Special Thanks to Credit Union Development Task Force
The Credit Union Development Task Force has completed their charge and have been dismissed.
President/CEO Jim McCormack thanked the Task Force for their service on this important committee indicating that they “were responsible for new innovations, such as updated web pages, the SCUNet Newsletter, and increased information about benefits of our Foundation for small credit unions. You have been a great help to your fellow credit unions, and we need to continue to work together for continued succes.s”
Credit Union Development Task Force Members included:
The SCUNet Mentor Network is THE BEST!
Recent unsolicited comments from several credit unions indicated that SCUNet Mentor Network participants are “the best,” providing quick and accurate information and advice.
Work smarter, not harder. Utilize the expertise offered by your peers. This special list of credit union staff has volunteered their time and are ready, willing and able to provide you with guidance and support. Mentor Network participants can be found here.
CU PolicyPro Tip of the Month
Levies: Your credit union just received a Levy from the IRS – what do you do?
An Internal Revenue Service (IRS) levy is a legal seizure of a debtor’s property to satisfy a tax debt. This new policy 2705 – IRS Levies explains the process for dealing with IRS levies. IRS Levies are handled differently from court ordered levies.
Policy (2700) which was added last year, covers Garnishment of Federal Benefit Payments. This policy will guide the credit union in complying with the guidelines when it receives a garnishment order against an account holder who receives the following types of directly deposited federal benefits: Social Security benefits, SSI benefits, VA benefits, Federal railroad retirement and sickness benefits, Civil Service Retirement System benefits, and Federal Employee Retirement System benefits.
For further assistance with CU PolicyPro or to schedule a training session, contact Elaine Royer 800-932-0661 x 5341 or firstname.lastname@example.org.
Q: I went to your website (www.pcua.org) and tried to open InfoSight, but it asked me for a user name and password. Do I have one and how can I find out what it is?
A: InfoSight is an online library of compliance issues exclusively for credit unions. Access to this section of our website is restricted to dues-paying members of the Pennsylvania Credit Union Association. Each member credit union has a unique user name and password. If you are unsure of your password, please call 800-932-0661 and choose option #3 for Compliance and Operations. There is one username and password for each credit union and may be used by any employee or board member.
Supervisory Committee Annual Review
This review encompasses a detailed examination of a credit union's financial operation. An auditor that is continuously trained to keep up with the ever changing compliance of a credit union, and knows the operations of only credit unions can assist in completing detailed review for the Supervisory Committee.
Audit Services has most recently added an Internal Operations aspect to its scope of reviews, which provides the credit union with an outsourced trained individual to conduct some or all of the ongoing Supervisory duties. A confidential report of conclusions and/or recommendations is prepared for the Supervisory Committee and credit union management.
The Pennsylvania Credit Union Association has been serving credit union audit needs for more than 25 years! Let our experience work for you!
PACUF Enhances Grant Availability
The Pennsylvania Credit Union Foundation has revised project grant policies to further meet the needs of designated small credit unions.
Positive changes include:
Complete information can be found in the Foundation section of the PCUA website or by contacting PACUF Executive Director Joe Wambach at Joseph.Wambach@pcua.org.