Keeping you connected to key credit union news, events, and trends: April 15, 2020
In This Issue
Headline News

Last Chance: Register for LCUL's Virtual RoundTable with Industry Leaders

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. Representatives from NCUA, LOFI, Adams & Reese (Baton Rouge/DC), and KRP Law Firm will all be on hand. 

There is no cost but registration is required.  Click here to register. 

Participants are encouraged to submit questions in advance by emailing [email protected] by 3:00 p.m. on Wednesday, April 15. 
Guidance for Credit Unions Accepting Federal Stimulus Checks & Payments for Deposit
As part of the CARES Act, the U.S. government has begun sending stimulus relief funds to millions of Americans. The funds are intended to provide a boost to the current struggling economy. 

NCUA Updates: Increase Grant Funding, Changes to Central Liquidity Facility
NCUA NCUA Increases Funding for COVID-19 Emergency Response Grants

Recognizing the immediate needs of credit unions and their members in the COVID-19 pandemic, NCUA is committing the majority of the 2020 Community Development Revolving Loan Fund appropriation for COVID-19 assistance. The agency is committing $1,375,000 for grants to eligible low-income credit unions, an increase of $575,000 from the $800,000 originally announced on March 31.

Eligible credit unions have until May 22 to apply for the COVID-19 emergency response grants through the NCUA's CyberGrants portal. 

NCUA board approves changes to Central Liquidity Facility

The NCUA Board unanimously approved, by notation vote, an interim final rule that enhances the ability of the Central Liquidity Facility to serve as liquidity backstop to the nation's credit union system. 

Business Solutions

How Credit Unions Can Stay Ahead of the Curve as Contactless Payment Use Rises Because of COVID-19
Contactless payment use is on the rise. According to Allied Market Research, the mobile payment market size is expected to have a compound annual growth rate of nearly 34% between 2017 and 2023.

Current concerns about the COVID-19 virus being shared through cash have many businesses and media outlets urging consumers to increase their use of contactless payment methods. Credit unions should be prepared with a good understanding of these newer forms of payment options so they can stay ahead of the curve.

Have You Heard

Greater New Orleans Federal Credit Union Delivers Easter Cheer to Staff at
Ochsner Medical Center Westbank Campus
Greater New Orleans Federal Credit Union spread Easter cheer to the staff working the Mother and Baby Unit at Ochsner Medical Center's Westbank Campus. Credit Union Employees donated the Easter Candy as a part of it's Hope, Heart and Soul Program. The program was created as a way for employees to give back to the community. 
La Capitol FCU Reduces Fees, Provides Loan Extensions , and Buys Local to Feed Employees
To assist members who may be facing COVID-19 related financial difficulties, La Cap has reduced or eliminated fees associated with debit card activity requirements, overdraft account transfers and excess withdrawals. The credit union also offers loan extensions and emergency loans to members who have temporarily lost their jobs, to help them meet family needs during this crisis.
 
La Capitol FCU is supporting the local communities it serves by "buying local" to the extent possible. That includes spending $1,100 per day at local restaurants around Louisiana to feed employees. Each business day, lunch is provided by the credit union to employees from a local restaurant near each branch.
 
"Our first concern right now is the health and safety of our members and employees," said President and CEO Michael Hooper. "Our branch offices are still open for business, and our employees are working, but we have taken every precaution to operate the credit union in the safest way possible while still providing the full range of financial services to our membership."
Neighbors FCU Launches "Every Swipe Counts" Campaign Committing Funds to The Greater Baton Rouge Food Bank
In the wake of the current COVID-19 pandemic, Neighbors FCU has launched the " Every Swipe Counts " campaign to raise funds for the Greater Baton Rouge Food Bank. NFCU has committed five cents for every qualified debit card purchase from its Free Cash Back Checking accounts from April 1 through June 30 to the Food Bank.
 
"We're thrilled to expand our relationship with the Greater Baton Rouge Food Bank," Neighbors President and CEO Steve Webb said. "We've conducted many food drives in the past and enjoyed volunteering with the food bank annually for Neighbors Day. We are excited about this new opportunity to provide financial support as the Food Bank's needs are more dire than ever before."

Those interested in aiding this campaign may make a donation or open a Free Cash Back Checking account at https://www.neighborsfcu.org/everyswipecounts/ .
Quote of the Week:
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.."
- Dale Carnegie

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 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 24:  BSA Compliance Requirements During the COVID - 19 Challenge
April 28: Advertising Compliance Part 2: Website, Online & Social Media 
April 29 (morning): Financial Scams, Fraud & Criminal Activity During COVID-19
April 29 (afternoon): 
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.
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