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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.