Headline News

LCUL Gathers Heavy Hitters for Virtual Roundtable

LCUL has gathered a strong delegation of participants for a virtual roundtable on Thursday, April 16 at 11:00 a.m. to discuss COVID-19 related issues, procedures, policies, and more. At this time, industry insiders will be available to provide updates as well as answer any questions you may have. Below are the individuals scheduled to participate: 
  • Keith Morton - NCUA Regional Director
  • Jonathan Finley, Sid Seymour - Office of Financial Institution (LOFI)
  • Jeff Brooks, Rob Rieger - Adams & Reese, LLC
  • Jonathan Kudulis - Kudulis, Reisinger, and Price (KRP) Law Firm
There is no cost but registration is required.  Click here to register. We will send out log in information prior to the call on Thursday morning.

Participants are encouraged to submit questions in advance by emailing support@lcul.com by 3:00 p.m. on Wednesday, April 15. For additional questions, contact the league's Advocacy Department
LCUL, Leagues Advocate for CU Eligibility in Paycheck Protection Program
LCUL, along with CUNA and other Leagues, sent a joint letter to the Treasury and Small Business Administration (SBA) Friday afternoon sharing our concerns with the interim final rule for the Paycheck Protection Program (PPP) loans created by the recently enacted CARES Act.

Among the concerns outlined in the letter was borrowing by credit unions. Credit unions are excluded under the general SBA regulations from being a business that is primarily a lender and also to be a SBA borrower. We are urging the SBA to temporarily modify the rule to allow credit unions to borrow under the Paycheck Protection Program.

Read the signed letter that was sent to the Treasury and SBA.
LCUL Distributes Summary on CARES Act
Last week, LCUL distributed a summary on the recently passed CARES Act.  LCUL worked with our partnering leagues to put this summary together for credit unions. We hope this guide will help you and your team with any operational questions you may have. Please consider sharing this with your frontline and member facing staff. As always, please reach out to our compliance department  if you have any questions. We also have our compliance hotline for member credit unions to access: (888) 290-4589.

4th Quarter LA Credit Union Profiles & Milestones Report Available on LCUL Website
The Louisiana Credit Union League works with CUNA's Economics & Statistics Department to analyze quarterly data submitted by credit unions to NCUA and then provides a quarterly report showing trends in various areas including loan & savings growth, risk trends, membership trends, and more. We also provide a "milestones" report that looks at top credit unions in the areas of loan penetration, share draft penetration, and average savings balances; this report also highlights credit unions that have reached and exceeded certain amounts for assets, members, and loans.  

The reports for the 4th Quarter of 2019 are now complete and have been posted to the League's website. You can access the reports directly by clicking here
Professional Development

SRCUS Management School Cancels 2020 Session
The Southeast Region Credit Union Management School brings together students from all across the United States and even western Europe. Due to the uncertainty of a timeline for lifting travel and meeting restrictions the committee has made the difficult decision to cancel our 2020 session and resume in June of 2021. All those who pre-registered for 2020 will be automatically rolled over to the 2021 session and have been sent follow up information directly from SRCUS. If you were considering registering as a new student, we encourage you to mark your calendars to join us in Athens, Georgia for this career changing program from June 4-11 in 2021. Please direct any questions to education@lcul.com
Business Solutions

Exceptional Service in Unprecedented Times
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Amid the daily release of new information regarding  COVID-19  (coronavirus), the idea of business as usual has been turned upside down. In fact, there's not much "as usual" going on anywhere these days.

As you activate your business continuity plans and implement preparations to protect the health and physical safety of employees and account holders, concern among consumers about their financial well-being is on the rise.  According to a recent survey conducted by  Prudential , 54% of Americans indicated they're not financially prepared to handle a situation like Coronavirus that could limit their ability to work for a few weeks or more. Well before the onset of the virus earlier this year, more than  74%  of Americans were living paycheck-to-paycheck with about  40%  of consumers unable to cover a $400 financial emergency. This additional uncertainty has many worried more about their financial well-being than their health.

But there are things you can do to alleviate some of the stress your account holders are feeling regarding their financial stability as we all wait to see what the next few weeks and months have in store.

Click here to continue reading.  
Have You Heard

Eagle Federal's CEO Announces Retirement
It is with mixed feelings that the Board of Directors of Eagle LA Federal announce the retirement of Ginger Manint, President/CEO. It is impossible to sum up her achievements over many years of dedicated service. With Ginger at the helm, the credit union grew and remained steady through some notable tumultuous economic times. She will be deeply missed, but we can only feel happy for her.

"It has been my great honor and privilege to lead the outstanding team here at Eagle Federal Credit Union. I am proud of the organization we are today and the impact we've had working with so many amazing people. In January, before COVID-19 and social distancing, I announced my intention to retire. After more than 32 years, I will begin the next chapter of my life in June - staying at home. Thank you for all the friendships and making my years at Eagle Federal so amazing."

The Board of Directors has prepared for leadership continuity by naming Evie McDonner to succeed as Chief Executive Officer (CEO). Evie is a proven and respected leader who has delivered strong operating results while keeping members at the heart of all that we do. Having served many years as Executive Vice President, Evie is well suited to take the credit union to the next level by growing its many programs in the best interest of our membership.   
Neighbors FCU Purchases $10,000 in Gift Cards from Keep BR Serving Program
Neighbors FCU purchased $10,000 in gift cards from restaurants participating in Mayor-President Sharon Weston-Broome's Keep BR Serving campaign. The gift cards will be provided to NFCU employees in essential roles who are unable to work from home.
 
The Keep BR Serving campaign will direct 30 percent of revenue from gift card sales directly to impacted tipped workers to help cover lost tips and wages.
 
"We feel this is a great way to fulfill the needs of our staff and community at the same time," Neighbors President and CEO Steve Webb said. "This allows us to provide some resources to those who have been financially impacted by the social distancing mandates."
 
"At this time we have 120 staff members making sacrifices to provide a vital service to our members despite many closures adding a layer of difficulty to their lives." stated Webb. 
Jefferson Financial FCU Donates Snacks to COVID-19 Test Site, Medical Partners
Jefferson Financial Federal Credit Union proudly showed love to a few of its business partners in the medical community by dropping off snacks and soft drinks to personnel over the past few days.
 
Business Development Rep Kristi Maupin braved Costco and delivered a Jeep-load of the goodies to Ochsner main campus and the adjacent COVID-19 test location and to Children's Hospital. Employees were excited and grateful for the surprise deliveries.
 
"Jefferson Financial truly values our partnerships with both of these amazing health care facilities and wanted to give back to the employees beyond the financial services that we offer," Maupin said. "One thing is certain in these uncertain times, and that is to enjoy the little things - this is just a little thing we wanted to do to show these people on the front lines that we appreciate them."
Pelican State CU Joins Forces with Baton Rouge Business Report in Uplifting Community Leaders
In March 2020, Pelican State Credit Union committed to partner with the Baton Rouge Business Report in delivering daily videos to community leaders amid the COVID-19 outbreak. 

"Our goal is to uplift leaders of the greater Baton Rouge community and unite together to support the communities we serve. I am proud that Pelican has a reputation of positive leadership and look forward to influencing other businesses to take care of their employees and members/customers as best they can," explained Pelican's President/CEO Jeffrey K. Conrad. 

Both the credit union and the East Baton Rouge Parish Library are sponsoring the series of positive messages. 

You can view the series of videos titled "Daily Mental Snacks" by Julio Melara and the Baton Rouge Business Report here.
Quote of the Week:
"Just one small positive thought in the morning can change your whole day."
- Dalai Lama

Educational Calendar
Upcoming Conferences & Seminars from your League:

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

Upcoming Teleconferences & Webinars from your League:
 
April 9 (Morning): The CARES Act: Impact & Implications for Credit Unions
April 9 (Afternoon): Board Secretary Training: Documenting Board Training, Minutes, Corrections & More
April 13: Interagency Statement on Loan Modifications: Working with Borrowers Impacted by COVID-19
April 14: Establishing & Amending Traditional & Roth IRAs, Including Secure Act Impact
April 15: Advertising Compliance Part 1: Print, Radio & TV
April 16: FCRA Compliance: From Delinquent Loans to New Hires
April 20: Increasing Remote Services During & After the Pandemic
April 21: Countdown to Reg CC Rule Changes Effective July 1, 2020
April 22: New FFIEC Procedures & Pandemic Guidance for  Business Continuity Management & Resilience
April 28: Advertising Compliance Part 2: Website, Online & Social Media 
April 29:  Commercial Lending Series:  Commercial Loans Secured by Real Estate
April 30: Consumer Bankruptcy: Compliance, Cramdowns & More 


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