CURRENT Newsletter | 7 October 2021
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Between our events, news items and resources, there’s quite a bit of information published on our website in the course of a week. To help you more easily find these items, we’ve created a consolidated news feed on our site that offers one convenient location for all these posts. See it here!
Featured News
- Oct. 12 Last Day to Save on Ignite – League Annual Meeting Registration
- WalletPalooza Fundraiser Supports VACUPAC, Financial Education; Get Your Tickets Now!
- VACUPAC Golf Tournament Tees Off Nov. 10
- CEO FORUM Set for Oct. 20; Registration Open!
- TRGroup Offering Live Demos of Business Partners' Products, Services
- Marketing Workshop Oct. 13-14
- NCUA FAQs Related to COVID-19
- Vaccine Mandate: Credit Unions Not 'Federal Contractors' Simply Based on NCUSIF Coverage
- Increased IRS Reporting ‘Risky and Unnecessary’ for Consumers
- Fraudulent Wire Transfers Impact Corporate Accounts
- Holiday Closing Signs Available for CUs
- Online Training for Supervisory Committees
Advocacy / Governmental Affairs
Compliance / Regulatory Affairs
Education
- League Webinars: During October, Purchase 2, Get 1 Free
- CUNA Mutual Group Hosting Oct. 20 Webinar on HR, Employment Practices Risk
- Building Financial Health for a Brighter Tomorrow: A World Council International Credit Union Day® 2021 Webinar
- NCUA to Host Oct. 21 Webinar on Pathways to Account Access
- CUNA Cannabis & Hemp Financial Services eSchool Highlights Key CU Considerations
Economy / Financial Services
News From Our Chapters
News From Credit Unions
- NWFCU Foundation Donates $20K to Northern Virginia Community College’s Student Support Programs
- Financial Success for Women Series to Launch in October
Featured News
Oct. 12 Last Day to Save on Ignite – League Annual Meeting Registration
- Oct. 12 is the final day to save $50 off your Ignite 2021 | League Annual Meeting registration! Register here.
- Need help securing a hotel room? Contact your League's Mary Amyx at 800.768.3344, ext. 1630 or mamyx@vacul.org
- Learn more about Ignite and the League Annual Meeting.
WalletPalooza Fundraiser Supports VACUPAC, Financial Education; Get Your Tickets Now!
WalletPalooza is back! Help us raise funds for the Virginia Credit Union Political Action Committee (VACUPAC) and our financial education initiatives. Raffle tickets are available now online and you could win gift cards and cash packages valued at as much as $600! Tickets will also be available in-person during Ignite 2021 & the League Annual Meeting!
Tickets $10 each or 3 tickets for $20!
VACUPAC Golf Tournament Tees Off Nov. 10
Calling all golfers: the 32nd Annual VACUPAC Golf Classic tees off Nov. 10 at Hell's Point Golf Club.
Your participation aids our advocacy efforts by supporting the Virginia Credit Union Political Action Committee, the state-level, non-profit, non-partisan political action committee of the Virginia Credit Union League and its affiliated credit unions. We need sponsors, as well!
CEO FORUM Set for Oct. 20; Registration Open!
This year's CEO Forum (small/mid-size CUs) will be held as a one-day, in-person event Oct. 20 at Credit Union House in Richmond. This is a great opportunity to learn from industry experts, network with your peers, and discuss your top-of-mind issues with new League President/CEO Carrie Hunt and other League staff.
TRGroup Offering Live Demos of Business Partners' Products, Services
The TRGroup, in collaboration with seven state leagues (including the Virginia Credit Union League), is excited to invite credit union executives to participate in our first Virtual “DEMO DAY” on Oct. 19.
Demo Day is an opportunity for credit unions to see live demonstrations of products and services with enterprise-wide benefits for your operations and your members.
Marketing Workshop Oct. 13-14
Join us Oct. 13 and 14 for the Marketing Workshop, a virtual event offering sessions on advertising compliance, strategic planning, digital marketing and more! Registration is only $99 for both days.
NCUA FAQs Related to COVID-19
The NCUA has provided frequently asked questions related to COVID-19 for federally insured credit unions. This information was recently updated at the end of September 2021 and is kept updated as information is made available. Please send COVID-19 related questions via email to COVID19Questions@ncua.gov.
Vaccine Mandate: Credit Unions Not 'Federal Contractors' Simply Based on NCUSIF Coverage
As you know, a question that was raised for federally insured credit unions is whether “federal contractors” in Executive Order 14042 includes all financial institutions with federal share and deposit insurance. Note: Other contractual arrangements and future regulations by DOL are still considerations for credit unions.
Increased IRS Reporting ‘Risky and Unnecessary’ for Consumers
Note: Your League thanks everyone who has weighed in with their member of Congress on this issue! If you still haven’t, you can easily do so here.
CUNA urged Joint Economic Committee leadership to take a “close look at the dangers” of proposed increased Internal Revenue Service (IRS) reporting requirements. The committee met Wednesday to discuss various funding measure for pending reconciliation legislation.
Under this proposal, banks, credit unions, and other entities would be required to annually report to the IRS the gross inflows and outflows of account holders (businesses and individuals) with a breakdown for cash, transactions with a foreign account, and transfers to and from another account with the same owner.
Related: As Debate, Deals Continue on Capitol Hill Over Build Back Better Act, NAFCU Again Pushes Back on IRS Proposal
Related: House Bill Introduced to Prohibit Increased IRS Reporting
Fraudulent Wire Transfers Impact Corporate Accounts
Cyber criminals are again targeting credit unions’ corporate accounts via fraudulent wire transfers. They do this by compromising employees’ login credentials and accessing the ACH/wire transfer systems to initiate a wire transfer out of the credit union’s corporate account.
Holiday Closing Signs Available for CUs
Your League makes available holiday closing signs for the various federal holidays, including Columbus Day (Oct. 11). See the closing signs here.
Note: The Commonwealth is again recognizing Indigenous Peoples' Day this year (Oct. 11). In 2020, Gov. Ralph Northam declared by proclamation the first Indigenous Peoples' Day in Virginia.
Online Training for Supervisory Committees
Popular credit union consultant Ancin Cooley has created a web-based course for supervisory committee members, offering the most comprehensive overview of the role, duties, responsibilities and resources available to committee members. The five modules offer you a fun, interactive learning experience with bonus content and even quizzes to test your content retention.
Learn more
Register Now (Your League is offering volume discounts for multiple registrations from the same credit union. Use our registration to ensure you receive the discount.)
Advocacy / Governmental Affairs
SBA Programs Should Continue as Public-Private Partnerships
The Small Business Administration's (SBA) government guaranteed lending programs epitomize successful public-private partnerships, CUNA wrote to the House Small Business Committee Wednesday. The committee conducted a hearing on SBA’s entrepreneurial development programs, and CUNA noted its opposition to letting the SBA lend directly to businesses.
“Credit unions oppose any legislation that would remove financial institutions from their direct relationship with borrowers by allowing the SBA to lend directly to small businesses,” the letter reads “By becoming a direct lender to small businesses, the SBA is likely to harm local financial institutions’ relationships with businesses and possibly hamper these businesses from establishing important banking relationships that can only help their business survive and flourish.”
Compliance / Regulatory Affairs
CECL Among ‘Most Problematic, Unnecessary’ Requirements in Recent History
The current expected credit loss (CECL) remains inappropriate for credit unions, CUNA wrote to the Financial Accounting standards Board (FASB) Wednesday. Credit unions are required to comply with CECL for fiscal years beginning after Dec. 15, 2022.
“Even though it has not yet become mandatory for credit unions, the FASB’s current expected credit losses standard continues to be one of the most problematic and arguably unnecessary regulatory requirements in recent history,” the letter reads. “CUNA has steadfastly maintained that CECL is inappropriate for credit unions.”
Education
League Webinars: During October, Purchase 2, Get 1 Free
Purchase any 2 webinars through our training partner between Oct. 1 and Oct. 31 and get 1 free! Some exclusions apply, but see the list of available webinars here!
CUNA Mutual Group Hosting Oct. 20 Webinar on HR, Employment Practices Risk
On Oct. 20, join CUNA Mutual Group’s expert risk management and legal panelists as they share what’s going on in this challenging employment landscape and answer your questions on what you can do to minimize potential employment practices/HR risks before they impact your organization.
Building Financial Health for a Brighter Tomorrow: A World Council International Credit Union Day® 2021 Webinar
The theme for International Credit Union Day® 2021 is "Building Financial Health for a Brighter Tomorrow." To expand on that vision, this World Council of Credit Unions’ (WOCCU) Oct. 21 virtual event will feature presentations examining financial health and all the complexities associated with that term for credit unions and their members.
NCUA to Host Oct. 21 Webinar on Pathways to Account Access
NCUA will host a webinar, “Pathways to Safe and Affordable Account Access for Consumers,” Oct. 21 in recognition of International Credit Union Day.
Registration is now open for the webinar, which is scheduled to begin at 2 p.m.
CUNA Cannabis & Hemp Financial Services eSchool Highlights Key CU Considerations
CUNA Cannabis & Hemp Financial Services eSchool will provide a credit-union-specific look at regulations and provide insights into operating in a world where cannabis use is becoming more widely legalized. The eSchool will be held in four, 90-minute Friday sessions in November and December.
Economy / Financial Services
Credit Unions Hunting for Nonbank M&A to Diversify Revenue
Credit unions are increasingly looking to buy nonbanks such as insurance brokers and wealth management firms in an effort to diversify their income.
The interest in nonbanks comes at a time when credit unions, much like banks, are facing a poor revenue environment due to tepid loan growth and low interest rates. Several deal advisers said in interviews that there are active discussions between credit unions and nonbanks that do not offer depository services.
News From Our Chapters
League President/CEO Carrie Hunt to Speak at Tidewater Chapter's Oct. 14 Meeting
League President/CEO Carrie Hunt will be the featured speaker at the Tidewater Chapter's Oct. 14 meeting. Register by Oct. 8.
News From Credit Unions
NWFCU Foundation Donates $20K to Northern Virginia Community College’s Student Support Programs
The Northwest Federal Credit Union Foundation, the charitable arm of Northwest Federal Credit Union, awarded $20,000 in grants to Northern Virginia Community College (NOVA) for their student support programs. This partnership has been in place since 2018, and this marks the fourth straight year of support.
Financial Success for Women Series to Launch in October
Virginia Credit Union is launching a free, multi-week, online series in October focused on financial success for women. Michelle Singletary of The Washington Post to Kick-Off Program on Oct. 7.
The program will be structured with four weekly sessions covering the whole gamut of financial topics from spending, budgeting, debt management and investing to saving for college and retirement. Learn more.
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