October 7, 2013
Monday Edition
President's point

The government shutdown is dominating the headlines; its effects are deep across the country. As it enters its second week, no movement looks imminent. House Speaker John Boehner said on Sunday that Democrats need to negotiate before a bill can be passed. So, we may be looking at another week of shutdown and political posturing. However, the shutdown is an opportunity for credit unions to help their members while demonstrating the “People Helping People" Philosophy.

Just like the sequestration earlier this year, many credit unions jumped right in to help those affected. CUNA EVP of Strategic Communications and Engagement Paul Gentile said last week that national reporters have called him and told him they’ve been impressed with how quickly credit unions have begun helping members affected. They said it was much faster than banks.

Across Alabama and Florida, many credit unions are already being recognized by the media. Tyndall FCU in Panama City was recently on WJHG TV station talking about their low interest personal loans and skip a payment program. Redstone FCU was in the Huntsville Times last week as its financial counseling and low interest loan product were highlighted. The Credit Union Times profiled a number of credit unions helping federal workers, including VyStar Credit Union in Jacksonville. Federal workers' direct deposits were processed like VyStar had received payment from the government. It is prepared to do that again on Oct. 15.

These are but three examples of what all of you are doing right now. By pushing out these examples to the media, credit unions are showing that they truly care about their members and want to do what they can to help. The more people that see it, the more they appreciate the difference between credit unions and banks. Don’t forget, lawmakers see these good works stories and it impacts them as well. During this tax reform fight, these types of stories are invaluable. For some, it has not been in your nature to publicize the good things you do for your membership. I urge you to let the media know what you’re doing, and why.

The League would also like to know how you are helping federal workers. We’ll help push it out to the media, as well as lawmakers. 

Where’s Patrick: This will be a split week between Tallahassee, Orlando, and Jacksonville. I’ll be attending the CMN Celebration in Orlando on Tuesday and Wednesday. This includes a CU4Kids Advisory board meeting. From there, I’ll be traveling to Jacksonville to speak at the Northeast Florida Chapter meeting. To see my entire schedule for the next two weeks, click here.

Check out the President's Quarterly video in the LSCU Video Room.

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Ross supports CU tax exemption

Even though the government shutdown is what everyone is talking about across the country, tax reform is still on the front burner for lawmakers. Once the government is back up and running and the debt ceiling begins being discussed, tax reform could heat up. 

It's important that the Alabama and Florida members of Congress understand the credit union tax exemption and support it. Last week Rep. Dennis Ross (R-FL) issued a statement of support for credit unions.   

“In Florida and across the nation, credit unions have historically served communities by providing their members with quality, affordable financial products. I welcome opportunities to ease the regulatory burden and support the tax-exempt status of traditional, community-based credit unions so that they may continue to help  American families and small businesses realize their financial goals,” said Rep. Ross. 

Rep. Ross joins Rep. Steve Southerland (R-FL) in publicly supporting the credit union tax exemption.

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League's 2014 proposed legislative agendas

Since session ended this year, the League has been preparing for the 2014 Legislative Sessions in Montgomery and Tallahassee. The League continues to talk to leadership in both states about the upcoming sessions and setting the stage for the issues it will advocate for.

LSCU's 2014 proposed agendas include a wide range of items, some defensive and some proactive, but all are important to credit unions. The draft issues agendas give some background information and states the League's position on each item. While this agenda is based on known or anticipated issues, there is always the possibility that changing circumstances may require the League to take action on an issue not found on the proposed agendas.

The agendas will be discussed and possibly modified by the League's Governmental Affairs Committee at its November meeting and then considered for final approval by the League board of directors at its December meeting.

The League values input from Alabama and Florida credit unions to help ensure it provides the best representation of the advocacy priorities of credit unions. Take some time to read through the Alabama Issues Agenda and Florida Issues Agenda. While looking them over, consider:

  • Does the agenda include the right issues?
  • Are there others that you would like to see added?
  • Is the League’s position on each the correct one?
  • What arguments might help bolster the League’s position on each?

Share your thoughts and comments with LSCU SVP, Association Services Jared Ross, 800.231.0545, ext. 1012. Send all comments by October 25, 2013.

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Huge data breach at Adobe

Credit unions need to keep their eye on the massive Adobe breach that was announced on Friday. Hackers may have gotten credit card information on 2.9 million customers, as well as source code from Adobe. The credit card aspect could be troublesome for credit unions that subscribe to the Adobe Creative Cloud and pay monthly.

The broader problem could be the stealing of the Adobe source code. It is important that credit unions keep their Adobe products updated and download patches, when available. Something you might not think about is that one computer is infected, it spider webs out to other computers downloading infected Adobe files. The CU Times has a story with greater detail. 

One way to help combat the hackers is to change any passwords you have that is also used by Adobe. Plus, Adobe says U.S. customers whose information was compromised will be offered the option of enrolling in a one-year complimentary credit monitoring membership where available.

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Getting graphic

More consumers digest their information in small bites. Within the past year, infographics have become popular methods to convey large pieces of data.

Visual.ly has a great infographic, Shutdowns & Stocks, that takes a detailed look at how the S&P 500 performed before, during, and after the last 17 U.S. government shutdowns.

Click here to view the entire "Shutdowns & Stocks" infographic.

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In This Issue
Monday Edition
President's point
Ross supports CU tax exemption
League's 2014 proposed legislative agendas
Huge data breach at Adobe
Getting graphic
LSCU & Affiliates Media


La Pine and Cheney to Visit Alabama Credit Unions

In late October, LSCU & Affiliates CEO Patrick La Pine and CUNA CEO Bill Cheney will make a number of visits across Alabama to listen to credit unions and talk about issues.

 

President's Quarterly Video

LSCU & Affiliates President/CEO Patrick La Pine discusses third quarter happenings at the League and looks ahead to the fourth quarter. 

Upcoming League Events
Oct. 9 Strategic Plan Years
Oct. 9 What to Keep/What to Destroy/What Holds Up in Court
Oct. 15 IRA Essentials & Beyond Essentials
Oct. 16 IRA Essentials & Beyond Essentials
Oct. 16 BSA Training Muscle Shoals AM
Oct. 16 BSA Training Muscle Shoals PM
Oct. 16 Compliance Risks/Best Practices
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