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CURRENT Newsletter | 3 September 2020

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We appreciate our loyal readers! Please send your comments and feedback to pr@vacul.org.

Your League's offices in Richmond and Lynchburg will be closed Sept. 7 for Labor Day! Have a wonderful and safe holiday!

Headline News

Compliance / Regulatory Affairs

Education & Training

Risk Management

Headline News

Please Report Your Pandemic-Related Efforts to Assist Members

We need your help! We appreciate all you’ve done in serving members during the pandemic, as well as your efforts keeping us apprised of your good work. Lawmakers need to know you’re making a difference for members and your communities. To facilitate information gathering on our end, we’ve worked closely with other Leagues to develop a short survey better able to capture information on loan modifications, forbearance, emergency loans, fees waived, etc.

Find the survey here: https://www.research.net/r/CULCOVID630

Please submit your data by Sept. 18. Much of what we’re asking is information you are already compiling and reporting. Your help is appreciated!

PPP Lending By Virginia-Based CUs Totaled $375 Million Through June 30

We appreciate the credit unions that participated in our two surveys to document Paycheck Protection Program lending. Through June 30, the 20 Virginia -based credit unions participating in PPP originated 9,419 loans totaling $375.1 million.

Our surveys also found that more than 93 percent of the loans were for less than $150,000.

Save the Dates: CUNA Mutual Group’s Virtual ULEND Academy Coming Nov. 2-6

This November, your League will offer CUNA Mutual Group’s popular ULEND Academy as a virtual event.

The curriculum guides lenders from foundational to advanced skill levels in all lend­ing communication channels and across all stages of the loan process - origination, underwriting, and closing - with cross-selling, consultation, and compliance woven throughout.

It's real world education on real-world lending solutions! Look for registration details soon.

Meanwhile, here’s a video overview of the course and content: vacul.org/events/ulend2

CUSCVA Announces Board Elections, Officer Positions

The Credit Union Service Company of Virginia recently held its Annual Meeting, with the following election results announced at the event.

Elected to three-year terms on the organization’s Board of Directors were:

  • Brian Hedgepeth (Bronco Federal Credit Union)
  • Stan Leicester (BayPort Credit Union)

Following the elections, the organization’s board held a reorganization meeting, at which the following officers were elected:

  • Chairman – Chris Shockley (Virginia Credit Union)
  • Vice Chairman – Brian Hedgepeth (Bronco Federal Credit Union)
  • Secretary – Paul Muse (1st Advantage Federal Credit Union)
  • League President Rick Pillow serves as Treasurer

League’s Free ‘Shift Happens’ Webinar Series Continues Sept. 8

Your League is offering an ongoing series of free webinars, which we’ve titled “Shift Happens.” Registration is now open for the following sessions:

We’ve also added archived versions of the following webinars:

Learn more

League Co-Hosting Webinar Series for Small CUs

Start adapting industry best practices to the unique challenges of your small credit union. CUNA-League System Small CU Webinar Series is a new live and recorded webinar series that’s free for CUNA and League members. It runs through Spring 2021.

Get impactful best practices relevant to small credit unions on hot topics, including member experience, digital marketing, lending and more.

Upcoming sessions include:

See a full list of free webinars and register here.

CU CEOs Seek Seat on FHLBank Atlanta

Federal Home Loan Bank of Atlanta (Bank) is conducting an election to fill two member directorships, one independent directorship, and one public interest independent directorship on its board of directors.

Eligible institutions in North Carolina and Virginia will vote to fill the member directorship in their respective state, and eligible institutions across the Bank’s footprint, including Virginia, will vote to fill the independent directorship and the public interest independent directorship.

All elected directors will serve four-year terms that begin on Jan. 1, 2021.

The nominees for the Virginia member directorship are:

  • Jeff Bentley, President and Chief Executive Officer, Northwest Federal Credit Union, Herndon, Virginia
  • Charles A. Mallon, Jr., President and Chief Executive Officer, ABNB Federal Credit Union, Chesapeake, Virginia
  • Scott C. Harvard, Chief Executive Officer and Director, First Bank, Strasburg, Virginia; Director, Community Bankers Bank, Midlothian, Virginia

The FHLBank Atlanta board of directors has nominated the following individual for the independent directorship:

  • Edwina L. Payne, Senior Vice President, Technology Strategy and Enterprise Portfolio, for McKesson Corporation in Alpharetta, Georgia

The FHLBank Atlanta board of directors has also nominated the following individual for the public interest independent directorship:

  • Kim D. Saunders, Director, President and Chief Executive Officer of the National Bankers Association in Washington, DC.

Your institution’s vote is important and the Bank encourages you to participate in the election. An independent director nominee must receive at least 20 percent of the votes eligible to be cast to be elected.

The deadline for the Bank to receive completed ballots is 5 p.m. EDT, Sept. 23, 2020. Questions about the 2020 director elections can be directed to Tina Carew, Associate General Counsel, at 404.888.8549 or tcarew@fhlbatl.com.

Compliance / Regulatory Affairs

CFPB Sets First Tech Sprint Oct. 5-9 on Consumer Adverse Action Notices

The Consumer Financial Protection Bureau’s (CFPB) first Tech Sprint will take place Oct. 5 to 9 and focus on developing a range of innovative approaches to electronically-delivered adverse action notices. Tech Sprints gather regulators, technologists, financial institutions, and subject matter experts from key stakeholders for several days to work together to develop innovative solutions to clearly identified challenges.

CUNA supported the development of Tech Sprints at the CFPB and urged the CFPB to ensure credit unions have a seat at the table.

Education & Training

New Virtual Conference for Governance, Risk Management and Compliance Set for September

Unifying governance, risk management and compliance will be the lead topic at the just-announced CUNA Governance, Risk Management & Compliance Leadership Virtual Conference brought to you by CUNA Compliance & Risk Council with Rochdale Paragon Group, scheduled for Sept. 21-23.This virtual conference covers current information on creating and maintaining a robust credit union governance, risk management and compliance (GRC) program to reduce risk and improve control activities.

Learn more

Risk Management

CUs Face New Threats of Lawsuits Related to Overdraft Fees

Plaintiff attorneys continue to send demand letters and/or file lawsuits against credit unions alleging improper assessment of overdraft and/or NSF fees. Reports of these cases are occurring at a faster rate than the past.

Recent trends also show smaller credit unions are being targeted. Plaintiff attorneys pursue potential clients through websites and social media – some websites even identify specific financial institutions. They also search for member account agreements and other docs on CU websites.

Be aware: a Washington, D.C.-based law firm may be sending demand letters to area financial institutions.

Here are recent CUNA Mutual Group Risk Alerts related to overdrafts:

We encourage you to review the Overdraft Payment Program resources on League InfoSight, as well. Seek legal advice, if needed.



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