Headline News

LCUL Commits More than $125k to COVID-19 Rebate Initiative
LCUL Sends Message to Member Credit Unions: "We're In This Together"

In an effort to show continued commitment and solidarity with partner credit unions, LCUL will be distributing COVID-19 rebate payments as early as next week. A first of its kind in the association landscape, more than 140 Louisiana credit unions are expected to receive rebate payments.

"Louisiana credit unions are doing everything they can to help their members by waiving fees, offering loan extensions, etc. The league is equally invested in their members and is willing to do our part in good faith. We want our credit unions to recognize that we are in this together," said Bob Gallman, LCUL President/CEO. "The rebate is in line with the league's strategic objective of operating under the same cooperative spirit as credit unions and delivering value back to our membership."

Ranging from $300-$2,500, the rebates are made possible due to strong affiliation, exceptional performance and operational efficiencies over the years.
Last Chance: Virtual Roundtable to Assist with Business Development Strategies in a Remote World

Based on your feedback and the overwhelming response to previous league calls, LCUL will be hosting a third virtual roundtable on Thursday, June 4 at 11:00 a.m. to discuss business development in a remote world with nationally recognized coach Julie Ferguson.  Engaging with your SEG groups and potential new members during times of social distancing is not impossible, it just requires a transition to your mindset. Julie will share high value activities you can spearhead while encouraging participants to think outside of the box in finding solutions that will help the people in your communities get through this.

Drawing on experience serving SEGs such as Microsoft, Amazon and Google, Julie will share new ideas and protocols as well as take your questions and discuss your ideas in this hybrid presentation and think tank discussion.

There is no cost but registration is required. Information will be sent prior to the call on Thursday morning.
 
 
Participants are encouraged to submit questions in advance by emailing support@lcul.com by 3:00 p.m. on Wednesday, June 3. For additional questions, contact the league's communications department.
LCUL, CUNA, Leagues Request PPP Loan Forgiveness Clarity from SBA and Treasury
On Friday, LCUL joined CUNA and the Leagues on a letter to the Small Business Administration (SBA) and the Treasury to seek clarity on Paycheck Protection Program (PPP) loan forgiveness. Credit unions and other lenders need detailed guidance on loan forgiveness as conflicting processes are likely to create problems and lead to litigation.

"Credit unions are concerned that the recently published application for loan forgiveness is overly complex for most businesses. The complexity of the forgiveness process presents an even greater challenge for small business as they have fewer resources to deploy on an overly complex application process," the letter reads. "Creating an overly complex forgiveness process would seem to be the antithesis to the spirit of a program designed to rapidly deploy resources to small business especially when the expectation is that the funds appropriated to PPP were never expected to be repaid."

The letter calls on the SBA and Treasury to revamp the forgiveness application process for loans under $350,000; simplify or make automatic for the smallest of borrowers requiring nothing more than a good faith certification that the funds were spent on forgivable expenses.

Please click here to read the letter.