Keeping you connected to key credit union news, events, and trends: April 29, 2020
In This Issue
Headline News

LCUL to Host Second Virtual Roundtable with Focus on Reopening
As credit unions have begun to shift their planning to re-opening, LCUL has gathered another round of industry experts that include Ed Reisinger and Jonathan Kudulis of KRP Law Firm as well as Carlos Molina from CUNA Mutual Group to provide guidance on re-opening. This virtual roundtable will take place on Friday, May 8 at 10:00 a.m.
 
The following topics will be discussed on the call:
  • CDC Guidelines
  • Security Issues, Concerns
  • Fraud Schemes related to COVID-19
  • FMLA and general employee availability
There is no cost but registration is required. Click here to register. We will send out log in information prior to the call.
 
Have questions? Participants are encouraged to submit questions in advance by emailing [email protected] by 3:00 p.m. on Thursday, May 7.
Louisiana CU Foundation Announces Special COVID-19 Grants,  Adopt-a-Credit Union Program
In response to the coronavirus disease (COVID-19) pandemic, the Louisiana Credit Union Foundation is implementing a new program to assist credit unions through this difficult time.

Grants up to $1,500 are available to help small credit unions (up to $25 million in assets) to offset unexpected COVID-related expenses. The focus for the grants is to help credit unions create and maintain a safe and healthy office environment.
 
Credit unions must complete a grant request form one the League website. Credit unions may be required to provide a report of how the grants were used within 8 weeks of receiving the funds. Credit unions can also visit the league's website for additional guidelines.
 
Want to adopt a credit union?
 
Credit unions who have the means can support their own by donating $1,500 to Louisiana Foundation on behalf of a smaller credit union to help provide necessities such as adding protection to work stations, sanitizing stations, 6ft marker kit, masks, gloves and more. The funds will not only go directly to Louisiana credit unions, but it will help build up the funding should we need to activate the disaster recovery grants this upcoming hurricane season.
 
If your credit union would like to participate, please email [email protected].

Clarification Needed to Allow FCUs Access to COVID-19 Tax Credits
Immediate clarification on whether federal credit unions are able to access payroll tax credits in COVID-19 relief legislation is needed, Reps. Linda Sanchez (D-Calif.) and Ron Estes (R-Kansas) wrote to Treasury Secretary Steven Mnuchin Tuesday. The credits include paid sick leave and required paid family leave from the Families First Coronavirus Response Act as well as the employee retention credit in the CARES Act.

The legislative language states the credits are not available to "certain governmental employers" but Sanchez and Estes are concerned the language unintentionally includes federal credit unions.

Click here to continue reading.
Professional Development

New Dates! LA/MS Volunteer Conference Moved to November
The Louisiana and Mississippi Volunteer Conference  originally scheduled in June at the Hyatt New Orleans now has new dates. For all those serving on Supervisory Committees and Boards of Directors, you can mark your calendars for November 19 - 21 .

Did you know that your Supervisory Committee can get a jump start on their training or refresh their skills with our on-demand video series with Ancin Cooley. Click below to find out about bulk pricing to train your full committee with online resources that remain at their fingertips for a full year.

Get more information on the Comprehensive Supervisory Committee Course!
Update on SBET Grants
For those credit unions who utilize the state's SBET Training Grants, please note that no new grant applications are being accepted until their new fiscal year begins on July 1.

If you had previously been approved for a training program that should have occurred from March 20 and onward, those approvals have been closed. If the event you had been approved for has been re-scheduled for later in the year, you must re-apply with the new program information.
News from CUNA Mutual Group

CMG:  COVID-19 Impacts CU Lending Practices in Multiple Ways
Credit unions are facing unprecedented challenges due to the unpredictability of the  COVID-19, including in lending.

Regulators have encouraged FIs to meet the needs of members in minimizing the potential adverse effects of a pandemic, including a recommendation to offer proactive loan modification programs.

Additionally, mortgage lending is experiencing uncertainty due to government-mandated closure of many county recorder's offices - causing disruption in the ability to record mortgages and other documents related to a real estate transaction.
 
Click here to continue reading.
Have You Heard

Jefferson Financial FCU Awards Scholarships to 20 High School-Graduating Members
Jefferson Financial FCU is proud to announce the winners of the the 2019-20 Peter C. Bertucci Scholarship Program. The program awards 20 students and their respective schools and sponsoring teachers a share of nearly $30,000.
 
The program increased from 12 to 20 recipients this year with winners from all regions of the Credit Union's footprint, including Greater New Orleans, Greater Baton Rouge, Lake Charles, LA, and Selma, AL. Each student will receive $1,000 while their high school and sponsor will each receive $300 and $100 respectively.
 
This year, Jefferson Financial posed the question, "What is the biggest financial issue facing high school students today, and what can Jefferson Financial do to combat this issue?" Applying students answered the question in a 300-word essay, submitted with their transcripts, letters of recommendation, and resumes. Jefferson Financial's scholarship selection committee chose its finalists based on the students' academic performance, extra-curricular activities, work and volunteer experience and essays.

Quote of the Week:
"There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self."
- Ernest Hemingway

Educational Calendar

Upcoming Conferences & Seminars from your League:

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

Upcoming Teleconferences & Webinars from your League:
 
April 30: Consumer Bankruptcy: Compliance, Cramdowns & More 
May 5: E-SIGN for Lenders: Technicalities, Consumer Expectations & Risk
May 6: Writing Compelling Credit Memos & Loan Narratives with Confidence
May 7: New Uniform Residential Loan Application Beginning January 1, 2021:
Updating Policies & Testing Readiness
May 11: Demystifying TRID for Construction Loans Using the New CFPB Guides
May 12: Leveraging BSA Controls for More Effective OFAC Compliance
May 13: Commercial Lending Series:  Analyzing Commercial Tax Returns: Forms 1065, 1120, 1120S & K-1s
May 14: Visa Claims Resolution for Chargebacks

For a complete listing of educational opportunities available from LCUL, visit the League website.
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(800) 452-7221   www.lcul.com