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CU Smart Engagement & Member Services
Cornerstone League’s connection to its members is stronger than ever, thanks to enhanced outreach initiatives, the Chapters Program, Councils, in-depth research and statistics, Young Professionals program, asset/liability management tools, and small credit union support.
Cornerstone’s engagement initiatives are designed to enhance credit union success and sustainability, facilitate collaboration, and empower individual achievement.
Executive Director
Cornerstone Foundation
Courtney
Moran
Executive Director
Oklahoma Credit Union Association
Nate Webb
Professional Development
Developing Collective Intelligence Through Virtual and In-Person Education
Staying Ahead of Emerging Topics
Cornerstone League kept members informed about matters such as cryptocurrency, open banking, and rapidly changing legislation affecting credit unions through its communications channels, helping members adapt to an ever-evolving financial services landscape.
Advocacy
– Caroline Willard, President/CEO, Cornerstone League
“The year 2021 will always been seen as a time of momentous change. It wasn’t just the world that changed around us; we changed too. Every conversation we had, every decision we made, and every action we took informed our adaptation to a pandemic reality that was beyond our modern experience. But we powered through strategically, calling on our collective intelligence, expertise, and resilience to look forward—far forward—to fulfill our mission of unparalleled service to our member credit unions and realize our vision of a healthy and powerful credit union movement.
As we press into 2022 as your partner in success, we seek to emerge with the evidence of our wins—especially those that were hard-won. Working with you and on your behalf, we pledge to be CU Smart: Collective Intelligence for Revolutionary Change.”
Credit unions adapted to meet the needs of their members in 2021, and Cornerstone League worked diligently to keep pace in support of their endeavors. Our members received guidance and access to enhanced resources designed to promote credit union success and endurance amid a pandemic.
COrnerstone
The Cornerstone League is the nation’s largest regional credit union trade association, serving more than 500 credit unions in Arkansas, Oklahoma, and Texas. Cornerstone exists to advance the success of credit unions through legislative and grassroots advocacy, regulatory and compliance support, educational and networking opportunities, essential communications, and enriched products and services for credit union development.
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How CORNERSTONE
meets the moment...
time and time again.
2021
Impact Report
Advocacy
Harnessing the Collective Intelligence
of Credit Union Advocates
In 2021, the Cornerstone League advocacy team harnessed its collective intelligence to help support credit union interests on state and national levels. Advocacy never sleeps and agility is key to a successful government relations plan. In a year of constant change, our team of legislative and regulatory professionals seemed to work around the clock.
Communications &
Outreach
Professional Development
Engagement & Member Services
Cornerstone
Resources
Cornerstone Foundation
Intelligent, Revolutionary Change
Jim Phelps
Chief Advocacy
Officer EVP
Cornerstone League
Gilli Carter
Executive Director
Texas Credit Union Association
Vicky Salkeld Dahinden
Executive Director
Arkansas Credit Union Association
Mike Delker
CU Relations SVP
Cornerstone League
Amy Fuller
Strategic
Development SVP
Cornerstone League
Caroline Willard
President/CEO
Cornerstone League
Ryan Dold
Chief Revenue Officer
Cornerstone Resources
Arkansas Credit Union Association
Oklahoma Credit Union Association
Texas Credit Union Association
Hike at Home 2021
2021 Regional Milestones
Preserving Our Independence
Communicating Intelligent, Revolutionary Change
Helping Credit Unions Remain Current and Forward-Thinking
Advocacy
In 2021, the Cornerstone League advocacy team harnessed its collective intelligence to help support credit union interests on state and national levels. Advocacy never sleeps and agility is key to a successful government relations plan. In a year of constant change, our team of legislative and regulatory professionals seemed to work around the clock.
Advocacy
In 2021, the Cornerstone League advocacy team harnessed its collective intelligence to help support credit union interests on state and national levels. Advocacy never sleeps and agility is key to a successful government relations plan. In a year of constant change, our team of legislative and regulatory professionals seemed to work around the clock.
Advocacy
In 2021, the Cornerstone League advocacy team harnessed its collective intelligence to help support credit union interests on state and national levels. Advocacy never sleeps and agility is key to a successful government relations plan. In a year of constant change, our team of legislative and regulatory professionals seemed to work around the clock.
Harnessing the Collective Intelligence of Credit Union Advocates
Cornerstone League supported the CUNA Governmental Affairs Conference (March 2–4), which was held virtually. Led by EVP/Chief Advocacy Officer Jim Phelps, the Cornerstone advocacy team went to work quickly setting up virtual legislative briefings and appointments with lawmakers, compiling priority-topic talking points, and preparing Project Zip Code data for the Cornerstone-member credit union leaders in attendance. The featured speaker during Cornerstone Legislative Briefing was NCUA Vice Chairman Kyle Hauptman and more than 130 Cornerstone-member credit union leaders attended.
The Oklahoma Governmental Affairs Conference became another virtual conversion due to the pandemic. Oklahoma GAC took place on March 9 featuring CUNA President/CEO Jim Nussle on inclusivity and University of Oklahoma political scientist Keith Gaddie, Ph.D., on the state of democracy. Hosted by OKCUA Executive Director Nate Webb, more than 90 Cornerstone-member credit union leaders from Oklahoma attended.
The first virtual Texas Governmental Affairs Conference was held March 22 and featured visiting Texas state representatives, a special roundtable with TCUD Commissioner John Kolhoff and NCUA’s Keith Morton; a Q&A session; and a legislative update from Cornerstone League leaders. Hosted by TXCUA Executive Director Gili Carter, more than 100 Cornerstone-member credit union leaders from Texas attended.
Cornerstone compliance team, led by Regulatory and Compliance Counsel Suzanne Yashewski, released critical guidance via email and in the InfoSight enewsletter on Texas governor Greg Abbott’s executive order GA-34, which lifted the national mask mandate in Texas and increased capacity of all businesses and facilities in the state to 100%.
Arkansas Credit Union Association
Supported bill to establish nine-person Arkansas Financial Education Commission with one member from a credit union. The commission furthers financial literacy programs to all geographic areas and socioeconomic backgrounds and promotes importance of saving for education.
Supported a bill that expands notary public powers to include remote witnessing of certain documents by credit unions.
Supported bill to protect seniors from predatory practices. If a financial institution has reasonable cause to suspect financial exploitation, the financial institution may refuse or delay transaction. The bill enables the financial institution to notify a third party of suspected exploitation, regardless of whether third party is authorized on account.
Oklahoma Credit Union Association
Supported bill permitting certain savings promotion raffle contests that incentivize savings.
Supported bill to reduce privilege tax rate paid by state-chartered CUs from 6% to 4%.
Supported bill creating a system permitting electronic filing, storage, and delivery of motor vehicle certificates of title and allows certain transactions to occur digitally.
Supported legislation to provide COVID-related liability protection for credit unions.
Texas Credit Union Association
Supported bill to enable Texas CU Department to function as the regulatory authority for state-chartered credit unions for another 12 years. Of 16 agencies in sunset review, only seven made it to the governor’s desk.
Supported bill adding a new section to Texas Penal Code making elder financial abuse or exploitation a crime. Offenses range from Class B misdemeanor to first-degree felony.
Supported bill that builds on 2019 law intended to ensure gas station merchants deter and catch skimmers.
Successfully advocated for modernization of the Texas state rule on field of membership (FOM) to provide credit unions with more flexibility.
Hike at Home 2021
Cornerstone held its second-ever virtual Hike at Home on Oct. 18–22. All three state associations participated. Hike at Home is a prime opportunity for credit union leaders to engage with our nation’s policymakers. Cornerstone hosted strategic, virtual in-district meetings with lawmakers on key committees of jurisdiction over credit union issues, along with virtual meetings with leadership from key regulatory agencies. More than 100 credit union members met with 35 lawmakers from Arkansas, Oklahoma, and Texas. Attendees focused on four priority issues:
2021 Regional Milestones
During concurrent legislative sessions in Arkansas, Oklahoma, and Texas, our association leaders analyzed and tracked over 11,000 bills and produced legislative summaries containing details of new laws and their impact on credit unions. The association teams also managed several special legislative sessions to address unresolved matters and redistricting.
Cornerstone helped member credit unions with the following:
Preserving Our Independence
During the 2021 Texas Legislative Session, Cornerstone helped pass legislation to ensure that the Texas Credit Union Department (TCUD) would remain a self-directed, semi-independent regulatory agency for another 12 years. Of the 16 agencies in Sunset Review, only seven made it through both chambers and to the governor’s desk. This is a legislative win for state and federally chartered credit unions.
Texas bankers have long sought to merge regulatory authority for credit unions under the same state financial code, which would adversely impact consideration of the difference between banks and the credit union cooperative structure. It would also affect innovation of credit union products and services and diminish our political capital. Credit unions would be a “junior partner” in a consolidated regulatory framework as evidenced in states where that structure exists. Preserving the dual chartering system is a key function of a regional association like TCUD, which Cornerstone League strongly supports.
IRS Reporting Requirements
Preserving CU Tax Status
Exempt CUs from CECL
Interchange
• Federal COVID-related stimulus packages
• Federal labor and employment law changes
• Paycheck Protection Program and loan forgiveness
• Small Business Administration lender requirements
• State-issued temporary operational changes and requirements
• Messaging that credit unions serve members as financial first responders
• Secure and Fair Enforcement (SAFE) Banking Act
• Equal Credit Opportunity Act and Reg B/sex discrimination
• Mask mandates (with sample policy created by Cornerstone Compliance)
• Q&A for credit unions that want to prohibit guns
• Home equity law updates
• Special sessions for redistricting
• IRS reporting requirement in congressional proposal
• Texas CU Commission changes to FOM
• Texas CU Department sunset review and legislation
• Oklahoma tax cuts benefitting credit unions
• Southwest Capital holder distributions
“No matter what is going on in the world, the need for advocacy never stops. Our team not only actively keeps credit union interests at the top of lawmakers’ agendas, but also keeps a finger on the pulse of new, potentially harmful legislation.”
-Jim Phelps, EVP/Chief Advocacy Officer, Cornerstone League
Cornerstone Podcast
Through our communications channels, we create as many touchpoints as we can to share information, breaking news, innovative concepts, and everything in between. That’s one reason we launched The Cornerstone League Podcast in September 2021 to serve as an innovative communications platform to share relevant thought leadership for a credit union audience. In exploring a new platform, we created another touchpoint with our members, sharing critical information that helps our members succeed.
Episode 1: Stories of Resilience and Advocacy – Guests: Caroline Willard and Jim Phelps
Episode 2: Celebrating Cybersecurity Awareness Month and Building Financial Health for a Brighter Tomorrow – Guests: Idrees Rafiq and Courtney Moran
Episode 3: Cryptocurrency: What Credit Unions Need to Know – Guest: Nathan Behncke
Episode 4: Credit Union Awareness Campaign with Chris Lorence – Guest: Chris Lorence
Helping Credit Unions Remain Current and Forward-Thinking
Industry disruptors such as cryptocurrency and open banking are changing the financial services landscape. The Cornerstone League in 2021 provided guidance regarding emerging topics through strategic communications, think pieces, and media appearances.
Featuring topics that are both newsworthy and game-changing, our team works hard to keep members abreast of credit union news, action alerts, and stories that communicate the credit union difference.
Cryptocurrency:
•One-pager
•Survey: How Crypto-Curious Are Cornerstone Members?
•Podcast episode: https://www.buzzsprout.com/1853044/9537783
Op-eds
•CUInsight
•CU Times
•Explainer video
Harnessing the Power of our Collective Voices
To spread awareness about the onerous IRS tax reporting provision in the proposed Build Back Better infrastructure bill, Cornerstone League enacted a grassroots campaign to move credit union members to action. As of Dec. 31, 2021, 68,077 credit union reps from the Cornerstone tri-state region voiced their opposition to the provision, writing to lawmakers opposing the provision and calling upon their members to do the same.
Numbers by state: AR – 2,171 OK – 13,753 TX – 52,153
This initiative was supported by:
•Social media campaign
•Landing page: IRS Tax Reporting Proposal (cornerstoneleague.coop)
•Toolkit for credit unions to share with their members
Communicating Intelligent, Revolutionary Change
Cornerstone Podcast
Helping Credit Unions Remain Current and Forward-Thinking
Harnessing the Power of our Collective Voices
Cornerstone League communicates timely, relevant information to keep members abreast of league and industry news through its digital channels and newsletters.
Professional Developmnet
Developing Collective Intelligence Through Education
Leaning Into Excellence: How SCMS Perpetuates Intelligence
Oklahoma Credit Union Association
Bringing members professional development opportunities in person and virtually.
Developing Collective Intelligence Through Education
Cornerstone League’s seasoned professionals work passionately to not only protect the credit union movement, but also ensure that Cornerstone members have a clear path ahead of them. This is done through our professional development opportunities such as IMPACT: Annual Meeting, ELEVATE: Credit Union Leadership Summit, INCLUSION: Change Makers, and Top 50 CEO Exchange, which bring together credit union leaders from across the region to share ideas and hear from the industry’s most innovative thinkers.
IMPACT Virtual: Hybrid model
ELEVATE: Credit Union Leadership Summit
INCLUSION: Change Makers
Top 50 CEO Exchange
Helping Credit Unions Remain Current and Forward-Thinking
Industry disruptors such as cryptocurrency and open banking are changing the financial services landscape. The Cornerstone League in 2021 provided guidance regarding emerging topics through strategic communications, think pieces, and media appearances.
Featuring topics that are both newsworthy and game-changing, our team works hard to keep members abreast of credit union news, action alerts, and stories that communicate the credit union difference.
Cryptocurrency:
•One-pager
•Survey: How Crypto-Curious Are Cornerstone Members?
•Podcast episode: https://www.buzzsprout.com/1853044/9537783
Op-eds
•CUInsight
•CU Times
•Explainer video
Harnessing the Power of our Collective Voices
To spread awareness about the onerous IRS tax reporting provision in the proposed Build Back Better infrastructure bill, Cornerstone League enacted a grassroots campaign to move credit union members to action. As of Dec. 31, 2021, 68,077 credit union reps from the Cornerstone tri-state region voiced their opposition to the provision, writing to lawmakers opposing the provision and calling upon their members to do the same.
Numbers by state: AR – 2,171 OK – 13,753 TX – 52,153
This initiative was supported by:
•Social media campaign
•Landing page: IRS Tax Reporting Proposal (cornerstoneleague.coop)
•Toolkit for credit unions to share with their members
CU Smart
Cornerstone
Advocacy
Cornerstone
Foundation
Cornerstone
Resources
Cornerstone
League
“The landscape that credit unions operate in today is constantly changing. Being part of the Cornerstone League helps us better serve our members and communities. The League advocates for us and contributes vital and relevant information. The credit union movement is stronger because of the support that Cornerstone provides.”
– Kris Hadley,
TTCU Federal Credit Union
Industry disruptors such as cryptocurrency and open banking are changing the financial services landscape. The Cornerstone League in 2021 provided guidance regarding emerging topics through strategic communications, think pieces, and media appearances.
Our team works hard to keep members abreast of credit union news, action alerts, and stories that communicate the credit union difference. We featured articles on topics that are both newsworthy and game-changing.
Changing Legislation:
Interchange Fees:
Cryptocurrency:
CUInsight: View Link
Exploring Credit Union-Bank Sales:
Cryptocurrency:
CU Times: View Link
Cornerstone League’s seasoned professionals work passionately to not only protect the credit union movement, but also ensure that members have a clear path ahead of them. Cornerstone offers comprehensive professional development opportunities, which bring together credit union leaders from across the region to share ideas and hear from the industry’s most innovative thinkers.
IMPACT: Annual Meeting & Council Forums
ELEVATE: Credit Union Leadership Summit
INCLUSION: Change Makers
Top 50 CEO Exchange
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Cornerstone’s signature cuLEAD360 training opens doors for credit union professionals. This subscriber program offers one of the largest collections of best-in-class training for all phases of leadership. Subscribers gain more than 40 hours of exclusive content featuring the 12 areas of leadership competency, on-demand access, a personalized leadership assessment, and leadership podcast. Explore new micro-learning topics and articles on emotional intelligence, work-life balance, and DEI concepts. Annual SCMS tuition includes a complimentary one-year subscription to cuEAD360.
Credit union CEOs place high value on Southwest CUNA Management School graduates because this immersive learning experience not only develops executive leadership skills and augments experience, but also ignites an inner passion and vision for personal and professional transformation.
The SCMS freshman
class of 2021
comprised 58 enrollees,
the largest on record.
The Cornerstone League Chapters Program emphasizes political advocacy, community involvement, and leadership. Thirty-three chapters in the Cornerstone region serve as pivotal points of engagement for credit unions.
Members of Cornerstone League’s Councils Program benefit from opportunities for educational growth, peer-to-peer collaboration and networking, relationship building, and operational knowledge.
[Click to see our Councils]
Complimentary or low-cost educational webinars specific to participants’ business unit or role in the credit union.
Discounted registration to attend council conferences.
Convenient online forum where members can discuss solutions to their latest dilemmas, get suggestions for accomplishing a new process efficiently, share best practices for policies and procedures, and test their latest ideas with their credit union community.
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“My favorite aspect of our Cornerstone membership is the council communities. The knowledge shared and the peer connections are invaluable to the success of our credit union. I’ve met so many great people over the years who have shared ideas that have been instrumental in the growth of our credit union as well as my professional development.”
-Kanika Boutté, Energy Capital Credit Union
Cornerstone Compensation Survey
The compensation survey assists credit unions
in compensation decision making, obtains
salary data on 55 credit union positions,
and includes information such as
insurance and retirement benefits,
paid leave, and bonuses.
Quarterly Peer-to-Peer Reports
The quarterly peer-to-peer report is a custom report for affiliated CEOs which tracks performance over the previous quarter based on 25 metrics.
Economic Reports
The economic report provides a quarterly review of the economic effects for credit unions over the previous quarter on a regional and national scale.
Quarterly Personalized Performance Reports
Tracking performance over the previous quarter using 25 metrics, the quarterly personalized performance report is a custom report
prepared for affiliated CEOs, and is
available as a PDF and
PowerPoint deck.
Retail Fees Reports
Housed on the Cornerstone website, the retail fees reports are for CEOs and include average retail fees charged by banks
and credit unions on a regional and national scale.
Cornerstone League conducts and aggregates research of the financial services environment regionally and nationally and curates the data to help credit unions make prudent decisions for their future. Results are distributed to member credit unions in the form of detailed financial and economic reports and surveys.
Paving the way for the next generation of CU Smart leaders
Cornerstone’s Young Professionals program empowers credit union leaders ages 18 to 40 to develop leadership and career advancement skills, advocate for credit unions, and engage in social responsibility endeavors.
Cornerstone League provided Asset/Liability Management tools, resources, and training to ensure credit unions remained financially viable through adequate capital, stable earnings, sufficient liquidity, and interest-rate risk management.
Providing the fundamental ALM education and training helps Cornerstone members better understand the working components that can affect the financial health of their credit union.
3 ALM webinars
An in-person ALM workshop in Oklahoma City
Training session at the Small CU Forum
3 training sessions during the Small
Credit Union workshops
Training session at the Managers Roundtable
3 credit union board training sessions
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Helping to Mitigate Risk and Enhance Members’ Profits
Small
Credit Unions
Small credit unions—those with $90 million or less in assets—make up the majority of League membership. Cornerstone offers a wide range of services to ensure small credit unions are sustainable and scalable to accommodate advancing technology, membership growth, and increased market share. Small credit unions benefit from Cornerstone’s educational offerings and compliance training, which ensures they are financially healthy and prepared to weather economic changes.
- Cornerstone added two in-house engagement consultants to enhance the Small Credit Union division’s ability to provide top-tier service and connect more meaningfully with members.
- Small credit union quarterly webinars focused on a specific hot topic with an open forum for attendees to share ideas and ask questions of their peers.
- In 2021, the direction of the small credit union workshops evolved to focus on operational success, covering lending basics, key ratios, and manager development.
- The Small CU Forum in 2021 provided participants with their required yearly compliance training and explored ways credit unions could capitalize on forward-thinking strategies in a challenging marketplace.
• Strategic planning
• Navigating lending in an economic downturn
• Current payment fraud trends
• Engaging staff and members
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Resources
What Our Members Are Saying…
What Our
Members Are Saying…
1,120
Number of young professionals Cornerstone serves
7 virtual meetups
hosted in 2021
150 school supplies collected
by YPs to help Dallas-area children
In 2021, Cornerstone created the YP Advocate position to facilitate mentorship from a previous advisor to the current class of advisors*.
6 YPs “crashed” ELEVATE: Credit Union Leadership Summit
3 YPs represented the Cornerstone region as CUNA GAC Crashers
Provided registration scholarships for 2 YPs to attend the YP Conference
In 2021, Cornerstone provided:
Members benefited from our robust advocacy objectives aimed at ensuring credit union growth and sustainability and strengthening their regulatory and compliance teams.
Our executive support
included thought leadership and guidance in areas such as HR, DEI, business continuity, succession planning, governance, market challenges, budgeting,
and research and reporting.
Our broad
spectrum of professional development opportunities fortified staff knowledge and expertise in
such areas as ALM, leadership, compliance, and select business operations.
Our credit union relations and engagement offerings enabled members to participate directly with Cornerstone and extend
their networking reach through
programs such as Young
Professionals, Councils,
Chapters, Collaboration,
Leadership Academy,
and Sister Societies.
CUInsight: View Link
CUInsight: View Link
CUNA News: View Link
*The YP Advisors are innovators and the engine of the Cornerstone YP Program, serving as liaisons between Cornerstone League and their peers.
Keeping Credit Unions
Top of Mind
Our powerhouse advocacy team works tirelessly to ensure that our members have an advantage as lawmakers constantly reassess legislation and regulations affecting the financial services industry.
GILI CARTER
Executive Director
Texas Credit Union Association
469-385-6488
gcarter@cornerstoneleague.coop
VICKY SALKELD DAHINDEN
Executive Director
Arkansas Credit Union Association 501-683-6508
vsalkeld@cornerstoneleague.coop
NATE WEBB
Executive Director
Oklahoma Credit Union Association
405-445-1510
nwebb@cornerstoneleague.coop
JIM PHELPS
Chief Advocacy Officer, EVP
469-385-6481
jphelps@cornerstoneleague.coop
View our
Advocacy Strategy
CU Relations VP
469-385-6484
gziegler@cornerstoneleague.coop
Gretchen Ziegler
Operations Consultant & Program Specialist
832-200-8716
abecerra@cornerstoneleague.coop
Angela Becerra
Credit Union Relations
Administrative Assistant
469-385-6403
cmartinez@cornerstoneleague.coop
Cristina Martinez
Engagement Consultant & Relationship Manager
469-385-6467
ecalvillo@cornerstoneleague.coop
Ericka Calvillo
KATI BUCHANAN
Operations & Engagement VP
469-385-6424
kbuchanan@cornerstoneleague.coop
MIKE DELKER
Credit Union Relations SVP
469-385-6826 mdelker@cornerstoneleague.coop
Sarah Bowman
Engagement Consultant
& Program Manager
469-385-6423
sbowman@cornerstoneleague.coop
There are nine specialized councils with a total of
1,100 members
from 272 credit unions.
Cornerstone members benefit from the league’s expertise, vision, intel, and reach in state and national advocacy. We work hard to create a sustainable ecosystem of thriving credit unions.
Cornerstone’s advocacy team shifted its successful Hike the Hill event to a virtual format in 2020 and 2021 due to the ongoing pandemic and health concerns.
• Defending the federal credit union tax
exemption
• Protecting lienholder interests
• Pursuing measures to create national
data security and privacy standards
• Defeating onerous regulations that impede
credit unions’ ability to service members
• Advocating for exemption or elimination of
credit unions from the CECL accounting
standard
• Modernization of the Federal Credit Union
Act of 1934
In 2022, our government relations priorities are:
The Cornerstone Compliance and Regulatory divisions worked double-time in 2021–due to the pandemic’s heightened influence on legislation and regulatory changes–while engaging lawmakers during three concurrent legislative sessions taking place in Arkansas, Oklahoma, and Texas. Our dedicated professionals analyzed thousands of bills and devoted many long hours to ensure no bills unfavorable to credit unions passed.
Additionally, Cornerstone League, in partnership with our advocacy teams in Arkansas, Oklahoma, and Texas, produced three comprehensive Legislative Summaries comprising the key bills, legislative details, effective dates, and impact on credit unions—all of which are available online to Cornerstone members.
2021 COMPLIANCE
STATS
In 2021, Cornerstone’s Information Central fielded almost 1,200 compliance calls and emails from members and distributed 48 InfoSight newsletters that included answers to more than 40 frequently asked questions.
Regulatory
Our legal team studies and monitors regulatory issues
for impact on credit unions and keeps members current on changing laws, pending proposals, and nuanced regulations to prevent negative consequences to our members’ reputations and financial well-being.
Compliance
Our Compliance team, including Information Central, offers enhanced compliance support and resources, the online InfoSight manual and weekly e-newsletter, regulatory and fraud alerts, compliance workshops and webinars, industry articles, and Q&A columns to address our members’ most pressing compliance questions.
NATHAN BEHNCKE
Associate Regulatory &
Compliance Counsel
nbehncke@cornerstoneleague.coop
SUZANNE YASHEWSKI
Regulatory & Compliance Counsel
syashewski@cornerstoneleague.coop
[Clickfor more]
Sunset
review
[Click for more]
A top priority in Texas was ensuring the Texas Credit Union Department continued as the independent regulator of credit unions for another 12 years.
Beginning in 2019
In 2019–2021
we conducted advance work with TCUD on a self-evaluation report containing recommendations and on interviews with the Sunset Commission.
A Major 2021
Texas Win:
The 87th Texas Legislature in 2021 used the Sunset Commission’s published report of findings to decide on TCUD’s continuation. Thanks to Cornerstone’s outstanding staff and consultants, we achieved our goal of continuing TCUD for another 12 years as the regulatory authority for state-chartered credit unions in Texas.
Political Engagement
Cornerstone Advocacy emphasizes credit unions’ unique role in the financial services ecosystem through virtual and in-person meetings with lawmakers and regulators.
Advocated to amend consumer protection law to safeguard seniors from predatory practices.
Arkansas
Advocated for a nine-person commission stipulating that one member be from a credit union doing business in Arkansas on the Arkansas Financial Education Commission.
Supported a bill to reduce the privilege tax rate paid by state-chartered credit unions from 6% to 4%.
Supported a bill permitting certain savings promotion raffle contests that incentivize savings.
Updated the Texas state rule on field of membership to provide credit unions with more flexibility, recognizing the ability to serve members virtually.
Advocated to amend consumer protection law to safeguard seniors from predatory practices.
Advocated for legislation to enable the Texas Credit Union Department to function as the independent regulatory authority for state-chartered credit unions for another 12 years.
PAC
(POLITICAL ACTION COMMITTEE)
While remaining sensitive to credit union challenges during the ongoing pandemic, Cornerstone Advocacy raised significant funds for all three political action committees and CULAC.
Arkansas $27,274
Oklahoma $64,001
Texas $393,861
Total $482,136
2021 PAC Contributions*
End of 2021
*Total contributions from credit union employees, volunteers, and members.
[Click for more]
2021
Advocacy Wins
Click on state for more info.
Since consolidating the Arkansas, Oklahoma, and Texas state associations, eligible state charters have greatly improved.
*Arkansas does not have state-chartered credit unions.
Cornerstone played a major role in passage of legislation providing liability protection for businesses during the COVID-19 pandemic.
Passed Business Liability Protection Legislation
Cornerstone helped pass legislation permitting the conduct of certain savings promotion raffle contests which incentivize savings.
This was a multi-year process that included solicitation of an attorney general’s opinion.
Passed Prize-Linked Savings Legislation
Cornerstone League conducted a major reform of Oklahoma’s possessory lien process, something the Oklahoma Association had been working on but was never successful.
Once the League merger was completed, the resources made available in expertise, manpower, and grassroots activation ability enabled us to pass this major piece of legislation the following session.
Prior to passage, Oklahoma’s possessory lien process was a major liability to credit unions. The statute contained many loopholes allowing the state wrecker industry to essentially “steal cars from lienholders.”
Reformed Possessory Lien Process
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– Supervision and regulation of credit unions
– Complaints
– Regulatory coordination of other state and
federal agencies
– Place of business for state-chartered CUs
– Foreign credit unions
– Board of directors/voting
– Honorary/advisory directors
– Indemnification
– Call reports
Cornerstone has been in discussion with the TCUD commissioner regarding possible revisions to the act in the upcoming 2023 legislative session now that the independent credit union agency has been extended another 12 years.
In 2021, we were successful in updating the Texas state rule on field of membership (FOM) to provide credit unions with more flexibility. The prior rule required that a FOM expansion must provide for a physical branch in the new area to be approved. This aspect was removed to recognize the ability to serve members virtually.
In previous legislative sessions we have advocated for improvements to the Texas State Credit Union Act. Some of the areas in the State Act impacted include the following:
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As the legislative and regulatory landscape changes, Cornerstone League continues to play an outsized role in advocating for credit unions.
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Cornerstone
Advocacy
Cornerstone
Foundation
Cornerstone
Resources
Cornerstone
League
Advocating
for a
CU Smart Future
CU Smart
Keeping Credit Unions
Top of Mind
Our powerhouse advocacy team works tirelessly to ensure that our members have an advantage as lawmakers constantly reassess legislation and regulations affecting the financial services industry.
Cornerstone League’s legacy of success in government relations and political affairs is one reason advocacy is the dues-supported centerpiece of our members’ benefits.
Cornerstone’s advocacy and regulatory teams work diligently to deconstruct new laws and regulations, and ensure members obtain a complete understanding of evolving legislation and how it affects credit unions.
GILI CARTER
Executive Director
Texas Credit Union Association
469-385-6488
gcarter@cornerstoneleague.coop
VICKY SALKELD DAHINDEN
Executive Director
Arkansas Credit Union Association 501-683-6508
vsalkeld@cornerstoneleague.coop
NATE WEBB
Executive Director
Oklahoma Credit Union Association
405-445-1510
nwebb@cornerstoneleague.coop
JIM PHELPS
Chief Advocacy Officer, EVP
469-385-6481
jphelps@cornerstoneleague.coop
CHARLOTTE SPENCER
Legislative & Regulatory Director
512-853-8511
cspencer@txcua.coop
Texas
Texas
Texas
Oklahoma
Oklahoma
Arkansas
Arkansas
Supported a bill to expand notary public powers to include remote witnessing of certain documents by credit unions.
Successfully advocated for modernization of the Texas state rule on field of membership to provide credit unions with more flexibility.
Texas
Supported a bill that builds on a 2019 law intended to ensure that gas station merchants deter and catch skimmers.
Texas
Supported a bill adding a new section to Texas Penal Code making elder financial abuse or exploitation a crime.
Texas
Oklahoma
Supported legislation to provide COVID-related liability protection for credit unions.
Oklahoma
Supported a bill creating a system permitting electronic filing, storage, and delivery of motor vehicle certificates of title and allowing certain transactions to occur digitally.
Keeping Credit Unions in the Know
Our state advocacy teams kept credit unions well-informed of key developments and the political environment in each state legislature via the Cornerstone Legislative Reporter. In 2021, thanks to our legislative teams in Arkansas, Oklahoma, and Texas, Cornerstone produced 16 Texas Reporters, 13 Oklahoma Reporters, and an all-inclusive Arkansas Reporter. Additionally, our association executive directors conducted video wrap-ups of the state sessions, which are available online for Cornerstone members.
In 2021, our Regulatory team distributed critical guidance to credit unions, including 10 regulatory alerts on topics such as:
• Gov. Greg Abbott’s executive order that
lifted the national mask mandate in Texas
• Texas Credit Union Commission’s vote to
adopt proposed field-of-membership changes
• How to navigate the federal COVID-related
stimulus packages
• Understanding labor and employment law
changes
• PPP loan forgiveness
• The SAFE Banking Act
• IRS reporting provisions
• Ramifications of vaccine mandates
• Prohibition of guns in credit union lobbies
Cornerstone registered 17 milestone issues that helped member credit unions navigate the regulatory and compliance landscape in 2021.
The 2021 Hike at Home event brought together nearly 100 credit union leaders from Arkansas, Oklahoma, and Texas to advocate for 11 million credit union members in the Cornerstone region.
Cornerstone’s advocacy team facilitated virtual meetings with 36 federal lawmakers and 100 credit union leaders to discuss priority legislative issues.
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For additional examples of advocacy success in each state, click the arrows.
In 2021, transactions steadily improved to a 7% year-over-year change for both issuer and acquirer.
Shared Branching
explored a collaboration with state network
partner counterparts
for API integration
initiative.
Shared Branching collected data on current and potential self-service kiosk vendors that are being considered by our credit unions.
Shared Branching worked with Co-op Solutions to promote an ITM/Self-Service option.
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Providing
CU Smart Solutions
to Credit
Unions
In 2021, Risk Management and Compliance Consulting refined its fair lending review and experienced an increase in review requests.
Despite the COVID-related challenges of conducting business with members in 2020 & 2021,
RMCC maintained its core consulting contracts.
RMCC Team members attain and recertify with key designations, such as the NCCO, BSACS, and the newer Cannabis Banking Professional (CBP) Certification.
RMCC provided compliance services to
76 credit unions in 2021
Cornerstone Resources’ information security analysts maintained their CISA, CND, CEH, and ECSA designations.
ISCC Services by Category in 2021
748 Risk Assessment 87
Cyber Audit 17
Penetration Test 6
CAT 2
Email Phishing 7
VAT 40
Shared CIO 1
Vulnerability Assessment Testing 115
Although the digital environment
continues to expand, there is no
substitute for human interaction.
Cornerstone Resources’ Shared Branching
team is proof that purposeful human connection is a marker of great service that credit unions value.
As the gravest dangers of COVID community transmission subsided, credit unions in 2021 sought shared branching as a much-needed access point and an added layer of service and comfort for credit union members.
Monthly average of 200,000 transactions
in the Cornerstone
Resources Shared Branching
three-state network
Approximately
2.4 million transactions
for the year in 2021
Cornerstone Resources’ participating credit unions currently make up 75% of the acquirer Shared Branching service offerings in the local network.
The Shared Branching team held two virtual meetings in 2021, drawing more than 60 participants to discuss policy updates, trends, and procedures.
Cornerstone Resources’ Executive Search team helps credit unions find their next CEO or other executive officers and places professionals at all levels through the Professional Recruiting function.
Like most industries across the U.S., the credit union movement has experienced great workforce shifts as credit unions create new positions and workers explore their employment options.
Cornerstone Resources’ Executive Search and Professional Recruiting team has been busy connecting capable, hard-working candidates with credit unions across the nation.
Professional Recruiting placed 42 staff-level professionals.
Credit unions
requested 73 proposals from our Executive Search service in 2021, resulting in 30 Executive Recruiting searches and 23 placements.
Professional Recruiting assumed recruiting responsibilities for three credit unions in 2021. These contractual agreements were a first for the department.
Through our preferred Business Alliance program, Cornerstone Resources partners with value-added service providers that are thoroughly vetted according to our rigorous endorsement standards, saving credit unions time and money. Our multi-starred providers offer solutions for a broad range of your credit union’s operational needs.
Cornerstone Resources’ vetting process ensures that our business partners:
• Are positioned to help credit unions reduce risk.
• Provide efficiency through digital channels.
• Align credit union operations and strategy with remote
and digital work.
An important role for the Foundation is supporting Cornerstone-region credit union communities during and after natural disasters. The Foundation also offers support through the World Council of Credit Unions (WOCCU) and in partnership with the National Credit Union Foundation's CUAid.
Winter Storm
Uri Assistance
Hurricane Laura Assistance
Disaster Assistance
Storms, house fires, tornadoes, and Hurricane Nicholas:
Phase I grants $18,000
Hurricane Laura Assistance
Phase I grants $16,950
Winter Storm Uri Assistance
Phase I $201,600
Phase II $24,150
TOTAL: $260,700
383 Individuals
35 CUs
[Click icons to see more]
in 2021, thanks to the generous donations of our supporters.
$1,245,847
The FiCEP training gives students the knowledge and skills to help members experiencing financial difficulties.
1
Through FiCEP,
47 credit union professionals earned their Certified Credit Union Financial Counselor designation.
2
Currently, more than 870 credit union staff hold CCUFC designations.
3
Armed with new knowledge, students can help members and the credit union by reducing delinquencies and charge-offs and growing product and service revenue.
4
The Foundation’s Pandemic Response Strategy comprised four components:
CERTIFICATION
A no-cost Financial Counseling Certification Program, or FiCEP.
TOOLKIT
A Certified Credit Union Financial Counselors Toolkit
COUNSELING
Free one-on-one financial counseling for up to one year
E-LEARNING
Affordable e-learning through three financial capability providers
Member credit unions continue to benefit from components of Cornerstone Foundation’s Pandemic Response Strategy, launched in 2020 to address issues caused by the COVID-19 pandemic.
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Cornerstone Foundation is the 501(c)(3) public charity of the Cornerstone League and operates on three key initiatives: financial capability, credit union development, and disaster relief. Everything we accomplish stems from our mission to empower people to improve their financial well-being.
FiCEP training gives students the knowledge and skills to help members experiencing financial difficulties. Armed with with this information, credit union employees also help their credit unions by reducing delinquencies and charge offs, and by growing product and service revenue.
Through FiCEP,
47 credit union professionals earned their Certified Credit Union Financial Counselor designation.
Through FiCEP
credit union
professionals
earned their
47
Certified Credit Union Financial Counselor designation.
Currently
more than
870
CCUFC designations.
credit union
staff hold
The Cornerstone Foundation understood the need to take care of Cornerstone-region credit unions and their staff during the unprecedented events of 2020 and 2021. Ideated in April of 2020, the Pandemic Response Strategy contained four components that helped our region in a way that had a ripple effect, spreading from credit union staff to members, using immediate and long-term assistance.
The Foundation saw a great need to continue offering the Pandemic Response Strategy in 2021.
Although revised to only include three components and slight modifications to the FiCEP offering, the strategy continued to provide solutions for credit union staff, members, and their communities.
Pandemic Response Strategy
Components of the Pandemic Response Strategy
Certified Credit Union Financial Counselor Toolkit
Certified Credit Union Financial Counselor Toolkit
More than 870 credit union staff currently hold CCUFC designations. The Cornerstone Foundation provided a comprehensive toolkit containing resources to help counselors guide their members throughout the ongoing pandemic. The toolkit covered the following elements, which are all intricately connected – finance, coaching, counseling, the cycle of change, and building relationships.
Financial Counseling Certification Program (FiCEP)
Financial Counseling Certification Program (FiCEP)
The FiCEP program, an enhanced and unique training program for credit union staff that combines the convenience of a self-study program with group hands-on learning, was offered at half the cost to credit union staff in the Cornerstone region.
331 credit union professionals earned their professional Certified Credit Union Financial Counselor (CCUFC) designations in the 2020 no-cost to the credit union offering, while 47 received designations through the 2021 discounted offering. CCUFCs are better equipped to understand, empathize, and serve members during these unpredictable times.
Free one-on-one financial counseling
Free one-on-one financial counseling
The Cornerstone Foundation partnered with BALANCE to offer all 30,152 staff members in the Cornerstone region the opportunity to receive one-on-one coaching with a licensed financial coach/counselor for one year. Participants received free, comprehensive, one-on-one money management, budget, and debt counseling provided by telephone, educational materials and resources, and two free monthly educational webinars.
Click on each icon for more information
Your Dollars at Work
162 Grants Totaling
$377,097
• 51 total scholarships
• 26 first-year students
• 11 second-year students
• 13 third-year students
• One full scholarship to the
C2C YP recipient
Abilene Teachers FCU
Alamo City FCU
Arkansas Superior FCU
C-E FCU
Cherokee County Teachers FCU
Chocolate Bayou Community FCU
Concho Valley CU
Cornerstone League
Corner Stone CU
Corpus Christi City ECU
Electric Cooperatives FCU
GECU
One Source FCU
People’s Trust FCU
Port Arthur Community FCU
Randolph-Brooks FCU
Resource One CU
RGVCU
River City FCU
Rockdale FCU
Shell FCU
Southwest Heritage CU
Starr County Teachers FCU
Tarrant County’s CU
Union Fidelity FCU
University FCU
Ward County CU
West Texas Educators CU
WestTex Community CU
• COVID19 relief-related grants
• Chapter grants
• CDFI assistance
• Planning Sessions
• Audits and assessments
• Website upgrades
• Equipment and technology upgrades
• Hispanic outreach assistance
• Training calendar grants
• Credit Union Development Educator
scholarship (CUDE)
• Small Credit Union Committee
Workshops
• Young Professional Development
• BALANCED Life Reality Fair and
Classroom Simulations
• Community Outreach Programs
• Volunteer Income Tax Assistance
(VITA) Site
• Financial education resources
• Financial wellness and inclusion
research
• Credit Mountain - credit
inclusion pilot
28 CIF Investors
more than $8.2 million in combined CIF investments
This unique program offers a benefit to credit unions as well as to state and national programs. The shared investment return provides interest income for participating credit unions, the Cornerstone Foundation, and the National Credit Union Foundation.