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Articles by Element Federal
Why credit union leaders should consider running for office
Nine months ago, I stepped into a new role: candidate for the West Virginia House of Delegates. Politics was always something I had kept at arm’s length. It seemed, from the outside, like a realm of ceaseless divisiveness, arguments, and a whole lot of negativity. But to my surprise, I don’t hate it. In fact, I’ve found it to be much more meaningful and rewarding than I ever imagined. The biggest revelation for me has been the power of face-to-face conversations.
Successfully fighting social engineering attacks requires changing behaviors AND knowing what is running within your applications (AT ALL TIMES)
In a recent article noted Cybersecurity consultant Roger Grimes made clear that “Social Engineering Is the Number One Cybersecurity Problem by Far.” Along with sharing evidence that social engineering attacks are overwhelmingly the origin of security breaches, Mr. Grimes argued for the absolute need to educate everyone in your organization about the problem, the attackers’ methods, and the ways to recognize them.
Washington, banks & AI: Here’s how to get ready for more scrutiny
Across the financial services business, AI-powered solutions have taken center stage as the future of both internal and client-facing systems. But cutting-edge products and solutions often draw regulatory scrutiny. Headlines regarding new guidance or enforcement priorities seem almost as common as the headlines purporting revolutionary innovations.
Understanding the Cyber Incident Reporting for Critical Infrastructure Act
on March 27, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) announced their proposed rules for the Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA).* The CIRCIA legislation is aimed at enhancing the cybersecurity of critical infrastructure sectors and improving incident reporting to relevant government agencies.
THINK 24 Speaker Spotlight: Peter Sheahan
A leader in business growth and innovation, Peter Sheahan will take the main stage at THINK 24 to share his insights with credit union leaders. As a celebrated speaker and author, Peter brings a wealth of knowledge and experience to help navigate the evolving credit union landscape. Peter is an innovative business thinker with firsthand experience in scaling a global company and guiding the world’s leading brands through pivotal transformations.
Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
Crypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. dollar. The stablecoin will always be backed 1-to-1 by an equivalent sum of assets — U.S. dollar deposits, U.S. government bonds and cash equivalents — that the company holds in reserve, according to Ripple. The crypto firm said its reserves would be accounted for in publicly available monthly attestation reports.
US layoffs reach 14-month high amid government, tech cutbacks
U.S. layoff announcements rose 7% in March to the highest since January 2023, led by technology and government-sector job eliminations, though cuts announced year to date are down 5% from a year ago amid a still-strong job market, a report out on Thursday showed. Job cut announcements increased to 90,309 in March from 84,638 in February, outplacement firm Challenger, Gray & Christmas said. On a yearly basis, the level increased slightly by 0.7% from the 89,703 cuts announced in March 2023.
2024 CDRLF grant applications to open May 1
The NCUA will open the first round of 2024 Community Development Revolving Loan Fund (CDRLF) grants to low-income-designated credit unions May 1, according to a press release from the agency Wednesday. The agency noted minority depository institution credit unions are not eligible for funding in this year’s grant round if they do not have the low-income designation. Low-income-designated credit unions can apply between May 1 and July 1.
AI: A new fraud frontier
While fraudsters and their schemes are far from new, the fraud market reached an unprecedented milestone in 2023. According to data from the Federal Trade Commission (FTC), 2.6 million fraud reports were filed, with consumers losing more than $10 billion to fraud last year alone. An increase of 14% over 2022, this is the first time fraud losses have reached the double-digit, billion-dollar benchmark.
Is it time to coast yet?
Ever since I can remember, I’ve been on the go like there’s no tomorrow. For me, sitting still was basically asking me to be bored out of my mind. Back in my school days, I wasn’t just trying to keep up with my classes; I was all over the place. If there was a sport to be played, I was on it. Band practice? Count me in. My days kicked off before the sun was up and didn’t stop until well after it went down.
Mesack: CFPB’s latest ‘guidance’ masks ‘major power grab’
The CFPB Wednesday released an advisory opinion for financial institutions it supervises – which includes credit unions with more than $10 billion in assets – to provide consumers with information about their accounts “in a timely manner” and without a fee.
Exciting Insights from the latest ABA survey on overdraft services
The American Bankers Association released a new survey that offers insights into how consumers perceive and value overdraft protection. To gain a deeper understanding of the findings, you can explore the full report here: https://www.aba.com/about-us/press-room/press-releases/consumer-survey-consumers-happy-and-competitive In a rapidly evolving financial services landscape, it’s essential to grasp what truly matters to consumers.
Financial inclusion dropping in 2023, solutions remain
Despite the gradual economic recovery experienced in the United States following the pandemic in 2021, according to the Financial Health Pulse’s 2023 U.S. Trends Report released in September the financial health of Americans declined to pre-pandemic levels while some financial health have actually broadened over the last year and a half.
How the right records management solution can streamline credit union operations
If a cluttered desk denotes a cluttered mind, what does a cluttered digital filing cabinet say about an organization? With various regulations in place that stipulate how and when financial institutions collect, keep and dispose of customer data, administrators are often left to manually manage large volumes of records. Unfortunately, complex and tedious tasks of this nature can bog down staff and take away time that should be dedicated to more valuable activities.
Step 2 – Make the case and build enthusiasm - CUInsight
Last month we covered Step 1 – Give your credit union’s employees a voice, check that out in case you missed it! In the article, we discussed how (and why) to involve your employees in strategic planning and the change management process – whether that’s a new branching model, hybrid working strategy, or any other major change that impacts how your employees support your mission.
Museums aren’t just for dead things
Do you ever think you’re a know-it-all about a certain topic? Maybe it’s football or history or fishing or Cards Against Humanity. If you’ve been in the credit union industry for any length of time, you might think you’ve been there, done that, drank the Kool-Aid, and you don’t need to know anything more. I may or may not have been one of those people. But a recent trip to America’s Credit Union Museum in Manchester, New Hampshire changed all that! Did you know we had a museum?
Reflections on the Herb Wegner Memorial Award
I played a lot of sports throughout my life. In high school, before we could leave basketball practice, we had to make 10 consecutive foul shots. Foul shots were easy. Toe to the line. Spin the ball. A couple of bounces. Bend the knees. Breathe. Feel the rhythm. Visualize the shot in your mind. Release. It was that simple. Practice over and over until it became as natural as breathing. I loved it. On the court, I didn’t want to be noticed. I wanted to blend in and not stand out.
The power of connectedness
I’m not sure when I realized I was old, then older, and now really old. It tends to happen when I stop and take a serious assessment of my life, my surroundings, and the ever-changing world – or when I’m noticing my musical preferences aren’t moving with the times. When did I start listening to the “good ole days” music as a default? I used to think my parents were crazy for not listening to current music, the music I liked as a kid.
Are credit unions the perfect system?
If you ever think you have life figured out, your long-term goals and plans are solidified, and nothing will change … stop. That’s when things can get crazy. Less than 60 days ago, my life, and my family’s life, changed forever … again. Two amazing, wonderful human beings came into our family. We weren’t looking for an added adventure, but it just happened. We were blessed with caring for two children in the foster care system.
Women’s rights - is banking next?
I’m going to go totally off the rails. This was my first thought when I started writing this piece on June 24th. If you live under a rock or don’t remember what happened that day, it’s the day I and every other female and persons with ovaries in the United States became government property with no rights to our bodily autonomy. Six people on the supreme court said so. Since my birth, I have been excluded from certain things based solely on my gender.
A ball by any other name would smell … like root beer?
Ahhh, the age-old questions … Why are manhole covers round? Why do clocks run clockwise? Why do bowling balls smell like root beer? I was introduced to the sport of bowling when I was a young child. I remember going to the bowling alley with my mother to watch her bowl on her Wednesday morning league. As soon as I was old enough, I began bowling on a youth league on Saturday mornings. I loved bowling. It was fun, challenging, and an exciting thing to do with my friends.
2022 - The year to #BeLikeBetty
Last year, at about this same time, I composed my first article for CUInsight. I led with this opening: “Whew! We made it to 2021! And so far, so good. We still have Betty White and Gloria Gaynor. 2020 did not get them!” Little did I know, New Year’s Eve 2021, Betty would be gone, passing just before the new year and her 100th birthday. I cursed when the notification popped up on my phone. 2022 came in with a fizzle. New Year’s Day was filled with news and remembrances of Betty.
No couches were harmed in this production
I’ve been attending West Virginia University football games for decades. I’m a season ticket holder, so our seats are always in the same place. We’re usually surrounded by like-minded seat mates, friends we have gained over the years in our love and passion for Mountaineer football. One Saturday game was different. Several “regulars” sold their tickets to other folks. We had new seat mates behind us. As the game started, we were standing and cheering (like we always do).
The gay agenda still matters
Many years ago, my partner and I moved into a new house in a new neighborhood. It was a beautiful house in a wonderful area. Some of our neighbors greeted us with the simple “Hello! Welcome to the neighborhood!” But we had one exuberant neighbor greet us with cookies. Yum! We welcomed her inside the house and had the “get to know you” talk. It was pleasant at first but became awkward once she realized lesbians had infiltrated the neighborhood.
A Falcon walks into a credit union…
Anthony Mackie (The MCU's Falcon) at the 76 Venice International Film Festival 2019. I’m a Marvel fan. I love Stan Lee (and all of the creators) and the wonderful heroes, characters, and adventures he created for all of us to enjoy on the big and little screens. I’ve never read the comic books, but I’ve watched every Avengers movie … and they just keep coming. If you’re not a fan, try watching a few movies.
Leadership during the worst best crisis
Whew! We made it to 2021! And so far, so good. We still have Betty White and Gloria Gaynor. 2020 did not get them! I’ve been reflecting on 2020 and the cluster that it was. The very long, never ending, what’s-going-to-happen-next manure-show of a year. I’ve been a leader in my credit union for 22 years, and 2020 was the absolute biggest test of my career as well as my lifetime.
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