Keeping you connected to key credit union news, events, and trends: April 1, 2020
In This Issue
Headline News

LCUL Extends Postponement of In-Person Trainings as New Stay at Home Order Issued

On Monday, Louisiana Gov. John Bel Edwards extended the state's stay-at-home order involving harsh restrictions to limit face-to-face contact until at least April 30, in line with similar guidance from the White House.

As a precautionary measure, LCUL has decided to postpone in-person events and trainings until June 1. Following increased and overwhelming concerns, our management team felt this was the best way to proceed during such an unprecedented global situation. We will continue to update credit unions as information becomes available. For questions, please contact our Professional Development team.
COVID-19 Relief Bill with Credit Union Provisions Signed into Law
President Donald Trump has signed into law the latest coronavirus disease (COVID-19) relief bill Friday, one with several provisions for credit unions. CUNA/League advocacy helped ensure credit union provisions in the bill include language:
  • Making credit unions eligible to participate in the paycheck protection program, which would allow for 100% federally guaranteed loans to small businesses that maintain their payroll;
  • Reestablishing the Transaction Account Guarantee Program, in which the government guarantees certain noninterest-bearing transaction accounts;
  • Including credit unions in troubled debt restructuring, allowing credit unions to further modify existing loans;
  • Expanding NCUA's Central Liquidity Facility, which serves as a liquidity lender to credit unions experiencing unusual or unexpected liquidity shortfalls.
  • Including credit unions in a current expected credit loss (CECL) delay for those entities currently required to comply with CECL.
We understand the bill is complicated, especially when pertaining to SBA loans and Paycheck Protection Program. The League is working with our strategic partners to provide a brief summary for our credit unions. For additional questions or concerns, please contact the League's advocacy department.
LCUL Reassures Consumers That Credit Unions Continue to Put Members First 
LCUL distributed a statewide release last week reminding consumers that credit unions are ready and able to assist member with the financial needs. The release reminded consumers that the hallmark of the credit union's structure is service to members and that, in addition to continuing their operations, credit unions are offering additional assistance to members in a variety of ways.

Click here to read the full release.
Professional Development

LCUL, CU Webinar Network Offering Special Discount on First Class Webinars
LCUL and our webinar partner, the CU Webinar Network, that the annual spring "Buy 2 Get 1 Free" sale starts today and will run through May 1. This gives you yet another opportunity to save money while training your staff remotely. New topics have been recently added to deal with relevant subject matter as you work to serve your members through this trying time. 

Check out the full listing of available webinars here. 
Compliance Corner

Families First Coronavirus Response Act Effective Today
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from today, April 1, 2020, through December 31, 2020. View our COVID-19 Resources page for more information and guidance on this act.
Business Solutions

Catalyst Corporate: Economic Stimulus Should Stimulate These Credit Union Thoughts
A $2 trillion stimulus measure, approved by Congress and signed by President Trump on March 27, aims to relieve the severe economic agony brought on by the COVID-19 pandemic. The stimulus will sweep broadly across the U.S. economy, reaching nearly every segment, but how it will affect credit unions may vary widely - based on their differing memberships. However, nearly all credit unions should be thinking about some general considerations during these unprecedented times.

Click here to continue reading.  
News from CUNA Mutual

CUNA Mutual and COVID-19: Managing Risk with Changing Business Practices Webinar
Your credit union will continue to face significant risk challenges while keeping your doors open to serve members. These are unprecedented times, making some business resiliency plans difficult to uphold. Join CUNA Mutual Group's Senior Risk Consultants April 15 as they answer your COVID-19 questions, live. 

Click here to register.
Quote of the Week:
"You are braver than you believe, and stronger than you seem, and smarter than you think."
- Christopher Robin

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 2:  Commercial Lending Series:  Commercial Loan Workouts, Restructuring & Loss Mitigation
April 6: Financial Risk During Widespread Disruption: What the Board & Management Should Monitor
April 7: Mastercard Dispute Resolution for Chargebacks 
April 8:  Deposit Account Series:
10 Overdraft Hotspots, Including Regulations, Lawsuits & Guidance 
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
       
For a complete listing of educational opportunities available from LCUL, visit the League website.
Copyright © 2019 Louisiana Credit Union League 
824 Elmwood Park Blvd, Suite 200, Harahan, LA  70123
(800) 452-7221   www.lcul.com