The Point: Aug. 14, 2013

Updated remittance guide, video now available

The CFPB has published an updated small business guide for its international electronic money transfers rule (aka the remittance rule). Along with the guide, the CFPB has posted a video summarizing the rule, its recent changes and answers to common implementation questions.

The updated guide reflects the most recent changes to the rule, which will take effect Oct. 28, 2013. Although it is not a substitute for the rule, the guide highlights issues that businesses-particularly small businesses-should consider while implementing the new requirements.

The new guide and video replace versions released in late 2012.

To review the remittance rule, visit the CFPB website.

UFirst FCU engages members with ‘Don't Tax' campaign

The team at UFirst FCU is making sure their members send the "Don't Tax My Credit Union" message to Congress. In addition to participating in the Credit Union Association of New York's statewide postcard campaign and publishing information in its memebr newsletter, the credit union has collected nearly 300 member signatures on a petition in the past two weeks.

During the credit union's annual meeting last week, staff manned a table with information about the campaign and the petition. President/CEO Linda Bourgeois briefly explained the issue to attendees and then showed the Don't Tax My Credit Union video. Members received a thank-you note and chocolates for supporting the campaign, and a few lucky members won their own Don't Tax My Credit Union t-shirts.

UFirst FCU staff are also being encouraged to join the campaign. Those who contact Congress using the Don't Tax My Credit Union website can wear jeans on the first Friday of each month, along with a Don't Tax My Credit Union t-shirt. The t-shirts have sparked several conversations between staff and members, creating additional opportunities to build support for the campaign.

"It is extremely important that our staff and membership be educated on the Don't Tax My Credit Union issue and the impact it could have on our credit union and credit unions across the nation," said Bourgeois.

Credit unions are asked to share their campaign efforts with the Association by emailing, and to include #DontTaxMyCU in any Twitter or Facebook messages related to the campaign.

NYCUF to host fall NEFE training session

The New York Credit Union Foundation (NYCUF) is offering another training session for individuals who want to teach the National Endowment for Financial Education High School Financial Planning Program (NEFE HSFPP) in local schools and community organizations.

The session will be held Oct. 1 at Credit Union Association of New York headquarters (1021 Watervliet-Shaker Rd., Albany, NY 12205), and there is no cost to attend. Credit union staff, teachers and other community financial educators are encouraged to participate.

From 10 a.m.-4 p.m., attendees will learn about recent changes to the HSFPP, as well as the philosophy and research behind the award-winning program. They will leave prepared to share the program with local youth and to train others on practical uses of the curriculum.

Registrations are due Sept. 23. To learn more or register, visit the Association website.

Young pros meeting up in Central NY next week

Young Professionals Commission (YPC) members in the Central New York Chapter are hosting their first area meet-up next Wednesday, Aug. 21. The free event will be held at Maggie's on the River in Watertown, N.Y., and credit union employees/volunteers age 35 and younger are welcome to attend.

Networking will begin at 5:30 p.m., followed by a presentation from Credit Union Association of New York Management Consultant Chris Pajak. Pajak will share insights about the Association, including opportunities, programs and events available for young professionals.

To learn more or register, visit the event webpage.

Helpful Links

CUNA News Now

Don't Tax My Credit Union Website

Don't Tax My Credit Union Campaign Resources

CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)

CUNA Legislative Update (CUNA member log-in/registration required.)

Events & Education Calendar

Previous Issues