CrossState Daily…3/7/2024
CrossState’s Conway Featured on Podcast with AACUL President
CrossState President & CEO Pat Conway and AACUL President, Brad Miller, recently appeared on an America’s Credit Unions’ podcast to discuss the new mission at AACUL and how it will cover advocacy approach and efforts, the need for collaboration, what the formation of America’s Credit Unions means for leagues and AACUL, and more.
GAC Concludes with More Hill Visits
Throughout the week, credit union professionals across New Jersey and Pennsylvania joined up with the CrossState Advocacy team to meet with legislators and regulators and make their voices heard in support of the future of the credit union movement.
Some of the key topics brought up were the interchange legislation, loan maturity relief, support for veterans, the credit union difference, and more.
Yesterday, CrossState and member credit unions met with several legislators, like Rep. Bill Pascrell (NJ-D), House Ways and Means Member; Sen. John Fetterman (PA-D), Senate Banking, Housing, and Urban Affairs Member; Rep. Madeleine Dean (PA-D); Rep. Robert Menendez (NJ-D); Rep. Brian Fitzpatrick (PA-R), House Ways and Means Member, and sponsor of Veteran Member Business Lending Legislation; Rep. Glenn Thompson (PA-R); Rep. Tom Kean Jr. (NJ-R); Rep. Mary Gay Scanlon (PA-D), and Sen. Cory Booker (NJ-D).
Free Marketing Workshops in April, Harrisburg and Hamilton Locations
CrossState Credit Union Association is hosting free one-day Marketing Workshops featuring industry experts who will guide you through three insightful sessions designed to elevate your marketing skills and bring you up to speed on marketing hot topics. The Marketing workshops will be offered from 10 a.m. to 2 p.m. on April 17 at the CrossState Harrisburg, PA Office, and April 18 at the CrossState Hamilton, NJ Office.
Subject matter experts, Tyler Disburg, CEO of Pathfinder FCU; John McKusick, CEO of NextLeft; and Hilary Reed, CEO of EmpowerFI, will be discussing everything from SEO and predictive analytics to AI and financial fluency.
Don’t miss out on this opportunity to immerse yourself in the latest marketing trends and techniques while networking with industry peers. Thanks to EmpowerFI for sponsoring these workshops.
Sign Up for April 17, Harrisburg
Sign Up for April 18, Hamilton
Partner Spotlight
Energy Efficiency Loans are in Demand in 2024
Right now, Pennsylvania credit unions have a chance to join in a $10 million finance program for consumer energy efficiency loans.
Potential to Gain 1,000 New Members
It is expected the average loan will be $10,000, so this program can assist approximately 1,000 Pennsylvania homeowners.
- 100% Financing Available
- Instant Credit Decisions
- True Fixed Rate & Monthly Payment
- Vetted & Approved Contractors
Ideally, cuBIZloan is looking for a credit union that can make a loan anywhere in the state of Pennsylvania or within a large field of membership.
Fintech Lending Platform
The program will be administered by cuBIZloan’s energy efficiency financing partner, led by innovators responsible for over $900 million in financing. Loans will be processed through a fully automated portal, including loan origination, funding, servicing, and reporting. This is a turnkey solution that automates the loan application and funding process!
cuBIZloan is comprised of member credit unions of the CrossState Credit Union Association. They are a business solutions partner of CrossState Solutions, Inc.
cuBIZloan knows what credit union members want and this team is ready to deliver! Please contact Murray Halperin at 609-270-0200 to schedule a presentation.
Regulatory News
FinCEN Announces FATF Issued Public AML Jurisdictions Related Statement
The Financial Crimes Enforcement Network (FinCEN) last week informed U.S. financial institutions that the Financial Action Task Force (FATF)—an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF)—issued an additional public statement at the conclusion of its plenary meeting this month reiterating how the Russian Federation’s war of aggression against Ukraine continues to run counter to FATF’s principles, and, thus, the suspension of the membership of the Russian Federation continues to stand. The FATF highlighted the potential risks to the international financial system, including growing financial connectivity of Russia with the Democratic People’s Republic of Korea (DPRK) and Iran, and risks of proliferation financing, malicious cyber activities, and ransomware attacks. In order to protect the international financial system, the FATF continues to urge all jurisdictions to remain vigilant to these risks. The FATF also updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies.
Newsmakers
Members 1st FCU Hummingbird Campaign Raises Over $26,000 for Children’s Miracle Network
Members 1st FCU recently shared that their Hummingbird Campaign raised over $26,250 for Children’s Miracle Network (CMN) at Penn State Health Children’s Hospital.
Every December, they partner with CMN to sell hummingbird ornaments throughout their branches. The hummingbird symbol has a special connection to the children’s hospital’s Hummingbird Program, which provides care for children with life-limiting and life-threatening illnesses.