Messick Lauer & Smith P.C.

In this month's episode of In the CU, Jennifer Winston and Mike Heller discuss receiving an uptick in questions about the purchase of loan participations.?Jenn steps into the host chair to ask Mike why loan participation purchases are attractive to both buyers and sellers, as well as what regulatory requirements buying credit unions should be aware of. You can find the podcast linked to this post and on most streaming services. Be sure to subscribe if you have not already done so. #creditunions #CUSOs #podcast

Reimagine 2025 is where leaders come together to network and learn about the big ideas that will propel our industry forward. Join us to connect with professionals in a setting designed to unite idea generators with growth seekers. Visit www.reimaginenacuso.com to register now. #Reimagine2025 #CUSO #CreditUnion #Leadership #Growth #Innovation #Collaboration #Conference

On this #BIGcast podcast, Miriam Ackerman discusses the important role CUSOs play in driving #creditunion growth and invites you to collaborate at Reimagine conference this April. Thank you Best Innovation Group for the opportunity. #CUSO #FinTech #Conference #Leadership

While there remains uncertainty around the CFPB, a reminder that the NCUA is moving full steam ahead under new Chairman Hauptman, and he outlines his priorities for the NCUA under his term below. We look forward to continuing to work with Chairman Hauptman in his new role.

Final Call: CUSO of the Year Submission deadline is TODAY! NACUSO’s CUSO of the Year and New CUSO of the Year Awards celebrate the game-changers, the disruptors, and the visionaries who are pushing the boundaries of what’s possible in financial services. If your #CUSO is making waves in the industry, now is the time to get recognized! Why Apply? ? Showcase your CUSO’s impact ? Gain industry-wide recognition ? Inspire the next wave of innovation ? Don’t Delay! Deadline to submit or nominate is today, 2/10/25. (Midnight your time is fine for all those procrastinators out there). Don’t miss this opportunity to highlight the incredible work your CUSO is doing. Apply now and let’s reimagine the future together! Learn more & apply here: https://lnkd.in/gnTGqTF7 #CreditUnion #Innovation #Collaboration

In the newest episode of "In the CU" Michael Mulvey discusses what your credit union should consider when acquiring an existing business to operate as a CUSO.?We talk about how to structure these transactions legally, due diligence considerations in finding the right business, operating the business in accordance with CUSO regulations, and more! #creditunions #CUSOs #IntheCU #collaboration

Happy 2025!?While there will likely be considerable changes to the credit union and CUSO industry in 2025, in this article, we wanted to recap some of the issues we covered last year and will continue to cover going forward.

Wishing everyone a very Merry Christmas and Happy Hanukkah!

**Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions** In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, FinCEN had extended the reporting deadline. You can find the new reporting deadlines at the link below.

Last week, the #CFPB issued a final rule directed at banks and credit unions with more than $10 billion in assets, capping overdraft fees at $5, or at an amount that covers no more than their costs or losses. CFPB says this final rule with will up to $5 billion in annual overdraft fee savings to consumers.?For financial institutions that wish to keep their current overdraft programs, they may do so by complying with the standard requirements governing other loans, like credit cards. This would include giving consumers a choice on whether to open the line of overdraft credit, providing account-opening disclosures that would allow comparison shopping, sending periodic statements, and giving consumers a choice of whether to pay automatically or manually. Whether or not this rule becomes effective is uncertain. Almost immediately after the publication of the final rule, multiple banking associations rushed to the courts to file a request for a preliminary injunction to block the CFPB from implementing the rule. This injunction will likely be granted and it is also possible that the incoming administration's new CFPB director could choose not to enforce the new rules. Read the final rule here: https://lnkd.in/g2imYnD8