Keeping you connected to key credit union news, events, and trends: September 23, 2020
In This Issue
Headline News

Registration Open: Virtual Hike the Hill
Join us as we virtually Hike the Hill, September 29. Meeting with our lawmakers remains one of the most important visual representations of credit union grassroots advocacy to ensure our credit union voices are heard. 

It is vital that Louisiana credit unions continue to voice their concerns and issues to our elected officials. This virtual gathering will provide credit union professionals the opportunity to meet with our federal elected
officials as well as hear from Jeff Brooks with Adams & Reese for a federal advocacy update.

The schedule of meetings with our legislators is still being finalized and tentatively scheduled to meet from 10:00 am to 3:00 pm.

The following meetings have been confirmed. 
  • 12:30 pm - Senator Cassidy
  • 1:00 pm - Claire Trokey, Legislative Director for Congressman Scalise
  • 1:15 pm - Congressman Graves
  • 3:00 pm - Congressman Johnson
David Reed to Headline New Laws & Regulatory Compliance Hybrid Conference
This year continues to be challenging for collections & compliance professionals. Even during the best of times, collecting in adherence to an increasing variety of state and federal regulations is a tricky proposition. An alarming rise of class action lawsuits pouncing on collections related violations just adds cause for concern.
 
With record unemployment, a fractured economy, the end of stimulus funds, and the exhaustion of loan modifications & forbearances, a tidal wave of default is coming and you need to be prepared for the increased risk. David Reed's session at this conference will detail the most common mistakes to help you successfully manage collections risk. Session includes: 
  • Understanding the Compliance Risk in Collections
  • Consumer Protection Litigation Trends
  • Lending COVID Related Compliance Risks
  • Defining UDAAP Do's and Don'ts
Our full agenda includes sessions focused on changes to employment law, the FLSA, advertising regulations, online banking updates, Louisiana legal update & an election preview.  Attendees have the option to attend this hybrid event in-person or virtually in two half day sessions October 21 & 22.  
LCUL Joins CUNA & State Leagues in Support of Simplifying PPP Loan Forgiveness Process
Last week CUNA, the American Association of Credit Union Leagues (ACCUL) and all League presidents wrote to Congressional leaders advocating to quickly enact the Paycheck Protection Program Small Business Forgiveness Act (S. 4117/H.R.7777) to help small businesses that need forgiveness to be as simple, cost-effective and efficient as possible. 

The bills, introduced in the House and Senate, would allow for immediate forgiveness of PPP loans under $150,000 if the borrower submits a form to the lender, and ensures lenders will be held harmless from any borrowers' attested falsehoods.

"The Paycheck Protection Program Small Business Forgiveness Act would allow America's small business owners and Main Street financial institutions to remain focused on serving their communities rather than jumping through burdensome regulatory hurdles," the letter reads.
Special Session Called for State Legislature
The Louisiana House and Senate issued a call for a special session beginning on September 28th and lasting 30 days. The call, which includes 70 items, will focus mainly on economic recovery for businesses across the state including 3 main objectives;
  • Hurricane Laura disaster relief and recovery efforts
  • Ongoing issues with COVID-19, especially relative to funding and the economy
  • The state's Unemployment Trust Fund

House Speaker Clay Shexnayder stated "No one could have predicted or planned for the health, economic and natural disaster devastation that 2020 has brought to our state and citizens. A special session is needed to address unforeseen problems related to the in person education of our children and their return to extracurricular activities, the survival of our economy and the opening up of business, and the recovery of the areas of our state devastated by Hurricane Laura"


 

As always, when the legislature is discussing the state's budget, we remain vigilant and ready to protect credit union's tax status. 
Professional Development

Your Team Needs Training? Relax! We've Got You Covered!
The New Laws and Regulatory Compliance Conference isn't the only education program scheduled. We also have these exciting virtual trainings available for everyone on your team.
  • September 28-30 -  National Call Center Conference (Virtual)- Call Center Reps, this is your last chance to sign up for $299 and bring a coworkers along for free!
  • October 5 -  Key Trends & Important Ratios to Watch (Virtual) - In this FREE one hour program you will learn what trends to be watching and how to use the CUAnalyzer software to do it. Perfect for your entire C-Suite and Management team. Pre-registration required!   
  • October 20 & 21 -  IRA Essentials & Advanced (Virtual)- Whether you need an introduction, a refresher or want to go all-in on IRAs, this is your chance to train with Ascensus, the premier name in IRA products and services.
  • November 2-6 - ULend Academy (Virtual) -  Lenders, mark your calendars, we didn't forget about you. This learn/discuss/apply program with a hands-on approach will be a lending game changer at your credit union. Details coming soon!
  • The Comprehensive Online Supervisory Committee Certification Course (Virtual) is everything your Supervisory Committee needs to succeed. Ancin Cooley set the standard and led the way packaging this course in short, user friendly, self-paced modules long before everyone else scrambled to start teaching virtually!
Afraid you may have missed something?  Check out the past date events on our education calendar going back to April which are still available as archives. 
Compliance Corner

All States Now Compliant with REAL ID Requirement
The Department of Homeland Security reports that, after more than 15 years since Congress passed the REAL ID Act, all 50 states are now in full compliance issuing REAL ID driver's licenses and state identification cards, with most states becoming compliant in the last four years. To date, the 50 states have issued more than 105 million REAL ID-compliant cards, representing 38 percent of all individuals with driver's licenses or ID cards.
 
On October 1, 2021 - less than 13 months away - full enforcement of REAL ID will take effect at all federally regulated airports, federal facilities, and nuclear power plants.
 
The Department continues to urge Americans to obtain a REAL ID-compliant card or acceptable alternative, such as a U.S. passport or passport card prior to the October 1, 2021, enforcement deadline.

It is important to have the most up to date ID Checking Guide. The League will open order for the 2021 Guide in November. 
Business Solutions

Contactless Payments: The New Normal and How to Offset the Costs
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Contactless payment cards and digital services used to be a luxury but now they are must-haves to keep up with consumer preferences. Find out what contactless payment cards are all about, the benefits, and the reasons why you should issue them ASAP. You would be surprised that it takes little work on your part to offset the costs of issuing contactless cards. With savings from contract negotiations, the additional dollars could help create stronger value with upgrades like contactless payment cards and improve your bottom line. 
Have You Heard

Post Office Employees' Credit Union Donates $2,080 to the Louisiana Credit Union Foundation
The credit union motto is "People Helping People". With that in mind, Post Office Employees Credit Union (POECU-Metairie, LA) consider their counterparts in Southwest Louisiana members of their extended credit union family. "When Hurricane Laura devastated Southwest Louisiana, we felt the need to help our people-the credit union employees affected," said CEO Michelle Duhe.

POECU asked for monetary donations from their staff and volunteers for the purpose of providing financial assistance to credit union employees impacted by Hurricane Laura in Southwest Louisiana. This assistance (donations and disbursements) is handled through the Louisiana Credit Union Foundation (LCUF). Several of our employees received financial assistance from the LCUF following Hurricane Katrina in 2005 and recalled how appreciative they were as these funds helped them during their re-building process.

With the incredible generosity of the team and Board of Directors, POECU raised $1,080 and the credit union matched $1,000, making the total donation to the Foundation $2,080.

POECU remitted the donation to the West Orleans Chapter-who will match up to $10,000 of credit union chapter member donations. The West Orleans Chapter will then make the final remittance to the Louisiana Credit Union Foundation.

We would like to encourage all credit unions to donate to the Louisiana Credit Union Foundation and help our Southwest Louisiana Credit Union family members on their road to recovery.
Wymar FCU Named #1 Best Place to Work for 2nd Consecutive Year!
Wymar FCU of Geismar, LA is the credit union for BASF Geismar employees and their families. Baton Rouge Business Report hosted a live virtual awards ceremony on Tuesday, September 15th, where they named Wymar FCU the #1 Best Place to Work in the small & medium company category (15-249 employees), for the second consecutive year! From unique and generous benefits to a work culture surrounded by fun, food, and dressing up - their staff of 17 employees truly considers Wymar FCU the best place to work. 
 
"I'm blown away by this recognition for our team.  I'm not sure if I'm more proud or humbled.  Proud of our team and the daily teamwork that makes it fun to come to work or humbled by how blessed we are to have such an awesome staff." - CEO, Ronnie Stephens
Pelican State CU Names One of the Best Places to Work in Baton Rouge
Pelican State Credit Union has been named to the Baton Rouge Business Report's Best Places to Work list for the seventh consecutive year.
 
The Best Places to Work program recognizes companies in Louisiana's capital that demonstrate workplace excellence and a culture in which employees are excited to come to work.
 
Companies made the list based on a two-part process. The first part consisted of evaluating each company's workplace policies, practices, and demographics, while the second part consisted of an employee survey to measure the employee experience. 
 
Pelican was one of the companies named in the large employer group category, which consists of employers with 250+ employees. This year, 17 large companies in the Greater Baton Rouge area were named to the list, and Pelican was in the company of businesses like Woman's Hospital and Blue Cross Blue Shield.
 
The announcement was made on a live broadcast at the Baton Rouge Business Symposium on Tuesday, September 15, 2020.
Quote of the Week:
"Real change, enduring change, happens one step at a time."

Educational Calendar

Upcoming Conferences & Seminars from your League:
Upcoming Webinars: 

September 24: Ag Lending Compliance, Including Industrial Hemp
September 28: CDD Update: New FinCEN FAQs & COVID's Daily Practical Challenges
September 29: Mastering Escrow: Analysis, Rules, Forms & Compliance
September 30: FFIEC Requirements for a Remote Deposit Capture Risk Assessment
October 1: Advanced SAR Training: Beyond the "Textbook"
October 5: Navigating the PPP Loan Forgiveness Process A-Z
October 6: Risk Officer Series: A Year in the Life of a Compliance Officer: Tips, Tools & Annual Requirements
October 7: Managing Vendors: Due Diligence, Contracts, Tips & Tools
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

For a complete listing of educational opportunities available from LCUL, visit the League website.
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(800) 452-7221   www.lcul.com