Keeping you connected to key credit union news, events, and trends: April 22, 2020
In This Issue
Headline News

LCUL Wants to Hear From YOU: Help us Gather Critical Information, Member Stories
As your state trade association, it was our top priority to first and foremost see that credit unions had what they needed to continue operations without interruption in the wake of COVID-19. Now that a few weeks have passed, we want to collect information on how your credit union has responded/is responding. 

LCUL sent a survey to CEOs and executive management teams. Additionally, we are asking that if anyone has a specific member story they are willing to share, please submit it to [email protected]. These stories will most likely come from your employees assisting members so get their input as well. We will be collecting these stories for both local and national purposes.

Please have surveys completed and stories submitted by Friday, April 24.

Why is this information important to report? Collecting this data will allow us to show legislators and community leaders the extent to which credit unions are supporting their members. Survey responses will be a sustainable source of data that will provide us with fuel for public awareness, advocacy, and related outreach efforts.
Senate Passes $484 Billion Relief Bill with Funds for PPP, Carve-Out for Smaller FIs
The Senate has approved an approximately $484 billion relief package that includes another $310 billion for the Paycheck Protection Program (PPP), with $60 billion of the funds set aside for community lenders, for which both CUNA and LCUL had been advocating.

It goes to the House next, however, the only way to pass legislation is through voice vote or unanimous consent, requiring an agreement from all lawmakers. Both chambers will not reconvene in person until May 4 at the earliest.

That $60-billion is to be divided with $30 billion for loans made by insured depository institutions with between $10 billion and $50 billion in assets, and $30 billion for loans made by institutions with assets of less than $10 billion.

For more information, please contact our Advocacy department.
Temporary Regulatory Relief in Response to the COVID-19 Pandemic
NCUA Board held its third open meeting of 2020 today using a live audio webcast and approved three items: NCUA
 
  • A temporary final rule granting measures of regulatory relief to help ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic.
  • An interim final rule that temporarily defers real estate-related appraisals and evaluations under the agency's appraisal regulations because the public health crisis and social distancing directives have created difficulties for lenders to obtain required appraisals on a timely basis.
  • A final rule that increases the threshold level below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000.
Click here to read more, including a brief description of each item.
Professional Development

LCUL Now Offering Virtual Dues Supported Training for Members
LCUL is making sure we continue to provide all of the services you and your credit union depend on. We know that many of you would normally have received annual training by now, either in your credit union or at a chapter meeting (i.e., BSA, Security, Harassment, etc.).

The team at LCUL has been using Zoom to hold virtual meetings since the stay at home order was put in place and thought this could be an avenue for you to receive your training.
 
Zoom is an easy to use, free video conferencing app, a benefit of which is the ability to "social distance" since everyone can be in different places. All you need is a computer, tablet or a smartphone, and an internet connection and you're set!
 
If your credit union or Chapter is interested in virtual training for your volunteers or staff attend via Zoom, please contact your CU Support Team today at [email protected].    
FREE Dollar Associates' Webinar to Focus On 'Crucial' Deposit and Balance Sheet Management Issues
Growing credit unions are facing a totally unexpected challenge to their growth and the ability to meet their members needs due to the pandemic and other forces, asserts Dollar Associates, which is holding a webinar to discuss "crucial credit union issues for larger and dynamically growing credit unions."

The event-Deposit and Balance Sheet Management in the Era of the CFPB, the Durbin Amendment and a Pandemic Flight to Safety- will be held April 29 from 2:00-3:00 p.m. ET

Click here for more information and to register.   
Business Solutions

Podcast: Overdraft Insights Amid the COVID-19 Crisis
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Learn about some of the initial takeaways on how the COVID-19 pandemic has impacted overdraft services for community banks and credit unions across the country. JMFA's CEO, John Cohron, offers insights and strategies for how your credit union can adjust to support your members while mitigating losses during the current crisis. 

Have You Heard

Pelican State CU Announces National Financial Literacy Month Virtual Celebrations
April 1 kicked off National Financial Literacy Month, and this year, Pelican State Credit Union is going digital with their celebrations! The credit union will be hosting a digital event on Facebook where parents can access drawing contests, coloring and activity sheets, storytime videos, and more for their kids.
 
Parents can also visit pelicanstatecu.com/TeamPelican for fun information and ideas for youth financial education, Pelican State Credit Union's YouTube page for their full #AskPelican video series of financial FAQs, and Pelican's blog Pelican State of Mind for family, fun, and finance with a Louisiana flair. 
Campus Federal Serves Up Jambalaya Meals for the COVID-19 Healthcare Team at Our Lady of the Lake Hospital
Campus Federal prepared and delivered 225 meals to provide lunch for the healthcare professionals working with COVID-19 patients at Our Lady of the Lake Hospital. Volunteers from the credit union cooked jambalaya and assembled the individually packaged meals at the Campus Federal Perkins Road branch, then delivered them to Our Lady of the Lake. President & CEO of Campus Federal, Jane Verret was part of the volunteer crew and shared, "it's our small way of thanking the doctors, nurses and staff who courageously put their own lives at risk to care for patients with coronavirus."
La Capitol FCU Posts Stimulus Funds to Member Accounts Early
La Capitol Federal Credit Union began posting stimulus payments early for account holders this week. The credit union will not actually receive funds from the federal government for several days after the notices were received.
 
"We were happy to post payments early to help our members," said President and CEO Michael Hooper. "We began receiving stimulus fund files for our members recently, in advance of the actual funds arriving, so posting early seemed like the right thing to do."
 
The credit union receives notification from the federal government a few days in advance of fund availability. La Capitol made the decision to post those funds when notifications are received, so that its members can have access to those funds as soon as possible.
 
Hooper said, "La Capitol is a member-owned financial institution and we will do anything we can to help our members during this difficult time."
 
La Capitol is also posting guaranteed funds for Social Security and other program payments early. The credit union will continue doing so throughout the COVID-19 crisis.
EFCU Financial Ranked Nationally
EFCU Financial finished 2019 as an S&P Global Market Intelligence Best-performing US Credit Union. Based on financials at year-end, EFCU Financial was ranked with other credit unions in the country based on a minimum of $500 million in assets and a net worth ratio of 7% or more. S&P Global Market Intelligence uses five core financial performance metrics to rank credit unions: member growth, market growth, operating expenses, net-charge offs and delinquent loans. Strong in all five ranking metrics and ranked at #21, EFCU Financial is the only Louisiana credit union to make the Top 50 list.
Quote of the Week:
"A leader is one who knows the way, goes the way, and shows the way."
- John C. Maxwell

Educational Calendar

Upcoming Conferences & Seminars from your League:

All in-person events have been postponed until July 1.

Upcoming Teleconferences & Webinars from your League:
 
April 24:  BSA Compliance Requirements During the COVID - 19 Challenge
April 28: Advertising Compliance Part 2: Website, Online & Social Media 
April 29 (morning): Financial Scams, Fraud & Criminal Activity During COVID-19
April 29 (afternoon): 
Commercial Lending Series:  Commercial Loans Secured by Real Estate
April 30: Consumer Bankruptcy: Compliance, Cramdowns & More 
May 5: E-SIGN for Lenders: Technicalities, Consumer Expectations & Risk
May 6: Writing Compelling Credit Memos & Loan Narratives with Confidence
May 7: New Uniform Residential Loan Application Beginning January 1, 2021:
Updating Policies & Testing Readiness
May 11: Demystifying TRID for Construction Loans Using the New CFPB Guides
May 12: Leveraging BSA Controls for More Effective OFAC Compliance
May 13: Commercial Lending Series:  Analyzing Commercial Tax Returns: Forms 1065, 1120, 1120S & K-1s
May 14: Visa Claims Resolution for Chargebacks

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