Keeping you connected to key credit union news, events, and trends: August 16, 2017
In This Issue
Headline News

PLS Update: LCUL Invites CUs to Come Learn About the NEXT BEST WAY to Help Your Members Start Saving 
How can credit unions encourage members to save? One promising way is to ensure that the act of saving is fun with Louisiana's Prize Linked Savings (PLS) account. The Lucky Lagniappe Savings is structured to do exactly that: help motivate individuals to save by rewarding smart savings behavior.
 
What is Lucky Lagniappe Savings?
A Lucky Lagniappe Savings account is a club-like savings account which allows accountholders to earn entries into monthly and quarterly prize drawings. Interest and account value caps are set by each participating credit union, with a maximum of 5 prize-drawing entries per member, per month.

Lucky Lagniappe Savings is modeled after a national award-winning prize-linked savings product developed by Doorway to Dreams and the Filene Research Institute. Thanks to a state law passed in 2016 with the help of Senator Ed Price, Louisiana became one of several states throughout the country that allows credit unions to offer this product to members.  The program can help all credit union members build a financial safety net, but it was created specifically with new savers and the financially vulnerable in mind.

Lagniappe Savings helps advance the credit union mission of "People Helping People" by providing members with a way to build good savings habits with the added excitement of more traditional games of chance.

How can I learn more?
Sign up to come to one of our overview meetings. We will be holding two meetings at each location:  a morning session from 9:00 am to 11:00 am, and an afternoon session from 1:00 pm to 3:00 pm. Click on the links below to register:
 
Attendees at our 2017 annual meeting and convention had the opportunity to vote on the name/logo of the program. With an overwhelming response, it was decided that Louisiana would brand our own product: Lucky Lagniappe Savings. A special thanks to the team at Your Marketing Co. for their assistance in creating something truly unique to our state.

LCUL Partners with LA CUSO to Assist CUs with Audit Needs
The Louisiana Credit Union League is excited to announce a partnership with La CUSO to help meet your audit needs. LA CUSO is an internal audit service that provides credit unions with a wide range of customized, ongoing and periodic internal audits. Their team of highly trained and experienced Certified Internal Auditors and Certified Compliance Officers work exclusively with Louisiana credit unions to meet their audit needs. Some of the services include:
 
Supervisory committee audits are vital for checking your internal controls and ensuring you meet regulatory requirements. Their supervisory committee audit includes a review of:
  • General ledger accounts
  • Cash accounts and investments
  • Expenses, prepaids, and accruals
  • Sample of loans
  • Sample of member verification
  • Policies and procedures
 
Compliance auditing can help you stay abreast of the numerous regulations in place for credit unions (BSA, deposit, lending). We can provide you with full compliance audits, compliance consultations, and in-house training for your personnel. During a compliance audit, they will:
  • Evaluate your compliance program
  • Provide advice to correct deficiencies and violations
  • Assist in the development of policies and procedures
  • Advise you on ways to enhance your compliance program
  • Provide a final report of all findings to Management and Board of Directors

"The League often receives requests for audit services at a fair price. We are excited to work with LA CUSO's to fill this important need," commented Cami Crouchet, LCUL Chief Strategic Officer.
 
Click here for more information on the LCUL/LA CUSO partnership.

MAP and the Campaign for Common-Sense Regulation Webinar
Credit unions that want to learn more about the Member Activation Program (MAP) are invited to join a free webinar from 2:00 - 3:30 p.m. on August 22. An update on the Campaign for Common-Sense Regulation will also be provided.

MAP provides credit unions a platform to educate their employees or members about credit union issues. Members are then encouraged or "activated" to call on lawmakers through the use of customizable email templates and other tools.

The Campaign for Common-Sense Regulation, a joint effort between CUNA and PCUA, aims to reduce regulation on credit unions by compelling Congress to end one-size-fits-all regulations better suited for Wall Street than credit unions on Main Street.

Questions about MAP or the campaign may be directed to Angela Gervais.

Registration is open for this free event.

Professional Development

Help Your Team Grow by Having Them Attend Accounting Basics for CU Professionals
September 13, Alexandria

 At the core of every credit union - no matter the asset size or number of branches - staff need to be equipped with a good solid foundation of the Basics of Accounting.

   Who better to teach credit union staff, than one of our own credit union leaders! 
Beverly Alwell, CEO of River Cities CU, pulls double duty as a college professor of Accounting and she is eager to share her knowledge with all of us.  When running her credit union, she stands in your shoes so she knows what you need to know! 
 
Topics for this one day program will include:
  • Generally Accepted Accounting Principles
  • NCUA Accounting Manual 
  • Corporate Account Balancing
  • Accruals
  • Fixed Assets and Depreciation 
  • Allowance for Loan Loss and lease
  • End of the month Analysis
  • Trial Balance and Closing entries
  • Balance Sheet
  • Income Statement
  • Budgets and Budget Variance report
  • Accounting practices for  Asset Liability Management
Supervisory Committee Conference (w/ Director's Track!)
September 17 - 20,
Grand Hotel in Point Clear, AL
 
The room block for the Supervisory Committee Conference is closing Tomorrow and we are anticipating a sellout.  If you have not booked your room yet for the Supervisory Committee Conference, please do so now!

This conference is an excellent opportunity for supervisory committee members as well as credit union directors to enhance their knowledge on auditing, compliance, fraud prevention and so much more! With a wide variety of speakers and topics, you'll learn new ways to help keep your credit union strong and secure. 

We also create a conducive environment for idea exchange and open discussion at our facilitated roundtable discussions which are broken down by asset size to help those of similar size share common issues.
 
Topics include:
 
  • The Supervisory Committee and the Internal Audit: Evaluating your Board and Management Team
  • Doorways to your Credit Union's Success
  • Setting your Credit Union's Risk Appetite
  • Preparing for your next exam
  • Supervisory Committee Superheroes: Enforcing Truth, Justice & the Credit Union Way
  • Current Cybersecurity Threats
  • Understanding Call Reports
  • Crucial Conversations between Volunteers and Management
  • And more!
 
Transaction Talk 

CSCU: Is It Time for CUs to Decline Fallback?
An update on credit or debit EMV chip cards

Fallback occurs when a credit or debit EMV chip card cannot be read at a chip terminal when inserted and is processed by swiping the mag stripe.

Fallback is typically seen in a market where EMV is first being introduced. An incorrectly configured terminal, terminals that are not set up to process "chip and PIN" terminals that have not been programmed to route transactions over some networks, and in rare cases, defective chips within the card, are all potential or legitimate reasons for a chip card to not be capable of being read properly at the terminal.

In these cases permitting the cardholder to complete the transaction by swiping the mag stripe card at the terminal seems like the proper way to minimize customer inconvenience.
News from CUNA Mutual

Last Chance to Register for CUNA Mutual's FREE Discovery Conference (Aug. 17)
Get ideas, insights and inspiration to guide your strategic plan.

The world is changing faster than ever, and it's hard to keep pace. CUNA Mutual's Discovery Conference, set for August 17, will help you heighten your knowledge of industry challenges and opportunities impacting your staff and members. Hear from dynamic speakers and leave with great ideas to help your credit union and members move forward with confidence. Best part of it all: it's all online - and it's absolutely free.
Scam Alert

Consumer Scam Alert: Do Not Use Federal Reserve Routing Account Numbers to Pay Bills; Could Face Late Fees, Other Charges
Recently, the Federal Reserve Banks have received a number of unauthorized transactions in which consumers have tried to use the Fed's routing numbers and their Social Security numbers to pay their bills.

It is important for consumers to know that when making online or e-check bill payments, they cannot use Federal Reserve routing numbers. Federal Reserve routing numbers are used for sorting and processing payments between banks. Any video, text, email, phone call, flyer, or website that describes how to pay bills using a Federal Reserve Bank routing number or using an account at the Federal Reserve Bank is a scam.

The Federal Reserve provides banking services only for banks. Individuals do not have accounts at the Federal Reserve.
The bill payments being attempted using the Fed's routing numbers are being rejected and returned unpaid. Consumers who have attempted to use the Fed's routing numbers to pay their bills may be subject to penalty fees from the company they were attempting to pay.

Click here to continue reading.
Have You Heard?

Pelican State Credit Union Gives Away Over 300 Free Car Washes
Pelican State CU gave away 309 free washes at locally-owned and operated Speedy Pete's Car Wash in Alexandria, Louisiana, on July 25, 2017.
 
From 2 - 5 pm, everyone who attended the event also received an air freshener as well as the opportunity to win $100 and free car washes for a year! Credit union membership was not required and no purchase was necessary to receive the free car wash.
 
The Pelican team had a great time spreading the word about credit unions and what they have to offer with each car!


 
CSE FCU Announces New Business Development Specialist
CSE FCU welcomes Amy Nyberg as Business Development Specialist to continue further developing CSE's membership growth and community relations through reaching out to those persons who live, worship, work, or attend school in Calcasieu, Cameron, and Jefferson Davis Parishes.

Nyberg, a seasoned marketing veteran, has held positions with Family and Youth Counseling, Big Easy Foods, and Cameron State Bank. With a history of being an active community leader with participation in Derby for Dollars, Water's Edge Riders, and Good Time Brewers.

Amy comments, "I am excited to start a new challenge within CSE and look forward to working with the team to further provide education to our members. I am fortunate to be joining such a respected company that prides itself on top quality services and helping members achieve their financial goals."

Colleen Desselle, Director of Marketing and Business Development, responded, "Amy's wealth of experience and industry knowledge has already made her a key addition to the CSE family. With future growth on the horizon, she'll be a great addition to our team. I'm confident Amy will play a key role in our success through relationship building."
Xplore FCU Welcomes Charles L. Romano, Sr.
Charles L. Romano, Sr. has joined Xplore FCU as Director of Commercial Lending.  Romano brings over 28 years of commercial lending experience.  He most recently was the sole owner of Romano Business & Bank Consulting Firm offering consulting services to more than 1,400 commercial clients. 

"Chuck's extensive knowledge of commercial lending will be invaluable to our organization," commented Rafael Rondon, President & CEO of Xplore FCU.  "We're excited that he has joined our team and look forward to future growth with him." 

Quote of the Week:  
"Coming together is a beginning. Keeping together is progress. Working together is success." 
- Henry Ford
LAST CHANCE!

  
Educational Calendar
Upcoming Conferences & Seminars from your League:    

August 22 - 23: 2017 New Laws and Compliance Workshop
October 3-4:  LA/MS Marketing & Business Development Workshop
 
Upcoming Teleconferences & Webinars from your League

August 16: BSA Compliance Series: Job-Specific BSA for Deposit Operations
August 18: New Military Lending Act Requirements for Credit Cards, Effective October 3
August 21: Revisiting Your HMDA Policies to Include Comprehensive Changes Effective January 1
August 22: New Compliance Officer Boot Camp
August 23: Vendor Problem Resolution: A Five-Step Approach
August 24: When a Borrower Dies: Next Steps & Best Practices
August 29: Keys to Transitioning from Member Business Lending to Member Business Services
August 30: Regulation E Series: Comparing Regulation E with Visa & MasterCard Rules
September 6: Understanding & Processing IRA Rollovers & Transfers
September 7: Responding to Official Demands for Member Funds
September 11: Preparing for Reg CC Rule Changes Part 1: Impact, Detailed Changes & Action Plan
September 12: Regulator Issues for the Credit Analyst
September 14: Director Series: What Directors Should Know About Risk Management
September 19: Managing & Mitigating Data Breaches: Fraud, Forensics & Incident Response
September 20: Supporting Documentation for the ALLL: Current Rules & Future Expectations Under CECL
September 21: ACH Specialist Series: RDFI Returns: 2 Day vs. 60 Calendar Days
September 26: Financial Literacy for Directors Part 1: Introduction to Key Risk Components
September 27: Step-by-Step SAR Completion: Dos & Don'ts
September 28: Record Retention & Destruction Rules: Compliance & Best Practices 
     
For a complete listing of educational opportunities available from LCUL, visit the League website and click on "Education".
  
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824 Elmwood Park Blvd, Suite 200, Harahan, LA  70123
(800) 452-7221   www.lcul.com