September 10, 2013
Tuesday Edition
eSignal Daily's debut

Please welcome the new eSignal Daily to your inbox. With the new daily edition of eSignal the League will be able to provide members more concise and timely information in a more interactive and reader-friendly format. Enjoy. 

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Don't Tax Tuesday social media tips

Today, for the second time this year, CUNA will be holding the #DontTaxTuesday social media campaign. Encourage your CU and its members to participate and follow these tips to get the most out of your tweet.

Use your voice - make your tweet or Facebook post personal.

  • For example : I was able to get a mortgage through my #creditunion b/c it's more affordable. #DontTaxMyCU @SenatorHagan @Senator Burr @RepReneeEllmers.

A picture is worth a thousand words  - use a picture or logo.

  • Post pictures of staff or other signs spreading the #DontTaxMyCU message on Facebook and Twitter.
  • Share the #DontTaxTuesday logo on your credit union's Facebook or Twitter by uploading the #DontTaxTuesday logo. Click here to download the logo. Or, upload the "Don't Tax My Credit Union" logo on your Facebook (click to download logo for Facebook) and Twitter (click to download logo for Twitter) accounts.

Straight from the vine - make a DTMCU Vine video.

  • These six second videos can be easily done and sent to your legislators as well!

For more information on participating in Don't Tax Tuesday click here.

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Washington wire

August recess is over and Congress is back in D.C. for the September work period. While the situation in Syria and the Patient Protection and Affordable Care Act remain front burner issues, tax reform remains a real possibility this month.

It is quite possible that with members back in Washington, staff could start briefing members on the content of the tax reform proposal in the coming weeks. CUNA is meeting regularly with members and staff in an effort to pick up intelligence on the legislation and, of course, encourage them to retain the credit union tax status. An October mark up of a bill in Ways and Means continues to be within the realm of possibility. It is expected that a Senate draft would be released after the House draft. The League will know more after this week's Hike the Hill. 

Click here to read more on tax reform and housing finance reform. It also includes floor schedules for the House and Senate and a list of committee meetings being followed by the League. Find it all in this week's Washington Wire. 

Questions? Contact LSCU SVP, Association Services Jared Ross at 866.231.0545 ext. 1012.

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InfoSight spotlight: risk assessment

Risk assessment is a necessary first step to developing adequate policies and procedures. There are two steps to developing a risk assessment:

  1. The creation of a risk profile by reviewing the risks inherent in the credit union’s products, services, members, and geographic location
  2. Conducting a detailed analysis of data identified during the development of the risk profile

The analysis should assist your credit union in identifying vulnerabilities and developing processes to manage those vulnerabilities.

A credit union's risk assessment should be well documented and should be reassessed at least every 12 to 18 months. Regulators suggest that a credit union's risk assessment be considered a living document.

For answers to frequently asked questions and additional information that can help your credit union stay in compliance, visit the Risk Assessment topic on the Bank Secrecy Act channel of InfoSight.

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In your words

As credit unions head to Washington, D.C. for Hike the Hill this week, Dade County FCU, based in Miami, CEO George Joseph set the table with an excellent op-ed in the Miami Herald. Joseph's article, "Credit unions fight back against tax repeal efforts," makes the case as to why credit unions are tax exempt and what the tax exemption means, "for every dollar in new taxes the government might gain, it would be eliminating $10 of credit union member benefits."

Joseph also writes specifically to the intent of bankers by pointing out that: "They offer loans at the highest possible interest rate because their mandate is to make money, not to assist anyone, including and especially the middle class. (It wasn’t long ago we learned this the hard way as predatory banks helped fuel the Great Recession.)" The op-ed really shows consumers the difference between credit unions and banks and why the tax exemption is vital for 96 million Americans. 

Read the full op-ed by visiting the LSCU Press Room.

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In This Issue
Tuesday Edition
eSignal Daily's debut
Don't Tax Tuesday social media tips
Washington wire
InfoSight spotlight: risk assessment
In your words
LSCU & Affiliates Media


CEOs talk tax reform
Alabama and Florida credit unions talk about the "real" threat behind tax reform and what all credit unions should be doing before a bill is introduced.

 


LDC preview:
Jan Hargrave on body language
Body language expert Jan Hargrave will provide the Closing General Session keynote address at the Leadership Development Conference, Nov 6-8 in Point Clear, AL
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Upcoming League Events
Sept. 11  Frontline Excellence Series: Detecting Counterfeit Items & Fraudulent ID
Sept. 12  Regulatory Compliance Update, Birmingham

Sept. 12  Handling Member Credit Report Disputes
Sept. 17  Directors & Financial Literacy Session 2: Monitoring & Measuring the 9 Risks Your Credit Union Faces
Sept. 18  Mandatory Compliance Series: Compliance Rules Deposit Operations Must Know
Sept. 19  Skip Tracing Tools & Techniques
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