As 2017 comes to an end, it's time to wrap up final tasks and gear up for the year to come. 2017 marked many changes for the country and the industry, including a new administration, regulatory shifts, technological enhancements and more. As we close out this year and look ahead, proper planning is key to making the transition as smooth as possible.
Below are a few items to consider including on your year-end to-do list:
Provide members with essential year-end information. As credit unions,our goal is always to empower our members with the information they need to be financially successful. Year-end is a critical time for member education. Consider providing your members with a checklist of items to accomplish by Dec. 31. This list can include taking stock of current investments and retirement accounts, spending their HSA funds, making charitable donations and setting a budget for the new year. They also need to remember that any significant life change that occurred in 2017 (marriage, retirement, etc.) can affect their financial status and should be considered as the tax-filing process begins.
Prepare financial statements and tax forms. This part of our jobs is never fun, but it's necessary in order to stay compliant. After diligently submitting your credit union's 5300 reports and monthly management accounts throughout the year, you don't want to lose track of items that need to be filed by year-end or in January of 2018. Of course, you also need to prepare your members' annual statements and tax forms to be sent next month. Make sure you have their correct address on file so these documents don't get lost in the shuffle. It's also time to close out the year on your GL income statement – you should embrace technology to automate and streamline this process.
Stay informed about new regulations. Regulations are changing constantly, and this shows no sign of slowing as we move into 2018. The CFPB recently issued a payday lending rule that adds new disclosure requirements, and you need to be aware of how these requirements might affect your credit union. The House is also examining bills backed by the NCUA, including the risk-based capital rule set to take effect in 2019. Staying up-to-date with regulations will continue to be crucial.
Consider ways to improve. If your credit union employees are feeling bogged down by internal processes, now is the time to consider what you can change in 2018 to make their jobs easier. Are there staffing or technology opportunities to explore that could streamline inefficient operations? Consider how your credit union can be more effective, and make a plan to address any issues encountered during the past year.
Ideally, your credit union has been preparing for the end of the year long before now. However, by staying on top of deadlines and industry regulations and looking for opportunities to evolve, you will set your credit union up for success in 2018 and beyond.
Robin Kolvek is CEO at EPL, Inc. She can be reached at 205-408-5300 or [email protected].
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