John Best

To all #CDFI #CreditUnions Worried About Losing Certification: The CDFI Fund's revised CDFI Certification Application WILL NOT result in the loss of your certification, if you contact us now. CU Strategic Planning was at the forefront of advocacy to ensure the revision had the flexibility for credit unions to maintain CDFI Certification. Since then, CU Strategic Planning has been actively working with over 100 credit unions to ensure their recertification success. This includes creating advisory boards, community development mission statements, providing product design insights and defensible justification of product attributes. Most powerfully, with the depth of that expert consulting (not available through a technology company alone), we took a giant leap forward by merging two leading organizations to create a profound alliance with Callahan & Associates, Inc. the national leader in data analytics for credit unions. CU Strategic Planning is now a Callahan & Associates company leveraging the power of the most trusted data system in the movement. As THE credit union CDFI certification experts, we are and have been for the last 16 years working to ensure every credit union serving people of modest means can attain and retain its CDFI Certification. If you believe you are in jeopardy of losing your certification, come to the experts. No one has certified more credit unions as CDFIs than CU Strategic Planning. Learn more: https://lnkd.in/gbvdeYpe Schedule a call: https://lnkd.in/gr_FemEV

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Discover the power of Community Development Financial Institutions (CDFIs): We’re sharing the essentials: - What are CDFIs and how do they operate? - What does the current CDFI market look like? - Where do CDFIs source their capital? - How are CDFIs paving the way for a more equitable future? - How can CDFIs be included in client portfolios? Dive in and see how CDFIs are making a difference. Find out more: https://lnkd.in/enRY9ECw #ImpactInvesting #CommunityDevelopment #CDFI #SocialFinance #EconomicEmpowerment

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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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In case you missed it, we shared how Nacha is spreading the responsibility for ACH Fraud to receiving institutions as well. Understand the new rule, effective in October, and your credit union's responsibilities: https://loom.ly/_diaoe0 #creditunions #ACH #rule #analysis

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We've been helping #communitybanks and #creditunions of all sizes create the kind of checking accounts that deliver the kind of experience that customers/members want from modern community FIs. In GNO Federal Credit Union's case, they were looking to differentiate their brand in a very competitive market. We helped deliver that with BaZing and have helped boost their primacy as well as deliver organic growth and drive noninterest income. Here's the story in their words. #banks #banking #communitybanking https://lnkd.in/dXfNnzUq

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Imagine the nightmare: ACH payments are suddenly disrupted and all your data files are wiped clean in an instant by a wiperware cyberattack. How would your institution respond? Earlier this year, ACH payments across multiple banks and credit unions were attacked by a fictional hacking group called Purple Rain using a cyberattack called wiperware in a tabletop exercise put on by the Global Resilience Federation to assess the ability of banks, credit unions, core processors and other participating firms to respond to the fictional but, according to the federation, plausible wiperware attack scenario. Our upcoming July 10th #PCBBBID article, guest written by Bill Nelson, Chairman of Global Resilience Federation – a non-profit hub for the exchange of cyber, supply chain and other threat intelligence, and the company behind this tabletop exercise – details the surprising results from the exercise and offers tips on how to help your institution plan for recovery from such a wiperware attack. Subscribe to get a copy sent directly to your inbox, or visit https://www.pcbb.com/bid on July 10th to read this Banking Insights and Discussion article! #CyberSecurity #FinancialServices #DataProtection #ResiliencePlanning

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Don't forget to register for the next episode in this CSS webinar series, When Disaster Strikes. This monthly webinar series will take on the hot topics in the movement and connect you with alliance providers who can help you safeguard your #creditunion against threats and bridge the gaps that prevent your credit union from growing and thriving. Join CSS, Agility Recovery, and Dave Olson, from CCUA – who was personally impacted by a tornado very recently. Together, we’ll explore not only the importance of being well prepared, but also knowing what to do and how to act quickly when disaster strikes. Register: https://hubs.li/Q02FgSYB0

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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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The latest data from NCUA paints a challenging picture for credit unions, but staying informed is the first step toward tackling these issues head-on. Check out our News & Resources page for an in-depth look at the trends and what’s next for the industry. #CreditUnionData #FinancialServices #TyfoneInsights

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THE SCANNER: CFPB Orders VyStar Credit Union to Pay $1.5 Million for Botched Banking System Rollout, Equifax Doesn’t Report Chapter 7 Discharges Suit Says, BofA Discloses Zelle CFPB Probes, and more top news Catch up on all of the top news from this week: https://hubs.la/Q02WwBT00 #banks #consumerlending #compliance #creditrisk #creditreporting #cfpb #fintech #news #industryupdates #TheScanner

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NACHA’s new rules are transforming fraud detection for community banks, credit unions, and smaller financial institutions! Here’s what’s changed: - Return Reason Codes: RDFIs can now return suspicious payments with Return Code R17. - Enhanced Monitoring: Mandatory ACH credit monitoring begins with large institutions, expanding to all RDFIs by mid-2026. - Increased RDFI Accountability: RDFIs are now responsible for identifying and returning funds linked to mule accounts. These changes require immediate action for compliance and effective fraud prevention. Learn how NICE Actimize’s Xceed can help your institution adapt with AI-powered solutions for real-time monitoring and seamless case management. Read the full blog for insights: https://bit.ly/3UN2G6r #FraudPrevention #NACHA #NICEActimize #Compliance

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BNY's recently published, "2024 Voice of Community Banks Survey" looks at some of the challenges and opportunities facing community banks and provides some insights into where these critical financial institutions are focusing their strategies and resourcing. The accompanying report, authored by Shofiur Razzaque, Head of Community Banking & Solutions at BNY, discusses the results and focuses on digital transformation, cybersecurity, regulatory compliance, and customer engagement, emphasizing the critical importance of adopting modern technology while balancing the demands of regulatory requirements and the evolving needs of customers. The survey of more than 100 community banks nationwide, indicates that these institutions are increasingly prioritizing digital transformation by investing in AI, machine learning and data analytics to modernize operations and personalize services in order to stay competitive with larger institutions. With an emphasis on accelerated technical innovation in these areas also comes a heightened focus driving innovation and governance strategies around information security and data management to mitigate the expanding risks associated with these emerging technologies. When asked to identify the top challenges their institutions face in the next five years, “cybersecurity emerged as the leading long-term concern [27%], followed by customer acquisition and retention, and data management and analytics [24%].” Explore more insights from the full report: https://lnkd.in/d3VrHJTZ #CommunityBanking #DigitalTransformation #Cybersecurity #AI #DataManagement #BankingInnovation #CustomerEngagement #BNYMellon #cybersecuritymonth

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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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Latest GreenHouse Hubdate: Game-Changing Features for Credit Unions 🙌 We’re excited to share the newest HubSpot updates that will help enhance the way our credit union clients manage and engage with members. Here’s the breakdown: ⏩️Storing Sensitive Data (Live): This feature allows credit unions to store sensitive member information such as limited government-issued ID details, income, and demographic data securely within their HubSpot portal. This expansion of HubSpot's native capabilities enables better segmentation and streamlines know-your-customer checks. ⏩️Storing Highly Sensitive Data (Private Beta): Credit unions can look forward to storing full bank account numbers, international Bank Account Numbers (IBANs), bank statements, and full Social Security Numbers (SSNs) directly in HubSpot. This feature facilitates a smoother connection with core and origination platforms, enhancing frontline operations without the need for custom tokens. ⏩️HubSpot Lead Scoring (Public Beta): This tool allows for more advanced scoring models for contacts and companies, empowering marketers to prioritize leads effectively. ⏩️Mobile Optimized Email (Private Beta): Credit unions with intricate brand identities and complex email designs can be customized for mobile and desktop viewing, including layout stacking options within the email editor. Layout stacking can also be customized according to design needs natively within the editor without the need for custom modules. ⏩️New Workflow Actions for Associations (Private Beta): This update is essential for integrating core or origination system data, ensuring accurate record associations and supporting automation without third-party apps. Properly associating CRM records is crucial to supporting automations and frontline adoption. ⏩️Multi-Step Forms: This update will help break down lengthy forms into digestible steps to reduce abandonment rates. ⏩️Conditional Logic in Forms: Smarter forms will adapt based on user input, improving conversion rates and lead qualification. ⏩️Sync Properties (Live): Extremely useful for credit unions with core or origination integrations, CRM admins can replicate properties across associated records effortlessly, maintaining accuracy in complex data models. ⏩️Help Desk Workspace (Live): A vital tool for credit unions using HubSpot to manage member interactions and inquiries. ⏩️Customer Success Workspace (Public Beta): This beta will be a game changer for credit unions that are interested in fostering account/member ownership with their frontline team member, providing a place for frontline to manage the existing member relationships that they own. These updates help provide credit unions with the tools they need to deliver better service and drive growth. We’re excited to implement these features and see the positive impact on our clients’ operations – which Hubdates are you most excited about?

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In December 2023, the Treasury released new guidelines for #financialinstituions to become certified as a #CDFI. We’ve written a blog post to share the basics of the new guidelines and what they mean for your #creditunion or #bank (https://lnkd.in/gqPAM5eq). If you’re looking to chat about the CDFI certification process or want to learn how we can help you get certified, shoot us a DM or email [email protected]!

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