #3 in the nation for national market share among audit firms, #1 in Ohio, and #1 on Ohio’s list of public #accounting firms by total credit union client assets. Scott Runyan, CPA, #GBQ Director, Financial Services, shared, “Our shared commitment to the industry is reflected in our combined growth in size, scope and client relationships. Together, we are better positioned to provide comprehensive, best-in-class solutions to empower growth of our clients’ businesses.” Read more: https://hubs.la/Q02_CcQF0

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As a prominent Community Development Financial Institution certified by the U.S. Treasury's CDFI Fund, we recognize our responsibility to strengthen our longstanding banking relationships and collaborate effectively on initiatives that address critical community needs. This certification aligns with our mission-driven approach to community development and underscores our commitment to supporting underserved populations and uplifting communities. By providing financing to those who may not have access to traditional banking services, we aim to foster economic growth and empowerment. We aspire to lead the industry toward a broader landscape of impact investing, where capital market solutions and public funding converge to amplify the transformative work of CDFIs nationwide. #FinancialInclusion #ImpactInvesting #CommunityDevelopment

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As CFPB pushes towards open banking and consumer data access, credit unions face a pivotal moment in member service evolution. In our CUCopilot Session 11, our founder Saroop Bharwani explained 𝗵𝗼𝘄 𝘃𝗼𝗶𝗰𝗲 𝗮𝗴𝗲𝗻𝘁𝘀 𝘄𝗶𝗹𝗹 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗰𝗿𝗲𝗱𝗶𝘁 𝘂𝗻𝗶𝗼𝗻 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗜𝗩𝗥 𝘀𝘆𝘀𝘁𝗲𝗺𝘀 𝘁𝗼 𝗼𝗿𝗴𝗮𝗻𝗶𝗰, 𝗵𝘂𝗺𝗮𝗻-𝗹𝗶𝗸𝗲 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻𝘀 𝘁𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻 𝗶𝗻 𝗿𝗲𝗮𝗹-𝘁𝗶𝗺𝗲. At Senso, we're committed to elevating credit unions in this new era: • 𝗠𝗲𝗺𝗯𝗲𝗿-𝗙𝗶𝗿𝘀𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: Building AI solutions for what matters most - exceptional member experience • 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗮𝘁 𝗦𝗰𝗮𝗹𝗲: Auto-categorizing interactions across 150+ credit-union-centred categories to ensure consistent, compliant service delivery • 𝗙𝘂𝘁𝘂𝗿𝗲-𝗥𝗲𝗮𝗱𝘆 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀: Moving beyond one-to-one MSR conversations to more intelligent, multi-channel member support without sacrificing personal touch As Saroop shared, '𝗪𝗲'𝗿𝗲 𝗹𝗶𝘃𝗶𝗻𝗴 𝗶𝗻 𝗲𝘅𝗽𝗼𝗻𝗲𝗻𝘁𝗶𝗮𝗹 𝘁𝗶𝗺𝗲𝘀 - 𝗮𝗻𝗱 𝗰𝗿𝗲𝗱𝗶𝘁 𝘂𝗻𝗶𝗼𝗻𝘀 𝗻𝗲𝗲𝗱 𝘁𝗼 𝘀𝘁𝗮𝘆 𝗮𝘁 𝘁𝗵𝗲 𝗰𝘂𝘁𝘁𝗶𝗻𝗴 𝗲𝗱𝗴𝗲 𝘄𝗵𝗶𝗹𝗲 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝗶𝗻𝗴 𝘁𝗵𝗲𝗶𝗿 𝗰𝗼𝗿𝗲 𝘃𝗮𝗹𝘂𝗲𝘀 𝗼𝗳 𝗺𝗲𝗺𝗯𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲.' Want to view Saroop's full update on how we’re helping credit unions thrive in this new regulatory, technological landscape? Leave a comment below 😊

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Five Perks of Choosing Local or Regional Financial Institutions Note: A commitment to the community and a focus on customer service lead the benefits of banking with a smaller financial institution. https://lnkd.in/d-BwghGU #personalfinance #moneymanagement #taxplanning #banking #financialinstitution

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Five Perks of Choosing Local or Regional Financial Institutions Note: A commitment to the community and a focus on customer service lead the benefits of banking with a smaller financial institution. https://lnkd.in/d-BwghGU #personalfinance #moneymanagement #taxplanning #banking #financialinstitution

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True value in the community banking relationship, let’s ensure it passes on to the next generation! #CommunityBanking

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To all #CDFI #CreditUnions Worried About Losing Certification: On December 7, 2023, the Community Development Financial Institutions Fund (CDFI Fund) published a revised CDFI Certification Application. Since then, CUCollaborate has heard from many credit unions that they worry about retaining Certification under the revised application. So, over the last few months, we have been working hard to develop strategies -- and the necessary software to support them -- to provide credit unions the best chance of retaining Certification. Below are some of the strategies, including software we have developed: 1. Custom Investment Areas (IA): While the revised certification application has significantly diminished the potential impact of custom IAs, they are still a critical tool for credit unions within reach of Certification but not quite there. Our software draws mathematically optimized, custom IAs based on a credit union’s lending activity and financial services. 2. Financial Services Option Analysis: Under the revised application, credit unions that either have 60% by number and 50% of the dollar, or 50% by number and 60% by dollar, can retain Certification if at least 60% of the credit union's depository account holders are members of one or more eligible Target Markets. We have found that the combination of a mathematically optimized Custom IA and the Financial Services Option is particularly effective in retaining Certification, specifically in desperate cases. 3. Target Market API: We have developed a CDFI Target Market API which supports a number of strategies to ensure that you meet your target market lending requirements moving forward. We have established, and continue to add more partnerships, with Fintechs (like National Auto Loan Network, LoanStar Technologies, GreenLyne, etc.) and loan participation platforms (like Aluvy, etc.) to help source qualified lending to ensure credit unions retain certification in the future. 4. CDFI Certification Dashboard: We have also developed a data analytics platform, allowing credit unions to monitor the necessary statistics to retain certification on a rolling basis to ensure that if they start to fall behind, proactive action may be taken before it is too late. 5. CUSO Strategies: If all else fails, credit unions can leverage CUSOs to either help the credit union attain or retain Certification directly OR indirectly gain the many benefits conferred by CDFI Certification through a CDFI Loan Fund CUSO. We know the value of your CDFI Certification, which is why we have invested significantly in developing strategies and proprietary technology that help credit unions retain Certification. Moreover, the software we have developed allows us to help credit unions retain Certification in instances when it would simply be impossible without it. If you believe you are in jeopardy of losing your certification, please contact us: https://lnkd.in/gsysDMTp

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Listen to the FULL PODCAST: https://ow.ly/snoA50SnmvT According to Scott P. Young, Senior Vice President, Emerging Services at Velera (formerly PSCU/Co-op Solutions), credit unions face three major challenges in the realm of digital account opening and credit card origination. The first is a lack of automation, combined with a lack of digitizing and communication. Many credit unions don’t fully grasp the operational efficiencies that can be gained and the human error that can be lessened through automation. And they don’t appreciate that even regulatory disclosures or adverse action notifications can be digitized and automated as well. #creditunions #automation #regulations #fraud #realtime

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Sharing BANK ADMINISTRATION INSTITUTE's new 2025 marketing trend forecast with tons of in-depth content. Martha Bartlett Piland, CFMP is quoted on #branding #directmail ... and more. (Link to the article in the comments below.) We're proud to be included with other banking heavyweights mark gibson, Ally Akins and Preetha Pulusani for top writers Edmund Lawler and D. Hardesty. #2025trends #marketingstrategy #financialbrands

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The recording of our most popular webinar, the June 2024 Economic Forecast Update, is now live in the Banking Ed Hub! ARCSys provides this quarterly course to support the quarterly review of economic and employment forecasts to be utilized in CECL models. We will discuss the economic environment and specific forecasts of economic and employment indicators. The course will also provide numerous public economic forecasts from various organizations to help you determine the correct direction of your forecast for variables you are utilizing in your CECL model. Objectives: -Define key indicators that impact economic forecasts and CECL modeling - changes in economic indicator data over time -Determine the general direction of public forecasts by applying economic indicator data Start Learning Now: https://lnkd.in/ebaEZAgB

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The recording of our most popular webinar, the June 2024 Economic Forecast Update, is now live in the Banking Ed Hub! ARCSys provides this quarterly course to support the quarterly review of economic and employment forecasts to be utilized in CECL models. We will discuss the economic environment and specific forecasts of economic and employment indicators. The course will also provide numerous public economic forecasts from various organizations to help you determine the correct direction of your forecast for variables you are utilizing in your CECL model. Objectives: -Define key indicators that impact economic forecasts and CECL modeling - changes in economic indicator data over time -Determine the general direction of public forecasts by applying economic indicator data Start Learning Now: https://lnkd.in/es-Dd2NB

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Collections with a Heartbeat 💙: The Eltropy-Lexop Revolution!  Amir Tajkarimi, has joined forces with Eltropy to flip the script on loan repayments and collections for credit unions and community banks. No more cold collection calls and transactional dread – it's will be authentic, member-first connections and smooth payment experiences. Want the inside scoop from Amir? Read it here: https://lnkd.in/gRm3PBd8 #Eltropy #Lexop #Empowerment #CollectionsReimagined #CreditUnions #CommunityBanks #MemberFirst #FinancialInnovation #TechForGood #TransformCollections #CustomerExperience #PaymentSolutions

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