NCUA Opens Applications for Grants & Low-Rate Loans
As of May 22nd, all credit unions with low-income designation may apply to the NCUA for grants and low-rate loans. You must act fast as application for Technical Assistance Grants must be submitted no later than June 29, 2012. Click here for complete information!
Hats off to Lehigh Valley FCU for their collaborative efforts with AARP to offer free tax preparation services to members, as well as residents in the community.
Lehigh Valley FCU provided the office space and AARP provided the volunteers. The service was well received, with 246 tax payers receiving assistance. This is the fourth year that Lehigh Valley FCU has partnered with AARP. This is an excellent example of how any credit union, large or small, can make a difference in their community.
CU PolicyPro Tip of the Month
You recently received a notice that League InfoSight has purchased CU PolicyPro. This move required no action on your part, but will be including some enhancements you will be able to take advantage of.
In the past when you visited League InfoSight, you were able to view 20 sample policies. This has changed with the new structure. Now if you click on the “Model Policies” link in Infosight, you will be taken directly to the sign-in page for CU PolicyPro where authorized users will have access to over 200 interactive policies.
For further assistance with CU PolicyPro or to schedule a training session, contact Elaine Royer 800-932-0661, extension 5341 or firstname.lastname@example.org.
Q: FinCEN's e-filing deadline is July 1. What happens if the credit union submits a paper CTR or SAR after the deadline?
A: The credit union could face civil money penalties, unless it was granted a temporary exemption by Financial Crimes Enforcement Network (FinCEN).
According to FinCEN’s e-filing Frequently Asked Questions, the agency may impose civil money penalties for noncompliance with the e-filing requirements, including $500 for each negligent currency transaction or suspicious activity reporting violation under 31 C.F.R. § 1010.820.
FinCEN has mandated the electronic filing of Bank Secrecy Act (BSA) reports through the e-filing system beginning on July 1, 2012. FinCEN granted a limited number of “temporary exemptions” for institutions that demonstrated a “substantial hardship” in meeting the requirement by the compliance date.
Source: CUNA’s Compliance Blog Posted Thursday, May 31; by Valerie Moss
NCUA Office of Small Credit Union Initiatives Workshop
ATTENTION PITTSBURGH AREA CREDIT UNIONS!
Mark your calendar and plan to attend the July 18 workshop being held in the Pittsburgh area. There is no cost to attend this full-day event. Topics to be covered include:
Complete information and registration can be found here.
It's NOT TOO LATE!
We're developing tomorrow's credit union leaders this August!
Considered to be one of the Association’s most valuable hidden assets, the Judge/Bradley Leadership School has been creating credit union leaders for 57 years. Talk to anyone who has ever attended. They rave about the lessons learned, the great networking and teambuilding experiences.
Yet, so many are unaware of the tremendous value Judge/Bradley brings or are unable to financially support attending.
Don't fret! The Foundation can help get you there!
Judge/Bradley Scholarships are available through the PACUF! It simple and the entire process takes no more than two weeks to receive notification. What do you need to do? Email Joe Wambach at email@example.com the following information:
1. Letter from CEO (or board chairman if CEO is applying) stating selected candidate(s) for Judge/Bradley and year you are applying for.
2. Registration form for Judge/Bradley.
3. Statement of financial commitment from credit union. What will the credit union supplement? (travel expenses, hotel, per diems, etc.)
For more information on Foundation Grants, please visit their page at www.pcua.org.
Technology to Meet Small Business Needs
Are your small business members looking for an easier way to take credit card payments?
Newtek, a business partner through CUNA Strategic Services, can transform a smartphone into a credit card terminal -- yielding a savings in time and money over invoicing (and collecting) later.
Contractors are collecting payment on site, food vendors at farmers markets and small businesses at community events are taking payments on the spot! All they need is a reader and a smartphone app. The attachment/app can also be used on tablets such as the iPad.
Contact your Association Account Executive to offer your small business members solutions tailored for their needs including merchant processing, SBA loans, website help and more.