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Are you ready to grapple with the new NCUA requirement that every credit union have an up to date succession plan that covers both senior executives and board members?

The good news: you’re not required to have a written plan until January 1, 2026.

The bad news: if you don’t have a plan by then, or if your plan falls far short of NCUA’s expectations, the credit union can be written up by an examiner.

On the show is Jeff Paille, partner in The Bonadio Group’s Assurance Division, who offers a primer on what every credit union needs to know about this NCUA requirement.

And he also talks about what will happen if you simply tell the examiner you haven’t gotten a plan together.

Incidentally, although the NCUA explicitly flagged mergers triggered by a lack of a succession plan as a prompt for this new requirement, Paille says that a common succession plan at many credit unions is in fact merger.

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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

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Some 4.18 million Americans will turn 65 in 2025 and many of them will have to make difficult and crucial decisions about their Medicare coverage.

Credit unions can play a crucial role in this process and in this episode from May 2023 Rock Carter tells exactly how credit unions can get involved.

And if you think Medicare has to be easy, well, get ready to hear the complexities.

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25% cashback on an Amazon purchase. 35% back at Kroger.

Now do I have your attention?

And this is cashback on a debit card. You thought debit card cashback vanished a decade ago? It had.

But now it just may be coming back.

On the show are David Metz, CEO of Prizeout, an innovator in adtech, and he is here to talk about a new product, CashBack+ Pay.

Also on the show is Amy Sink, CEO of Interra Credit Union, an Indiana institution with assets around $2 billion, an investor in the Prizeout CUSO.

As for those eye popping cashback purchases, they are real and both were enjoyed by Interra members who had signed up Cashback + Pay, relates Sink.

According to Prizeout, “The first group of credit unions now live with CashBack+ Pay includes Interra Credit Union, Michigan State Federal Credit Union, United Financial Credit Union, Golden 1 Credit Union and People Driven Credit Union.”

Cashback rates vary - sometimes by day, often by a member’s particular demographic. But, says Metz, the usual rate now is averaging 6.8%.

Rewards are instant too.

Metz in the show tells about the mechanics of Cashback + Pay and Sink is the articulate evangelist.

Also on the show in a cameo is Andrea Holland, who handles communications for Prizeout.

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

And like this podcast on whatever service you use to stream it. That matters.

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto