Volunteer Corporate Credit Union
Nashville, Tennessee - Photo Courtesy of Barry Shulam
   Home ι Sitemap ι Contact
Music City, U.S.A.
July/August 2017 Issue: Front Page
VolVoice



Feature
Are you ready for CECL?
Action Plan CECL is the most significant financial reporting change in decades, if not ever. In June 2016, the FASB approved replacement of the incurred-loss model of estimating credit losses with the Current Expected Credit Loss (CECL) model. This is the latest step in promoting financial stability and consistency between US and international accounting standards. CECL applies to financial assets measured on an amortized cost basis. The most significant impact is expected to come from loans, HTM debt securities and off-balance-sheet credit exposures. Other areas such as leases, equity investments in CUSOs, troubled debt restructures (TDR) and purchased assets are also impacted. The biggest change is that the new standard requires anticipated credit losses to be recorded over the life of the asset, booked at origination.

 Read more...



Corporate Update
Forum’17: August 16-18, 2017
Embassy Suites Nashville – South/Cool Springs
Forum'17 We have another exciting Forum in store for you this year filled with education, networking, and entertainment! Make sure you don’t wait too long to register - the Early Bird Registration discount will end on July 27th!

VolCorp’s Annual Meeting will also be held during the Forum on Wednesday, August 16th at 3:00 pm.

 Read more...



Operations
Same Day ACH Phase 2
CUBG THE NUTS & BOLTS
Same Day ACH Phase 1 took effect last September, making same day ACH credits a reality as part of NACHA’s “Moving Payments Faster” initiative. In the first three months of 2017, over 13 million same day ACH credits were processed, totaling nearly $18 billion dollars. Effective September 15, 2017, Same Day ACH Phase 2 will introduce same day debits into the mix. Receipt of same day debits is required by all financial institutions that participate in the ACH network, therefore your credit union should be aware of what is changing (and what’s not!) in Phase 2.

 Read more...



Seminars/Training
Move over Millennials! Here comes Gen Z
DoubleTree Downton Nashville I spend a lot of time traveling. Air travel is time to catch up on reading, writing and all things administrative. Okay and a few in-flight movies… On a recent trip I came across a great read by Allison Kaplan regarding Generation Z. I found the article, “The Next Generation Gap” in the April issue of Delta Sky magazine. The article sited research from David and Jonah Stillman. What I read caught me off guard. Then I read Preston Packer’s article for CUinsight titled “Is Your Credit Union Prepared for World War (GEN) Z?”.

 Read more...



Industry Info
Hampel: CUs can expect corporate stabilization refund
Bill Hampel Source: Credit Union Magazine

The refund will come in the form of share-insurance fund dividends.

CUNA Chief Economist/Chief Policy Officer Bill Hampel offered good news in his credit union update at the CUNA CFO Council Conference in Orlando: Credit unions can expect a series of refunds on their contribution to the corporate stabilization fund.


 Read more...

Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United
States Government. National Credit Union Administration,
a U.S. Government Agency.

America's Credit Unions