Keeping you connected to key credit union news, events, and trends: October 28, 2020 |
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Parvazi Among Graduates of Foundation's First Virtual DE Program |
Armand Parvazi from New Orleans Firemen's FCU was among the thirty-seven credit union leaders that were designated as Credit Union Development Educators (CUDEs) after completing the National Credit Union Foundation's Credit Union Development Education (DE) Training. The September DE Training was held from September 14 – October 9. This marks the first class to complete DE Training in the new, virtual learning environment.
DE Training is a unique experiential training program that provides lessons in credit union structure, purpose and the “why” that differentiates credit unions from other financial institutions. During the Foundation’s signature program, participants engage in small and large group exercises and interactive speaker sessions focused on the credit union difference, development issues, and empathy. Each lesson provides insights into how credit unions can leverage their unique business model to help their members and communities overcome the financial and developmental issues they face.
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Barrett Confirmed to United States Supreme Court |
Amy Coney Barrett was sworn in as a U.S. Supreme Court justice at a White House ceremony Monday night after the Senate voted to confirm her nomination.
Barrett fills the vacancy of the late Supreme Court Justice Ruth Bader Ginsburg, who died in September at the age of 87 from complications of metastatic pancreatic cancer.
The Senate approved Barrett in a 52-48 vote Monday evening after a full day of final arguments in the upper chamber.
Louisiana Senator, Bill Cassidy, stated during the Senate confirmation hearing “As a fellow Louisianan, I am proud that one of our own will become a Supreme Court Justice. Amy, Louisiana is rooting for you. We know that you will serve our country well and make our state proud.”
Justice Amy Barrett is the second justice to serve on the United States Supreme Court from Louisiana. Justice Edward Douglass White was the first, and he served from 1894 to 1921.
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Upcoming Conferences from your League:
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October 29: Cyber Series: Building & Sustaining a Cyber Intelligence Unit (CIU)
November 3: Dissecting Loan Loss Reserves, Including CECL Expectations
November 4: Recruiting & Retaining Millennials, Gen Z & Nexters
November 9: Avoiding the Top 5 COVID-Related Collection Mistakes
November 10: IRS Reporting Essentials: Form 1099 & Beyond
November 11: Year-End IRA Actions: Notifications, Reporting & Monitoring, Including SECURE Act & COVID Rule Changes
November 12: Robbery: Critical Steps Before, During & After
November 16: You’re the New Board Secretary, Now What?
November 17: 10 Lessons Learned When a Borrower Dies
November 18: Risk Officer Series: Risk Management Officer: Expectations & Responsibilities
November 19: New 2021 Nacha Rules: Impact, Analysis & Deadlines
November 23: Leading a Remote Workforce
November 30: Handling Formal & Informal Trust Accounts: CIP, Documentation & Compliance
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For a complete listing of educational opportunities available from LCUL, visit the League website. |
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Financial Mastery Series for Directors Debuts |
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LCUL loves our credit union directors and although the decision was made to postpone our volunteer conference to 2021 for everyone’s health and safety, we still want to ensure you are trained and equipped to fully and confidently execute your duties. We proudly join Tim Harrington of Team Resources to present a video series where Directors learn everything they need to easily master the financials they are required to understand and so much more. The best part is that you can do it at your own pace, from the comfort of your own home, and re-watch it as often as you like. Through five videos (totaling just under 4 hours), Tim guides participants through:
- CAMEL Ratios, Balance Sheets, Income Statements
- The Importance of Capital
- Profit and Spread Analysis
- Special Accounting Issues
- Asset Liability Management
You chose the access level to best suit your training needs whether you need unlimited access for just one month, or a full 6 months. A board may choose to view together as one group or complete training individually. Click here to learn more.
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How to Avoid Compliance Risks and Improve Your Overdraft Strategy |
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Webinar: Thursday, November 19 at 2:00 pm CT
The regulatory landscape continues to change. When it comes to meeting your members’ service needs and expectations, it’s imperative not to take any chances on regulatory and compliance expectations. In this session brought to you by John M. Floyd & Associates, you’ll learn about the necessary precautions to mitigate your risk of potential legal issues, best practices for communicating with members to improve service delivery, and guidelines for successfully managing your program.
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Agencies Invite Comment on Proposed Rule Under Bank Secrecy Act |
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The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board invite comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule.
Under the current recordkeeping and travel rule regulations, financial institutions must collect, retain, and transmit certain information related to funds transfers and transmittals of funds over $3,000. The proposed rule lowers the applicable threshold from $3,000 to $250 for international transactions. The threshold for domestic transactions remains unchanged at $3,000.
The proposed rule also further clarifies that those regulations apply to transactions above the applicable threshold involving convertible virtual currencies, as well as transactions involving digital assets with legal tender status, by clarifying the meaning of "money" as used in certain defined terms.
Comments can be submitted now until November 27, 2020.
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Young Professionals Network |
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YPN to Host 4th Annual Free Boot Camp |
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Each year, local credit union leaders take time to share their knowledge with credit union professionals across the state through our free boot camps. This year is no exception, and we’re going virtual with CUDE and CEO of Maple FCU Pamela Stelly!
Pam will be talking about the purpose, principles, and mission of credit unions as a whole and challenging us to compare those to that of our very own credit unions. Plus, she’ll be sharing her passion and real life stories with us along with facilitating small group roundtable discussions.
There is no cost to participate, and there are two sessions to choose from!
- Tuesday, November 17 from 9 – 11 am
- Wednesday, November 18 from 1 – 3 pm
Everything will take place virtually. Participants will need access to a device that allows them to video into the roundtable discussions.
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Live Oak HS Repeats as NFCU Mascot Madness Champions |
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Neighbors FCU hosted an online tournament with its 15 Mascot schools. For the second consecutive year, Live Oak has won the tournament securing $1,500 for the school.
The intent of the campaign was to raise awareness for the Mascot Checking program and how it has provided more than $163,000 for local schools.
Neighbors posted links to polls on its blog and would share them on social media throughout the tournament. Neighbors would then encourage the schools to lobby for as many votes as possible to advance in the tournament.
On social media, NFCU posted and tagged the schools in each matchup and included a promotional sentence telling supporters about the funds these accounts have raised and how they can open an account.
The tournament had more than 11,000 participants with Live Oak defeating Woodlawn HS 702-492 in the championship round. As the runner up, Woodlawn secured $500 for the school.
Jordy Culotta and T-Bob Hebert of 104.5 ESPN served as the tournament’s celebrity hosts and produced the official bracket reveal.
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Quote of the Week:
“Passion is one great force that unleashes creativity, because if you’re passionate about something, then you’re more willing to take risks."
- Yo-Yo Ma
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824 Elmwood Park Boulevard,
Suite 200, Harahan, LA 70123
(800) 452-7221
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