Mark Forbis

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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A driving factor in the growth of Same Day ACH payments is the ACH Network’s firm establishment. ACH is ubiquitous, and businesses and consumers are familiar with it. Unlike some of the newer real-time payment rails, virtually all FIs are connected to ACH, facilitating money movement regardless of the customer’s bank. “If you’re a business and you haven’t dipped your toe in the faster payments waters yet, start with what you’re familiar with, which is likely to be ACH,” Michael Herd, Executive Vice President of ACH Network Administration at Nacha said. “Same Day ACH is just a faster form of what you already know. It’s the same system and the same processes. You will have to adapt to the faster settlement of funds, but ultimately there’s a much lower barrier to entry.” Read more: https://lnkd.in/e3hiv_g2

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Is your credit union looking to expand its community impact and access critical funding? Our latest blog post breaks down the key takeaways from last week's webinar, "Understanding the CDFI Opportunity." Learn from CUCollaborate's CDFI expert Jeff Bailey, CUDE as he covers: ✅ The benefits of CDFI certification for growth and community impact ✅ Key requirements and strategies for certification success ✅ How CDFI funding can support underserved communities 📌 Read the full post here: https://lnkd.in/g6UVTBw3 #CreditUnions #CDFICertification #CreditUnionGrowth #CDFI

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Is your bank ready to modernize its core systems? With core modernization, regional banks can scale faster, launch new products, and meet the demands of today's banking environment. Core modernization goes beyond upgrading technology. It’s about responding to shifting market needs, improving customer engagement, and achieving sustainable growth. There are four main approaches to core modernization, each offering unique benefits depending on a bank’s needs and risk tolerance: 1) Big Bang Modernization: A full, rapid technology overhaul. 2) Greenfield Modernization: Building a new platform alongside the existing one. 3) Sidecar Modernization: Running new functions in parallel with legacy systems. 4) Progressive Modernization: Gradual replacement of legacy components. Each approach has its strengths, and it’s up to each bank to determine which path best aligns with their strategy for growth. What do you see as the biggest challenge for your bank when modernizing core systems? Explore the different approaches and find out which best fits your institution’s strategy in today's OrboNation blog post!

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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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Credit risk can be scary, but don't worry, The Risk Management Association can provide you tools to better analyze risk and ways to mitigate them in the banking industry. Become a member today: https://lnkd.in/gs2r3WXq Happy Halloween from your Oklahoma Chapter! #Halloween #OKBanking #CreditRisk #RiskManagement

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💡 Great breakdown from John Meyer for CUES CU Management Magazine on how credit unions can beef up their digital account opening process to better compete with digital banks. "Certainly, a credit union must verify that the person applying is an upstanding human and that the person behind the screen is that same human. The great news? There is technology that can do that task for you. Use technology like Alloy or some other tool to help prove a potential member is who they say they are. In doing so, your CU will avoid asking the many questions that digital-first institutions don’t pose up front to potential customers." https://lnkd.in/eB8Qh4yA

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The recording of our most popular webinar, the June 2024 Economic Forecast Update, is now live in the Banking Ed Hub! ARCSys provides this quarterly course to support the quarterly review of economic and employment forecasts to be utilized in CECL models. We will discuss the economic environment and specific forecasts of economic and employment indicators. The course will also provide numerous public economic forecasts from various organizations to help you determine the correct direction of your forecast for variables you are utilizing in your CECL model. Objectives: -Define key indicators that impact economic forecasts and CECL modeling - changes in economic indicator data over time -Determine the general direction of public forecasts by applying economic indicator data Start Learning Now: https://lnkd.in/ebaEZAgB

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The recording of our most popular webinar, the June 2024 Economic Forecast Update, is now live in the Banking Ed Hub! ARCSys provides this quarterly course to support the quarterly review of economic and employment forecasts to be utilized in CECL models. We will discuss the economic environment and specific forecasts of economic and employment indicators. The course will also provide numerous public economic forecasts from various organizations to help you determine the correct direction of your forecast for variables you are utilizing in your CECL model. Objectives: -Define key indicators that impact economic forecasts and CECL modeling - changes in economic indicator data over time -Determine the general direction of public forecasts by applying economic indicator data Start Learning Now: https://lnkd.in/es-Dd2NB

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For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment

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Community banks face unique challenges in managing compliance, risk and vendor relationships efficiently. Read the Partner Focus to learn how Ncontracts can help: texasbankers.com/Magazine #StrongBanks #StrongerCommunities

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Tune in to learn how #creditunions can better manage third-party fintech risk in this recent webinar produced by Venminder.

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Navigating the Intersection of Profit and Purpose: A Perspective on Credit Union Competitiveness! Explore the strategic decisions behind balancing profit-driven initiatives with cooperative values in credit unions. Join Chad Miller as he shares insights on sustaining growth while staying true to Southwest Louisiana Credit Union's mission of 'people helping people.' Ready to find harmony in competition? Let's follow Chad's lead! (Link in comments to full blog) #Community #CreditUnions #MissionDriven #StrategicDecisions #Fintech

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Check out the latest webinar replay from Finopotamus: "Open Banking Challenges & Opportunities for Credit Unions" During this session, Finopotamus publisher and webinar host John San Filippo spoke with Amy Schade, SVP Lending at TRIUS FEDERAL CREDIT UNION, and Brian Reshefsky, CEO of EDGE, about open banking, especially as it relates to credit union lending. #fintech #creditunions #openbanking #lending #cashflowunderwriting

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About a year after the FedNow service launched, financial institutions are focusing on delivering customer value through overlay services like Request for Payments (RfP) built on instant payment systems. This tool remains underutilized by many banks, with only 39% fully recognizing its high demand, resulting in missed opportunities. Meanwhile, fintechs are ahead of the game, offering streamlined invoicing and QR-based bill payments to attract business clients. It’s time for banks to catch up and harness the potential of RfP. Find out how in our latest blog. Why Banks Can't Afford to Ignore Request for Payment - Finzly https://hubs.la/Q02DSqzt0

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Credit Unions: Delinquency blues got you down? 😣 CUNA Strategic Services is launching a new webinar series tackling this critical issue: Safeguarding Your Credit Union's Future (Protecting Members From Rising Delinquencies). Join Brianne Gumper from Eltropy with Barb Lowman, CUDE, President of CUNA Strategic Services, and other industry leaders for this insightful session. June 26, 2024 2:00 p.m. CT (12:00 p.m. PT, 1:00 p.m. MT, 3:00 p.m. ET) You’ll gain insight into some of the ways you can leverage innovation and technology to ease the stress for members to communicate about their financial hardships & assist them proactively, putting their financial health front and center. Don't miss out! Register for the FREE webinar today! #CreditUnions #DelinquencyPrevention #FinancialHealth

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Would your bank call you to verify your account number? Nope. #BanksNeverAskThat. Just hang up and call your bank’s publicly listed phone number. Learn more about phishing scams: https://lnkd.in/dpPX3ye #BanksNeverAskThat MEMBER FDIC

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