Michael T. Pugh

Transparency in banking is essential! Under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), banks must make their CRA ratings and performance publicly available. This means communities get a clear view of how banks are supporting local credit needs, encouraging fair practices and development. Let's push for accountability and transparency in the financial system to build stronger, fairer communities! 💪 #BankTransparency #CommunityReinvestment #FIRREA #FairBanking #EmpoweredCommunities

4

Amazing workshop with these TD leaders refreshing on their #Kolbe strengths and adding their #DISC communication styles to boost their #development. Their insights will help them work better together and improve how they lead their teams. Could your upcoming offsite benefit too? https://ow.ly/w4U550SKc4B

6

For three decades, the Community Development Financial Institutions Fund (CDFI Fund) has provided financing to transform underserved communities by expanding access to affordable housing, creating jobs, and providing the financial tools needed to thrive. As Secretary Yellen highlighted during the 30th anniversary event, CDFIs are uniquely positioned to deliver critical financial services to areas traditional banks often overlook, catalyzing $8 in private sector investment for every $1 invested by the CDFI Fund. With more than 1,400 CDFIs nationwide, this year alone the CDFI Fund awarded a record amount of funding to help build stronger, more inclusive communities. BlueHub Capital is proud to have been part of this transformative work, receiving: ▪ $4.5 million in Capital Magnet Funds to expand affordable housing and community facilities. ▪ $3.8 million in Financial Assistance awards to drive investments in healthy food access, disability services, and persistent poverty areas. The CDFI Fund’s investments are more than dollars—they’re the foundation for opportunity and equity, ensuring that resources reach the communities where they can make the greatest impact. And BlueHub is proud to be part of this innovative industry. 🎥 Watch Secretary Yellen and former President Clinton reflect on the CDFI Fund’s legacy: youtu.be/Q37frezcFqY #CDFIFund30 #BlueHubCapital #CommunityDevelopment #AffordableHousing #InclusiveGrowth

12

💸 Form economic impact engines with fellow members that infuse new capital into your charity. Let's reset compensation and employment standards for those who work in our sector. 🌱 • Collaborate for financial stability • Drive change in employment practices • Empower your workforce https://nanoe.org (800) 257-6670 #EconomicImpact #FairCompensation

3

Expansion Starts Here!

7

📣 WE STAND FOR DIVERSITY 🤝 #Diversity, #Equity and #Inclusion have a central role in the #BankingonValues movement. Values-based banks strive to foster diverse and equitable communities and promote social inclusion by providing financial access and funding support to individuals and businesses that are often underbanked. Also, by financing organisations that promote a more diverse, equal and inclusive society. Every day as a global network, the Global Alliance for Banking on Values (GABV) lives diversity across countries, regions and cultures. The world is complex, and so are the challenges we face. Our banks operate in countries with different perspectives on human rights, including sexual orientation or gender identity. Nevertheless, each member works to deliver on its commitment to Diversity, Equity and Inclusion in its own context and under different formal and informal rules.

37

We are excited by the release of the U.S. Department of the Treasury’s first-ever National Strategy for Financial Inclusion! 🙌 🙌 Years in the making, with the input and support of a broad cross-section of leaders, this landmark strategy is an important step in ensuring a robust and inclusive financial system for all people in America. This bold plan will help families and businesses achieve short-term stability and build long-term financial security. As conveners of the Working Group on Inclusive Finance, Aspen FSP is proud to have played a role in bringing this strategy to life. In the words of FSP’s co-executive director Ida Rademacher: “Having the highest level of government launch a strategy this robust–with national objectives, priorities, and action steps laid out–signals its vital importance to American households and increases our momentum toward building a financial system that fosters greater trust and works for everyone.” Working across five key objectives, the strategy will help ensure that every person in America has equitable access to affordable and tailored transaction accounts, safe and affordable credit, savings and investments, government-backed financial services, and protection from illegal and predatory practices. Alongside our partners, we’re eager to get to work to help implement this shared vision and realize the strategy’s full impact for future generations! Read the full strategy report: https://lnkd.in/eMJG5K8S The Aspen Institute Kate Griffin Erin Borġ (Thiemann)

82

4 Comments

At Mastercard Strive USA, we have a vision of expanding access to financial resources through community development financial institutions (#CDFIs) and supporting underserved small businesses. This is financial inclusion at work. Last week, the U.S. Department of the Treasury released its inaugural National Strategy for Financial Inclusion, a milestone that underscores the potential that financial inclusion holds for individuals, families, and #smallbusinesses in the U.S. We know that the public sector is a powerful driver, and that lasting change can come from collaborative efforts across public, private, and philanthropic sectors. That’s why we're working alongside others to make these goals a reality.    #InclusiveGrowth Mastercard Center for Inclusive Growth

6

FarWell Senior Advisor Catie McDonald is a featured presenter at this year’s DakCU Summit and will deliver two sessions, “Leadership and Board Hot Topics for CU Leaders and Their Boards”, and “Helping Teams Thrive in a VUCA World.” Catie has a passion for the credit union movement, and we encourage you to dive deeper into her thoughts on strategy in her thought-provoking blog post. “Simplifying Strategy” breaks down the complexities of strategy, emphasizing simplicity and clarity. Catie discusses how to approach it effectively, and why setting clear goals and objectives is the key to successful strategic planning. Read Catie’s blog and learn more about her sessions here: https://loom.ly/kB1B_Hs If your organization is interested in having Catie speak on strategy, please contact us here: https://loom.ly/x226s-E #GoFarDoWell #CreditUnions #GoFarDoWellWithCUs #DAKCUSummit24 

35

5 Comments

Treasury Secretary Janet Yellen has announced a new financial inclusion strategy aimed at providing public, private, and nonprofit organizations a roadmap to help communities participate in the financial system, build wealth, and strengthen consumers’ financial resilience and well-being.  The strategy, developed following a 2023 Congressional request, incorporates input from experts, community leaders, industry representatives, and the public and other federal agencies. It focuses on five core recommendations: 1) expanding access to transaction accounts tailored to meet consumer needs; 2) promoting the availability of secure and affordable credit options; 3) increasing the inclusiveness of government-supported financial products and services; 4) broadening equitable access to savings and investment opportunities; and 5) building trust in the U.S. economy by safeguarding consumers against fraud. As part of the announcement, Yellen also emphasized the Treasury’s commitment to ensuring banks’ resilience in liquidity crises and integrating AI to combat financial fraud.  https://lnkd.in/esx324DR

4

Maximizing Performance Evaluations: Meaningful Preparation and Conversation. Four dates to choose from! https://lnkd.in/e8M3AgC3 #CFTnow #Bank #Banking #BankTraining #CreditUnion #CreditUnionTraining #PerformanceEvaluation #MeaningfulConversations #TrainingandDevelopment

2

NCUA just issued its Q2 Credit Union Data Summary. Per Chair Harper: “The credit union system overall remains largely stable in its performance and is relatively resilient against potential economic disruptions. However, challenges persist across the system and at specific institutions,” Chairman Todd M. Harper said. “Notably, an increasing segment of credit union membership continues to experience financial strain as evidenced by a steady increase in the loan delinquency rate, charge offs, and borrowing using the NCUA’s payday alternative loan product. While interest rate and liquidity risks have ebbed recently, we are seeing growing signs of concern in loan performance, capital, and earnings as deposit levels have dropped. Credit union managers must continue to monitor their institution’s performance and balance sheets and act expeditiously to prevent small anomalies from growing into big problems.” The referenced financial strain can be seen in these stats in particular: 1. Delinquency rate increase: Delinquency rose to 0.84 , up 21 basis points from a year earlier. 2. Net charge-offs increase: The net charge-off ratio increased to 0.79% in Q2, up 26 basis points from Q2 2023. This substantial rise in loan losses is impacting some credit unions' profitability and capital positions. 3. Declining ROA: The ROA decreased to 0.69% in Q2 2024, down from 0.80% in Q2 2023. 4. Rapid share certificate growth: Share certificate accounts grew by 30.6% over the year, reaching $528.2 billion. This growth is a "return to the mean". 5. Commercial loan delinquency rate spike: The commercial loan delinquency rate rose to 0.94% in Q2 2024, up 52 basis points from a year earlier. This sharp increase indicate increasing stress in credit unions' commercial lending portfolios. 6. Credit card delinquency rate increase: The credit card delinquency rate rose to 1.98% in Q2 2024, up 44 basis points from a year earlier. This could be an early indicator of broader consumer financial stress. 7. Provision for loan and lease losses increase: This expense increased by 41.4% over the year to $13.0 billion at an annual rate in the first half of 2024. The significant rise suggests credit unions are anticipating higher future loan losses - and is likely also linked to ramifications of CECL. 8. Slower asset and deposit growth: Total assets grew by only 3.5% and total deposits by 2.6% over the year, which is slower than historical averages. When deposit growth is less than cost of funds - its really a decline...

1

The stage is set for the first panel of CU Accelerate 2024 featuring our member CEOs from Central One Federal Credit Union, Dover Federal Credit Union, and Merrimack Valley Credit Union! See you at 2pm for a discussion focusing on navigating today's challenges and preparing for tomorrow's opportunities. #ACCELERATE24 #coopdifference

15

🔔 Major Milestone in Open Banking! 🔔 The Consumer Financial Protection Bureau (CFPB) has taken a crucial step in the enforcement of Open Banking standards. The CFPB has finalized a rule to recognize industry standard-setting bodies for Open Banking. This rule outlines qualifications for these bodies to ensure openness, transparency, balanced decision-making, and due process. The recognized standards will help implement the upcoming Personal Financial Data Rights rule, promoting innovation and fair competition. The rule includes a step-by-step guide for applications and mechanisms for maintaining recognition standards. NOTE: This is Not the publication of the final 1033 rule that will be published in the Fall but is a giant step in preparing for the 1033 implementation and to ensure its success. Follow OpenFinity and join http://openfinity.org today to stay informed. Read more here: https://lnkd.in/gJTm6NGs #openbanking #openfinance #CFPB #FDX Laurent Van Huffel, Laura Heritage Financial Data Exchange

2

What is a Community Development Financial Institution (CDFI)? CDFIs are lenders dedicated to offering fair, responsible financing to communities typically underserved by mainstream finance. FCI is a Community Development Loan Fund, which is a type of CDFI. While others may shy away from perceived risks, we see potential. Unlike traditional banks, we specialize in lending to emerging developers, organizations, and businesses in under-resourced communities. CDFI lending drives small business growth, promotes homeownership, facilitates the establishment of essential community infrastructure like schools and healthcare centers, funds climate change solutions, and much more. Learn more about FCI and our lending practices: https://bit.ly/3vmkJqy

1

92% of ICBA member banks rely on our Preferred Service Providers, and 52% couldn’t offer certain services without them. At the PSP Engagement Forum, we connected bankers and PSPs to drive innovation, collaboration, and stronger community banking:

19

1 Comment

Harold Pettigrew, Jr., President and CEO of the Opportunity Finance Network (OFN), shares his inspiring journey focused on community development finance and the critical role of Community Development Financial Institutions (CDFIs) in an insightful interview with us. From securing $2.3 billion in capital to addressing climate challenges, Harold's leadership is transforming communities and creating opportunities nationwide. Don't miss his perspectives on the future of CDFIs, the importance of community-focused finance, and his vision for a more inclusive economy. Read the full interview here and discover how CDFIs are paving the way for sustainable and equitable growth: https://lnkd.in/eXkTPcRF

11

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

1