Keeping you connected to key credit union news and trends: January 6, 2021
Headline News
News from CUNA Mutual
October 2020 CU Trends Report Now Available
financial trends
CUNA Mutual Group’s Credit Union Trends Report for October 2020 is now available online and can be accessed in the CU Products & Services section of our website, under the heading Performance and Data Resources.

During October, credit unions picked-up 47,000 in new memberships and loan balances grew at a 4.4% seasonally adjusted annualized pace while savings balances rose at a 20.7% annualized pace. Firms hired 638,000 workers, nominal consumer spending increased 0.5% and long-term interest rates increased 1 basis point. Third quarter economic growth came in at 33.1% but fell 2.9% from the third quarter of 2019.

For more information, view the complete report. If you have problems accessing the information or have additional questions about the research and information services provided by the Louisiana Credit Union League, please contact Lynette Hazelton at (800) 452-7221, ext. 3012 or requests@lcul.com.
Professional Development
Overdraft Services: 10 High Risk Issues
In case you missed the announcement in December, there’s still time to register for next Wednesday’s two hour virtual program led by deposit account, policy and compliance expert Debbie Crawford of GetTechnical Inc. In this brief morning program, Debbie will navigate participants through the 10 high risk issues in your overdraft policies and procedures while using the 2019 lawsuit against Navy Federal’s NSF policies as the basis for discussion. 

Discussion will include per item/per time issues; defining “good funds” when debit card charges are pending; timing of disclosures accounts are opened off site; Opt-In/Opt-Out procedures for one time debits and ATM transactions and so much more!

Compliance Officers, Branch Managers, Operations, Call Centers and New Member Representatives will find this session especially enlightening. 

Business Solutions
Have You Heard
New Orleans Firemen's FCU Recognized with Innovation Award from Kasasa
New Orleans Firemen’s Federal Credit Union (NOFFCU) has been recognized with Kasasa’s prestigious Innovation Award for 2020. Kasasa’s Innovation Award recognizes banks and credit unions for bringing innovative tools and services to maintain a competitive edge and serve their account holders.

The COVID-19 pandemic has created many unique needs requiring creative solutions for Americans. At the beginning of the pandemic, NOFFCU reached out to SEGs (special employee groups) to see how they were affected and what assistance could be provided. Healthcare groups shared their situations of furloughing employees and limiting how many could come to work. During this time, employees furloughed were cafeteria staff, janitorial staff, etc., and even including some nurses.

To keep these employees whole during this time of reduced income, NOFFCU created an
emergency loan that helped cover the amount short in each paycheck for up to six paychecks. Payouts were made on payroll day, allowing the members to receive their regular paycheck amount to cover their everyday expenses. This type of loan and payout structure was a heavy lift for NOFFCU, but the team approached the project enthusiastically, knowing it would help keep these members out of payday loan offices.

“These members were hit with a situation they couldn’t have predicted. Their income was
either reduced or stopped altogether. Our fear was that without options, these people would
have turned to payday loans and found themselves in a never-ending cycle. Our team worked
closely with both employers and employees to find a solution that allowed these members to
receive their full paycheck, support their families, and make every penny count,” said NOFFCU CEO Judy DeLucca.
Pelican State CU hosts Surprise Takeover at Butter Krisp Diner in Covington
Pelican State Credit Union hosted a surprise takeover at Butter Krisp Diner in Covington, Louisiana, on Monday, December 14, 2020.

Each guest that visited the restaurant from 6:00 am to 11:00 am had their breakfast paid for courtesy of the credit union.

The event was a complete surprise, as customers did not find out that their breakfast was going to be free until after they placed their order. Instead of receiving their bill, they were given a flier from the Butter Krisp Diner staff informing them that their breakfast had been paid for, as well as information about Pelican and its Covington branch located at 100 Cherokee Rose Lane.
Quote of the Week:
“Doubt kills more dreams than failure ever will."
- Karim Seddiki