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Immersion18, the first conference for the Trellance team under their new brand, incorporated the same insightful, educational and informative information as in the previous twenty-six years, but with a lot more collaboration and fun.

Tom Davis, President and CEO, kicked off this year’s annual conference stating “We have to be independent to be your best advocate.” Tom went on to explain that “While Trellance provides many of the same services it offered before, such as card processing; three words will drive its future: Independent, unbiased advocate.” Tom gave the four key factors toward credit union success: Hiring top talent, collaboration, having vision, and using data analytics. Bill Lehman, SVP of consulting services, spoke next, introducing some of the 17 new services offered by Trellance.

 

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Posted: Apr 11, 2018
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ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

Back on July 11, 2016 the Financial Crimes Enforcement Network (FinCEN) issued a rule requiring covered financial institutions to identify and verify the identity of any beneficial owner. The new Customer Due Diligence (CDD) rule takes effect May 11, 2018 at which time the financial institution must be compliant. For purposes of the CDD Rule, covered financial institutions are federally regulated banks and federally insured credit unions, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities.

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Posted: Mar 19, 2018
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Faster payments mean a vendor getting paid by its customer quicker, or getting a P2P transfer into the recipient’s bank account the same day. Automated Clearinghouse (ACH), the network that connects every financial institution, and makes payroll deposits, bill pay and business settlements possible, has been undergoing changes in phases. The phases represent incremental steps in the process to shorten the length of time it takes to make payments, from days to hours. The third phase of this transition went into effect March 16, 2018, and credit unions and their members, especially business owners, need to be aware of the impact. 

 

 

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Posted: Mar 6, 2018
Categories: Regulations, Consulting
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ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

Accounting for loan losses is at the heart of credit union accounting. Setting aside reserves for loan losses is an important accounting component, but an increase in allowances reduces a credit union’s capital. Under current accounting standards, a credit union recognizes losses when they reach a probable threshold of loss. This is called an incurred loss accounting model. In practical terms, incurred loss accounting is a backwards-looking model, measuring a pool of loans against historic annualized write-offs. This method can drastically underrepresent potential future losses when a loan portfolio is exposed to a financial crisis, especially after a run of several years with lower losses. And this is exactly what happened following the financial crisis of 2008 in which some credit unions found themselves under reserved and unprepared for losses in their loan and mortgage portfolios while losses to their investments, and in many cases, shares declined. In the rising economy of the early 2000’s, losses were not being accounted for as “probable”.

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Posted: Feb 21, 2018
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Author: Lou Grilli

Use of debit continues to grow as consumers shift their cash and check spend to the convenience of plastic. According to the Fed, the number of debit payments increased from 56.5 billion in 2012 to 69.5 billion in 2015, the largest increase in the number of payments among the payment types. More recently, and more relevantly, Trellance credit unions saw their Visa Signature Debit transactions grow year over year in January 2018 by 8.83%. Yet at the same time, credit unions are seeing a decline in average debit interchange. So, what is going on?

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