NEW CUBG WEBINAR - Faith Based LendingCUBG is thrilled to announce a brand new webinar - Faith Based Lending!
Faith based lending is a specialized type of lending. This webcast will provide you with additional information for working with your faith based borrower, that includes:
- Understanding your borrower
- Specific questions to ask your borrower
- Necessary information for a faith based loan
Suggested Audience: Management, business loan officers, branch managers, and other staff who will take loan applications from members
Pricing: $69/login for CUBG Member Credit Unions; $99/login for all other participants
Be sure to join CUBG for this in-depth online training focused on the intricacies of lending to churches and other faith-based organizations, Wednesday, October 13, 2010, 1:00 - 2:00 CT.
Click HERE to Register.
Temporary Corporate Credit Union Share Guarantee ProgramAugust 31, 2010, Alexandria, Va. - The National Credit Union Administration has extended the expiration date of NCUA's Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) from September 30, 2012, to December 31, 2012. With this extension, new investments with maturities of two years or less in participating corporate credit unions made before December 31, 2010, will be fully covered by the guarantee program. This Guarantee will be in addition to the existing deposits already covered.
Schools in Session - CUBG Style!CU Business Group industry experts know what you need to know and now offer you the opportunity to get that knowledge in the format you want. Training is available Over the Net and On-Demand Too!
And did we mention how AFFORDABLE it is!
CUBG members get one FREE login for all 100-level webinar courses...that's right, FREE - so gather everyone around one PC, bring your lunch sacks and get the basic business services education for FREE! 2nd logins and all 200-300 level courses are just $69 for Members and $99 for all other credit union participants. Now is not the time to skimp on training for your business services support staff - these sessions fit easily into any budget!
Over the Net...
SEPTEMBER 2010 WEBINARS
- Merchant Services: Introduction & Overview | Friday, September 3rd **FREE**
- Understanding NCUA MBL Regulations | Wednesday, September 8th
- CUBG Products & Services Overview | Friday, September 10th **FREE**
- Advanced Collections, Foreclosures & Liquidations | Monday, September 13th
- Lines of Credit & Interviewing Your Borrower | Friday, September 17th
- The New Accounts Desk | Tuesday, September 21st
- Basic Collections & Dealing with Problem Loans | Thursday, September 23rd
- Taking Care of the House...Business Loan Portfolio Management | Tuesday, September 28th
- HOT TOPICS in Environmental Due Diligence | Thursday, September 30th
Visit the KCCU Upcoming Events Page for webinar details.
On-Demand Too...
Can't make it at the date or time specified above? Scheduling conflicts are no longer a problem as many of CUBG's webinars are available On-Demand. Some of the most popular CUBG webinars have been recorded and are now available to purchase, making it easy to train at your convenience. Most recorded sessions are just $129 and there is no limit to the number of times it can be viewed by your credit union. Visit the CUBG website for a complete listing of sessions available On Demand.
And, a BONUS...
CU Business Group has been approved by the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. CPE credits can now be earned on the Analyzing Business Loans (21.5 CPE credits) and Cash Flow Analysis (14 CPE credits) Courses!
For more information, visit the CUBG website or contact Circe Gleeson at 800.721.2677 | Ext. 106, or email marketing@kansascorporate.org. For an entire schedule of course dates and times, along with regional course brochures and registration forms, visit the Education tab of the CU Business Group website - www.cubusinessgroup.org.
New 2010 ACH RulesListed below are ACH Rule Updates that have recently taken effect...
Authorization & Returns
The Authorization and Returns Rule will enhance the quality of transactions in the ACH Network by more clearly defining an Originator's obligations for obtaining a consumer's authorization, and by improving processes related to the return of debits that Receivers claim are unauthorized. Specifically, these changes clarify that a consumer debit authorization must be clear and readily understandable in its terms, and that any purported authorization that does not meet these criteria is not a valid authorization under the Rules. The Rule also provides greater definition and clarity with respect to an RDFI's obligations for obtaining and providing a consumer's written statement that a debit was not authorized, improving the efficiency with which unauthorized debits are handled by DFIs.
Approved May 1, 2009 | Effective March 19, 2010
Stop Payments and Regulation E
This Rule on stop payments will re-align the NACHA Operating Rules with the requirements of the Federal Reserve Board's Regulation E ("Reg E"). As the Federal Reserve Board's Staff Interpretation of Reg E has changed over time, there has been a divergence between the Rules and Reg E with respect to the intent of, and processing requirements for, stop payment orders on ACH debits. These differences have become significant enough to result in the potential for RDFIs to have difficulty reconciling their obligations under both the Rules and Reg E. This Rule will revise specific language regarding the expiration of a stop payment order that may create confusion for RDFIs in light of the requirements of Reg E. The Rule also adds language clarifying that the stop payment order would remain in effect until all entries related to the Receiver's stop pay instruction have been stopped. The Rule will not alter the manner in which an RDFI returns an entry as payment stopped via the ACH Network - a stop payment order is placed in advance of receipt of a specific entry or entries and ensures that the entry(ies) does not post to the Receiver's account. The RDFI would return any such entry it receives using return code R08. The Rule also will have no impact on an RDFI's obligations with respect to re-crediting an entry that has posted to the Receiver's account for which the Receiver claims that authorization was revoked. In such a case the RDFI is responsible for obtaining the Receiver's written statement, re-crediting the account, and returning the entry using return code R07.
Approved May 1, 2009 | Effective March 19, 2010
Risk Management and Assessment
The Risk Management and Assessment Rule requires all Participaing DFIs to conduct a risk assessment of their ACH activities, and to implement risk management programs based on the results of such assessments, in accordance with the requirements of their regulator(s). The Rule also provides that each ODFI has the right to terminate or suspend an Originator, or any Originator of a Third-Party Sender, for breach of the Rules; and the right to audit an Originator's, or Third-Party Sender's and its Originators', compliance with the agreement and the Rules. In addition, the Rule requires an ODFI to expressly address each of the foregoing, as well as any restrictions on ACH origination activity, within a new or renewed agreement with an Originator or Third-Party Sender. The Rule does not prescribe new restrictions on origination activity. Rather, the Rule requires each ODFI to address its internally developed restrictions on origination, if any, within its Originator and Third-Party Sender agreements so as to highlight the importance, and improve the enforcement, of such restrictions. The Rule also requires ODFIs to perform a more comprehensive set of risk management practices in addition to the current rules on exposure limits.
Approved May 1, 2009 | Effective June 18, 2010
Direct Access Registration Rule
The Direct Access Registration Rule will require each ODFI to register its Direct Access status with NACHA. For an ODFI that has Direct Access relationships for debit origination, the rule will require the ODFI to provide NACHA with specific information about each Originator or third-party with Direct Access, as well as data about that party's transaction volume. The rule will also require an ODFI's board, committee of the board, or its designee to approve a Direct Access debit participant before the ODFI can originate ACH debit entries for that Originator or third party. This rule is related to NACHA's broader Risk Management Strategy.
Approved September 16, 2009 | Effective June 18, 2010
Additional Resources
NACHA - The Electronic Payments Association | ACH Rules Tab - Recent Amendments
Kip Poe, VP - Information & Technology, AAP, Kansas Corporate Credit Union
FRAUDULENT CHECK CASHING SCAM UPDATEIf you have received a check and accompanying letter from Kansas Corporate Credit Union it is a FRAUDULENT attempt to obtain monies.
We were originally notified in mid-January of a check cashing scam that involved receipt of a letter and check drawn on Kansas Corporate Credit Union. The original letter contained an ID Code, our logo and a phone number and fax number that are not legitimate. Upon calling the number, it was answered Kansas Corporate Credit Union and the representative asked for the ID Code from the letter.
UPDATE: FEBRUARY 3, 2010
Kansas Corporate was once again notified of a secondary check cashing scam. A letter was issued from Trustnet, A Financial Express Company, along with a check drawn on Kansas Corporate. The letter stated that the recipient was a winner in the North America Consumer Promotion Drawing.
AGAIN -These are both FRAUDULENT check cashing scams! Check amounts, instructions, and details may vary per letter but the checks are fraudulent. Do not proceed with the transactions. We will provide more information as it becomes available. Please contact Kip Poe, VP, Information & Technology, at 800.721.2677 | Ext. 104, for more information.
Corporate Stabilization ProgramClick HERE to access the Corporate Stabilization Program area of the NCUA website.
Euros and Pesos and Francs...Oh My!It used to be a rare occurence for a member to request or even inquire about an international service. WIth many families having loved ones stationed overseas, workers relocated to other countries, and business being conducted across borders, the need for processing payments across countries has escalated and that means you've got to not only offer, but embrace if you will, this new global economy.
Kansas Corporate's approach is to de-mystify international services with easy to follow steps and systems that provide tools that simplify the processes. Our comprehensive international services program packages the services you need with education and support from our extensively knowledgable staff.
International Cash Letter and Collection Item Processing
Cash Letter items typically offer next-day provisional credit but payment is not final and the item could be returned at a later date. Collection Items provide final payment but it may take anywhere between 6 - 12 weeks to receive payment and items must be valued at or greater than $200 U.S. dollars. For more information on processing foreign items or to begin use of this service, email marketing@kansascorporate.org.
Foreign Currency
The use of cash is always welcomed and in some countries may be your only means of payment. Not having some foreign currency on hand when traveling may lead to hassles and poor exchange rates. Kansas Corporate sells currency from 98 different countries to make traveling more enjoyable and worry-free. Contact a Member Service Representative to place your order!
International Wires
Our online international wire system - InterLink - was built with so many useful tools and features that sending international payments via wire is a breeze! Linked to the Kansas Corporate website, this online system not only provides OFAC checks with no additional fees and no additional steps, you can even save remitter and wire information for recurring wire transfers. InterLink also houses an online Currency Quote/Conversion feature allowing you to login and determine the exchange rate at that very moment!
International Exchange Rates
Need to check exchange rates but aren't ready to process your wire or foreign currency purchase? Jump on the International Exchange Rates page of the Kansas Corporate website! This interactive conversion tool works for wires $10,000 and under and calculates the conversion amounts for foreign currency wires and foreign currency purchases too!
Kansas Corporate has the services you need to meet the ever-growing global demands of your members! Call (800.721.2677 | Ext. 106) or CLICK for more information!
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