September 20, 2013
Friday's Edition
Feds, Merchants get quick expedited answer from judge

The Federal Reserve and the merchant plaintiffs in the NACS v. Board of Governors of the Federal Reserve System interchange case filed jointly a motion to expedite action in the case on Thursday. Within hours, the judge granted the motion. The Fed now has until Oct. 21 to file its brief.

Each party is asking the D.C. Circuit court to move quickly on the Fed's appeal that attempts to overturn a lower court ruling that the regulator's implementation of the Dodd-Frank Act debit card interchange fee was faulty and should be scrapped. In the emergency motion the merchants assert that every day that the existing final rule is left in place potentially causes merchants "irreparable injury" because the cap is too high.
 
The Fed argues that expedited treatment is necessary because to vacate the existing rule before a resolution of the appeal "would eliminate the existing regulatory limits on the amount of fees that merchants can be required to pay in connection with each debit card transaction subject to the rule and thus allow the unrestrained imposition of fees by card networks and issuers on the businesses that accept debit cards--precisely the practice that the statute sought to prevent." 

The Fed said it could not adopt an interim regulation while the appeal is pending without mooting the appeal. A decision is expected soon from the district judge regarding whether he will leave the stay in place throughout the appeal. The judge originally ruled against the Fed in late July.

Visit CUNA News Now for a complete report on the appeal process. 

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League's CUNA GAC room block open

Registration for the 2014 CUNA GAC officially opened on Sept. 19. The room block for Alabama and Florida credit unions through the LSCU & Affiliates is also open. The League's room block is once again at the Grand Hyatt Washington, D.C. This is a central location to events at the Washington Convention Center, the Renaissance Hotel, and functions at the Grand Hyatt. Plus, it's a short cab ride to the Capitol. 

Credit unions are urged to reserve their room or rooms as soon as possible. A $275 deposit is required for each room. Visit the LSCU CUNA GAC Resources page to reserve your room.

Once you have reserved your room, go ahead and register for the CUNA GAC. The CUNA GAC is one of the premier credit union conferences in the country. It is important that Alabama and Florida credit unions attend. A strong showing during the week goes a long way with lawmakers. More information on the LSCU receptions, speakers, and events will be coming soon.

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Florida special election coming in October

The state of Florida will hold a special election on Oct. 15. Presbyterian Minister Bill Gunter has won the Republican nomination for House District 36. The special election primary, which took place Tuesday, set the stage for Gunter to take on Democrat Amanda Murphy, an investment advisor with Raymond James.

The winner of the October special election will replace former Rep. Mike Fasano (R-Port Richey) who resigned earlier this summer when he was appointed tax collector for Pasco County. Fasano has refused to endorse a candidate to replace him.

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Tweet(s) of the week

DuPont Goodrich FCU, based in Texas, continued to push out Don't Tax My Credit Union messages.

Credit unions across the country wore jeans on Wednesday. Many were recognized by the Children's Miracle Network. Click the picture to see if your credit union was featured.

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Credit union happenings

Here are some of the major happenings and upcoming events at credit unions and chapters across Alabama and Florida.

  • The Broward Chapter golf tournament is Friday Oct. 11. The tournament is played in memory of Bill Marquardt, the former CEO of City County CU, who passed away from cancer. This year the tournament will benefit the American Cancer Society, Children’s Miracle Network, and the Southeastern Credit Union Foundation. 
  • Alabama Telco CU, based in Birmingham, was recently awarded a 5-Star Rating from Bauer Financial for the 21st straight quarter. 
  • CFE FCU, based in Lake Mary, FL, was presented a first place award for its Louise Herring Philosophy in Action entry and second for its Dora Maxwell Social Responsibility Community Service entry.


CFE FCU's Kevin Dougherty, Robert Kindermann, Suzanne Dusch, and Joe Melbourne accept the awards.

  • Two credit unions celebrated new branch openings:

Jefferson Credit Union, based in Birmingham, opened a new branch in Hoover. It features an open lobby and remote tellers.


Five Star Credit Union, based in Dothan, recently held a grand re-opening of its main office in Dothan. 


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In This Issue
Friday's Edition
Feds, Merchants get quick expedited answer from judge
League's CUNA GAC room block open
Florida special election coming in October
Tweet(s) of the week
Credit union happenings
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.

ePoll
Do you think Congress will include the credit union tax exemption in comprehensive tax reform?
Yes
No
Upcoming League Events
Sept. 24  Facebook Strategies for CUs
Sept. 25  Conducting the 2013 ACH Audit
Oct. 1  Advanced Bankruptcy Issues
Oct. 2  Successful Business Development
Oct. 8 Collections and Bankruptcy School - Orlando
Oct. 9 Strategic Plan Years
Oct.9 Collections and Bankruptcy School - Orlando
Oct. 9 What to Keep/What to Destroy/What Holds Up in Court
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