August 2011  
S.A.F.E. Act Collaboration Corner Tip of the Month Compliance Q&A Town Meetings Grants Savings through our Business Partners

Foundation Grants Still Available!

The Pennsylvania Credit Union Foundation encourages you to take full advantage of webinar training opportunities by applying for a grant of $1000 (or the cost of four webinars, whichever is less).

Grant information can be found here or by visiting the in the PA Credit Union Foundation section of the Association's website.

Questions? Contact Executive Director Joe Wambach at

OfficeMax Offers Additional Savings

If you haven’t yet looked into the savings being offered by OfficeMax, now is the perfect time!  OfficeMax has helped credit unions cut overall costs by consolidating purchasing through one vendor, reducing expenses and improving efficiency.

Now even more savings are being offered!  Use this link to save an additional $15 on already reduced pricing!  Questions? Visit the CSS website or contact your Association Account Executive.

Invest in America was created to help make discounts available to participating credit unions that can be passed onto your members but that also helps your credit union:

  • Generate non-interest income with Sprint’s wireless services
  • Generate more auto loans with GM Preferred Pricing
  • Grow credit/debit card transaction volume with Shop America

Getting started…
To participate in the Invest in America or Sprint programs, click here .  Or for an overview, sign into an archived webinar here.

Resources for Small Credit Unions!
2Did you know an important resource for small credit unions is available on CUNA’s website? Click here to take a look. You can also converse with your peers “live” on operational and compliance issues.  Save time and money by sharing resources, experiences, and expertise.

S.A.F.E Act Registration Required
If your credit union does any type of real estate lending (including home equity lending) please verify that you have registered under the S.A.F.E. ACT.

If you have an employee or volunteer registered as an MLO (mortgage loan originator), the credit union is also required to register.

De minimus exception: the regulations will not apply to an employee who has never been registered or licensed through the Registry and who has acted as a mortgage loan originator for five or fewer residential mortgage loans during the last 12 months. 

If you are not currently registered and have done more than five real estate based loans in the past 12 months you are not permitted to do any more without being registered.

Additional information can be found here or by reviewing CUNA’s e-guide under Mortgage Staff Registration.

Collaboration Corner
Rick Myxter, Director of Small Credit Union Development, recently conducted a training session for the Coalition of Church Credit Unions in Philadelphia. Held at a local Church, approximately 60 volu3nteers from 14 credit unions benefited from group training while also sharing the cost of breakfast.

Yet another excellent example of how collaboration can effectively and efficiently provide a solution...this time to a regulatory requirement.

You don't need a formal gathering. It can be as simple as a group of your peers getting together for a common cause.

Email Rick Myxter, or call 800-932-0661, ext. 5214, to discuss possible collaborative working sessions, or for ideas and solutions.

Monthly OPS Notes Provides a Quick Reference
CU PolicyPro publishes a monthly news article, OPS Notes, 4which summarizes a current issue. Such recent article topics include Accuracy of Advertising and Notice of Insured Status (NCUA Part 740), Share Insurance & Appendix (NCUA Part 745) or the Accuracy of Advertising and Notice of Insured Status (NCUA Part 740). You can access OPs Notes in your credit union's CU PolicyPro manual by entering the Library and choosing OPS Notes from the left hand side.
For help in taking full advantage of CU Policy Pro, contact PCUA Compliance & Operations Officer Elaine Royer at 800-932-0661, extension 5341.

Compliance Town Meetings
A series of regional meetings will be conducted by Association compliance staff.  The agenda will include the latest compliance news, hot topics and updates. Take advantage of this great opportunity to network and discuss issues with your peers.  Every credit union is eligible for 1 FREE registration.


Meeting dates and locations:

  • October 4 – Meadville
  • October 5 – Cranberry/Butler
  • October 6 – Youngwood
  • October 11 – State College
  • October 12 – Johnstown
  • October 18 – Wilkes-Barre
  • October 19 – Harrisburg
  • October 25 – Reading

Click here for complete information and registration 

Compliance Q&A
Q: A widow has passed away. The deceased member has $4,200 between her savings account and her share draft account.  Her daughter holds a POA (Power of Attorney) and a copy of her mother's will. She would like the funds. Can we give the daughter the money?

A: Not in this particular case, or without further documentation.

  • A POA is only valid while the person is living, it ceases upon death.
  • You do not know if this is the final will – only the court can determine that. Ask for the “short certificate." If there isn't a will in place, ask for the “letter of administration.”
  • If the account balance is above $3,500, you will need to see either a document from the court appointing an executor (if there was a will) or administrator (if there was no will). Funds can only be released to the designated party.

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