LEVERAGE Monthly Newsletter

The Credit Union Audit and Compliance Group is proud to announce a new identity as Credit Union Audit Group, reflecting a modernized platform that better represents their commitment to serving credit unions with top-tier auditing and consulting services. The new logo and name signal a shift towards helping credit unions navigate regulatory challenges and streamline operations.

As Credit Union Audit Group, core services include:

• • Audit Solutions: Credit Union Audit Group specializes in conducting supervisory audits, member verifications, internal control reviews, and other critical audits that ensure credit unions operate securely with regulations.
• • Consulting Services: Credit Union Audit Group’s consulting team offers in-depth guidance on a wide range of topics, from fraud investigations to account reconciliations, management training, and operational optimization.

With this new look, Credit Union Audit Group is ready to lead the way in delivering tailored services that mitigate risk and promote operational excellence.

Click here to contact Credit Union Audit Group today to experience the advantages of a seamlessly integrated remote audit process.

Recent policy updates in Florida, led by The League of Credit Unions Advocacy team, have opened a new avenue for credit unions to compete for public funds in a way previously reserved for traditional banks. This significant policy shift reflects a growing recognition of the role credit unions play in providing financial services and their potential to offer competitive and reliable banking solutions for public entities.

As of December 9, 2024, credit unions may compete to accept Florida public deposits. This marks a departure from the longstanding restriction that favored banks. This change levels the playing field, enabling credit unions to participate in the Florida public funds market, which includes deposits from state agencies, universities and colleges.

New Deposit Opportunities for Florida Credit Unions

1. 1. Expanding Depository Services: Credit unions can now offer their services to a wider range of clients, including state agencies, universities, state colleges, and community colleges. This expansion can lead to an increase in deposits, enhancing their financial stability and capacity to offer loans and other services to members.
2. 2. Enhancing Community Impact: By handling public funds, credit unions can play a more significant role in community development. The funds managed can be reinvested into local projects, contributing to the economic growth and well-being of the communities they serve.
3. 3. Strengthening Member Relations: With the ability to attract public deposits, credit unions can offer more competitive rates and services to their members, strengthening loyalty and attracting new members.
4. 4. Diversifying Revenue Streams: Acceptance of public funds provides credit unions with a new revenue stream, enhancing financial resilience.

How Tru Treasury Supports Credit Unions

Tru Treasury offers comprehensive support for credit unions in seizing these new opportunities:

1. 1. Treasury Management Solutions: State-of-the-art tools ensure compliance and optimize cash flow.
2. 2. Training and Support: Extensive training is provided to ensure credit union staff are well equipped.
3. 3. Risk Management: Services help safeguard public deposits and maintain financial security.
4. 4. Customized Products: Tailored financial products meet the unique needs of each credit union.
5. 5. Advocacy and Compliance Support: Assistance in navigating regulations and positioning credit unions competitively.
6. 6. Experienced Team: A team of experts ensures success in responding to Florida public funded request for proposals (RFPs).

The legislative changes in Florida offer credit unions unprecedented opportunities to compete for public funds. By leveraging these changes and partnering with Tru Treasury, credit unions can enhance service offerings, strengthen community ties, and achieve sustainable growth.

Contact us today at TruTreasury.com to discover how Tru Treasury can support your credit union in this new landscape.

Mark your calendars for Tuesday, February 11, at 11:00 a.m. ET, when the Learning with LEVERAGE series will focus on “Personalizing the Lending Experience with AI.” In this webinar, Samantha Hubbard, Vice President of Business Development at Scienaptic AI, will cover how AI is transforming everyday experiences, but its adoption in lending is still in its early stages.

Credit unions can harness AI to approve more members, offer tailored credit products, and provide financial guidance throughout members' journeys. By using alternative data and AI-driven insights, lenders can address underserved members’ unique needs, going beyond traditional scoring methods. This webinar will explore how AI enhances credit underwriting, driving growth, transparency, and personalized member experiences. Join us to hear from experts sharing practical strategies to kickstart your AI journey and create a more inclusive, efficient lending process.

For more information, contact consult@myleverage.com. For a look at our past webinars, click here.

Register Today!

By: Stephanie Hainje, Assistant Vice President, LEVERAGE Payment Solutions

LEVERAGE Payment Solutions (LPS) offers a comprehensive suite of consulting services designed to provide credit unions nationwide with strategic consultative advice using industry best practices and benchmarking.

One of the foundation services provided by LPS is Portfolio Consulting, which helps credit unions assess and manage their debit and credit portfolios effectively. This service includes reviewing debit and credit card portfolio performance metrics, benchmarking and providing strategic recommendations to improve cardholder experience and increased portfolio growth to remain competitive in the overall payments industry. For example, since the launch of LPS Portfolio Consulting Services in 2021, our credit union’s credit card portfolio has grown by over 15%.

In addition to Portfolio Consulting, LPS excels in payment Network Consulting. This service focuses on optimizing a credit union’s payment network participation and involves evaluating existing network setups, to minimize expense and maximize interchange revenue. It is common to see credit unions who are “over networked” and enrolled in too many networks other than the Card Act requirement of one “affiliated” and one “non-affiliated” network.

Another critical aspect of LPS’ consulting services is Invoice Consulting. This involves a detailed examination of a credit union’s payment processing invoice to identify inaccuracies, inefficiencies, and opportunities for improvement. Issuers need to understand their processor’s invoice line items and most issuers do not. During a recent invoice review with a prospective client, LPS was able to identify over $4,000 in monthly savings for an $20M credit union by moving their processing relationship to LPS rather than a direct processor environment – without a processing conversion.

Regardless of asset size, all credit unions with an LPS product or service have a complimentary, dedicated Portfolio Consultant to provide strategic recommendations for portfolio growth and profitability.

Credit unions who do not have a LPS product or service can schedule a complimentary payments consultation with one of our payments experts by contacting consulting@myleverage.com or by visiting www.leveragepaymentsolutions.com.

Join Trustage on Wednesday, February 5, at 12:00 – 1:00 p.m. CT, for an engaging webinar featuring industry experts Ron Shevlin and Dr. Lamont Black as they make a compelling case for artificial intelligence (AI)'s transformative potential in the credit union industry. While AI is often seen as just another algorithm, this session explores its true power to revolutionize both member-facing and back-office operations.

Discover how AI can help empower your employees, boost productivity, and help transform the way credit unions do business. From enhancing front-line member experiences to optimizing back-end efficiencies, Shevlin and Black will share why they are bullish on AI’s role in shaping the future of credit unions.

This is more than just a conversation about automation — it’s about unlocking AI’s potential to drive innovation, efficiency, and growth across every aspect of your organization.

Register Today!