Conference on Credit Unions 2018

This includes sessions from the conference: Conference on Credit Unions 2018

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Welcome & Introduction & The Future of Financial Services

Identification: CU1801

Navigating the changing landscape of financial services technology and implications for industry participants

• Explore the impact of industry changes at the intersection of innovation, policy changes and a positive economic environment on financial institutions
• Identify critical business areas financial institutions should consider in response to advances in technology and rising consumer expectations

• Jeff Yabuki, President & CEO, Fiserv

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Accounting/FASB for Credit Unions, Part 1

Identification: CU1802

FASB has issued several final standards over the past few years, including credit losses, recognition revenue and leases, with effective dates beginning in 2019 for most credit unions. This two-part session will help you understand what standards have been issued applicable to credit unions, what proposed standards are forthcoming and the latest thinking from FASB. We will also cover developments from the FASB’s Credit Losses Transition Resource Group (TRG) and discussions held by the AICPA’s Depository Institutions Expert Panel (DIEP) on the FASB’s Current Expected Credit Loss (CECL) model. Join this comprehensive update of the key pronouncements, projects and other developments at FASB and practice matters of interest to credit unions.

• 1) Learn about latest developments on accounting and financial reporting for credit unions and their auditors, including FASB’s major standards, standards in process and other developments.
• 2) Understand the latest CECL implementation issues, including discussions at the FASB’s Transition Resource Group (TRG) and the AICPA Depository Institutions Expert Panel (DIEP).

• Sydney K. Garmong, CPA, CGMA, Partner, Crowe LLP
• Jeffrey D. Mechanick, CPA,CGMA, Assistant Director, FASB

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Accounting/FASB for Credit Unions, Part 2

Identification: CU1803

The discussion will continue in Part 2 of the Accounting and FASB Update.

Join us to have your questions answered in the second session.

• 1) Learn about latest developments on accounting and financial reporting for credit unions and their auditors, including FASB’s major standards, standards in process and other developments.
• 2) Understand the latest CECL implementation issues, including discussions at the FASB’s Transition Resource Group (TRG) and the AICPA Depository Institutions Expert Panel (DIEP)

• Jeffrey D. Mechanick, CPA,CGMA, Assistant Director, FASB
• Sydney K. Garmong, CPA, CGMA, Partner, Crowe LLP

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NCUA Regulatory Update

Identification: CU1804

Learn about the changes occurring at NCUA and what effect these changes may mean for your credit union. Gain insight into the changing regulatory landscape that drives industry performance and business practice. Session objectives include:

• Gain a working knowledge of the current and proposed regulations affecting the credit union industry
• Learn about the current and emerging risks driving NCUA’s primary and planned focus from a prudential and risk management perspective
• Gain insight and understanding of the changing credit union and financial services landscape, which will shape supervisory strategies in the near term and intermediate outlook

• Timothy Segerson, Deputy Director-Office of Examination and Insurance, National Credit Union Administration

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Announcements and Introduction & Economic Update

Identification: CU1805

Chief Economist Dr. Lindsey Piegza will look at the pace of our economic recovery and what it means going forward for overall growth, interest rates and monetary policy. She will cover macro-economic trends in consumer behaviors and in the manufacturing sector, in addition to new Federal Reserve policy initiatives and potential economic effects of these changes. She will also examine economic growth in the U.S. as a whole and its effects on interest rates.

• Macro-economic trends including the health of the consumer, and manufacturing sector
• Fed policy effects and initiatives
• U.S. growth and rate outlook

• Lindsey M. Piegza, Ph.D., Chief Economist,Managing Director, Stifel, Nicolaus & Company, Incorporated

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Artificial Intelligence

Identification: CU1806

The concept of Artificial Intelligence (AI) has been around for years and progressive organizations have invested heavily in AI. Organizations are using AI to automate processes, better respond to customer needs, and manage risk by detecting patterns in massive sets of data and interpreting their meaning. This session will define AI, and provide practical examples of opportunities for credit unions and audit professionals to better identify and manage risks.

Learning objectives include:

• Understanding what Artificial Intelligence is and how it is being used.
• Learn opportunities for credit unions to manage risk through the use of AI.
• Learn how auditors can utilize AI to improve audit scope and coverage while being more efficient.

• Robin D. Hoag, CPA, CGMA, CMC, Shareholder, Doeren Mayhew
• John Craig, Director, Solutions Delivery, MindBridge Analytics, Inc.

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Revenue Recognition for Credit Unions

Identification: CU1807

The effective date for FASB’s revenue recognition standard is just around the corner and most credit unions will be adopting at the beginning of 2019. The ASU puts in place a common framework for recognizing revenue, largely replacing the industry-specific revenue recognition guidance in GAAP. While the income statement impacted has not been significant for most financial institutions, the revenue streams still need to be evaluated and documented. In addition to sharing observations on the implementation, this session will cover the new disclosures and internal control considerations.

• The learning objectives include understanding how to evaluate revenue under the new standard as well as walking through examples and disclosures that are relevant to the credit union industry.

• Leslie Yates, CPA, Senior Manager, Crowe LLP
• Mark Demos, CPA, Partner, Crowe LLP

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Hot Topics in Regulatory Compliance

Identification: CU1808

During this session we will cover several important regulatory compliance requirements currently being focused on by examiners and third party plaintiff attorneys. We will pay particular attention to CDD, HMDA, fair lending, UDAAP, compliance management and other areas which have been the subject of enforcement actions.

• Learn how the HMDA changes will impact your fair lending program
• Have a clearer understanding about how the compliance function is impacted by the current presidential administration

• John Zasada, JD, Principal, CliftonLarsonAllen

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Anti-Fraud Strategies for Credit Unions

Identification: CU1809

When insider fraud occurs in a credit union, it negatively affects that institution, the credit union industry, and the Share Insurance Fund. This session outlines specific practices that credit union officials and management can use to help deter, detect, and respond to insider fraud.

• The participant will learn at least two practices that will help deter fraud
• The participant will be able to identify at least two ways to respond to fraud.

• Daniel C Moulton, CPA, Shareholder, Doeren Mayhew

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Round 2: "They Asked What?"

Identification: CU1812

This session will address answers to a wide array of credit union questions regarding unusual and/or infrequent accounting transactions. It will also cover some "best practice" ideas developed for complying with complex or time-consuming accounting tasks.

• Become familiar with the proper accounting treatment for several unusual/and or infrequent accounting transactions.
• Learn a few "best practice" ideas for making certain accounting tasks more efficient.

• Doug Orth, CPA, Shareholder, Doeren Mayhew