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 U.S. Department of Labor’s proposed overtime rule would affect a substantial portion of credit union employees, particularly at smaller credit unions and those in rural or underserved areas, CUNA told the department Tuesday.