8.23.2019 Regulatory Compliance Newsletter

  • Regulatory Updates Resume in September
  • NCUA Guidance for CUs Servicing Hemp Businesses
  • CFPB Posts Consumer Mortgage Loan Guides
  • Federal Appeals Court Upholds Huge Portion of FOM Rules
  • NCUA Responds to Appeals Court Decision
  • FASB Seeks Comment on CECL Effective Date
  • CFPB Appoints Student Loan Ombudsman
  • InfoSight: Board of Director Liability

Leading Governance Expert to Speak at CEO/ Board Chair Summit

Once again, Mountain West has developed a unique learning opportunity for credit union CEOs and Board Chairs to spend a day focused on increasing their effectiveness through aligning their roles more closely.  At the 2019 CEO/Board Chair Summit, leading board effectiveness researcher and consultant, Matt Fullbrook, will cover the critical areas in board excellence.  Matt’s work with credit unions includes the studies Tracking the Relationship between Credit Union Governance and Performance(2010), Should Credit Unions Pay Their Directors? (2015), Entrenched or Energetic? Improving Credit Union Board Renewal (2015), and Formalizing the Art of Board Composition (2018), all in partnership with Filene Research Institute.  Additionally, Matt has been a faculty member of the CUES Governance Leadership Institute since 2007.  Visit www.mwcua.com/cbd to learn more about this year’s event which will take place October 21, 2019 at the Bellagio in Las Vegas with the Directors Conference following on October 22-23, 2019.

8.16.2019 Regulatory Compliance Newsletter

  • Update on Status of TX Federal District Court Payday Lending Rule Litigation Stay
  • Washington Trucking Company Pays $1.7M OFAC Penalty
  • CFPB Settles ITT Ed Services Loan Program Suit
  • Business Continuity Planning

Canyon State Credit Union and Grand Canyon University Expands Partnership

Canyon State Credit Union and Grand Canyon University Expands Partnership

August 19, 2019: Canyon State Credit Union is excited to announce they have been named Grand Canyon University’s partner to offer financial products and services to the University’s students (both on-campus and online), staff and alumni as well as fans and supporters of the University. With this partnership, the Credit Union will open a branch on campus within the GCU’s Lope Shop in the fall of this year. The Canyon State Credit Union campus branch will provide the convenience of onsite, in-person account services, combined with the flexibility of remote access through online banking, mobile banking and ATMs. “Grand Canyon University has selected Canyon State Credit Union as our first university-based branch and we look forward to the financial and professional development this partnership will provide to our students, faculty and staff,” said Grand Canyon University President Brian Mueller. This will be a full-service branch offering the same products and services that are available at any Canyon State Credit Union branch. The Credit Union will also work with GCU to hire students this fall to complete staffing of the on-campus branch.

In addition to the campus branch, the Credit Union has created a free Lopes Checking account based off of GCU’s mascot Thunder the Antelope. Lopes Checking will be free with eStatements, have a Round-Up Savings feature and most excitingly, a GCU Affinity Mastercard Debit Card. With each qualified swipe of the GCU Affinity card, Canyon State Credit Union will donate to the GCU General Scholarship Fund. “We are uniquely positioned to serve not only the students who are on campus every day, but the community as a whole as well,” said Canyon State Credit Union’s interim CEO David Skilton.

The two organizations began their relationship back in 2015 when Canyon State Credit Union became an official sponsor of GCU’s men’s basketball. Since that time, the Credit Union has participated in multiple Move-In Weeks as well as sponsored athletic games. This year it will also include men’s baseball and soccer.


Canyon State Credit Union is headquartered in Phoenix, AZ and has been serving the people of Arizona for more than 65 years with branch locations in Deer Valley, Goodyear, and Phoenix as well as Payson, AZ. The Credit Union is open for membership to anyone who lives, works, or worships in a number of zip codes within Arizona, as well as anyone who works for the Credit Union’s designated Select Employee Groups (SEGs). For more information about the Credit Union and membership, visit www.CanyonStateCU.org



Lenore Froehlich
3440 W. Deer Valley Rd
Phoenix, AZ 85027


Analytics Matter

If you feel curious about the wealth of data your credit union has access to—but also a sense of “now what?” when it comes to actually putting it to work, you’re not alone.  Would you like to better understand data analytics for membership growth?  At this year’s Mountain West Marketing Summit, we’re bringing in AdvantEdge Analytics’ Emily Engstrom to teach participants how to rethink how to use data for membership growth in the credit union.  As the leader of the Insight Activation team, Emily provides the critical last piece of your data puzzle. Whether you want to use data to better engage with your members, grow wallet share, uncover trends in fraud, better manage lending risk or optimize your marketing channels, count on Emily and her team to develop an exceptional data strategy that deploys your resources efficiently and effectively.  Plan to attend the Mountain West 2019 Marketing Summit on October 1st in Denver, CO.  Plus take advantage of early-bird pricing through August 27th.

The Denver office is moving!

After over 11 years at 1009 Grant Street in downtown Denver, we are moving our office this week.  As you may recall, we sold the building last fall and have been in a leaseback situation since then.  We are excited to move into the next chapter of the Association with more efficient space.

CECL resources available

Stephen Nelson, VP of Credit Union Support at the Utah Credit Union Association, recently shared some resources primarily geared toward helping smaller and mid-sized credit unions meet CECL requirements.  The resources are on the Utah Credit Union Association website https://www.utahscreditunions.org/resources/123/ and include:

  • 8 videos covering just about everything in the primer and spreadsheets. All the videos combined run about 2 hours and 45 minutes.
  • 5 Excel spreadsheets detailing 3 methodologies, a forecast, and qualitative factors.
  • A primer outlining how a credit union can complete CECL without having to hire an outside vendor.

These resources are available for free. Thank you to Stephen and the entire Utah Credit Union Association team for putting this together and making it available to CUs.

8.9.2019 Regulatory Compliance Newsletter

  • CFPB Adds FAQ on Providing TRID Loan Estimates
  • Bureau Reopens Comment Period on HMDA Rule Amendments
  • What to Do If Your Credit Union Becomes A Victim of Business Email Compromise Fraud
  • U.S. Senators Raise ADA Issue with DOJ
  • Debt Collection Practices (Regulation F); Extension of Comment Period

Free Webinar Now Available – The Dark Web & Your Credit Union

The Dark Web has become synonymous with cybercrime and criminal forums designed to buy and sell information and stolen goods and advertise nefarious services.  It is a component of the internet that is accessible in a different manner than normal browsing.  This session will cover Dark Web fundamentals, how it functions, who uses it, and what financial institutions need to know to mitigate its risks. The Dark Web & Your Credit Union:  Impact, Risks, Strategy will be available until December 31, 2019. Click here for more information and to register.