ICUL Service Corporation
September 2012


Educational Opportunities 

Attention CUES members: Mark your calendar for the following networks that will meet this month: QLN on September 14 and IME on September 18, both at the ICU System Center in Naperville.  For more information about these meetings and all CUES activities, please contact Greg Framarin.

We encourage you to attend ICUL’s 35th Annual Attorneys’ Conference, which will be held at the Oak Brook Hyatt Lodge on September 14 and 15.  Designed for credit union attorneys, this conference provides an annual update on laws, regulations and judicial decisions impacting the operations of credit unions you assist.  For more information about the conference including hotel arrangements, please contact the Office of General Counsel.

With a continued aging membership, youth outreach must remain an essential part of the credit  union movement if we are to keep from becoming extinct. Youth outreach is also a way to build valuable relationships with large employers (school districts), teachers, students and even parents. During the Starting a Youth Program on a Shoestring Budget QuickBites on September 18 (Session Code: 638), you will learn about key demographic trends with teens and young adults and how to reach them. Leaving this session, you will be equipped with the tools you will need to quickly build an impacting financial literacy program with only a shoe string budget.

It is more important than ever to have a centralized and formal regulatory compliance program. There are an unprecedented number of regulatory compliance changes impacting credit unions. The changes are broad in scope and increasingly complex. Examiners will be spending more time reviewing credit unions for compliance as the Consumer Financial Protection Bureau ramps up its compliance initiatives. The Building A Successful Regulatory Compliance Program on September 20 (Session Code: 639) will focus on the elements critical to every regulatory compliance program. We will discuss how compliance today is different than just a few years ago and how your compliance function must adapt. We will look at credit union best practices and how you can incorporate these into your credit union. Of course not every credit union has the same resources to devote to compliance, but we will discuss several ways you can significantly improve your existing compliance program and in turn your credit union’s overall compliance performance.

It is a tough economy out there. Understanding the true cash flow of borrowers is as important today as it has ever been. The Verifying Borrower Income Using Tax Returns webinar on September 25 (Session Code: 640) will help take the mystery out of borrower’s personal income tax returns. No more guessing how much cash income your borrower is really earning. Overestimating the income from a tax return can lead to approving a weak loan that could eventually cost tens of thousands of dollars. Underestimating income on a tax return can lead to denying good loans that should be granted in this tough economy. Take time to learn the process of analyzing personal income tax returns in a simple and understandable manner with quality instruction and frequent examples.

The Account Administration Telecourse on September 26 (Session Code: 642will focus on certain aspects of share account administration that cause confusion – particularly, setting up accounts that involve fiduciaries and handling the accounts of deceased members. The discussion will cover credit union forms as well as Illinois-specific documents brought in by third parties.  Topics will include: 
  • Documenting new accounts;
  • Knowing your account terms;
  • Joint account issues;
  • Dealing with representative payees, trustees, and other fiduciaries;
  • Deceased members’ accounts;
  • Dealing with persons claiming funds;
  • Dealing with various documents that may be presented; and
  • BYO forms: have your credit union’s account agreement with you for reference.

Credit unions are increasingly caught between stricter regulations concerning member data and increasingly broad powers of government to acquire this data. During the BSA for Volunteers Webinar on September 27 (Session Code: 643), volunteers will learn the latest trends from FINCEN and NCUA, how to identify 'Suspicious Activity Report' and 'Currency Transaction Report' events, timetables and penalties and how to assign appropriate levels of BSA resources using a risk based analysis. At this level, this session will cover the Bank Secrecy Act so that volunteers can use this knowledge to keep their credit unions in compliance in this important area of law.

Bank Secrecy Act training is available on demand!  The Bank Secrecy Act requires that all frontline personnel be trained on money laundering and the responsibilities of the financial institutions on currency reporting and suspicious activity every year. See the ICUL education calendar for the schedule of BSA on demand training and all QuickBites and Telecourses. 

Also available on demand for 2012: Financial Exploitation of the Elderly. Elder abuse training – regarding financial exploitation of the elderly -- is now required for employees and officers with direct customer contact. Examiners will be collecting information about your credit union’s training on this subject, as IDFPR is required to report training data on a bi-annual basis.  This QuickBite will meet the training requirements and will cover:

  • Terminology; 
  • Illinois statutory protections;
  • Recognizing the indicators of financial exploitation;
  • Some of the common perpetrators of financial exploitation; 
  • Financial record confidentiality and exceptions; 
  • Where to report when a confidentiality exception applies; 
  • Suspicious Activity Reports/narratives/confidentiality;  and
  • Training and record-keeping requirements for current employees and new hires.

All credit unions face situations where only they have an opportunity to witness suspected exploitation. Participate in this QuickBite to learn the common indicators and the actions you can take.


Play it again! The audio archive of all QuickBites and telecourses for 2012 has been increased to 60 days with paid registrations for most sessions. Whether you were unavailable for the scheduled date and time of a particular call or just want to hear the session again, you will have 24/7 access for the entire 60 days after the scheduled session. This feature enhances the value of audio training and is included for no additional charge. The audio archive link will be activated within 48 hours of the live event.


For a complete calendar of all Educational offerings, please click here.

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