Keeping you connected to key credit union news, events, and trends: June 3, 2020
In This Issue
Headline News

LCUL Commits More than $125k to COVID-19 Rebate Initiative
LCUL Sends Message to Member Credit Unions: "We're In This Together"

In an effort to show continued commitment and solidarity with partner credit unions, LCUL will be distributing COVID-19 rebate payments as early as next week. A first of its kind in the association landscape, more than 140 Louisiana credit unions are expected to receive rebate payments.

"Louisiana credit unions are doing everything they can to help their members by waiving fees, offering loan extensions, etc. The league is equally invested in their members and is willing to do our part in good faith. We want our credit unions to recognize that we are in this together," said Bob Gallman, LCUL President/CEO. "The rebate is in line with the league's strategic objective of operating under the same cooperative spirit as credit unions and delivering value back to our membership."

Ranging from $300-$2,500, the rebates are made possible due to strong affiliation, exceptional performance and operational efficiencies over the years.
Last Chance: Virtual Roundtable to Assist with Business Development Strategies in a Remote World

Based on your feedback and the overwhelming response to previous league calls, LCUL will be hosting a third virtual roundtable on Thursday, June 4 at 11:00 a.m. to discuss business development in a remote world with nationally recognized coach Julie Ferguson.  Engaging with your SEG groups and potential new members during times of social distancing is not impossible, it just requires a transition to your mindset. Julie will share high value activities you can spearhead while encouraging participants to think outside of the box in finding solutions that will help the people in your communities get through this.

Drawing on experience serving SEGs such as Microsoft, Amazon and Google, Julie will share new ideas and protocols as well as take your questions and discuss your ideas in this hybrid presentation and think tank discussion.

There is no cost but registration is required. Information will be sent prior to the call on Thursday morning.
 
 
Participants are encouraged to submit questions in advance by emailing [email protected] by 3:00 p.m. on Wednesday, June 3. For additional questions, contact the league's communications department.
LCUL, CUNA, Leagues Request PPP Loan Forgiveness Clarity from SBA and Treasury
On Friday, LCUL joined CUNA and the Leagues on a letter to the Small Business Administration (SBA) and the Treasury to seek clarity on Paycheck Protection Program (PPP) loan forgiveness. Credit unions and other lenders need detailed guidance on loan forgiveness as conflicting processes are likely to create problems and lead to litigation.

"Credit unions are concerned that the recently published application for loan forgiveness is overly complex for most businesses. The complexity of the forgiveness process presents an even greater challenge for small business as they have fewer resources to deploy on an overly complex application process," the letter reads. "Creating an overly complex forgiveness process would seem to be the antithesis to the spirit of a program designed to rapidly deploy resources to small business especially when the expectation is that the funds appropriated to PPP were never expected to be repaid."

The letter calls on the SBA and Treasury to revamp the forgiveness application process for loans under $350,000; simplify or make automatic for the smallest of borrowers requiring nothing more than a good faith certification that the funds were spent on forgivable expenses.

Please click here to read the letter.
NCUA Provides Update to Credit Unions on Offsite Examination and Supervision Approach
NCUA
The National Credit Union Administration issued a  letter to credit unions Thursday updating credit unions on its examination and supervision approach to help ensure the safety of personnel and the safety and soundness of the credit union system as it continues to monitor the impact of the COVID-19 pandemic. The key components of the agency's updated approach include continuing offsite work and a return to issuing examination reports. 

The changes in the letter updating NCUA's examination and supervision approach is effective June 1, 2020. 

In March 2020, the NCUA provided information on its examination and supervisory priorities during the COVID-19 pandemic in Letter to Credit Unions,  Offsite Examination and Supervision Approach. While the agency says its priorities remain the same as outlined in that guidance letter, the agency has updated its approach for conducting examinations offsite. 
Hurricane Season is Here; Review the League's Updated Resources
With this past Monday being the start of hurricane season, the League wants to remind credit unions about important disaster preparedness information and resources available on our website.


Additionally, we encourage credit union to review their disaster preparedness procedures and conduct any testing to ensure there is no interruption should a disaster take place.
News from CUNA Mutual

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

During March, credit unions picked up 147,000 in new memberships and loan and savings balances grew at an 8.8% and 9.0% seasonally-adjusted annualized pace, respectively. Firms laid off 870,000 workers, nominal consumer spending fell 7.5% and long-term interest rates decreased 58 basis points. Real GDP fell 4.8% in the first quarter due to falling consumer spending and business investment.

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]. 
Business Solutions

Agility Recovery Hosting Hurricane Preparedness Webinar
Hurricane season began this week and experts are predicting above-average activity this year. Combine this with the current state of affairs and we are going to have a hurricane season unlike any other. 

Agility Recovery is hosting a webinar on Monday, June 8th to help organizations prepare for this unprecedented hurricane season. Join us with AccuWeather meteorologists for an interactive webinar that will cover:
  • 2020 hurricane season outlook
  • How COVID-19 will impact hurricane preparedness
  • Next steps to prepare your organization
  • Q&A session
Have You Heard

Louisiana FCU Donates Surgical Masks to Local Hospital
In response to the urgent need for personal protective equipment (PPE), Louisiana Federal Credit Union (FCU) donated 1,500 surgical masks to medical staff at St. James Parish Hospital in Lutcher as a preventive measure against the COVID-19 pandemic. The donation, which was delivered during National Hospital Week, will help the hospital restock its inventory.
 
"We are deeply grateful to all the healthcare workers selflessly serving on the frontlines to keep our communities safe," said Rhonda Hotard, President/CEO of Louisiana FCU. "We're going to do all we can to help get through this pandemic together."

Healthcare workers and first responders around the nation are still facing a shortage of PPE. Louisiana FCU helped encourage the public to save medical-grade masks for healthcare professionals by producing a short how-to video showing how easy it is to create CDC-approved face masks at home.
Baton Rouge Fire Department FCU Congratulates Winners of the 2020 Polly Bergeron Scholarship Award
Baton Rouge Fire Department FCU  would like to congratulate the winners of the 2020 Polly Bergeron Scholarship Award. This is the first year the Baton Rouge Fire Department Federal Credit Union has participated in a scholarship program. Winners of the scholarship are: Savannah Erie, Caleb Franklin, Caroline Petty, and Grace Purvis.

A total of $5,000 was awarded to the graduating seniors. Each of the recipients are commended on their academic achievements, extra-curricular activities and determination throughout their high school career. We praise them on a job well done and wish them, as well as all of the other members of the Class of 2020, good luck in the future. We can't wait to see what you will achieve.
Ascension Credit Union Announces 2020 Scholarship Winners
Ascension CU has awarded $6,000 in scholarships to six graduating seniors from Ascension Parish Schools, awarding them $1,000 each.

"Ascension Parish is blessed to have such outstanding graduating seniors. It is an honor for Ascension Credit Union to help these graduates achieve their dreams," said Susan Curtis, Ascension CU EVP/COO.

The 2020 Ascension Credit Union Scholarship recipients are: Carmen Wilkison of Dutchtown High School, Courtney Washington of Donaldsonville High School, Gary Millet of Ascension Catholic High School, Noah Burgess of St. Amant High School, and Tyler Theriot of East Ascension High School.
Neighbors Way Scholarship Awards $50,000 to 15 Local Students
The Neighbors Capital Area Foundation has granted $50,000 to 15 graduating students in the Greater Baton Rouge Area. This is the third year of the Neighbors Way Scholarships, and the program has awarded a total of $95,000 thus far.
  • Mia-Miracle Craig - Baton Rouge HS $20,000 (4-year scholarship)
  • Alissa Clemmons - Central HS $5,000
  • Jailynn Johnson - Baker HS $3,500
  • Bryce Hudson - Scotlandville HS $2,500
  • Emma Grace Spencer -Dunham $2000
  • Tyler Clemmons - Port Allen HS $2000
  • Parker Giering - Live Oak HS $2000
  • Song Dam - Broadmoor HS $2000
  • Me-Gann Adolfo - Lee Magnet HS $2000
  • .Avery Olinde - Walker HS $1500
  • Mounina Abderrahmane - McKinley HS $1500
  • Amaria Green - Southern University Lab $1500
  • Kassie Salling - Parkview Baptist $1500
  • Mya Alford - Woodlawn HS $1500
  • Madison Miller - Denham Springs HS $1500
"While their final semester certainly didn't go the way they had planned we are excited to assist in their continued education," Neighbors President and CEO Steve Webb said. "It's given us great pleasure to watch this program grow over the years providing more opportunities for these outstanding students."
 
The scholarships were announced through a virtual awards ceremony Friday.
Quote of the Week:
"When we listen and celebrate what is both common and different, we become wiser, more inclusive, and better organization "
- Pat Wadors

Educational Calendar

Upcoming Conferences & Seminars from your League:

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

Upcoming Teleconferences & Webinars from your League:
 
June 4: UCC Article 9: Perfection Pitfalls & Proper Enforcement
June 9: Three Key Risk Assessments in Enterprise Risk Management
June 10: Debit & Prepaid Card Compliance: Disclosures, Fee Changes & More
June 11: Completing the TRID Loan Estimate Line-by-Line
June 15: Credit Risk Management During a Pandemic
June 16: Fair Lending Comparative File Review That Meets Regulator Expectations
June 18: Handling ACH Exceptions & Returns
June 22: Record Retention: What Documents Must Be Retained & For How Long?
June 23: 20 Common Mistakes in Consumer Collections
June 24: Comparing Regulation E with Visa & Mastercard Rules
June 25: Managing In-House Real Estate Evaluations
June 30: Growth & Transformation Series: Digital Marketing Strategies: What's Working in 2020?

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