Keeping you connected to key credit union news, events, and trends: October 7, 2020
In This Issue
Headline News

Congress Impressed with Credit Unions Pandemic and Disaster Response
Keeping the credit union movement top of mind for our congressional delegation continues to be a priority for LCUL. Last week we hosted a virtual Hike The Hill where we were joined by elected officials and staffers and shared stories of our ongoing credit union commitment to Louisiana's 1.2 million members. Our legislators couldn't praise Louisiana Credit Unions enough for both the handling of the Covid-19 pandemic as well as the assistance that was provided to those across the state who suffered devastation brought by Hurricane Laura. 
 
Congressman Mike Johnson was quick to commend credit unions in his district for serving their communities during the unprecedented pandemic as well as following the impacts from Hurricane Laura in the Northwestern part of the state. Referring to that level of service as well as the efficient servicing of the Payroll Protection Program he praised, "You guys leapt into action like superheroes, and it truly was heroic work. If there were gold medals to be given out for having done that work, you all would receive them." Praise continued from Congressman Garret Graves as he congratulated credit unions on distributing more dollars in the first fourteen days of the Payroll Protection Program than in the previous fourteen years. "That is attributable to you all; It's attributable to your efforts, to your hard work, to the overtime that you put in, and your team has put in to get these dollars out the door," Graves said.
 
LCUL continues to work along with our lobbyist Jeff Brooks at Adams and Reese LLC to keep a close eye on legislation that could affect credit unions in the future. Events like Hike the Hill allow us the opportunity to keep credit unions at the forefront of our lawmakers minds when legislation crosses their desks. The more we stay involved in the process, the greater our influence on regulations will be. 

If you were unable to attend, you are able to watch the archive.
Registration Open for 2021 Virtual CUNA Governmental Affairs Conference
LCUL and CUNA invite Louisiana credit unions to participate in the 2021 CUNA Governmental Affairs Conference (GAC), the credit union system's premier industry event.

Next year's CUNA GAC will be held virtually from March 2-4, 2021 and delivered in real time via a full-feature, interactive digital platform. The online format will integrate many of the conference's most popular features including live speakers and breakout sessions, a virtual exhibit hall and the opportunity to (virtually) advocate for the credit union movement.

With a new Congress, and a host of new leaders in Washington this spring, this is a chance for us to set the narrative on what people-over-profit means for advancing our communities. 
News from CUNA Mutual

July 2020 CU Trends Report Now Available
CUNA Mutual Group's Credit Union Trends Report for July 2020 is now available online and can be accessed in the Resources section of our website, under the heading Performance and Data Resources.

During July, credit unions picked up 327,000 in new memberships, loan balances grew at a 4.9% seasonally adjusted annualized rate and savings balances grew 26.2%. Firms hired 1.734 million workers, nominal consumer spending increased a strong 1.9% and long-term interest rates fell 11 basis points. Second quarter economic output was 9.1% less than the output reported in the 2nd quarter of 2019. Expect output to rise 7% in the third quarter. 
 
For more information, view the complete report here. If you have problems accessing the information or have additional questions about the research and information services provided by the Louisiana Credit Union League, please contact Danielle Thibodeaux at (800) 452-7221, ext. 3018 or [email protected].  
Professional Development

Time is Running Out to Register for New Laws & Regulatory Compliance
For LCUL's first hybrid conference you choose the attendance option best suited for you while you learn from David Reed how to navigate the tricky intersection of remaining compliant while continuing your collections practices. It's easy to be lulled into a false sense of security by low delinquency numbers now, but the tidal wave of delinquencies is coming so you need to have an understanding of the sources of the most common collections mistakes and the consumer protection litigation trends that will create a minefield for you to successfully navigate to manage collections risk during the pandemic and beyond.
 
You'll also learn about advertising compliance regulations, review regulations pertaining to online banking, bill pay & remote deposit capture, plus hear about changes to employment law that came about due to the pandemic. We'll even cover regulations that only pertain to Louisiana financial institutions.  

Business Solutions

ZELLE® Helps Your Members Transact Remotely, While Staying Connected


As members continue to grapple with the complexities of social distancing and remote working throughout COVID-19, person-to-person (P2P) payments technology is becoming more valuable than ever. Members need a safe and secure way to receive or send money, whether it's sending money to friends or family members or sending their share of the rent to a roommate. At the same time, P2P has become a powerful way for friends, family, and coworkers to maintain social connections while still practicing physical distancing.

To support members with their distance banking needs now and in the future, CO-OP is excited to offer credit unions in the CO-OP ecosystem a way to integrate Zelle into their mobile banking solution. Credit union clients need only have CO-OP account-based technology in place (widely supported by thousands of credit unions and all major processors) and the ability to offer Zelle within their mobile banking solution.

For more information, contact Steven Liberto, EVP Business Solutions.
Have You Heard

Pelican State CU Hosts Free Virtual Household Budgeting Workshop
On September 29, 2020, Pelican State Credit Union hosted a free Virtual Household Budgeting Workshop that was free and open to the public.
 
Nearly 120 attendees tuned into the live webinar via Zoom and Facebook Live to learn why a budget is important, how to create a budget that they can stick to, how to set realistic financial goals, and much more! Since the livestream, the video has been viewed over 1,200 times on Facebook.
 
Pelican's Nationally Certified Credit Counselor Lisa Fuller presented the budgeting webinar as well as answered countless attendee questions live during the virtual event. The webinar is available to all who are interested by visiting Pelican State Credit Union's Facebook.
Quote of the Week:
"Those who say it can not be done, should not interrupt those doing it"

Educational Calendar

Upcoming Conferences & Seminars from your League:
Upcoming Webinars: 

October 8: Compliance with E-SIGN, E-Statements & E-Disclosures
October 13: Navigating the Coming Wave of Bankruptcy: 5 Things You Need to Know Now
October 14: Regulatory Requirements for the Board: A Comprehensive Checklist
October 15: Cyber Series: GLBA Security Expectations, Internal Controls & the Human Factor
October 16: COVID-19 Loan Essentials: Modifications, Accommodations & Latest Regulatory Guidance
October 19: Implementing Reg D Changes: Agreements, Notices & Procedures
October 20: Legally Handling ATM & Debit Card Claims Under Regulation E
October 21: Regulator Update for the Credit Analyst
October 22: Banking & Lending to Cannabis Businesses: Clarifying the Confusion & Avoiding Pitfalls
October 26: Handling Pandemic-Related Payment Issues: Stimulus, SBA, Workers' Comp & More
October 27: New URLA for a New Year! Prepare Now for a Smooth Transition
October 28: Risk Officer Series: Advanced BSA Officer Training: Risk, Compliance & Real-Life Scenarios
October 29: Cyber Series: Building & Sustaining a Cyber Intelligence Unit (CIU)


For a complete listing of educational opportunities available from LCUL, visit the League website.
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