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Association Members Meet With Their Lawmakers During the Annual "Hike the Hill"
Hikers encouraged by their meetings members with members of Congress and the Senate
Association President/CEO Paul Gentile led a delegation of credit union officials to Capitol Hill in Washington, D.C. yesterday for the annual "Hike-the-Hill" advocacy program.
In their meetings with Senators, Congressmen, Congresswomen, and their aids, a wide variety of issues were addressed.
- Regulatory relief proposals including privacy, FHLB parity
- Member business lending: increase in the lending cap, exemptions for 1-4 family real estate secured loans
- CFPB exemptions, QM safe harbor portfolio loans and extended TRID
- NCUA budget and OTR transparency
- RBC 2 stop and study
During their discussions, a focus was placed on the requirements of sound risk management practices for credit unions, the retention of rigorous and prudential supervision, the retention of the current cap, the retention of the limit to lend only to members and the increase in examination loans and policies by examiners.
President Gentile also recently sent a letter to the NCUA seeking 18 month examination cycles as an important step toward providing significant regulatory relief which served as a discussion point on Capitol Hill.
The day began by seeing attendees gathered at Credit Union House, just blocks away from the US Capitol, hearing CUNA staff provide a detailed briefing on legislation, regulation and political action. Click
HERE to access the briefing material (login required).
Following a buffet lunch, everyone set out for the pre-arranged meetings with their state lawmakers:
Massachusetts
Senators Warren and Markey
Congressmen McGovern, Moulton and Tsongas
New Hampshire
Senators Ayotte and Shaheen
Congressmen Guinta and Kuster
Rhode Island
Senators Reed and Whitehouse
Congressmen Cicilline and Langevin
Yesterday's activities concluded with a working dinner shared with colleagues from the Northwest Credit Union Association, which also included several guests from NCUA: the Honorable J. Mark McWatters, board member; Sarah Vega, executive assistant to Mr. McWatters; Buddy Gill, senior strategic communications and external relations advisor to Chairman Matz.
The program continues today with participation in the NCUA open-board meeting and a briefing with Vice Chairman Rick Metsger at the Agency's offices in Alexandria, Virginia.
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Hike the Hill 2015 Photo Highlights
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Clayton Rush, Triangle Credit Union; Bruce Leighton, MembersFirst Credit Union of N.H.;
Lloyd Hamm, Jr., Homefield Credit Union; Claire Moses, Bellwether Community Credit Union; Senator Ayotte; Brian Hughes, Holy Rosary Credit Union; Paul Gentile, Cooperative Credit Union Association; Douglas Taylor, Triangle Credit Union; Elizabeth Hitchcock, St. Mary's Bank Credit Union; Ronald H. Covey, Jr., St. Mary's Bank Credit Union.
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Tim Garner, Digital Federal Credit Union; Lloyd Hamm; David L'Ecuyer, Cenral One Federal Credit Union; Congressman McGovern, Laurie LaChapelle, Digital Federal Credit Union; Paul Gentile; David Araujo, Debbie Taverna and Craig Roy from Digital Federal Credit Union.
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Bruce Leighton; Clayton Rush; Claire Moses; Douglas Taylor; Congresswoman Kuster; Ronald Covey, Jr.; Elizabeth Hitchcock; and Brian Hughes.
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Bruce Leighton; Elizabeth Hitchcock; Ronald Covey, Jr.; Claire Moses; Congressman Guinta; Brian Hughes; Douglas Taylor; and Clayton Rush.
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Ellen Ford, People's Credit Union; Paul Gentile; Senator Whitehouse; Randall Sacillotto, Navigant Credit Union; and Robert Falso, Westerly Community Credit Union.
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Final Planning Underway for Massachusetts Credit Union Day
 Preparation is underway for the upcoming Massachusetts Credit Union Day to be held September 30 in the Great Hall at the State House. Open to all employees, volunteers, and management of member credit unions, the program provides credit unions with a chance to have face-to-face meetings with their lawmakers to discuss both the not-for-profit financial alternative that credit unions offer, as well as our industry's legislative agenda. The day will also feature programming, which will include hearing from distinguished speakers on Beacon Hill.
This event will signify the start of the process for the Association's proposals to be reviewed by all lawmakers, staff and the appropriate Committee, a process which will continue through the Spring.
To register for the Massachusetts Credit Union Day, please click
here
. All participating credit unions are reminded to schedule their visits directly at their earliest convenience. To obtain the most recent contact information for your elected official, please click
here
.
To further prepare, Association President Paul Gentile will host a conference call and will provide further legislative updates on September 23 at 2:30 pm. Conference call details will be provided upon registration for the call at
[email protected]
.
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Association's
Credit Union Boot Camp Presented to New and Experienced Credit Union Employees
"I wasn't thrilled about spending all day in a boring presentation...I wasn't bored once! Great educational presentation, great presenter! Very valuable experience."
- Boot Camp attendee
"Even with eight years banking experience, I thought the class was very informative and a great refresher."
- Boot Camp attendee
Credit Union Employee Boot Camp is a one-day certificate program designed to provide "basic training" on day-to-day credit union matters. Although specifically created for new tellers, member service representatives and operations representatives, many long term credit union employees including managers have benefited from the topics discussed and enjoyed the relaxed atmosphere and familial interaction with employees from other credit unions.
The Boot Camp agenda includes discussions on credit union history and philosophy, member service, standards, security, negotiable instruments, account titles, compliance, and cross selling. There is one more session scheduled in 2015; click
HERE
for more information.
The Boot Camp presenter is Bill Nagle, senior vice president, Professional Development with the Cooperative Credit Union Association. Nagle produces and delivers training programs for the Association's members at the Credit Union Center as well as conducts customized, on-site training on a variety of topics including compliance and regulations, sales and service, communications, and management and leadership skills.
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2015 Annual Meeting & Convention
Leonard F. Raymond
Founder, Executive Director, and COO
Homeowner Options for Massachusetts Elders
Leonard F. Raymond is the founder, Executive Director and Chief Operating Officer of Homeowner Options for Massachusetts Elders (HOME). During the past thirty-two years, the HOME program has become a nationally innovative nonprofit, while continually developing new approaches for dealing with the growing and increasingly complex problem of aging-in-place for low- and moderate-income elder homeowners. The HOME program is a leader in senior anti-foreclosure efforts, consumer protections and equity conversion.
At the Annual Meeting and Convention, hear Len discuss the dangers to home tenure for senior credit union members, and the unique partnership opportunities that exist for credit unions to counter these trends.
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RTN Federal Credit Union Receives Certificate of Appreciation from Amesbury COA
RTN Federal Credit Union in Waltham, Mass., has been honored by the Friends of the Amesbury Council on Aging (COA) for its continued support of the City's senior citizen community.
"We are deeply grateful to RTN for its commitment to enhancing the lives of older adults, particularly as demonstrated by its generous contributions to our men's support group," said COA Director Annmary Connor, LICSW. "The Amesbury COA is successful thanks largely to community support through the generosity of sponsors like RTN."
RTN supports local projects and initiatives where RTN branches are located. "Community involvement is a core value of RTN Federal Credit Union," said Amesbury Branch Manager Michael Menas. "We are proud to support the great work that the COA does with the seniors in community we serve."
The COA men's support group brings together retired men to discuss personal concerns and share light conversation on everyday topics.
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Metro Credit Union to Host Credit Seminar Series
Metro Credit Union in Chelsea, Mass., will host a credit seminar series for its membership this Fall. The seminars will be taught by Matt Paradise from American Consumer Credit Counseling. Paradise will touch on topics such as the information needed to create a good score, the importance of good credit and provided tips on how to improve your credit score.
"Credit stress is top of mind in the day to day lives of our members. It impacts one's ability to obtain low cost financing, potential employment and housing. This can be very costly to the average consumer," said Charlene Bauer, senior vice president, Community Relations at Metro Credit Union. "Our goal at Metro is to empower our members with knowledge. Learning how to establish, manage and rebuild credit will provide members with greater flexibility and options. This will ultimately help Metro members achieve their financial goals, which is our primary goal."
Metro's Chelsea branch will kick off the series on Thursday, September 17, 2015 at 6PM. The other credit seminars are October 8 in Framingham and November 5 in Tewksbury.
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St. Mary's Bank Credit Union Announces Judi Window as Community Outreach Coordinator
St. Mary's Bank Credit Union in Manchester, N.H., is pleased to announce Judi Window as Community Outreach Coordinator.
Window, an experienced community leader, founded NH Granite State Ambassadors, a non-profit organization in 1996 and was president/CEO of the organization for 18 years. Window has worked in the local banking industry for more than 12 years and is an active member of the Greater Manchester community.
"Judi has extensive experience supporting local non-profits and is well-known in the local community," said Elizabeth Stodolski, director of Marketing at St. Mary's Bank. "We are happy to have Judi join us and support the credit union philosophy of people helping people."
As Community Outreach Coordinator, Window will work to support outreach initiatives by committing financial resources to local non-profits, and promoting financial literacy through the Education Center at St. Mary's Bank and various educational programs like the New Hampshire Jump$tart Coalition.
Window has a passion for volunteering and working with businesses in the Greater Manchester area. She volunteers at the Nackey S. Loeb School of Communication, where she previously developed and taught the first social media curriculum for the school. Window is a lifelong resident of Manchester.
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Massachusetts Social Responsibility Committee Promotes "Hope" Chocolate Bars
The 2015 Massachusetts Credit Unions Social Responsibility Committee is promoting its annual Candy Drive to benefit the Massachusetts Coalition for the Homeless for the month of November.
Continuing its partnership with Granite State Candy Shoppe, the fundraiser features the delicious chocolate "Hope" bars with newly designed custom labels in various colors for each flavor. Granite State Candy Shoppe hand makes chocolates and candy with the finest, freshest ingredients using original recipes for three generations making some of the most scrumptious chocolate in New England.
This fundraiser gives credit unions the opportunity to reach out to members for support of a very worthy cause. The candy bars are great to sell in lobbies to both members and staff or to use as giveaways on special occasions (Election Day - 3rd, in honor of Veteran's Day - 11th, Thanksgiving - 26th). The candy will be delivered the last week of October just in time for Halloween, October 31st. Lobby posters are available to participating credit unions.
The Granite State Candy Shoppe "Hope" Bars are $2.00 each and all proceeds benefit the Massachusetts Coalition for the Homeless on behalf of Massachusetts Credit Unions. Six varieties are available in boxes of 36 bars of each variety and sport a different color wrapper per flavor - Milk Chocolate, Dark Chocolate, Milk Almond, Milk Crisp, Peanut Butter, and Caramel Bars. Free shipping is available on orders of 10 or more boxes. Association staff will coordinate with credit unions that require smaller quantities.
Please place your order today!
Click HERE to place a candy order.
Candy bars will be delivered during the last week of October. If you have any questions, contact Sue Gurley at the Association office, 1-800-842-1242 or at [email protected].
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NCUA Taps Monaco as Chief Economist
National Credit Union Administration Board Chairman Debbie Matz today announced the selection of
as the agency's Chief Economist.
"Those who have worked with Ralph know that he is well-suited to assume the Chief Economist position," Matz said. "As the senior economist at NCUA for the last four years, Ralph has demonstrated superb skills and a strong commitment to accurate, comprehensive economic analysis. I congratulate Ralph and am confident NCUA and the credit union system will benefit from his briefings and recommendations."
Monaco joined NCUA as a senior economist in 2011. He succeeds John Worth, who left the agency in August.
Prior to joining NCUA, Monaco was Director of the Office of Macroeconomic Analysis in the Office of Economic Policy at the U.S. Treasury Department. He also has served at the President's Council of Economic Advisers and the U.S. Agriculture Department. He has worked as a researcher at the University of Maryland and was an adjunct member of the graduate faculty at the university's economics department.
Monaco holds a doctorate in economics from the University of Maryland and a bachelor's degree, with highest honors, from the College of William and Mary.
NCUA's Office of the Chief Economist supports NCUA's safety and soundness goals by developing and distributing economic intelligence, including NCUA's
Economic Update video series
and the
NCUA Quarterly U.S. Map Review
. The office also enhances NCUA's understanding of emerging microeconomic and macroeconomic risks by producing meaningful and robust modeling and risk identification tools and participating in agency and interagency policy development.
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U.S. Index Futures Decline as Investors Await Today's Fed Decision
U.S. stock-index futures declined, as investors turned cautious after a two-day rally, before today's Federal Reserve decision on interest rates.
Futures on the Standard & Poor's 500 Index expiring in December fell 0.2 percent to 1,984.75 at 6:33 a.m. in New York. Dow Jones Industrial Average contracts slid 22 points, or 0.1 percent, to 16,642. U.S. stocks jumped to a four-week high on Wednesday, spurred by a rally in energy shares and deal activity among beer brewers, while Fed policy makers debated whether to raise the cost of borrowing. If they do, it will be the first increase in nine years.
"The closer we get to the rate decision of the Fed, the more nervous the markets get,'' said Christian Zogg, who helps oversee about $10 billion at LLB Asset Management in Vaduz, Liechtenstein. "If they raise, the first reaction will be negative, but then after a few days the market will come back because the market will realize that a 25 basis-point move has no material impact on the economy.''
Speculation increased that the Fed would delay a hike as China ignited concern that its slowdown could weigh on global growth. Traders are pricing in a 34 percent chance of action on Thursday, down from 48 percent before China's currency devaluation last month, while 54 of 113 analysts surveyed by Bloomberg predict some kind of increase. Odds of a move at the December meeting are about 65 percent.
The cost of hedging against stock losses is now double what it was before the last Fed meeting in July, and more than twice the price when the central bank began pulling back on its stimulus program in December 2013. (Source:
Bloomberg News
)
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N.H. Legislative and Regulatory Issues at Forefront of Meetings Set for October 6
Plans for New Hampshire legislative and regulatory advocacy are well underway as the fall approaches.
Association President/CEO Paul Gentile has announced three upcoming activities for members, conveniently scheduled on October 6 at America's Credit Union Museum.
The morning will begin at 9:00 a.m. with a State Regulatory Breakfast featuring New Hampshire Commissioner of Banks Glenn Perlow. All senior executives are cordially invited to attend.
The agenda will include:
- An update and discussion of Department examinations, operations, legislative changes, and other key topics; and
- A question and answer session with Commissioner Perlow.
To promote an engaged discussion, advance topics to be addressed are requested from all member credit unions. Meeting attendance is not required to submit suggested proposed discussion items. This forum provides an excellent opportunity to raise a variety of operational, compliance and policy issues at the state regulatory level. Please forward advance topics, questions or suggestions for the session to the Association by email at your earliest convenience.
Immediately following the Breakfast, Gentile will host the second event, another "CEO Roundtable," at the Museum for senior executives of member credit unions. The purpose of this meeting is to receive Association updates, discuss key credit union issues and collaborate on opportunities for partnerships with and benefits of Association membership.
Finally, following the CEO Roundtable, the morning will conclude with another New Hampshire Advocacy Committee meeting, open to all members. The purpose of the meeting will be to discuss advocacy strategies for 2016.
These meetings are part of the Association's continuing legislative and regulatory advocacy efforts and commitment to local New Hampshire engagement. There is no cost to attend and a continental breakfast will be served in the morning and lunch will be provided at the conclusion of the Advocacy Committee meeting.
Gentile encourages all member credit unions to be represented at these important events.
Please RSVP your attendance at the State Regulatory Breakfast, CEO Roundtable and/or Advocacy Committee meetings and your topics for discussion by email to
[email protected]
no later than Friday, September 25, 2015.
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Make-A-Wish
® New Hampshire Set to Sail aboard M/S Mount Washington
"Thank You Cruise" celebrates more than 80 Wishes
The Make-A-Wish New Hampshire team extends an invitation to all New Hampshire Credit Unions as well as members of the Social Responsibility Committee and their guests to join them along with Wish Children and their families aboard the M/S Mount Washington on Sunday, September 27 for the annual "Thank You Cruise."
Passengers will board the ship at Weirs Beach dock starting at 12:00 p.m.; depart at 1:00 p.m. sharp to cruise along Lake Winnipesaukee, and return at 3:30 p.m. Food and festivities begin at 1:00 p.m.
This annual event is a celebration of the more than 80 wishes granted this year in New Hampshire. It is an opportunity to enjoy a special day with many Wish Children while taking in the beautiful scenery around the lake. Space is limited. Don't miss the boat ... please RSVP by September 18 at (603) 623-WISH (9474). The memories created last forever.
New Hampshire Credit Unions continue to be the largest corporate partner to Make-A-Wish New Hampshire with an eighteen year total of more than $2 million donated.
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"Commitment to Cooperation" Honors the Past; Prepares for the Future
Credit unions are built on the time and effort of dedicated volunteers and professionals who work in the members' best interests at heart. In Massachusetts, New Hampshire and Rhode Island there are many credit union leaders who devoted many years to improving their individual credit unions as well as the larger credit union system.
The Association wants to honor those leaders who have hit major milestones of service to the credit union system. When he introduced the program Association President Paul Gentile said, "We believe it is important to recognize these longtime leaders for their contributions to the system, as well as show our up and coming leaders what is possible with cooperation."
He went on to say, "At the annual convention and annually in our publications, we will publish the names of individuals as they achieve credit union service milestones. We will also profile many of these leaders throughout the year in our various publications."
A critical piece of this program is the collection and cataloguing of the individuals who have made this "Commitment to Cooperation." To accomplish this task the Association is reaching out to management at member credit unions to ask that they share the names of those individuals who have been volunteers or employees of the credit union for more than twenty years along with the current number of years over which they have been associated with the credit union. To facilitate this process the Association has a simple website where that data can be entered quickly and efficiently.
Click HERE to access the site.
Please take the time to join the Association and help to celebrate the "Commitment to Cooperation" of the local credit union volunteers and professionals.
If you have any questions regarding this program please contact Donna Bevilacqua,
Director, Communications and Community Relations at 800-842-1242.
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Excitement Builds as the Association's First Annual Meeting & Convention Draws Near
The opening of the Association's first Annual Meeting & Convention on October 21 is only 36 days away.
As the number of registrants grows and the excitement builds, Association President Paul Gentile offered a summary of what's in store for those planning to attend the first annual gathering of credit unions from Massachusetts, New Hampshire and Rhode Island. Click the following video icon to hear Gentile's exciting message.
To help members make plans for this historic gathering, here are a number of informational items of value:
NUMBERS
- The number of convention attendees now stands at more than 600 participants.
- More than 60 member credit unions have registered.
- The tradeshow is gearing up to host more than 80 vendor booths!
DEADLINES
- Hotel reservation deadline is Monday, September 28.
- Be sure to appoint and certify your credit union's Delegate and Alternate Delegate no later than 5:00 pm, on October 16.
SPECIAL ATTRACTIONS
- There will be an opening dessert reception on Wednesday, the 21st from 8 - 10:30 p.m. An assortment of pastries, cup cakes, puddings, and shortcakes will be offered. The music of the jazz trio, Straight Ahead Jazz will add the icing to the cake.
- CEOs take note - plan to stop by a special CEO/Vendor reception on Wednesday, the 21st from 4:30 - 5:30 p.m. The gathering will offer the perfect opportunity to connect personally with vendors, both old and new. The reception will be held at the Lansdowne Pub which is located on the second level above the shops at Mohegan Sun. Invitations will be included with your registration material.
EDUCATIONAL TOPICS COVER ALL THE BASES
Here are some of the topics scheduled to be discussed by the experts at the October gathering.
- State of Shared Branching with Sarah Canepa-Bang (NEW)
- Leading your Credit Union from the Crosshairs of Failure to Top of the Class with Tom Doherty (NEW)
- Ins and Outs of Loan Participations
- NCUA Engagement with Board Member J. Mark McWatters
- SBA Lending Opportunities
- Understanding FASB Loan Loss Guidelines
- Trends in Executive Compensation
- CDFI: Building the Credit Union Brand
- Volunteers and Fiduciary Responsibility
- Looking at the Future of Credit Unions
- Mortgage Regulations for Board Members
- Executing Derivatives on the Balance Sheet
- Value of Credit Union Cooperation
- Elder Financial Issues and Abuses
- Emerging Payments Trends
- Strengthening Your Cybersecurity Muscle
- Politics and the Upcoming Presidential Election
- Private Student Lending
EACH STATE TO REVIEW ITS LEGISLATIVE AND REGULATORY ISSUES
Massachusetts, New Hampshire and Rhode Island will each hold a legislative and regulatory review to discuss topics and issues of unique interest to their respective state presented by each state's regulator and lobbyist.
VOLUNTEER TRACK
Specially tailored to volunteers will be discussions on board compensation as well as the fiduciary responsibilities a volunteer has as a board member.
YOUNG PROFESSIONALS
Young professionals are invited to take advantage of a special pricing arrangement designed just for them. Enjoy a discounted rate to come see Dennis Dollar speak and have lunch ($49); or attend the entire convention ($199). The Association is encouraging a strong YP presence and wants to know if cost is a barrier. YP registration must be done separately by emailing
[email protected]
. Email the same address with any questions.
HISTORIC ANNUAL MEETING TO CAP THE GATHERING
The Association's first annual meeting will convene on Thursday, October 22 at 10:30 a.m. The agenda includes the election of new board members and voting on Bylaw amendments to add term limits for officers of CCUA and term limits for members of the board.
DELEGATE AND ALTERNATE DELEGATE INFO
Association members may register one Delegate and/or one Alternate Delegate by emailing the required Delegate/Alternate Delegate Certification Form to
Carla Lussier
or by US Mail to 845 Donald Lynch Blvd., Marlborough, MA 01752, ATTN: Delegate/Alternate Delegate Certification-no later than 5:00 pm on October 16. No Delegate/Alternate Certifications will be accepted after 5:00 p.m. on October 16 or on site at the Annual Meeting.
A single Delegate/Alternate form is available on the Association's website. Click
HERE
(login required).
Delegate certification process will be used for all voting. The appointment of an Alternate Delegate is encouraged but not required by each member credit union. Only the appointment of a Delegate is required. Only one vote will be cast from each credit union.
Please note that the Delegate/Alternate Delegate Certification Form must be returned to the Association to register your Delegate and/or Alternate Delegate for any voting on behalf of your credit union.
The single Delegate/Alternate Delegate certification process used will allow credit unions to participate in advance electronic Director elections and in-person bylaw voting.
REGISTER TODAY!
To register for the Annual Meeting and Convention and be part of credit union history in New England, click
HERE
.
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Upcoming Events at the Association
Visit the Association's Calendar for a full list of events for 2015.
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Upcoming Events Sponsored by Our Member Credit Unions
First Annual Golf Classic (Presented by the Hanscom AFB Chapter of the Tuskegee Airmen and the Hanscom FCU Charitable Foundation. Contact Terri Bellacini.)
September 29, 2015
Please send your credit union's event announcements to the
Daily CU Scan
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Distance learning options ready for your busy schedule.
September 17, 2015
September 22, 2015
September 23, 2015
September 24, 2015
September 29, 2015
September 30, 2015
Visit the Association's Calendar for other e-Learning opportunities in 2015
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September 18, 2015
Return Rate Levels & Reinstated Transactions Rule (NACHA) - Effective date
October 1, 2015
Flood Insurance Final Rule (Multiple Agencies) - Effective date
October 2, 2015
Federal Credit Union Ownership of Fixed Assets (NCUA) - Effective date
October 3, 2015
Know Before You Owe Disclosure (CFPB) - Effective date
December 31, 2015
Foreign Account Tax Compliance Act (IRS) - Effective date
2016
January 1, 2016
Flood Insurance Final Rule - Escrow provision (Multiple Agencies) - Effective date
January 1, 2016
Capital Planning and Stress Testing Schedule Shift (NCUA)
October 3, 2016
Network Quality Rule (NACHA) - Effective date
October 3, 2016
Limitations on Terms of Consumer Credit Extended to Service Members and Dependents (DoD) - Compliance date
Call the Compliance Hotline at 1-800-842-1242 with questions.
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VirtualCorps.com Educational Webinars for 2015
Tuesday, September 22, 2015
Tuesday, September 29, 2015
Tuesday, October 6, 2015
Tuesday, October 13, 2015
Tuesday, November 3, 2015
Tuesday, November 17, 2015
Tuesday, December 1, 2015
Tuesday, December 8, 2015
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