THE SWACU NEWSLETTER SPRING FALL 2021 2021 Over the past few months there have been some significant milestones. While it seems time flies, it also sometimes feels like time stands still. In June we celebrated with Southwest Airlines as they hit a HUGE milestone of 50 years as an airline and similarly, in September we celebrated 46 years of serving our members at SWACU. These are fun and exciting achievements, and to those of us who have experienced them firsthand, these years seem to have flown by. On September 11, we all reflected on where we were 20 years ago as the events of 9/11 occurred. I remember vividly each moment of that day and to me, it seems like time has stood still, how could it have been 20 years? I bet some of you feel the same. I hope we never forget how we felt that day, how our country was unified and how our hearts were broken. It is also my desire that as we look forward to the future where we can find great hope and seek joy each day. As I have shared several times now, we are excited about our future at SWACU as we are working our way diligently and meticulously through the enormous undertaking of changing our CORE data processing system. We are pursuing this initiative to enhance our technology, offer new products and services to our membership, and increase efficiencies for our members and staff. We can’t wait to cross the finish line on this project the weekend of April 1, 2022. You’ll begin to hear even more about how we are Strengthening Our Core in the coming months. As excited as we are about what our future holds, there is a threat of legislation that could be very burdensome to financial institutions including credit unions, while also invading YOUR privacy. You may have already heard about the current Federal Administration’s budget proposal for fiscal year 2022 and how it contains language intended to increase tax compliance to the IRS. This new IRS Reporting Provision would require all institutions, including SWACU, to report all inflows and outflows for business OR personal accounts greater than $600. This has been struck down in two different ways during the proposal process so far, but there is great concern that it could resurface as an addition to a HOUSE package. If unsuccessful, it could be added when the Senate soon considers the larger bill (the Build Back Better Act). I encourage you to take the time to research this proposal and how it might affect you.
WE NEED YOUR HELP: Would you consider reaching out to your
members of Congress to share your concerns and urge them to oppose the new IRS reporting requirements on financial institutions, including credit unions and almost all member accounts? You can most easily reach them at 202-224-3121, the Capitol Hill switchboard. We take great care to protect our member’s privacy and this type of legislation is a colossal setback to your personal privacy and the regulatory burden SWACU already experiences. Please know that Grassroots Advocacy does not start and end with you. We are also lobbying our legislators and we have advocacy agencies, like NAFCU, CUNA and the Cornerstone Credit Union League lobbying on our behalf as well. We need everyone to play a role to prevent this concerning legislation from becoming law. Thank you for your efforts and thank you for being a part of our future.
TOTAL LOANS
$474,760,696 TOTAL DEPOSITS
$697,188,160 TOTAL ASSETS
$777,859,584 TOTAL MEMBERS
56,233
FINANCIALS As of August 31, 2021
IN THIS ISSUE: • Annual Meeting and Election Notice
• SEG Visits • Adventures Photo Contest Winner
• Home for the Holidays • Daniel J. Kimber Scholarship Winners
• 12 Days of Christmas
• Now Hiring
HAVE YOU HEARD? We are strengthening our CORE! We are currently working to make our products and services better for you, our members, through a new core operating system. While most of the conversion will not impact members, we want to ensure you stay well informed. We invite you to ensure your email address is up-to-date in SWACU Mobile Banking. This will help us keep you in the loop. Also, if there are any items that will impact membership, you can find them at swacu.org/corconversion, on SWACU social media, or in your email.
SWACU Employees are working to strengthen the core and have some fun while doing it, at the SWACU CORE Glow Party!