October 16, 2013
Wednesday Edition
Comment today on proposed mortgage rule

The Department of Housing and Urban Development (HUD) is required under the Dodd-Frank Act to issue its own qualified mortgage rule. This will be a separate rule from the one the Consumer Financial Protection Bureau (CFPB) is working on.

For its Title II mortgages, HUD proposes to define “qualified mortgage” with a safe harbor and a rebuttable presumption of compliance, but these two terms will be defined differently than the safe harbor and rebuttable presumption terms as defined under the CFPB’s qualified mortgage rule. There are a number of other differences in the two rules.

HUD plans to finalize its qualified mortgage rule and have it become effective on the same date as the CFPB’s rule on Jan. 10, 2014. CUNA has an easy way for credit unions to offer a comment. Visit the CUNA Comment Call section of the website. Click through the pages and offer your opinion. You have until Oct. 30 to submit a comment to HUD.

If you have any questions, contact LSCU Director of Compliance Scott Morris at 866.231.0545 ext. 2165.  

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Eye on Alabama

State Sen. Slade Blackwell not running for Congress
With the recent announcement that Rep.Spencer Bachus (R-AL) will not be seeking re-election in 2014, many have been speculating about who will jump into the race to fill his shoes. Last week State Sen. Cam Ward (R-Alabaster) and State Rep. Jack Williams (R-Vestavia) said they would not be running and instead will seek re-election to their current elected positions. Another name can be added to the list, State Sen. Slade Blackwell (R-Mountain Brook). He was considered a legitimate contender for the seat and would have been able to fund a lot of the campaign on his own. However, he announced that after much thought, he would run for re-election to the state Senate in 2014.

Polizos and Meadows in Run-Off for HD 74
In the special election to replace former State Rep. Jay Love (R-Montgomery), Montgomery County Commissioner Dimitri Polizos, and former Montgomery School Board President Charlotte Meadows will face each other in the Republican Party Primary Run-Off on Nov. 10. Neither was able to receive more than 50 percent of the vote in the primary with Polizos collecting 45.9 percent of the vote and Meadows garnering 32.1 percent, third place finisher Heather Sellers received 22 percent.

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Florida Capitol Report

With two committee weeks under their belts, Florida lawmakers sitting on the Senate Banking & Insurance and the House Insurance & Banking committees have been taking a close look at how the housing market in the state is fairing. The Florida Hardest Hit Principal Reduction Program was overwhelmed when it opened. There is also a very real threat that flood insurance rates could skyrocket, and advocacy groups such as the LSCU are calling for legislative action.

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NCUA has record-breaking food bank contributions

The NCUA staff had a record breaking year when it came to donating food to the Feds Feed Families food drive. More than 18,000 residents in the Washington metropolitan area will have a meal that they might have missed because the NCUA donated more than 22,000 pounds of food. 

“This year’s charity drive was nothing short of amazing,” NCUA Board Chairman Debbie Matz said. “In a time when food banks are reporting historically high levels of requests for help, NCUA staff responded to the need energetically and creatively. It’s a great feeling to know we’ve really helped alleviate hunger in the greater Washington area.”

NCUA’s 2013 donation is 961 percent larger than the agency’s contribution for the previous year. Several NCUA office directors offered to match staff contributions by as much as four to one. Some agency offices also focused on particular kinds of donations, such as organic food, ethnic food or food for young children.

The 22,068 pounds donated works out to 66 pounds per employee in NCUA’s central office. NCUA’s Director of Public and Congressional Affairs Todd M. Harper led the agency in donations, personally giving more than 4,000 pounds of food. In all, 18 NCUA employees reached donation levels that qualified them for the Feds Feed Families Hall of Fame.

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Island paint party - at this year's LDC

Guests of the Leadership Development Conference, be sure to attend the Island Paint Party & Lunch at Doc's, Thursday, Nov. 7.

The Island Paint Party instructor will show participants step-by-step how to paint the picture of their choice. The studio supplies the paint, brushes, canvases, materials, and aprons. Participants supply the fun and will leave with a masterpiece, memories, and bragging rights! After the private paint party, enjoy lunch next door at Doc's Seafood Shack. Once guests return to the conference, their paintings will be showcased at the Exhibit Hall Island Art Showcase event!

*Separate fee required.

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In This Issue
Wednesday Edition
Comment today on proposed mortgage rule
Eye on Alabama
Florida Capitol Report
NCUA has record-breaking food bank contributions
Island paint party - at this year's LDC
LSCU & Affiliates Media


CUDE Training - Register for 2014

Credit unions discuss what CUDE training has meant to them. LSCU & Affiliates President/CEO Patrick La Pine is one of the featured interviews. Visit the NCUF's website to register for 2014 training. 

 
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. 22 Healthcare Reform Update
Oct. 23 Adverse Action What to Do/When to Do It
Oct. 24 HMDA/Effective Fair Lending
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