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June 2011  
in this issue... Collaboration Corner Tip of the Month Grants Compliance Q&A NCUA News Savings with Counterfeit Cop
& CUNA CPDOnline


Counterfeit COP is 53% off Retail Prices for PCUA Credit Unions!

Financial crimes are on the rise – worrisome for both you and your members. Now Counterfeit COP, a fraudulent cash and check detector, is available at a cost of $79.95 per unit, instead of the regular price of $169.00. 

That’s a savings of $90 off the retail price, an exclusive offer for Pennsylvania Credit Union Association members only!

Help your credit union better protect themselves by reducing fraudulent items at your credit union.  Use the Counterfeit Cop device on the next suspicious document you receive. Please call your Account Executive or click here to order yours today. 

CUNA CPDonline offers Small Credit Union Discount

CPDOnline is a web-based training service that includes everything you need to manage your credit union training program from start to finish.  Its state-of-the-art online environment combines the ease of on-demand, self-study training with expertly-designed credit union courses, and personal assistance whenever it’s needed.

CUNA is proud to support small credit unions with a CDPOnline discount.  Affiliated credit unions with assets of less than $20 million receive unlimited access  to courses and exams for only $400 a year.Simply take five minutes to fill out the online membership form and you will gain access to more than 300 online courses and exams for your staff and volunteers to use the entire year.

Louise Lingenfelser joins the
SCUNet team!
Louise Lingenfelser, CCUE, CUDE, CEO of UGI Employees FCU,  has been appointed  the CU Development Task Force Chair. In addition to her credit union responsibilities, Louise is  an Association Director, a member of the CUNA Small Credit Union Committee and Director of the Pennsylvania Credit Union Foundation. Congratulations and welcome Louise!

Collaboration Corner
A message from Louise..."I believe collaboration is key for small credit unions, now more than ever. The continued downward pressure on credit unions’ net income has spurred CEO’s to think outside the box in order to survive; cooperation and collaboration is a natural fit. We’ve all been doing it for years in a rather informal way.  Now with the help of technology, credit unions have the opportunity to reduce operating costs andstay ahead of the regulatory nightmare.

We have many hurdles to overcome, but through collaboration small credit unions will prevail!"

I am honored to serve as the chairman of the Small Credit Union Task Force.  I’d like to share with you my goals for the coming year:

  1. Continue to communicate the benefits of collaboration through our monthly e-newsletter, Life is a Highway, and direct emails, etc.
  2. Offer guidance with the help of Association staff when interested credit unions have been identified for possible collaboration projects.
  3. Have Task Force members report the benefits and resources available for small credit unions at least once per year at a local chapter meeting or other regional meetings.

Currently working in a collaborative environment? SCUNet staff would love to hear from you!  Please email us with details on your collaborative efforts and outcomes so that we can share them with your peers.  All hurdles can be overcome if we work together.

Need help getting started. Email Rick Myxter or call
800-932-0661, ext. 5214.

Director's Financial Education Policy
1We are all aware of the NCUA Letter to Credit Unions regarding Board of Directors Financial Education.  Are you prepared for your examiner to ask what your credit union policy is on this subject? 

Instead of reinventing the wheel look at CU PolicyPro’s policy #1235 Education and Volunteer Training Guidelines.This policy can be used as a template and easily customized to become your own.

For help in taking full advantage of CU Policy Pro, contact PCUA Compliance & Operations Officer Elaine Royer at 800-932-0661, extension 5341.

Foundation Grant for Education...It’s not too late to apply
The Pennsylvania Credit Union Foundation's small credit union grants are still available! Credit unions under $20 million can take advantage of webinar training opportunities for FREE! 

You can apply for a grant up to $1,000.00 (or the cost of four webinars, whichever is less). Grant information can be found under the PA Credit Union Foundation Grant Criteria webpage (look to very bottom of page).

While you are on the Pennsylvania Foundation Grant Criteria page, review the other significant grants available.  All  credit unions under $20 million in assets may be eligible.  It is your foundation, take advantage of the resources available.

Compliance Q&A
Q: A new Reg CC requirement requires changing next day funds availability  from $100 to $200 effective July 21, 2011. We are currently making changes to our Reg CC policy and procedures to reflect this, but are wondering if we still need to send a change notice to our members since this is a beneficial change.

A: Yes, any change requires member notification; however, changes to the benefit of the member can be sent up to 30 calendar days after the effective date. This notice can simply be a message on the periodic statement, or in a newsletter. The Fed’s did not issue any specific language to be used in the notice; simply describe the change to your credit union's policy. Also, don’t forget to update your new account disclosures and web page.

NCUA Small Credit Union Program
The NCUA Office of Small Credit Union Initiatives was established to support activities of small credit unions.  One of their initiatives is the administration of the national Small Credit Union Program (SCUP).  The program is designed to provide direct assistance to credit unions through the NCUA Economic Development Specialist (EDS) for those enrolled in the national SCUP.  A credit union must possess one of the following in order to be eligible for enrollment in SCUP:

  • A credit union with less than $10 million in assets;
  • A low-income designated credit union

The first criteria for enrollment is obvious.  Whether or not you are eligible for low-income designation is more complex.  A low-income credit union is one in which a majority of its membership (50.1%) qualifies as low-income members as defined in Section 701.34 of the NCUA Rules and Regulations.  If you have not determined low-income eligibility or if you were found ineligible prior to August of 2010 (Section 701.34 revision date) contact your examiner to determine eligibility.

If  you meet either of the criteria listed above, your examiner will contact the Office of Small Credit Union Initiatives and have you enrolled in SCUP.

Credit unions enrolled in the Small Credit Union Program are eligible for financial assistance/Grants and Loans and training by an Economic Development Specialist.  The Office of Small Credit Union Initiatives and complete details can be found by clicking here.

Pennsylvania Credit Union Association
4309 N Front Street, Harrisburg, PA 17110    800.932.0661