CURRENT Newsletter | 15 July 2021
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Headlines
- SCC Issues Short-Term Loan Regs; League’s Efforts Kept CUs Out of Original Legislation
- Ignite 2021 Offers Key Education Topics for Board Members, Officials
- League Offers Cherry Blossom Run Entry Codes
- Advocacy Ask: Help Ensure Interchange Regs Aren’t Extended to Credit Cards
- #ilovemycreditunion Day Slated for July 30
- AACUC Annual Conference: League Providing Scholarships
- Financial Education Boot Camp July 20
- How to Launch a Credit Card Program at Your CU: July 29 Webinar
- NCUA Announces First Phase of Resuming Onsite Operations
- NCUA Announces DEI Summit Nov. 2-4
Compliance / Regulatory Affairs
Financial Services / Economy
- New CECL Tool to Be Released by Federal Reserve
- Child Tax Credit 2021 Payments Hitting Consumer Accounts
- Social Security Recipients May Get Biggest Cost-of-Living Bump in Almost 40 Years
News From Credit Unions
Headlines
SCC Issues Short-Term Loan Regs; League’s Efforts Kept CUs Out of Original Legislation
Non-Depository Lenders Face New Regs Aug. 1
The State Corporation Commission and the Bureau of Financial Institutions issued regulations this week on short-term loans made in the Commonwealth. Your League participated in a two-year study group in the run-up to the 2020 General Assembly and worked with lawmakers during the session to ensure credit unions were not adversely affected by the legislation that passed the General Assembly last year, legislation that led to these regulations.
"Your League worked closely with lawmakers on this issue, an issue with which the General Assembly has wrestled for more than a decade," noted League President/CEO Carrie Hunt. "We are pleased to see important new protections put in place for consumers, having heard the horror stories shared by our credit unions as they've helped members break free of predatory lenders. These regulations strengthen our communities by reining in non-depository online, payday, and title lenders, some of which have a long history of anti-consumer behavior."
Ignite 2021 Offers Key Education Topics for Board Members, Officials
Ignite 2021 will feature three key education sessions for credit union board members, including an overview of board duties and responsibilities. Attorney, author, consultant and nationally recognized speaker David Reed will offer his insights and knowledge on making your board more effective, dynamic and resourceful.
- Board Duties and Authority: An Overview
- Rediscovering Your Bylaws
- Building a Deeper Bench: Fishing for Board Officials and Reeling Them In
Learn more about Ignite 2021 and the League Annual Meeting.
League Offers Cherry Blossom Run Entry Codes
As a proud sponsor of the Credit Union Cherry Blossom Ten Mile Run® (Sept. 12) benefitting Children’s Miracle Network Hospitals, your League has 20 Guaranteed Race Entry Codes for the Run or the 5K Run-Walk. Need an entry code?
Advocacy Ask: Help Ensure Interchange Regs Aren’t Extended to Credit Cards
CUNA and the Leagues are working to ensure interchange regulation is not extended to credit card programs. Quantifying the costs and return on credit card programs and understanding the impact of potential regulations on credit unions and their members is critical to our urgent and proactive advocacy efforts. We need your help by providing this information for your credit union. Please complete the survey by July 30.
All data will be kept confidential. Please reach out to CUNA's Market Intelligence department with questions.
#ilovemycreditunion Day Slated for July 30
On July 30, the credit union movement will come together across the social media stratosphere to spread inspiring and authentic conversation about our credit unions and system using the common hashtag, #ilovemycreditunion.
We’d love for Virginia-based credit unions to join the effort! In fact, our friends at the Illinois league will give a $25,000 charitable donation to CMN Hospitals on behalf of one partner League with at least five participating credit unions from their state. We have three at the moment, so join the fun, spread the word about the Credit Union Difference, and possibly help us secure $25,000 for local CMN Hospitals.
AACUC Annual Conference: League Providing Scholarships
Your League is providing the Lynette Smith Scholarship to the African American Credit Union Coalition (AACUC) Annual Conference, slated for Aug. 16-21.
The virtual AACUC conference has special pricing for the members, small credit unions and young professionals. We’re providing upward of $2,000 in scholarships for the event, so there’s a good chance we’ll be able to accommodate several scholarship requests!
Learn more (Apply no later than July 30)
Financial Education Boot Camp July 20
This low-cost, high-impact workshop is guaranteed to provide tools and tips you can use immediately at your credit union. Need help starting your financial education program? How about tried-and-true methods for reaching older adults? Need age-appropriate resources? This workshop has you covered!
- Date: July 20, 9:30 a.m. – 11:30 a.m.
- Format: Virtual Workshop
- Cost: $20. $10 of each registration fee will be donated to support the good work of Feed More!
Register early and attend for a chance to win special prizes!
How to Launch a Credit Card Program at Your CU: July 29 Webinar
Think you can't jump into the credit card space … think again! With FISERV's new Credit Choice solution, you can offer a competitive card for your members without having to be a card expert. Learn how you can partner with FISERV during our July 29 webinar on a top-of-wallet product for your members.
NCUA Announces First Phase of Resuming Onsite Operations
NCUA announced in a Letter to Credit Unions (21-CU-06) Wednesday the agency is “prepared to move into its first phase of resuming onsite operations (Phase 1) in some areas of the country.”
As part of Phase 1, NCUA staff and contractors will be permitted to volunteer to work onsite at credit unions beginning July 19. During Phase 1, staff may only volunteer to work onsite in locations where public health data indicates pandemic conditions have sufficiently moderated.
NCUA Announces DEI Summit Nov. 2-4
The NCUA’s Diversity, Equity and Inclusion Summit (DEI Summit) is a three-day event during which credit union and industry professionals who are committed to advancing diversity, equity and inclusion within the credit union system will gather to share best practices, address challenges to advancing diversity, and learn how the NCUA can support the industry in its efforts.
The event runs Nov. 2-4.
Compliance / Regulatory Affairs
OFAC: Do Not Forget Your Blocked Property Report
OFAC has posted Guidance on Filing the Annual Report of Blocked Property and emailed a reminder that holders of blocked property under OFAC regulations must provide OFAC a comprehensive list of all blocked property held as of June 30 of the current year by Sept. 30 of each year.
Learn more
League InfoSight’s OFAC resources (League password required. Register here if you need one.)
Financial Services / Economy
New CECL Tool to Be Released by Federal Reserve
The Federal Reserve Board announced this month it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard.
Related: NCUA’s CECL Resources
Related: NCUA rule on Transition to the CECL Methodology
Child Tax Credit 2021 Payments Hitting Consumer Accounts
The federal Child Tax Credit kicked off its first monthly cash payments on July 15, with the IRS disbursing checks to eligible families with children ages 17 or younger. The new enhanced credit is part of a government effort to use the tax code to help low- and moderate-income families weather the ongoing challenges of the pandemic.
Social Security Recipients May Get Biggest Cost-of-Living Bump in Almost 40 years
The 69 million Americans who collect Social Security are on track to get the biggest cost-of-living hike since 1983, with one advocacy group for senior citizens projecting a 6.1% increase to benefits due to surging inflation.
The bad news: Recipients will have to wait for that bump because the Social Security Administration adjusts its payments only once a year, starting with December benefits that are paid in January. That means seniors and other Social Security beneficiaries wouldn't receive a cost-of-living adjustment (COLA) until January 2022.
In the meantime, prices for everything from gas to groceries are rising at a time when Social Security recipients got what was among the meagerest of COLA adjustments in recent years — a 1.3% increase for 2021.
News From Credit Unions
Beach Municipal Federal Credit Union Awards 2021 Education Scholarships
Beach Municipal Federal Credit Union is pleased to announce that Spencer Glatt and Claire Lundberg are the recipients of this year’s Beach Municipal Federal Credit Union Education Scholarship. We are also pleased to announce that Allison Schober was selected as a 2021 Jack E. O’Connor Memorial Scholarship recipient through the Tidewater Chapter of the Virginia Credit Union League.
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