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Trusted News for Credit Union Leaders
Credit Union Times
MAY 30, 2018 | VOL. 29 | NO. 19 | CUTIMES.COM
FOCUSREPORT:
Credit unions have relied on strong auto
lending business for quite some time,
but first quarter numbers indicate a
deceleration in both new and used auto
sales for 2018. In this Focus Report,
some of the biggest CU auto lenders
share how they’re adjusting their
strategies to the changing market. Y6
AUTO LENDING
GDPR
Compliance
One tech tool
can keep CUs on
track. Y14
Auto
Lending
Momentum
Learn how to
keep it going. Y8
Illinois CU Opens Library Branch
hile many executives are always
searching for new
strategic branch
locations, Mike Lee, president/
CEO of the $232 million Kane
County Teachers Credit Union in
Elgin, Ill., may have found a new
gem of a locale that no one, until
now, has ever thought of – the local
public library.
In June, KCT
Credit Union expects to open new
a mini branch,
about 330 square
feet, inside the
153,826-square-
foot Gail Bordon
Public Library. It’s
the third largest public library
building in the Land of Lincoln
and features a spacious round
reading room with large windows
overlooking the Fox River.
It’s anticipated that the partnership will help both successful organizations accomplish what they
always need to keep growing – new
credit union members and new
library patrons.
Once the digital age arrived,
many thought public libraries, like credit union and bank
branches, would eventually become obsolete. And while there
are fewer people visiting libraries just as there are fewer members going to branches,
MEMBERSHIP
PETER STROZNIAK
pstrozniak@cutimes.com
Y17
Lee
HUMAN RESOURCES
When HR and Payroll Clash
The right benefits can make or
break a job. It’s why we priori-tize this particular need among
other factors such as pay and
culture when making employment decisions. But due to the
complexity of the U.S. tax code
and health insurance, you and
your employees could be losing
out on deal-making-or-breaking
benefits at your company — all
because of poor communication and lost knowledge between
departments.
This issue is costly on more
than just an individual basis.
Companies lose 20 to 30% in revenue every year due to business
inefficiencies, according to market research firm IDC, and a disconnect between HR and payroll
can negatively impact your benefits and put the health of the
whole company at risk. Here’s a
look at why communication between HR and payroll is so critical if you want to get the best
benefits for you, your company
and everyone else who relies on
them.
Benefits and Resources Are
Lost if HR Can’t Navigate
the Tax Code Efficiently
Nearly nine in 10 people believe
the tax code is too complicated.
HR departments have many
strengths and wheelhouses, but
the tax code isn’t always one
of them. Your HR team knows
about talent acquisition and retention, but may not be entirely
clear on how to provide Y16
How Reg
Overhaul
Impacts CUs
REGULATIONS
DAVID BAUMANN
dbaumann@cutimes.com
he first major financial
regulatory overhaul
bill passed by Congress since Dodd-Frank
doesn’t achieve everything that
credit unions want, but it will
loosen rules that financial institutions complain are onerous.
On May 22, the House gave final
passage to the bill, S. 2155, legislation already passed by the Senate. That bill was crafted by Senate
Banking Committee Chairman
Mike Crapo (R-Id.) and several moderate Democrats on his
panel.
The bill was far more modest
than a bill that was produced by
House Financial Services Chairman Jeb Hensarling (R-Texas), but
that bill would not have passed
the Senate.
The House passed Hensarling’s
bill with all Republican votes.
However, when the House voted
on S. 2155, 33 Democrats voted
for it.
And while provisions such as
changes to the Volcker Rule attracted the most attention, credit unions said the bill will improve the ways they can conduct
business.
“This legislation will have a
multi-faceted impact on credit
unions. It will reduce regulatory
burden on small mortgage Y18