October 18, 2013
Friday Edition
16,000 more postcards head to DC

Lawmakers in Washington, D.C. continue to hear from Alabama and Florida credit unions on Don't Tax My Credit Union. The message is reaching the lawmakers through various channels including the LSCU postcard campaign.

On Thursday, the League sent an additional 16,000 postcards to Washington. This makes more than 56,000 that have been delivered or more than half of the 110,000 postcards that were printed. The offices are impressed each time the postcards arrive, but the work is not done. 

Credit unions are encouraged to keep sending in their postcards. The League would like them by the end of October. This gives enough time to process and still get them to the offices either in Washington, D.C. or back in their Alabama and Florida offices.

If you have any questions about the postcards, contact LSCU Governmental Affairs Specialist Jordan Burroughs at 866.231.0545 ext. 1008.

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CUNA preps CUs for Oct. 28 Remittance Rule Reckoning

As the Oct. 28 effective date for new remittance transfer regulations approaches, CUNA is reminding credit unions of how the coming regulatory changes could impact their daily business, and how they can prepare for the changes.

Under the final Consumer Financial Protection Bureau rule, remittance transfer providers are required to provide prepayment and receipt disclosures to the consumer sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.

In a recent CUNA CompBlog post, Valerie Moss, senior director of compliance analysis, noted that two types of credit unions have reached out to CUNA with questions regarding the rule: Credit unions that provide remittance transfers "in the normal course of business" and are working on implementation issues, and credit unions that only provide international money transfers occasionally as an accommodation to members.

Both groups, Moss wrote, have one thing in common: They need to determine what is and is not a remittance transfer under subpart B of Regulation E--the electronic funds transfer rule.

Credit unions that provide remittance transfers in the "normal course of business" will be considered "remittance transfer providers," and will need to comply with the remittance rule requirements.

Credit unions that qualify for this safe harbor are exempt from the rule. 

Click here to read the complete CUNA story.

Click here to read the complete CUNA CompBlog post.

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Tweets of the Week

Each week the League takes a look at Twitter and brings you some of the flavor of the social media channel. This week International Credit Union Day dominated Twitter feeds across the world.

Credit Union Savvy is an idea sharing resource from Third Degree Advertising.

Twitter picture from London Mutual Credit Union in Britain. This credit union has been operating since 1982 in the Southwark area of London. It is the largest credit union in London.

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Credit unions happenings

Inaugural meeting of the Florida Sister Society
Wednesday, Oct. 23, 11:00 a.m. to 2:00 p.m. at PSCU, 560 Carillon Parkway, St. Petersburg, FL 33716

You are invited to attend the Global Women’s Leadership Network Sister Society meeting in Florida. The Network advances credit union women in leadership by providing access to a global community of credit union leaders dedicated to advising each other and expanding the impact of credit unions worldwide. 

Bring a friend, business partner, or colleague to learn about this initiative. Lunch will be provided. There is no cost to attend.

RSVP to confirm your participation today, Friday, Oct. 18, by sending an email to CUwomen@woccu.org.

Community South Credit Union ad gets Emmy Nomination
The Suncoast Chapter of National Academy of Television Arts & Sciences announced the annual Emmy nominations on Oct. 9. Included on the prestigious list of nominees in the “Commercial” category was Community South Credit Union's 90-second video titled “Fish for the Future.” Click here to watch the nominated video.

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Photos from you

America's First FCU in Birmingham hosted its annual America's First Charity Open golf tournament on Sept. 23, at the Pine Tree Country Club in Irondale, Ala. Proceeds from the charity tournament benefited the Juvenile Diabetes Research Foundation (JDRF).

Robbery training was held at the new My Healthcare FCU branch in Gainesville on Oct. 3.  Pasco County Sheriff's Office facilitated the training attended by 20 local Gainesville credit unions.

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In This Issue
Friday Edition
16,000 more postcards head to DC
CUNA preps CUs for Oct. 28 Remittance Rule Reckoning
Tweets of the Week
Credit unions happenings
Photos from you
LSCU & Affiliates Media

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Did your credit union celebrate International Credit Union Day?
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
Oct. 29 Risk Factors in Loan Portfolios
Oct. 30 Checklists and Reporting
Nov. 5-8 Leadership Development Conference
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