Smaller credit unions may also be able to get specialized assistance from their leagues.
Members of the Pennsylvania Credit Union Association (PCUA) demand it, says Compliance Administrator John F. Kilduff. More than half of PCUA's member credit unions have less than $20 million in assets.
PCUA offers a variety of services to small credit unions, Kilduff says, including:
SCUNet, a small credit union network offered via the league’s website;
News and information specifically for small credit unions via a monthly electronic newsletter;
Mentoring, where credit union personnel can seek advice and help on various topics from their peers;
Discounts for webinars and conferences;
Compliance assistance through a program called Compliance Cavalry, which provides consulting, training, and policy reviews;
Financial grants through a foundation that awards up to $5,000 to assist with training, education, marketing, and other needs; and
Face-to-face networking through the PCUA’s credit union chapters.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.
CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday in advance of a hearing on the bill.