Keeping you connected to key credit union news, events, and trends: August 26, 2020
In This Issue
Headline News

LCUL Stands Ready to Assist as Hurricane Laura Approaches; CUs Encouraged to Report Branch Closures
As Hurricane Laura approaches the Louisiana coast, we are asking that our credit unions please report any branch closures to the League. To report closures, please use the form on the League's website. 

Helpful reminders when preparing for the storm: 
  • We encourage credit unions to post branch updates on your website. If you have not done so, please add to the homepage. If one of your member's call the League inquiring about branch openings, we provide what has been reported and then direct them to your website.
  • LCUL has set up a disaster preparedness page for both credit unions and consumers on the League website. Please share these resources with your membership.
To make any changes to a previously submitted form, please complete a new form and we will use the most recent for our records. If you need any assistance, please contact [email protected].
 
Our thoughts are with all of our credit union family that finds themselves in the path of this storm.
Louisiana's Shared Branching Launches Hurricane Preparedness Campaign for 2020 Storm Season
Access to convenient branches is a high priority for members in all demographics, especially during hurricane season. With that in mind, Louisiana's CU Cooperative Branching (CUCB) network has officially launched a 2020 hurricane preparedness digital media campaign to urge consumers to find shared branch locations well in advance of a severe weather event.

Louisiana consumers will learn the convenience of Shared Branching through Pandora Media, LLC and Facebook. The digital campaign is scheduled for August 15 - September 15, with additional air time to be added when there is an immediate threat. We partnered with neighboring states, who will also be sharing the ads with consumers, to create the content. This will increase our potential reach throughout the gulf coast region.

We encourage credit unions to share posts on Facebook to remind members of the added benefit of shared branching. Additionally, credit unions have access to the ads to use as you see fit. For additional information, please contact [email protected].
LCUL Joins Leagues and CUNA in Succesfully Advocating for Delay in GSE Refinance Fee
The Federal Housing Finance Agency (FHFA) announced it will delay implementation of its GSE refinance fee until December 1, past the original effective date of September 1. This delay comes after heavy engagement from CUNA, Leagues and other system partners, most recently in a letter from CUNA, the American Association of Credit Union Leagues and all 34 League presidents detailing the impact the fee and September 1st effective date was already having on credit union loans.

FHFA is also announcing that Fannie Mae and Freddie Mac will exempt refinance loans with loan balances below $125,000, nearly half of which are comprised of lower income borrowers at or below 80% of area median income. Affordable refinance products, in Fannie Mae's Home Ready and Freddie Mac's Home Possible programs, are also exempt.

According to FHFA, the fee is necessary to cover projected COVID-19 losses of at least $6 billion at Fannie and Freddie, due to actions taken during the pandemic to protect renters and borrowers.
Ask the Regulators Webinar on the SBA's PPP Loan Forgiveness Platform
NCUA
The Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, and the Conference of State Bank Supervisors will host an interagency webinar on Thursday, Aug. 27 at 11 a.m. Eastern on the Small Business Administration's Paycheck Protection Program Loan Forgiveness Platform.

This presentation is open to all SBA lenders that participated in the SBA PPP lending program. Click here to register.
1st 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 1st Quarter of 2020 are now complete and have been posted to the League's website. You can access the reports directly by clicking here.
 
Professional Development

Business Development Strategist Julie Ferguson Returns with More Virtual Ideas
 
Earlier this summer, LCUL hosted a free one hour session led by Business Development coach and strategist, Julie Ferguson who provided new concepts for transitioning to a virtual business development environment.  Response to that session was so positive, Julie is returning as a premier speaker at our Marketing and Business Development Virtual Conference September 9 & 10. 
 
Watch (or re-watch) that free session so that you have a solid foundation to go on a journey with Julie to continue discussing transformational strategies to re-connect with your SEGs, create new community development strategies and build stronger SEG relationships through HR channels in the current evolving times.   
 
The Marketing & Business Development Virtual Conference also will include discussion of cost effective ideas to reach new members and impactful advertising concepts that generate sales leads. Plus you'll learn tips from industry experts to create high quality outbound video content in the expanding virtual world!  

To learn more and register, click here.
Business Solutions

Expense Reduction Leads to Silver-Lining Results
jmfaMonths after the onset of the Coronavirus pandemic, the added expenses needed to keep staff and consumers safe, and the economic impact of reduced earnings have created performance concerns for many financial institutions. Learn how a review of your existing service contracts can expose a silver lining to the situation by uncovering significant cost-savings, potential monetary incentives and improved vendor relations. 
Have You Heard

NOFFCU's Donald Bock named Volunteer of the Year by NAFCU
Donald Bock, Board Member and former Board Chairman of
New Orleans Firemen's Federal Credit Union (NOFFCU) was chosen as Volunteer of the Year by the National Association of Federally-Insured Credit Unions (NAFCU). Bock and other winners in NAFCU's 2020 Annual Awards Competition will be honored during NAFCU's Virtual Congressional Caucus, September 14-15.

"Donald Bock's years of dedicated efforts are reflected in the continued success of NOFFCU, demonstrating thoughtful leadership skills and unyielding focus on our core value of people helping people," said NOFFCU CEO Judy DeLucca. "This award reflects his exemplary services on behalf of our members."

This year's NAFCU Annual Awards Competition honored eight winners in total and was selected by a committee of credit union leaders. Nominees for CEO of the Year, Credit Union of the Year,
Professional of the Year and Volunteer of the Year were judged in two categories: credit unions with assets of more than $250 million and those with assets of $250 million or less. Bock was a winner among credit unions with $250 million or less in assets.
Neighbors CEO Steve Webb Places 3rd in BRCAC's Celebrity Waiter Fundraiser
Neighbors President and CEO Steve Webb raised the 3rd most "tips" during the Baton Rouge Children Advocacy Center's 14th annual Celebrity Waiter Event. Webb's efforts raised placing just behind the LSU Golden Girls and Marketa Walters of Louisiana Department of Children and Family Services. The virtual event was streamed via Zoom and Facebook Live, raising more than $70,000 through sponsorship, raffle ticket sales, a silent auction and virtual "tipping."
 
Usually held at Baton Rouge's L'Auberge Casino in July, the event was postponed and then switched to a virtual format due to the coronavirus pandemic. Other Celebrity Waiters included EBR Mayor-President Sharon Weston Broome, retiring LSU Gymnastics Coach D-D Breaux, East Baton Rouge Parish District Attorney Hillar Moore, LSU Baseball Coach Paul Mainieri, and many more.
 
"I'm very proud of our efforts to support such a worthy cause," Webb said. "Now more than ever children suffering from trauma need our support."
Quote of the Week:
"Whatever the status quo is, changing it gives you the opportunity to be remarkable."

Educational Calendar

Upcoming Conferences & Seminars from your League:
Upcoming Teleconferences & Webinars: 

August 27: Effective & Compliance Pre-Employment Background Checks
September 2: Cutting-Edge Consumer Payments: Beyond PayPal & Venmo
September 3: SAFE Act Compliance for Mortgage Loan Originators (MLOs)
September 9: 10 Lessons Learned When a Depositor Dies
September 10: Cyber Series: Cybersecurity Assessment Tool 2.0 & GLBA Privacy
September 15: Unpack NCUA's Revised 2020 Supervisory Priorities Before Your Next Exam
September 16: Prospecting & the Pandemic: Tools for Success During COVID-19
September 17: Building the Best Possible Board Meeting: From Agenda to Action
September 21: Mortgage Collection & Foreclosure: Best Practices & Tenants' Rights


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