September 17, 2013
Tuesday's Edition
Cooperative Issues Campaign Radio ads

The radio ads for the Cooperative Issues Campaign have been produced. There are two ads to run in the 14 media markets in Alabama and Florida. The ads raise awareness of what credit unions provide their members and their local communities, as well as the possibility of a new tax on credit unions. One ad is a woman talking about the issue. The second ad is two women talking about the issue over lunch.

To listen to the ads, click below:

The ads will run in conjunction with a full online campaign through Google behavioral targeting and Don't Tax My Credit Union videos on YouTube. Once a bill is introduced, the League will begin running the ads with the highest concentration of media to get credit union members and consumers to contact their lawmakers through the Don't Tax My Credit Union website. 

If your credit union would like to contribute to the Cooperative Issues Campaign, contact LSCU & Affiliates Vice President of Communications Mike Bridges at 866.231.0545 ext. 1022. 

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Washington Wire

The House and the Senate are in session this week. The end of the fiscal year and debt ceiling are looming large. House leadership warned lawmakers last week that next week’s scheduled recess may be in jeopardy if progress is not made on the appropriations front. 

The House returns on Tuesday to consider bills under suspension of the rules. The Senate is expected to resume consideration of the “Energy Savings and Industrial Competitiveness Act” (S.1392).  The Senate will also vote on several nominations.  

Update on Privacy Notification Legislation

Last week, the House Financial Services Committee held its semi-annual hearing on the CFPB and heard testimony from CFPB Director Richard Cordray. During the Q&A, Reps. Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA), sponsors of a privacy notification bill in the House (H.R. 749), both pressed Cordray on what the CFPB is doing through the regulatory process to address the concerns regarding privacy notifications.  Following the hearing, Reps. Luetkemeyer and Sherman sent Cordray a letter encouraging him to engage the Senate in support of the legislation and continue to do what he can through the regulatory process to provide relief.

Click here to read the full Washington Wire report, including the committee meetings that the League is following. 

If you have any questions on federal legislation, contact LSCU SVP of Association Services Jared Ross at 866.231.0545 ext. 1012.

 

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InfoSight spotlight: remittance transfers

The Consumer Financial Protection Bureau issued rules to protect consumers who send money electronically to foreign countries. These transactions are called remittance transfers and the rules take effect on Oct. 28, 2013.

To help your credit union remain in compliance, the Remittance Transfers topic is in the ACH/Electronic Payments channel of InfoSight. In addition to the definitions of “remittance transfer” and "remittance transfer provider” you will find answers to the following questions:

  • What disclosures are required?
  • What about a transaction conducted entirely by telephone?
  • Can there be estimates on disclosures?
  • Are there error resolution provisions?
  • Can a sender cancel a remittance transfer?
  • What are the rules for transfers scheduled in advance?

Visit InfoSight today for the information that can help your credit union stay in compliance as well as the LSCU Compliance Calendar for a complete list of calendar dates and compliance trainings.

*Note: To view InfoSight content, it is required to log in to the League website for access. 

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Alabama ACH audit forms due this week

Last week, credit unions in Alabama received notification that their ACH audit certification form needs to be completed by the end of this week. The Alabama ACH Association is asking that credit unions fill out their ACH audit certification form by Sept. 20 to stay in compliance.

The LEVERAGE Audit and Consulting staff has been in contact with the ACH Association for clarification on this compliance issue. If your credit union's ACH audit is not complete, the ACH audit certification can be filled out with the audit date on the form. Don't forget that the NACHA deadline is Dec. 31. 

A yearly ACH audit is required for credit unions that receive or originate ACH items. If your credit union still needs an ACH audit, contact a LEVERAGE Business Development Consultant to learn more about LEVERAGE's Audit and Consulting Services.

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Welcome to the LSCU family

The LSCU & Affiliates affiliation rate continues to climb each year. Currently the overall affiliate rate is 84 percent. For Alabama, the affiliation rate is 83 percent, while Florida is 85 percent. This is the highest affiliation rate the LSCU & Affiliates has achieved in four years. 

Below are our newest affialites:

  • Alabama One CU, Tuscaloosa - affiliated Sept. 1
  • Brewton Mill FCU, Brewton, AL - affiliated Aug. 1
  • Phenix Pride FCU, Phenix City, AL - affiliated Aug.1

Each credit union had not been affiliated with the League for about five years. Thank you to the many credit unions in Alabama that helped bring these credit unions back to the LSCU family. If you have a non-affiliate in your area to which you have been talking, contact LSCU VP of Cooperative Initiatives Laura Vann at 866.231.0545 ext. 2181.

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In This Issue
Tuesday's Edition
Cooperative Issues Campaign Radio ads
Washington Wire
InfoSight spotlight: remittance transfers
Alabama ACH audit forms due this week
Welcome to the LSCU family
LSCU & Affiliates Media


Leadership Development Conference
What is a leader? Credit union officials talk about what they see in a leader. The LSCU & Affiliates Leadership Development Conference will equip credit unions with the skills to lead. 

 


Audio Podcast
Alabama Telco CU VP of Marketing Stanton Davis talks to the LSCU about how his credit union has been implementing the Don't Tax My Credit Union program.

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Upcoming League Events
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
Sept. 24  Facebook Strategies for CUs
Sept. 25  Conducting the 2013 ACH Audit
Oct. 1  Advanced Bankruptcy Issues
Oct. 2  Successful Business Development
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