in this issue.... Audit Services Sprint Delivers Strategic Planning Director Duties Compliance Contact SCUNet
Who do you trust?
For more than 25 years, the
has provided Audit Services exclusively to member credit unions. "We place the safety and soundness of your credit union above all else," states Chris Feather, Director, Audit Services.
While our flagship service is a Supervisory Committee Annual Review, the Association's Audit Services also offers:
- BSA Compliance Review
- ACH Compliance Review
- Member Account Verifications
- Internal Operations Reviews, custom reviews, and more...
Consider what the Association's Audit Services can do for you! Contact your Account Executive or Chris Feather today.
Happy New Year from the Small Credit Union Network!
It's time to welcome the opportunities ahead of us. Take a look back at where you've been, and where you want to go! And remember...we're here to help you along the way.
SCUNet News is a monthly collection of credit union "hot topics," simple suggestions, compliance highlights, and more. All designed to provide guidance through your busy day-to-day operations, help put collaborations in place and offer suggestions on new revenue opportunities or cost cutting measures.
Like what you're reading? Have a suggestions or feedback to share. We'd love to hear from you. Your point of view is what we are aiming for! Let us know!
Welcome Keystone United Methodist Federal Credit Union!
Keystone United Methodist FCU is our newest SCUNet Pledge! What is the SCUNet Pledge? Focused on growth and prosperity, small credit union pledges are asked to commit to Sailing the Seven Cs by utilizing SCUNet's vast array of resources. Why not take the pledge today?
Negative Account Balances
We've recently heard that examiners are asking to see a credit union's Negative Account Balances Policy which indicate the actions you will take when a member’s account goes negative. If you don’t have one or are not sure if your current policy is adequate, click here to download the CU PolicyPro guidelines/sample.
Enhancements to CU PolicyPro
You are encouraged to utilize CU PolicyPro for all your policy needs. There have been many new enhancements to make CU Policy Pro more user friendly. A review of these enhancements and use of the CU PolicyPro website can be viewed here. (The link will take you to the CU Corp website and give you more information on how to access the "Technical Updates webinar.")
For help in taking full advantage of CU Policy Pro, contact PCUA Compliance & Operations Officer Elaine Royer at 800.932.0661, extension 5341.
Compliance Q&A: Trust Accounts
Q: Can a parent open a savings account for a child, but deny the child access to the account until the parent dies?
A: Your members can easily open this type of account. Create the account card as: Parent/Grandparent Member "In Trust for" Child Member. Parent/Grandparent retains all control and ownership to the account during his lifetime.
Director Duties - New Rules effective January 27, 2011
Financial Literacy Compliance by July 27, 2011
As part of the new NCUA Financial Literacy requirements, all Federal Credit Union directors, including existing directors, must have the ability to read and understand a credit union balance sheet and income statement. Specifically, the new rule states: “Each FCU director has the duty to... At the time of election or appointment, or within a reasonable time thereafter, not to exceed six months, have at least a working familiarity with basic finance and accounting practices, including the ability to read and understand the Federal credit union’s balance sheet and income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors....”
The Association is currently working with NCUA to provide a low cost training option.
Sprint & PCUA Deliver $146,413 to PA Credit Unions
What fun we are having! Association Account Executives Zack Stecher, Monika Scott, and Russell Evans, AVP, Business Development, share in the joy. 57 PA Credit Unions earned more than $146,413 while saving their members money by participating in the Sprint Member Discount Program in 2010! To find out how you can join in, e-mail firstname.lastname@example.org.
To see what participating Sprint credit unions had to say, click here.
"This could definitely be the difference between a red and black year," says Helenann Kozminski, CEO, Financial Advantage FCU. Pictured above with Ray Knavish receiving their Sprint check worth $1,187.