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InfoSight eNewsletter
Topics in this week’s edition include:
- Reminder: Call Report Data Due January 20, 2022
- Status of the OSHA COVID-19 Vaccination and Testing ETS
- Report on Status of the OSHA COVID-19 Vaccination and Testing ETS
- OFAC Targets Russian-Backed Actors Destabilizing Ukraine
- CFPB Offers Free Webinar on February 3, 2022
- FFIEC Best Practices for Exam Information Requests
InfoSight is FREE to League CU employees as a benefit to membership and provides state and federal compliance and operations resources. Information on InfoSight, including overviews of state regulations, are reviewed annually by compliance professionals across the country, including the League’s own Compliance team. Request your login today.
Maine Credit Unions Release New "Member Story" with Definitive Brewing Company
Maine Credit Unions are pleased to announce we have launched another “Member Story” featuring Michael Rankin, founder and CEO of Definitive Brewing Company in Portland. Michael began his relationship with a Maine credit union while in college and continued to utilize their products and services throughout school and into his professional career. In 2018, he launched his successful brewery with the help of a credit union loan.
You Can Help End Hunger One Baseball Game at a Time
What’s better than baseball? Baseball for a great cause! Maine Credit Unions and the Portland Sea Dogs are teaming up to deliver a unique experience that will allow your credit union to support the Campaign for Ending Hunger and enjoy 100 tickets to watch Maine’s favorite baseball team in action.
Talking to Your Partner About Money: Tips From the Financial Literacy Blog
According to a survey released last year, 40% of American adults who live with their significant other don’t know how much money their partner earns. Another poll found that 43% of adults with combined finances have financially cheated on their partner. Talking to your partner about money isn’t easy, but the Financial Literacy Blog offers some helpful tips that members can use to begin a productive discussion.
Northeast CU Now Accepting Scholarship Applications
The Northeast CU Scholarship Program has officially started accepting applications for 2022. The credit union offers five unique scholarships, with 23 award opportunities totaling $40,000 to recognize student members for their commitment to academics, extracurricular activities, and community.
TruHero Card Program Benefits Local Organizations
TruChoice FCU’s TruHero credit card program continues to benefit southern Maine’s medical community. Since 2009, the credit union has donated $24,293 to the McAuley Residence and $62,657 to Children’s Miracle Network. TruChoice FCU’s 2021 donation of $11,166 to the Children’s Miracle Network was its largest annual donation to date.
CUNA Mutual Group Releases December Trends Report
The December 2021 CU Trends Report is now available. This monthly report, published and distributed by CUNA Mutual Group’s Director and Chief Economist Steven Rick, provides a review and analysis of recent credit union financial performance and operational results. It includes data from October.
New Filene Report Urges a Rethinking Around Non-Interest Income and Overdraft Programs
CUToday.info examines a new Filene report which analyzes credit union overdraft protection programs. The Filene report urges credit unions to understand which members frequently overdraft, when they are likely to do so, and why it is happening. It also calls on credit unions to experiment with member friendly reforms to overdraft protection programs.
InfoSight eNewsletter
Topics in this week’s edition include:
- Update on COVID Vaccinations and Testing ETS
- CFPB Alert on Discrimination Involving Religion
- NCUA Supervisory Priorities
- CFPB Bulletin on Unlawful Medical Debt Collection and Reporting
- FDIC and FinCEN Announce Digital ID Proofing Tech Sprint
InfoSight is FREE to League CU employees as a benefit to membership and provides state and federal compliance and operations resources. Information on InfoSight, including overviews of state regulations, are reviewed annually by compliance professionals across the country, including the League’s own Compliance team. Request your login today.
What Members Should Know About Free At-Home COVID Testing
With a surge in Omicron-related COVID cases, more and more people are seeking at-home COVID rapid tests. At-home tests have become a popular option, however, the costs of these tests can add up. The Financial Literacy Blog provides an overview of some changes the federal government has made to address this issue.
Join the League For a Regulator Update
It can be challenging for credit unions to keep on top of constantly evolving regulatory compliance requirements. To help, the League is hosting a Town Hall on January 24 at 1:00 pm featuring Joanne Black, Supervisory Examiner with NCUA and Lloyd LaFountain, Superintendent at the Maine Bureau of Financial Institutions. During this virtual discussion, Black and LaFountain will provide an overview of federal and state regulatory priorities.
NorState FCU Donation to Benefit Local Food Pantries
Every year, NorState FCU donates the fees it collects from its coin sorter machines in Presque Isle, Fort Kent, and Madawaska to a charity. To help local food pantries with their ongoing response to the pandemic, NorState FCU is donating its 2021 fees to assist with their efforts. A total of $5,569.97 will be distributed to hunger relief organizations in Aroostook County.