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 Department of Labor will publish its final rule Wednesday regarding employees’ eligibility for overtime pay--a rule which CUNA believes will have unintended negative consequences for credit unions, particularly smaller credit unions and those in non-metropolitan areas.
Further CUNA analysis of the U.S. Department of Labor’s overtime rule found minor relief, but CUNA remains concerned about the increased burden on credit unions. Several CUNA-suggested changes were included in the final rule.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.