The CU Lab with NAFCU Services NAFCU Services

Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld, with America’s Credit Unions and I’ll be your moderator. Today I am sitting down with Mark Mrva, Senior Director of Community Financial Institutions at SRM, and Mike Langenkamp, Director of Community Financial Institutions at SRM, and we are going to talk about operational agility and the key factors for success in 2024 and beyond. 
Join SRM experts Mark Mrva and Mike Langenkamp for an informative session to explore: SRM’s report that looks at critical operational areas that credit unions should examine, hidden expenses that some credit unions may not be aware of, related expenses and automating processes to offset costs, amount of lead time for renewing vendor contracts, some of the biggest challenges facing credit unions when it comes to evaluating their core investments, the pros, cons, and benefits of middleware, and considerations credit unions should take to control expenses this year and beyond.
 

Thank you for joining us for another episode of the CU Lab. I’m Randy Salser with America’s Credit Unions, and today I am sitting down with Liz Santos, Chief of Staff, Executive Benefits Practice at Gallagher, to talk about Mergers and Acquisitions, and unifying Two Different Executive Total Compensation and Benefits Programs.   
Join Gallagher expert Liz Santos for an informative session to explore: the typical situations that she is seeing when it comes to bringing two different compensation and benefits programs together, the first step in the unification process, how a retention plan should be evaluated, and when changes should be implemented in these programs.
 

Thank you for joining us for another episode of the CU Lab. I’m Randy Salser with America’s Credit Unions, and I’ll be your moderator. Today I am sitting down with Lynn Sautter Beal, Vice President of Implementation and Success at Upstart. We are going to talk about ensuring safety and soundness with AI. 
Join Upstart expert Lynn Sautter Beal, Vice President of Implementation and Success for an informative session to explore why credit unions are applying AI to lending and how to empower credit unions to regulators and outside examiners through AI models during exams to ensure transparency and compliance. We also discuss challenges and key best practices for credit unions, and how credit unions can proactively prepare for upcoming developments in AI to stay ahead of the curve and maintain safety and soundness. 

 
In This Episode:
[00:32] I am sitting down with Lynn Sautter Beal, Vice President of Implementation and Success at Upstart. We are going to talk about ensuring safety and soundness with AI.
[01:32] She leads Upstart’s customer success implementation programs and professional services teams as well as their diligence teams. 
[03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast.  
[04:02] As you are a credit union thinking about partnering with a Fintech look for the expertise within that organization.  
[06:49] We have an Upstart diligence data room that is just a retro repository of everything that a credit union or potential partner would want to know about us.    
[08:25] Articulating that business use case and then how partnering with a Fintech like Upstart can support that is really the first step in having a successful conversation with your board.  
[10:30] If you are a champion of the program and you think this is the next type of right step for your credit union and you know there are objectors, talk to your account executive at your Fintech and have them help you overcome those objections. 
[12:02] Lynn shares a recent positive success story.  
[13:45] In addition to really knowing your business use case, plan for diligence.  Don’t scrimp on due diligence. It will not support you long-term. 
[15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. 
[15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. 
[17:31] Making sure you are talking to your peers is really a great best practice.  
[17:41] Staying informed and connected will help keep you on the forefront of what is happening. 
 
Links and Resources:
NAFCU
Upstart
Lynn on LinkedIn

Thank you for joining us for another episode of the CU Lab. I’m Randy Salser, President of NAFCU Services, and today I am sitting down with Elizabeth Houser, Director of Cyber Defense at DefenseStorm, and James Bruhl, Director of Cyber Threat Intelligence at DefenseStorm.  
The recent bank run at Silicon Valley Bank has clearly shown how dangerous false information can be, proving that financial panics aren't just things of the past like we see in old movies or history books. Social media's ability to spread rumors and fear quickly played a big role in this panic, as social media posts about the bank's health fueled a bank run. The event underscores a broader concern, especially in an election year, where the blend of social media's influence and the sophisticated tactics of social engineering and scams pose a significant threat. 
Cybersecurity experts are increasingly alarmed at how these platforms can be exploited to fuel not just financial instability but also to undermine democratic processes and public trust, emphasizing the need for everyone to be careful and well-informed online.
Join DefenseStorm experts Elizabeth Houser, Director of Cyber Defense, and James Bruhl, Director of Cyber Threat Intelligence for an informative session to explore:
The role of media and social media platforms in spreading and sensationalizing false information, the threat of social engineering and scams perpetuated by media platforms, the importance of cybersecurity awareness and vigilance to protect yourself and your members from social engineering threats, and how to educate and foster awareness with your employees and members to combat the impact of false narratives and encourage critical evaluation of online information.

Thank you for joining us for another episode of the CU Lab. I’m Randy Salser with America’s Credit Unions and I’ll be your moderator. Today I am sitting down with Liz Santos, Chief of Staff, Executive Benefits Practice at Gallagher, and we’re talking about Retaining Key Positions During Mergers and Acquisitions. 
Liz shares the changes she is seeing in the credit union industry regarding mergers and acquisitions and the number of reasons for these changes. She also shares the options credit unions have regarding leadership retention, the risks to the continuity of leadership through a merger or acquisition, and what could happen if credit unions aren’t proactive in retaining key positions. 
Liz also touches upon the costs of a merger or acquisition overall including monetary and non-monetary costs. Tune in to learn the key consideration and where credit unions should start to retain key positions at their organization. 

Welcome to the 100th episode of the show, everyone! I, your moderator Randy, am thrilled to be joined today by Eric Kraus, the head of products and services at FIS. Join us as we delve into the evolving landscape of fraud prevention and detection. As we navigate the intricacies of payment fraud trends over the last three years, Eric sheds light on the impact of the surge in digital interactions, emphasizing the persistent challenges of card enumeration and account takeover scams. We explore the resurgence of seemingly old-school tactics like check fraud and the alarming rise of generative AI in the hands of fraudsters.
Looking ahead to 2024, Eric also provides valuable insights into anticipated fraud tactics, urging credit unions to remain vigilant. We discuss strategies, from strengthening data strategies and embracing AI models to reinforcing multi-factor authentication controls, all essential components in staying ahead of sophisticated fraud schemes. As we unravel the complexities of card enumeration attacks, Eric shares best practices, emphasizing the importance of vigilance in monitoring various transaction activities.
Eric also touches upon anti-money laundering processes, highlighting the need for a holistic approach, data consolidation, and the integration of predictive capabilities in safeguarding financial institutions against evolving threats. Tune in to equip yourself with the knowledge and strategies necessary to navigate the ever-changing landscape of fraud prevention.