What a Difference a Year Makes
DCUC Stands Stronger Today Than at Any Point in Our History
United We Stand— The Imperative for Credit Unions to Protect Their Future
New Sheriff in Town at CFPB? Bet On It.
Credit Unions Need Less Drama and More Steady Certainty from CFPB
Make 2025 the Year of the Credit Union
Provided by Tansley Stearns, Community Financial CU
DCUC is the trusted resource for credit unions on all military and veteran matters.
• DCUC successfully hosted its first annual Texas Sub-Council Luncheon, cohosted with Randolph-Brooks Federal Credit Union, on November 13, 2024, at 11 AM CT at RBFCU Headquarters in Live Oak, Texas. Learn more at dcuc.org/TexasSubcouncil See page 12 for more about this year’s event!
• DCUC President/CEO Anthony Hernandez briefed the Board of Directors for Defence Bank, one of Australia’s prominent member-owned financial institutions. See page 12 for more information!
• DCUC provided its first live testimony during the NCUA’s FY 2025 proposed budget briefing, addressing concerns over the $433 million budget——a 12% increase from FY 2024.
• DCUC called for transparency and fiscal responsibility, questioning the necessity of increased operational costs and staffing while recommending efficiency measures and stakeholder engagement. See DCUC’s official press release here!
• DCUC proudly attended the American Association of Credit Union Leagues (AACUL) 2024 Winter Conference held in Miami, Florida. See more here!
• DCUC held a successful Military Advocacy Committee (MAC) Meeting on December 5; this month’s meeting focused on the credit union tax status, the CFPB, NCUA, FY 2025 NDAA, expected regulatory changes under the new administration, and shifts in congressional leadership. The meeting also highlighted upcoming member engagement opportunities in DCUC’s PAC and National Advocacy Fund.
• DCUC Advocacy Secures Key Wins as House Releases FY 2025 NDAA Text
• FY 2025 NDAA text does not include the Durbin-Marshall CCCA or related study proposals. See more here!
• DCUC sent the following letters:
• DCUC Letter extending congratulations to Secretary of the Treasury nominee, Scott Bessent, while emphasizing DCUC’s commitment to collaborating on critical financial priorities.
• DCUC Letter to Senate Democrat Leader, the Honorable Chuck Schumer; Senate Republican Leader, the Honorable John Thune; Speaker of the House, the Honorable Mike Johnson; and House Minority Leader, the Honorable Hakeem Jeffries, urging Congress to make the Central Liquidity Facility (CLF) expansion a standalone priority in any upcoming must-pass legislation.
• DCUC Letter to the Honorable Mike Johnson, Speaker of the House, and the Honorable Hakeem Jeffries, House Minority Leader urging the House to exclude the Credit Card Competition Act (CCCA) from any version of the National Defense Authorization Act (NDAA).
• DCUC Letter to HFSC on “Innovation Revolution: How Technology is Shaping the Future of Finance” Hearing; shared how defense credit unions leverage innovative technologies to enhance accessibility, security, and financial readiness.
• DCUC Letter to Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown and Ranking Member Tim Scott; raised concerns over CFPB policies on overdraft protection, credit card late fees, and data-sharing rules. DCUC proposed reforms, including a bipartisan leadership structure and congressional funding oversight, to ensure CFPB accountability and protect vital financial services for military communities.
• Apply now for the DCUC George E. Myers (GEM) Scholarship Fund! Applications close January 15, 2025!
• DCUC is monitoring the Farm Bill to ensure there are no last-minute attempts to attach interchange language.
• DCUC is keeping a close watch on any potential inclusion of interchange language in an expected extension of the Continuing Resolution Act; DCUC anticipates there may be an extension to the current CR.
• DCUC is closely monitoring the FY 2025 NDAA legislative process; interchange language could be introduced as a Senate floor amendment.
• DCUC’s Defending Credit Unions PAC and National Advocacy Fund: We need your support!
• These initiatives represent a shift in the industry’s ability to confront legislative and regulatory challenges head-on. For more information, contact DCUC CAO Jason Stverak at jstverak@dcuc.org
• Save the Date: DCUC’s Monthly Military Advocacy Committee (MAC) meeting will be held Thursday, January 2, 2025, at 3:00 PM ET
• DCUC Member Credit Unions: join the meeting by contacting jstverak@dcuc.org.
• Registration Opens Soon! Join us at the DCUC Defense Matters 2025 on Tuesday, March 4. This year’s event will include important advocacy updates, discuss current and potential policies, and host several key speaker presentations!
• Save the Date: DCUC’s 2025 Annual Conference: July 28 – August 1, 2025, at the JW Marriott Desert Springs Resort & Spa in Palm Desert, CA!
BOARD OF DIRECTORS
Chairman Jack Fallis
1st Vice Chairman Maggie Sayer
2nd Vice Chairman Frank Padak
Secretary Jim Hayes
Treasurer Ron Aoki
Member
Dave Araujo
Member
Robin Larsen
COUNCIL STAFF
President/CEO
Anthony Hernandez
Chief Advocacy Officer
Jason Stverak
Vice President, Operations and Membership
Beth Merlo
Marketing Specialist
Christa Dittus
Communications Specialist
Haleigh Laverty
Director of Conferences and Events
Cindy Parker
CEO UPDATE What a Difference a Year Makes
ADVOCACY IN ACTION
United We Stand—The Imperative for Credit Unions to Protect Their Future
CAPITAL CORNER
New Sheriff in Town at CFPB? Bet On It.
DCUC NEWS
SPONSOR FORUM Is Cyber Liability Insurance Worth It?
By Vizo Financial
FEATURE FORUM Make 2025 the Year of the Credit Union
Provided by Tansley Stearns, Community Financial CU Credit Unions, Generational Wealth, and the Great Wealth Transfer A New Era of Financial Empowerment
Provided by CU WealthNext
VETERAN SPOTLIGHT Protecting Military and Veteran Communities from Rising Fraud
Provided by the Federal Trade Commission (FTC)
AWARDS & RECOGNITION
CREDIT UNION PEOPLE IN THE NEWS
CREDIT UNIONS IN THE NEWS
MEMBER NEWS
Provided by Anthony Hernandez, DCUC President/CEO
It has been a whirlwind of a year, or more like an F5 Tornado. It all began following our 60th Annual Conference in Colorado Springs, built momentum throughout the fall of 2023, and reached peak intensity after last year’s American Association of Credit Union Leagues (AACUL) winter meeting. While the full story remains for another time, it’s been a period of immense growth and resilience. DCUC stands stronger today than at any point in our history. As Friedrich Nietzsche famously wrote in Twilight of the Idols:
“Aus der Kriegsschule des Lebens. — Was mich nicht umbringt, macht mich stärker.”
Translation:
“From the War School of Life — What does not kill me makes me stronger.”
I am very proud of the progress we have made in the last year. However, those who know me know that I’ll never let us sit still and rest on our laurels. Our industry faces threats from banks, merchants, and policymakers intent on undermining or weakening our industry. Resting on our accomplishments is not an option, we have an industry to protect!
The credit union industry is headed for a turbulent year. If this is news to you, I strongly encourage your credit union to join our next Military Advocacy Committee (MAC) meeting on January 2, 2025. While we weathered threats before, it has been nearly three decades since the industry has faced the type of political headwinds ahead of us in 2025. Fueling this intensity are four converging trends:
1. Increasing negative press
2. Lagging in technology, and risking irrelevance
3. A shifting political landscape
4. Complacency, assuming past strategies will suffice indefinitely (or at least until the current industry leadership retires)
In a recent CUToday op-ed, I explained the implications of these trends, and more importantly, the critical need to support our Defending Credit Unions PAC and Defending Credit Unions National Advocacy Fund. Last year’s industrychanging lesson taught us that 1) we cannot rely on others to lead the charge and 2) a plan is only as good as the resources that support its execution. Equally vital to success in advocacy is having a sense of urgency.
It would be a mistake to wait until we have all the resources to wage this battle. We certainly did not have all the resources at our disposal for waging last year’s battle. Yet, having the support of DCUC’s Board of Directors along with our member credit unions, we persisted under pressure and won the first couple of rounds.
We are much stronger now and have proven that credibility and integrity still matter in defending our industry, even when the threat comes from within. We didn’t wait for permission from other trade associations or leagues—we rolled out on principle and purpose and adapted along the way.
General Colin Powell (USA, Ret.) followed a rule of thumb (the 40-70 rule) that guided my approach to leadership. GEN Powell stated how tough decisions require no less than forty percent and no
Anthony Hernandez, DCUC President/CEO
We are much stronger now and have proven that credibility and integrity still matter in defending our industry, even when the threat comes from within. We didn’t wait for permission from other trade associations or leagues——we rolled out on principle and purpose and adapted along the way.
more than seventy percent of the information you need to make the decision.
If you decide with less than forty percent of the information required, you are not appropriately aiming your efforts and will misfire on execution. More importantly, if you wait to get more than seventy percent of the information, the opportunity has already passed and someone else has gained the advantage.
This rule of thumb and sense of urgency also guide our advocacy for our priorities and safeguarding our industry’s future. However, it will still require resources to win decisively. While the DCUC Board has granted us the approval to move out and allocate funds from our balance sheet, resources are not infinite. This is why we are asking for our members to support our Defending Credit Unions National Advocacy Fund. Strategic partners can also contribute, as your future is also dependent on a vibrant industry.
If you have already paid your 2025 dues, we thank you for your commitment! For those still contemplating their advocacy choices, please consider the unparalleled value and effectiveness of DCUC as your advocate. We take great pride in delivering results, ensuring the highest return on your investment, and defending credit unions on Capitol Hill and within the Executive Branch. If there is a choice between several organizations, all I can say is: 1) we get results; 2) there is no better value on a dollar-for-dollar basis and 3) a portion of the money you save can be used to support our National Advocacy Fund, an investment in our collective future.
Your support is essential. Together, we can navigate these challenges and emerge stronger than ever. Thank you for standing with us. Let’s go win this thing! n
Provided by Jason Stverak, DCUC Chief Advocacy Officer (CAO)
The credit union movement is at a pivotal juncture. Threats to our tax-exempt status, proposals to extend the Community Reinvestment Act (CRA) to credit unions, and challenges to the independence of our regulatory framework strike at the core of our mission. These are not mere policy debates; they are existential threats that could undermine our capacity to serve military members, veterans, and the broader communities that rely on us.
DCUC recognizes the urgency of this moment. Safeguarding our tax status, opposing unwarranted CRA expansion, reforming the CFPB, and preserving a strong, independent National Credit Union Administration (NCUA) requires a unified, strategic, and well-resourced response. As the trusted advocate for defense and veterans’ credit unions, DCUC is uniquely equipped to lead this effort. With decades of advocacy experience, robust relationships with policymakers, and a commitment to proactive, transparent action, we are prepared to defend the credit union mission.
However, this endeavor requires collective action. Credit unions nationwide must collaborate, pooling resources to uphold the shared values that define us. Our 2025 Advocacy Agenda offers a comprehensive strategy to address immediate threats and ensure the long-term sustainability of the credit union movement. Together, we can affirm that credit unions remain the trusted financial partners for millions of Americans.
DCUC’s 2025 Advocacy Agenda outlines a strategic approach to tackle the most pressing challenges and opportunities facing credit unions. From countering detrimental legislation to promoting policies that enhance our service capabilities, this agenda is dedicated to protecting the credit union movement while fostering financial readiness and stability.
• Significance: The tax exemption for credit unions is rooted in their not-for-profit structure and member-focused mission. Revoking this status would lead to increased costs for members, diminished access to affordable financial services, and a reduced community impact.
Jason Stverak, DCUC Chief Advocacy Officer
• Strategy:
— Educate legislators on the invaluable contributions of credit unions to their communities, especially underserved populations and military families.
Commission studies to illustrate the adverse economic consequences of taxing credit unions.
Mobilize grassroots advocacy to showcase the direct benefits members receive from the tax exemption.
• Significance: The National Credit Union Administration (NCUA) serves as a vital, independent regulator, ensuring the stability and growth of the credit union industry. Attempts to compromise its independence—whether through external political pressure or unnecessary oversight—threaten the NCUA’s ability to act in the best interests of credit unions and their members.
• Strategy:
— Advocate for policies that protect the NCUA’s independence and prevent external interference.
Work with the NCUA to ensure balanced rulemaking that accounts for credit unions’ unique structure and mission. Oppose legislative proposals that undermine the NCUA’s autonomy or increase its budget without clear justification.
• Significance: The Defense Credit Union Council (DCUC) has actively engaged with the Consumer Financial Protection Bureau (CFPB) to advocate for reforms that consider the unique needs of defense credit unions and their members. Key initiatives include:
In October 2024, DCUC expressed significant concerns regarding the CFPB’s finalized implementation of Section 1033 of the Dodd-Frank Act. While acknowledging the intent to enhance consumer control over financial data, DCUC highlighted potential detrimental
implications for credit unions, emphasizing the need for careful consideration of these institutions’ operational realities.
2. Support for the CFPB Accountability Act: In June 2024, DCUC endorsed the CFPB Accountability Act, championed by congressional leaders such as Senator Tim Scott (R-SC) and Senator Bill Hagerty (R-TN). This legislation aims to increase the CFPB’s accountability, aligning with DCUC’s commitment to ensuring that regulatory frameworks are transparent and consider the interests of defense credit unions.
• Strategy: Advocacy Reimagined Initiative Continued: In September 2024, DCUC launched the “Advocacy Reimagined” initiative, expanding its efforts to represent defense credit unions’ interests more robustly. We will continue this initiative focuses on deepening relationships with federal agencies, including the CFPB, to ensure that new rules and regulations account for the specific needs of defense credit unions. Through these actions, DCUC continues to advocate for reforms within the CFPB that support the operational effectiveness of defense credit unions and the financial well-being of their members.
• Significance: The CRA was established to address discriminatory practices in for-profit banks. Credit unions inherently fulfill the CRA’s objectives by reinvesting in their communities. Applying CRA requirements to credit unions would impose redundant regulatory burdens, diverting resources from member services.
• Strategy:
— Engage with legislators to demonstrate how credit unions already achieve CRA goals.
Collaborate with trade associations to strengthen opposition to CRA expansion.
Highlight instances where credit unions excel in community reinvestment without additional regulations.
Advocating for the Military Banking Program Improvement Act
• Significance: The Department of Defense’s (DoD) Military Banking Program has encountered challenges due to a lack of comprehensive understanding of banking practices and technologies. This has led to issues such as the controversial awarding of the Overseas Military Banking Program (OMBP) contract without ensuring basic deposit insurance.
• Strategy:
— Support the passage of the Military Banking Program Improvement Act, which proposes creating an advisory committee including senior DoD officials, federal financial regulators, and representatives from organizations like DCUC and the Association of Military Banks of America (AMBA).
Conduct a baseline study to identify and address current program issues and develop strategies that leverage financial industry technologies for military bank and defense credit union customers.
Lending (MBL) Legislation
• Significance: Existing lending caps restrict credit unions’ ability to offer loans to veteran-owned small businesses. Removing these caps would enhance economic opportunities for veterans and enable credit unions to better serve their communities.
• Strategy:
— Advocate for bipartisan legislation that exempts veterans’ business loans from the MBL cap.
Showcase success stories of veteran-owned businesses that have prospered with credit union support.
Build alliances with veterans’ organizations to bolster advocacy efforts.
• Significance: Exclusive access to military installations ensures that service members receive financial services tailored to their unique needs. Losing this access could drive military families toward predatory lenders or high-cost financial institutions.
• Strategy:
— Collaborate with the DoD to reinforce the importance of credit union access on bases.
Counter lobbying efforts from for-profit banks aiming to eliminate competition on installations.
Develop targeted campaigns to highlight the financial readiness support credit unions provide to military personnel.
DCUC’s Advocacy Efforts
DCUC is not just an advocate—it is the trusted partner for credit unions navigating an increasingly complex regulatory and legislative environment. By contributing to the DCUC National Advocacy Fund, credit unions can:
Defend Critical Issues: DCUC’s 2025 agenda addresses the most pressing threats to credit unions’ ability to serve their members.
Amplify Collective Impact: Contributions pool resources, enabling DCUC to launch targeted, high-impact campaigns that individual credit unions could not achieve alone.
Support a Proven Leader: With decades of experience and a history of advocacy success, DCUC has the expertise and relationships necessary to deliver results.
Ensure Member Success: Every dollar invested in advocacy is a dollar invested in the future of credit unions and the members who depend on them.
Credit unions are stronger together. By trusting DCUC to lead the fight, we can protect our tax status, preserve an independent NCUA, prevent unnecessary regulation, and secure the future of the credit union movement. The stakes are high, but the opportunity to shape a better future is within our grasp. Let’s act boldly, decisively, and together. n
Provided by John McKechnie, III
Over the last few years, no federal regulator, not even NCUA, has been the topic of conversation among credit union leaders more than the Consumer Financial Protection Bureau (CFPB). Now that President Trump is likely to replace Bidenappointed regulators at virtually every financial regulator, including NCUA, CFPB, and FHFA (which regulates Fannie, Freddie, and the FHLB System), talk has turned to what’s next at that controversial consumer-focused agency.
First, a reality check. Despite what Elon Musk has said about total elimination of CFPB, I don’t believe that is likely. Neither do a variety of Congressional Republicans, all critics of CFPB, who say that procedurally CFPB would have to clear a 60-vote threshold in the Senate, a virtual mathematical impossibility given that most if not all the 47 Senate Democrats would be opposed.
What might be possible is a two-pronged effort to reform CFPB. First, a change of Director is going to happen. Regardless of what anyone thinks of current Director Rohit Chopra and his policies, he has been a very partisan, very ideological leader of the agency. He’s also one who does not even come close to what a Trump Administration would want out of one of its financial regulators. During the last Trump Administration, there were two CFPB heads, Mick Mulvaney and Kathy Kraninger, both of whom approached the Bureau’s work with a distinctly lighter touch.
Expect whoever President Trump chooses to lead the Bureau to do a few obvious things: stop the promulgation of new rules, rollback Chopra’s regulations (overdraft protection, credit card late fee limits, and “open banking” come to mind), and possibly turn enforcement activities back to NCUA and bank regulators where they resided prior to CFPB’s creation in 2010.
Second, and of more long-term significance, would be a change in the law that turns CFPB into a bipartisan, five-member commission. At the same time, Congress would likely subject CFPB to the regular congressional Appropriation process.
John McKechnie, III, DCUC Strategic Partner
By its very nature, a commission would create a more balanced regulator that incorporates a variety of philosophical viewpoints. A commission-led CFPB, while probably still a partisan flashpoint no matter who is in charge, would at least have the patina of broader support across the political spectrum.
As to the Appropriations, CFPB’s architect Elizabeth Warren (prior to her Senate career) structured CFPB to be insulated from the oversight that comes with congressional purse strings. That was a deliberate attempt to prevent Congress from impeding CFPB’s work but has unfortunately added to a perception that CFPB is unaccountable. That should be reversed, and according to Congressional Republicans, their new majorities appear willing and able to make these two statutory changes a reality in the 119th Congress.
A number of Hill financial services aides have observed that the real problem with the CFPB is that it is a politicized agency with broad policy swings, based on which party controls the White House. One senior House Republican staffer went so far as to say that “CFPB has been run more like a state attorney general’s office rather than like a financial services regulator. It considers itself a supervisor and cop, looking for abuses. And that has led to nothing but controversy.”
Credit unions and other financial service providers need less drama, and more steady certainty from CFPB in the future. And I’m betting they will get it.
On November 13, 2024, DCUC and Randolph-Brooks Federal Credit Union, RBFCU, cohosted a successful DCUC Texas Sub-Council luncheon at RBFCU Headquarters in Live Oak, Texas. The luncheon offered a new opportunity for credit union leaders and executives within the Texas region to gather and discuss issues and priorities that directly impact their success in serving their members’ financial needs, especially military and veteran communities.
The lunch began with an advocacy update provided by Anthony Hernandez, DCUC President/CEO, where Hernandez discussed the current atmosphere within Washington, DCUC’s recent advocacy efforts on behalf of its member credit unions, and what the future regulatory environment presents ahead for the industry as a whole. Texas Sub-council members also heard from Jim Phelps, Cornerstone League Chief Advocacy Officer (CAO) and EVP.
Following a short break, Hernandez provided a look into DCUC’s strategic plans for growth as both an association and its representation of defense credit unions. RBFCU President/CEO Mark Sekula also addressed the group, thanking each of the sub-council members for their commitment to furthering the impact Texas credit unions have in the financial lives of their military and veteran communities.
“It’s RBFCU’s privilege to serve as host for this gathering of credit union CEOs and the Defense Credit Union Council. At RBFCU, our heritage is stamped by the sacrifice and hard work of military service personnel. That spirit carries us to our mission: to improve our members’ economic well-being and quality of life,” said Sekula. “Thank you to Tony Hernandez and the DCUC team for working towards our vision to advocate for credit unions while providing unwavering support to our military and veteran communities."
“DCUC remains a fierce advocate for credit unions, especially when serving the financial needs of servicemembers, veterans, and their families,” said Hernandez. “Forming this new sub-council was an important part of DCUC’s overall strategic vision for strengthening our representation and advocacy on behalf of our members, and the industry as a whole. We are incredibly proud to not only support but champion credit unions at both state and federal levels and create new channels like this Sub-Council for credit unions across the country to share their priorities, concerns, and join our efforts in amplifying the credit union difference.” n
On Friday, November 22, 2024, DCUC President/CEO Anthony Hernandez briefed the Board of Directors for Defence Bank, one of Australia’s prominent member-owned financial institutions. The meeting comes as Defence Bank explores forming its own association similar to DCUC to support financial institutions serving Australia's military and veteran communities.
Defence Bank, founded in 1975 as Defence Force Credit Union Limited (Defcredit), has grown to hold the most on-base branches across Australia. It changed its name to “Defence Bank” in 2012. The institution prioritizes serving the Australian Defence Force and the broader community, reinvesting profits to provide competitive products and superior service.
Hernandez was invited to share insights about DCUC’s mission, vision, and strategic operations, as Defence Bank considers partnering with other Australian Defence Force financial institutions to establish a similar association. During the briefing, Hernandez emphasized DCUC’s long-standing dedication to military and veteran communities, stating:
“For over 60 years, the Defense Credit Union Council and its member credit unions have proudly served our nation’s military and veteran communities. It is an honor to assist our Australia partners and allies in forming their own trade association focused on military and veteran needs.”
Hernandez also shared how DCUC aligns its strategic planning to fulfill its mission with an operating philosophy that is: “Stubborn on the mission, flexible on the details.” He explained how this approach has allowed DCUC to remain adaptive while still championing the interests of credit unions serving military and veteran members.
DCUC remains the industry’s only trusted resource for credit unions on all military and veteran matters. These foundational principles have helped DCUC become a cornerstone of advocacy and collaboration within the financial sector.
“This meeting represents a significant step toward strengthening support for military and veteran financial needs on a global scale, and DCUC is both grateful and proud to be a part of this growth,” added Hernandez. n
Provided by Vizo Financial
There’s no doubt about it—we are firmly cemented in the Digital Age. And in this age, where data breaches and cyberattacks are as prevalent as mobile banking and contactless payments, credit unions find themselves at a crossroads. With our deep-rooted commitment to the security of our members’ information and the trust of our communities, one question looms large— is cyber liability insurance really worth it?
Let’s consider the cybersecurity landscape for a moment. The financial industry is no stranger to cyberattacks, from hacking and social engineering to business email compromise and ransomware. With all of these threats becoming a certainty rather than just a possibility—an unfortunate reality—insurance companies are changing the way they offer and perform the underwriting process to account for both proactive and reactive policies.
It’s proof positive that cyber threats are evolving and regulatory pressures on cybersecurity are mounting, making the decision to carry cyber insurance that much more important to your organization.
Cyber liability insurance is a policy that provides financial and operational protections for businesses that experience a catastrophic cyber event. Think about the impact of a cyber event—what would happen to your credit union? The consequences could be extremely costly, and having cyber liability insurance is a way to not just ensure you have the resources to recover some, if not all your losses, but also provide peace of mind for your credit union and your members.
As with any type of insurance, policies vary. But overall, cyber liability insurance can include coverage for financial losses
and expenses, response actions, system and data recovery and crisis management.
It’s important to note that your credit union must do your due diligence when shopping cyber liability policies. Ask questions, do your research and know exactly what your policy will cover so you don’t uncover any additional roadblocks after a cyberattack has already happened.
Some of the criticisms of cyber liability insurance are expense and limitations. This type of insurance is known to be quite costly, especially as we’ve seen premiums go up rapidly in the past few years due to more frequent cyberattacks and, thus, more claims. However, implementing a robust cybersecurity program within your credit union can help offset your associated costs and dependence upon cyber liability insurance. The two together create the perfect complement for well-rounded cyber protection, as the more prepared you can be from an internal standpoint, the more likely you are to have better options and lower premiums when searching for external cyber liability insurance.
While there are many considerations when determining if your credit union should have cyber liability insurance, we believe the pros outweigh the cons. If you’re sitting at this crossroads, it’s important to recognize that, combined with a strong cybersecurity program, cyber liability insurance is a key piece in upholding the integrity of your credit union’s overall risk management strategy. n
Provided by Tansley Stearns, Community Financial CU
Credit unions, it’s time to act. Americans are hurting financially, and credit unions are a friend that can alleviate that pain and walk alongside our members into a future full of impossible dreams coming to life. Modest growth among the largest organizations is no longer enough. If we tell our story effectively, every credit union across this country should grow exponentially—ensuring more people have the financial partner they deserve.
According to Fortune’s “Exit polls about the economy give clues why Trump won over Harris” by Confino, “Some two-thirds (67%) of voters said the condition of the economy was ‘not good/ poor’ and only 32% thought the economy was ‘excellent/good.’” Confino states, “Essentially, Americans are still feeling financial pressure in their daily lives. The U.S. recovery from the pandemic-era economic slump outpaced the rest of the world. But that was little solace for voters struggling with high costs of living, a housing shortage, and a general sense of economic malaise.”
This pain is especially acute for younger Americans. Brookings, “How economic concerns are shaping the youth vote in 2024” by Sanchez, Luthra, and Parasher, emphasizes the impact for those between 18 to 29: “In short, young voters are experiencing a complexity of economic stress. This includes a dramatic rise in the cost of rent and mortgages that has led many to move back in with their parents; a drastic increase in the cost of higher education that has saddled them with college debt; and limited job opportunities, even for those with college degrees.”
Credit unions must respond with urgency. Americans need financial relief, and credit unions can and deliver it. According to America’s Credit Unions, “Consumers choose U.S. credit unions as their best financial partner,” credit unions create substantial financial benefits, including:
Tansley Stearns CEO Community Financial CU
• $12.5B higher yields on savings
• $1.5B lower fees
• $8.8B lower loan rates
• $8.9B savings to non-members
Despite these advantages, banks control 90.1% of U.S. deposits. America’s Credit Unions report, “The lower credit union average new car loan rate…results in a savings of $444 over the life of a 5-year car loan (assuming an average $30,000 amount financed.”
Credit unions are the best friends that Americans need right now. Twelve organizations united to build COPRA, a grassroots coalition to advance our collective cause in the public square through strategically curated and placed media. This is a public relations effort, NOT cooperative advertising. We believe this is a significant change in approach and important to standing it up.
This collaboration amplifies our message with growing vigor, unity, and strength, free from the political barriers that often dampen progress. The more of us that stand up, the louder our voices become. We know we can put away the tired “best kept secret” drumbeat and create a new, more powerful rhythm that grows in intensity. Let’s make 2025 the year of the credit union— a year where we stand tall, tell our story boldly, and change lives nationwide. n
Provided by CU WealthNext
As America enters an era of unprecedented wealth transfer, credit unions have a pivotal role to play in supporting the generational shift in wealth management. With an estimated $84 trillion set to transfer from Baby Boomers to Millennials and Gen Z, the responsibility of ensuring financial wellness, equitable access, and wealth-building tools rests increasingly with community financial institutions that are embedded in their local communities. Credit unions, traditionally trusted for their member-centric values, are uniquely positioned to bridge generational gaps, promoting wealth-building opportunities for their members.
This shift isn’t just about asset reallocation; it signifies a massive transition in wealth management preferences. As younger generations inherit wealth, they are seeking institutions that align with their values—trust, community focus, and accessibility. Credit unions, by nature, can meet these younger members where they are, providing trusted financial advice and wealth management solutions that support not just individual growth but also communal impact. The value-driven approach of credit unions resonates well with Millennials and Gen Z, who favor sustainable, community-oriented finance over traditional profit-driven institutions.
One of the most promising developments in addressing these needs is the rise of wealthtech—a new generation of financial technology specifically designed to make wealth management accessible, affordable, and adaptable. Wealthtech platforms, such as CU WealthNext, provide credit unions with an ecosystem of digital tools they need to offer modern, modular wealth management solutions that resonate with younger, tech-savvy members. By combining technology with a credit union’s communitydriven mission, wealthtech enables credit unions to offer comprehensive investment and wealth management services at a fraction of the traditional cost. This empowers credit unions to compete with larger financial institutions and fintechs while staying true to their core values.
Wealthtech fills the gap in financial services for many credit unions, enabling them to offer solutions that meet members’
evolving needs and preferences. Younger generations expect seamless digital interfaces, real-time financial data, and customization—capabilities that wealthtech platforms can provide. For credit unions, adopting wealthtech is a chance to provide modern financial services that were previously only accessible through highcost banks and investment firms. This inclusionary approach not only attracts new members, but helps retain deposits, and builds long-term loyalty, as members feel confident that their credit union can meet their evolving needs throughout their financial journey.
In addition to wealthtech, credit unions can leverage technology to promote financial literacy—a critical component in managing the wealth transfer responsibly. Financial education programs that utilize digital tools, interactive content, and mobile applications can empower members to make informed decisions about inheritance, investment, and long-term wealth building. For older generations, wealthtech can assist with tools for estate planning and legacy management, while younger members may benefit from accessible resources on budgeting, saving, and responsible investing.
The great wealth transfer is an opportunity for credit unions to reinforce their role as champions of financial empowerment and stewards of community values. By embracing wealthtech, focusing on financial literacy, and offering adaptable wealth management tools, credit unions can empower a new generation of financially responsible members while fostering economic resilience in their communities.
The wealthtech revolution equips credit unions with scalable, future-proof solutions that cater to today’s needs while laying a foundation for sustainable wealth management across generations. As credit unions harness wealthtech, they’re not just filling a gap in financial services; they’re building a legacy of trust, accessibility, and empowerment for their members and communities alike. n
Joshua Herman is the CEO of CU WealthNext, a CUSO holding company, built by credit unions for credit unions. To learn more about CU Wealthnext please visit info@cuwealthnext.com or connect Josh directly at 248-571-8343.
Provided by the Federal Trade Commission (FTC)
Military members and veterans remain top targets for various scams. The latest FTC Consumer Sentinel Network report indicates these groups are disproportionately targeted by identity theft, online shopping fraud, and imposter scams. This highlights the need for vigilance and awareness among military families and veterans to avoid falling victim to these sophisticated schemes.
Last year, a total of 93,735 reports came from service members, veterans, and their families, highlighting fraud schemes that have taken millions from these communities. These military and veteran consumers reported losing nearly $477 million in 2023, with average losses higher than the general population.
The most prevalent scams affecting military and veteran families were imposter scams. These scams often involve fraudsters posing as military or government officials, trusted businesses, or family members to deceive victims. For instance, phishing schemes—where scammers pretend to be legitimate entities to gain personal information—frequently target military members
due to their public information availability and distinctive benefits, which can be exploited by scammers.
Additionally, fraudsters often target military personnel moving or deploying, using relocation services scams and fraudulent housing listings. This population is also susceptible to deceptive “investment opportunities,” luring individuals with promises of high returns on cryptocurrency and other ventures, which ultimately lead to financial losses.
The FTC continues to educate and support military and veteran consumers through initiatives such as Military Consumer Protection Day and resources specifically designed to raise awareness in this community. By identifying and reporting scams early, servicemembers and veterans can reduce their risks and contribute to a more robust defense against fraud.
For further insights, see pages 18–19 of the FTC’s 2023 Consumer Sentinel Network Data Book and visit the Military Dashboard Powered by the FTC n
Eglin FCU is pleased to recognize Hurlburt Head Teller Gina Alford for 25 years of service. Gina currently resides in Navarre.
“We are delighted to celebrate a remarkable milestone as we honor Gina Alford, who has dedicated 25 years of exceptional service to our Hurlburt Branch,” said Hurlburt Branch Manager Vivian Gonzalez¬¬. “Her steadfast commitment to this branch, professionalism and friendly demeanor have made a lasting impact on both our team and our members. We are incredibly grateful for her dedication and are proud to have her as a valued member of our organization.”
Gina joined the Credit Union in 1999 as a part-time Teller at the Hurlburt Branch. She was promoted in 2000 to Membership Officer and in 2002, she received Employee of the Quarter for excellent service. Over the years, Gina was promoted to Senior Membership Officer, Member Service Counselor, Senior Teller, and in 2020, she was promoted to her current position as Head Teller.
During her celebration Gina said, “My favorite part of coming to work is the one-on-one interactions with our members. I really enjoy that. I also have an amazing team that I work with, and I’m so thankful for this group and for the company I get to come to work for.” n
Provided by PenFed CU
PenFed CU announced its marketing team was selected for a Silver MAC Award in the Market Segment Program category by the Marketing Association of Credit Unions (MAC) for their Puerto Rico “We are” campaign. The award-winning designs, which emphasized that PenFed is for everyone, were used in video, print, and social mediums.
“ We are pleased the team’s creativity and hard work were recognized by MAC,” said PenFed Chief Marketing Officer Gaurav Bhatia. “The designs selected for the award increased PenFed’s recognition as an inclusive institution where our members in Puerto Rico can achieve their financial dreams.”
PenFed has had a presence in Puerto Rico for over 15 years and serves members on the island with financial and service centers in Fort Buchanan, San Patricio, Hatillo, Ponce, and Mayaguez. The credit union currently employs more than 100 teammates in Puerto Rico and is planning to open a new facility in Humacao in 2025. n
Provided by PenFed CU
Personal finance digital platform Money announced the release of its 2024-2025 Best Banks list, with PenFed CU making the annual list for Best Overall Credit Union. This list highlights the financial institutions across the United States where consumers can get matched with perfect options for their money and day-to-day banking needs.
“ We are proud to be recognized by Money for providing our members with world-class service and low fees,” said PenFed President/ CEO James Schenck. “In 2025, we look forward to continuing to help our nearly 3 million members achieve their financial dreams.”
PenFed was recognized as best overall credit union because of its openness to the public and its checking and savings accounts with low minimum deposit amounts and no monthly fees. Money also cited PenFed’s stellar customer satisfaction ratings and premium savings account. Currently, PenFed is offering members 3.00% APY1 with Premium Online Savings, which is 6X the national average with a minimum $5 investment.
To determine the list, Money analyzed more than 275 institutions across national banks, credit unions, online banks, regional banks and state banks. Institutions were judged by account fees, APYs, sign-up perks, monthly limits and ATM locations. n
HUNTSVILLE, AL—Redstone FCU is pleased to welcome Samarpreet “Sam” Sohi as its new CFO and EVP.
INDIANAPOLIS, IN—Financial Center First CU is pleased to announce the appointment of Melissa Smith as VP of HR Operations & Service, where she will drive the organization’s commitment to enhancing the employee experience.
PHOENIX, AZ—Credit Union West celebrated its new Biltmore branch in Phoenix with a grand opening and ribbon-cutting ceremony on Tuesday, November 5th. The event brought together members of the community including the Greater Phoenix Chamber of Commerce, service members from Luke Air Force Base, and local non-profit organizations that partner with the credit union.
The event featured food, drinks, raffle prizes, giveaways, and speeches from President/CEO of Credit Union West, Karen Roch, and founder of local non-profit, Kitchen on the Street, Lisa Scarpinato.
As part of the celebration of the new branch, Credit Union West offered a bonus donation to Kitchen on the Street. For a limited time, new members who open a Heritage High-Yield or Loyalty Rewards checking account at the Biltmore branch will receive $150, plus Credit Union West will donate $50 to Kitchen on the Street.
Kitchen on the Street is a Phoenix non-profit working to end childhood hunger by providing weekend meals, nutritional education, and community support to local children. The Biltmore branch also held food drive for Kitchen on the Street through December 3rd.
“Serving our members and our community is at the heart of everything we do,” said Roch. “We are excited to have a larger footprint in Phoenix to better serve our members, and we’re proud to partner with Kitchen on the Street to better serve the community.”
“The Least We Can Do” encourages giving back to veterans in any way
The PenFed Foundation is proud to announce the release of The PenFed Foundation song, “The Least We Can Do,” to honor veterans and encourage everyone to give back. The song is written by Heidi and Johnny Bulford and PenFed Foundation President Andrea McCarren.
“We are especially excited to release The Least We Can Do because it speaks to the heart of our mission and encourages everyone to give back to our veterans in any way possible,” said McCarren. “From donations to volunteering, every effort counts. The PenFed Foundation is dedicated to providing vital programs that uplift and support the military community, and this song embodies our commitment.”
The Bulfords are songwriters who deeply understand the sacrifices made by our military heroes. They work closely with CreatiVets to help veterans heal through songwriting and music.
“This powerful song serves as a poignant reminder that even if you haven’t served in the military, there are meaningful ways to support and honor those who have,” said McCarren.
The song was released on Veterans Day on Spotify. Watch the full music video here.
Provided by Southeastern CU
Southeastern CU has announced a donation of $100,000 to support local organizations providing hurricane relief assistance throughout the communities it serves. The donation has been awarded to ten agencies that are leading recovery efforts in Valdosta, Quitman, Moultrie, Nashville, Tifton, and Waycross. The Valdosta/Lowndes agencies include Greater Valdosta United Way, LAMP, Camp Rock, and Second Harvest Food Bank. Additional donations have been awarded to Berrien Family Connection, Brooks Boys and Girls Club, Brooks Family Connection, Colquitt United Way, Magnolia House, and Tifton Salvation Army. Each agency received a donation of $10,000 (ten thousand dollars). With nine branches serving 14 counties, Southeastern CU is committed to helping rebuild and restore the lives of those affected by Hurricane Helene.
Michael Smith, CEO of the Greater Valdosta United Way, who assisted in identifying agencies active in hurricane relief commented, “GVUW is not only thankful to receive these needed funds, we are particularly thankful for Southeastern Credit Union’s commitment to helping non-profits across our region.” These non-profits are working tirelessly to provide immediate aid, including basic necessities like food, water, and shelter.
“At Southeastern Credit Union, we believe in the philosophy of “people helping people,” stated Mike Gudely, CEO of Southeastern CU. “Our communities are the heart of everything we do, and during this challenging time, it’s essential that we come together to support our neighbors. We are not only with them today, but we will be here for them in the future as they navigate recovery efforts.”
Throughout its seventy-one-year history, Southeastern Credit Union has been dedicated to making a difference in the lives of its members and the broader community. As an organization deeply rooted in the values of service and community support, Southeastern is committed to standing by the individuals, families, and businesses who have been affected by this disaster.
Provided by PenAir CU
PenAir CU team members delivered over 3,600 snack items on Wednesday, November 13, to Ascension Sacred Heart Cancer Center in Pensacola, successfully wrapping up PenAir’s second annual Snack Stock initiative. These donations, collected throughout the month of October, will provide comfort and nourishment to cancer patients and their families during treatment and appointments.
During the drive, PenAir’s branches served as collection sites, inviting community members and employees to donate single-serving packaged items such as chips, pretzels, popcorn, cookies, and protein bars. These snacks will keep the cancer center’s snack cabinet stocked for a short time, ensuring patients have easy access to nourishing options.
“These contributions show PenAir’s deep commitment to our community and the shared values throughout our membership,” said Connie Hansler, Sponsorships & Events Specialist at PenAir. “Seeing the positive impact of these donations on patients is incredibly rewarding and we are grateful to everyone who joined us in meeting this need.”
Since starting the snack collection in 2023, PenAir has helped organize the donation of over 8,000 individually wrapped items for cancer patients and their families. Research from the American Cancer Society (ACS) highlights the importance of nutrition for cancer patients, as eating well during treatment can help them maintain strength and cope with side effects.
Provided by Scott CU
Scott Credit Union (SCU), a trusted financial institution for over 80 years, is pleased to announce the launch of the SCU Insurance Agency in collaboration with Insuritas. This new service extends SCU’s commitment to its members by providing a streamlined, convenient way to obtain insurance solutions tailored to meet their unique needs.
SCU Insurance Agency offers an extensive range of personal and commercial insurance products, from auto and home insurance to specialized coverage such as pet and disaster insurance. With access to over 40 trusted insurance providers, members can easily compare rates and coverage options to find the best fit for their situation.
“Our partnership with Insuritas is a reflection of our dedication to providing comprehensive financial services to our members,” said Frank Padak, president/CEO of Scott CU. “SCU Insurance Agency will make it easier for our members to protect the things that matter most, all while offering the same level of affordability, convenience, and quality they’ve come to expect from Scott Credit Union.”
SCU Insurance Agency offers a user-friendly, fully digital platform that allows members to obtain free, no-obligation insurance quotes and complete their applications quickly and efficiently. Whether members are seeking car insurance, home insurance, renters insurance, or even wedding and travel insurance, SCU Insurance Agency is designed to meet their needs at every stage of life.
Provided by Tower FCU
In honor of Veterans Day, the TowerCares Foundation recently made a special $25,000 donation to Hero Dogs.
"The TowerCares Foundation has been a true partner in our mission since 2017,” said Nikki Charles, Executive Director of Hero Dogs. “This generous grant illustrates our shared commitment to creating better outcomes for disabled Veterans and first responders and continuing to do good work in the community, as a whole."
Along with Hero Dogs, Camp Attaway, Casey Cares, and Hospice of the Chesapeake also each received a special $25,000 donation from the TowerCares Foundation. The $100,000 donation helped push the Foundation’s total grants, donations, and scholarships over the $3 million mark.
“We are honored to support these amazing TowerCares Community Heroes, and I am thrilled that TowerCares has surpassed $3 million in less than a decade,” said Rick Stafford, TowerCares Foundation President. “TowerCares has become an important part of Tower Federal Credit Union’s rich history and we are honored to help the heroic individuals and their families who sacrifice while protecting our freedom. Together we are truly making a difference in the lives of so many military families, Veterans, and children in need in our community.”
Camp Attaway Executive Director Sue Ann Shafley said the $25,000 TowerCares donation will go a long way toward supporting children who attend their summer camp, geared toward helping children with special needs and behavioral issues.
"The TowerCares Foundation has been a steadfast ally in our mission,” Shafley said. “This unexpected, transformational gift is a testament to their unwavering conviction that all children deserve to be included and have the opportunity for personal growth while making friends and building summer memories that they will always treasure.”
Stafford credits much of the Foundation’s success to the enthusiasm and generosity of Tower Federal Credit Union members and employees. “The Tower team has supported our mission from the beginning through fundraising, volunteerism, recommending local charities, and supporting our key donation sources.”
The TowerCares Foundation recently made a special $25,000 donation to Camp Attaway, located in Columbia, Maryland, in support of their summer camp programs for children with emotional and behavioral disorders. Presenting the check to Camp Attaway’s Executive Director Sue Ann Shafley (front left) are TowerCares Ambassador Denise Pope (front right) and TowerCares Board Members [left to right] Arland White, Jr., Director: Tom Poe, Treasurer; Rick Stafford, President; Allen Brisentine II, Chairman; and Al Smith, Secretary. Photo provided by Tower FCU.
Provided by Eglin FCU
Eglin FCU is spreading holiday cheer by donating $1.9 million into the community through local nonprofits. Monetary donations were made to the Air Force Enlisted Village, Children in Crisis, Emerald Coast Fitness Foundation, Fisher House of the Emerald Coast, Fresh Start for Children and Families, Habitat for Humanity of Okaloosa County, Habitat for Humanity of Walton County, Okaloosa Public Schools Foundation, the Southeastern Credit Union Foundation and the United Way Emerald Coast.
“Eglin Federal Credit Union is very excited to be able to make this investment in our community,” said President/CEO of Eglin FCU Cathie Staton. “Our Charitable Donation Account performed well, allowing us to make such a significant contribution. The intention of the distribution is to satisfy needs within our community that align with Eglin FCU’s Mission, Vision and Values, while making a positive impact to the communities where our members live, work, worship or attend school.”
Below is a summary of the projects the donation will help fund:
1. Air Force Enlisted Village benefits our nation’s heroes and defenders; a contribution toward the design of Victory Village, a blended military senior living community in Shalimar, near Eglin AFB and Hurlburt Field, comprised of wounded warriors and their caregivers, the surviving spouses of retired enlisted Soldiers, Sailors, Marines, Airmen, and Guardians, and retired enlisted couples
2. Children in Crisis—impacts lives of vulnerable children and families; the creation of a thrift store and transit vehicles
3. Emerald Coast Fitness Foundation provides facilities and programs for youth, teens, the disabled, and seniors in our area who use pools for life safety skills, exercise, competition and rehabilitation; capital improvements and Kids Water Safety Campaign
4. Fisher House of the Emerald Coast provides military families with a home away from home at Eglin AFB, keeping them together during treatment of serious illness or therapy; capital improvements
5. Fresh Start for Children and Families helps homeless families with children obtain self-sufficiency; a storage facility next door to their office building at 10 Bobolink St.
6. Habitat for Humanity of Okaloosa County helps provide affordable housing by bringing people together to build homes, communities and hope in Okaloosa County; the construction and completion of two homes in Crestview, FL
7. Habitat for Humanity of Walton County helps provide affordable housing by bringing people together to build homes, communities and hope in Walton County; contribution toward the completion of Hope Village Neighborhood, the first Habitat for Humanity neighborhood in DeFuniak Springs, Walton County and a Restore of Walton County Delivery Truck
8. Okaloosa Public Schools Foundation ensures those students who are motivated and able to go to college have the financial resources to do so; take Stock in Children scholarship program— college scholarships and mentoring
9. The Southeastern Credit Union Foundation helps further the impact of Disaster Relief Funds for necessities like food, water, shelter, and more, providing support for immediate and longterm recovery; disaster relief, especially in the wakes of Hurricanes Helene and Milton
10. United Way Emerald Coast—helps further the efforts for serving and supporting Asset Limited, Income Constrained, Employed individuals (ALICE); The new United for ALICE® Fund