First deadline due
today for two NCUA programs that increase interest earnings
Credit unions have until the end
of today to apply for funds as part of two NCUA programs that aim to
increase interest earnings and shore up liquidity in the Corporate System.
The League offices will be closed Jan. 1
League offices will be closed on Jan. 1. The
offices will re-open on Friday, Jan. 2, with the regular hours of 8 a.m.
to 5 p.m.
Free Tax Preparation Assistance resources and
materials offered on EITC website
Access group discounts, products and resources to help with your
credit unions’ participation at a
Free Tax Preparation Assistance site by registering for free
membership at the
Earned Income Tax Credit website. The website includes training for
volunteers who check the accuracy of returns before filing. Those who
complete the training meet IRS requirements to be an on-site quality
Let your members know
how they can get their tax refund, fast and for free, via direct deposit
Every one of Wisconsin's 2.2 million credit union members can save money
during the 2009 tax season by using his or her savings account for direct
deposit of a tax refund. Tell your members how by linking to
www.freetaxrefund.org in January. The site explains how filers can use
an existing account (or open one) to use direct deposit whether they file
online, using software on their home computer or by visiting any one of
the 231 free tax preparation assistance sites around the state where
credit union volunteers help to facilitate direct deposit.
insights on Hispanics’ attitudes on their finances
A recent survey found that Hispanics, who have been reported to have a
distrust of financial institutions, feel more financially secure than in
the past. The survey provides important insight into Hispanics’ attitudes
and behaviors about finances that can help credit unions better serve this
German finance students learn about Sheboygan area CUs during recent visit
Several Sheboygan area credit unions had a chance to show some visiting
German finance students how their credit unions work as part of an
exchange program through Lakeshore Technical College.
Don’t forget to send in your CULAC Permission
To be eligible to
participate in the Payroll
Deduction Program or contribute to the Credit
Union Legislative Action Council (CULAC), credit unions must return
their signed permission
agreement by Jan. 1. For more information, contact Crystal
Kopydlowski, Administrative Assistant-Government Affairs, at (800)
242-0833, Ext. 6014.
2009 State GAC provides opportunities to
educate newly elected lawmakers about credit unions
Make sure the voices of the 2.2 million credit union members in Wisconsin
are heard by attending the
2009 Government Affairs Conference, Jan.20-21, at the Hilton Monona
Terrace in Madison.
The Conference will be credit unions’ first chance to build
relationships with newly elected and re-elected lawmakers, and will serve
as the perfect opportunity to educate these key decision makers.
The League’s 2008 Year in
Review: Part 3 of 3
In 2008, The League’s Compliance services helped to minimize credit
unions’ exposure to legal liability, while helping to better prepare them
for visits by regulators.
2009 escrow account interest rate set at 0.75%
The Wisconsin Department of Financial Institutions has published a notice
that sets the 2009 mandatory interest rate on required escrow accounts at
2009 IRS Standard Mileage rates announced
Beginning January 1, 2009, the standard mileage rates for the use of a
car (including vans, pickups or panel trucks) will be 55 cents per mile
for business miles driven. That’s a decrease from the 58.5 cents rate that
has been in effect for the last six months of 2008, which was set by a
special adjustment mid-year in response to a spike in gasoline prices.
Education & Training
New in 2009,
small credit unions to receive two complimentary Keys to Compliance
New this year, credit unions with $20 million or less in assets will
receive two complimentary sessions of the 2009 Keys to Compliance webinar
series, the first of which will be held on
Account Documentation – Single, Joint, Marital & UTMA Accounts on Jan. 13.
This webinar will teach you how to properly document new accounts, as well
as marital and minor accounts and will also provide information on
regulations including the Customer Identification Program. The League's
Keys to Compliance 2009 Webinar Series provides an overview of essential
compliance and employment law issues that affect credit union operations
and human resources. The series covers many state and federal laws,
emphasizing practical solutions and common legal issues. To make these webinars even more
convenient, each session will be archived for up to 90 days after the
Redesigned League News
to launch in January
The League News will be getting a
face lift, as well as several new features in January when The League
launches its redesigned newsletter. The new League News, which will
change from a weekly publishing schedule to twice-monthly, will still
provide readers with valuable information about the credit union movement,
but will also include a variety of new content including videos. Watch for
the first issue to publish in early January.
Save the date! Attend an open house at The League’s newly renovated
Pewaukee office on Feb. 17
The League will hold an open house from 3:30 to 6:30 p.m. Tues., Feb.
17 at its newly renovated Pewaukee office. Stayed tuned for more
information in the coming weeks!
Become a Founder’s Circle member and help the Foundation provide
By becoming a member of the Founder’s Circle, your contribution
The Wisconsin Credit Union Foundation and help it to
support educational scholarships and disaster relief. To become a
Founder’s Circle member, make a contribution by Feb. 28, 2009. The
Founder’s Circle recognizes individual, corporate and credit union donors
(the latter by asset size) for gifts ranging from $250 to $25,000 – making
it accessible for everyone. And since The Foundation is a 501(c)(3)
not-for-profit entity, donations are tax deductible.
The Foundation supports credit union
development, education of credit union staff and volunteers, financial
literacy efforts and the credit union system in times of need.
Campaign makes Oakdale CU’s members its spokespeople
When Oakdale Credit Union wanted to promote the credit union as a
whole it found a solution in The League Marketing Agency’s
marketing campaign, The Credit Union StoryTM.
Hearing set in lawsuit on
OCU’s agreement on Educators CU’s auto sales
The Wisconsin Automobile and Truck Dealers Association has petitioned
the Dane County Circuit Court in an attempt to overturn an agreement made
by the Office of Credit Unions with Educators Credit Union on its auto
sales business. The agreement gave Educators Credit Union 18 months to
divest its auto sales business unless a state law regulating vehicle sales
by credit unions is changed before then. A hearing on the lawsuit has been
set for Jan. 16.
Credit unions asked to complete CUNA Annual Survey
Watch for CUNA’s Annual Survey, which will be mailed to credit unions in
early January. The survey helps to track new trends in credit union
service offerings not covered by the NCUA 5300 and will help CUNA answer
questions from the public, government agencies and elected officials. This
year a question has been added on back office services that will enable
CUNA to help credit unions find more sources on the topic. Credit unions
can also complete the survey on the
Internet. The survey should take under 15 minutes to complete. If you
have any questions about the survey please contact
Marc Shafroth at (608) 231-4182.
Go Direct recognizes credit unions for
promoting direct deposit
The U.S. Department of Treasury has announced a new program called
Go Direct that recognizes financial institutions that promote the use
of direct deposit to senior citizens, people with disabilities, veterans
and other members who receive federal benefits. The
Ambassadors Program will launch in January
and will run for six months. Participants will receive a letter of
recognition and certificate from Go Direct. Participating credit
unions will also have access to free Go Direct materials explaining the
benefits of direct deposit to their members.
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