October 24, 2013
Thursday Edition
Cheney, La Pine visit Tuscaloosa and Montgomery

The second day of the Alabama credit union visits for LSCU & Affiliates President/CEO Patrick La Pine and CUNA President/CEO Bill Cheney took them to Tuscaloosa and Montgomery. Credit unions heard a good presentation from Cheney but more importantly engaged him with quality questions while providing feedback on issues.

In Tuscaloosa, about 20 credit union CEOs and executives met with La Pine and Cheney at Alabama Credit Union. The lunch meeting featured many questions for Cheney. He said that the CUNA national examination survey would be open again. He also said forging relationships with the examiners is key. He was asked about the Consumer Financial Protection Bureau's (CFPB) stance on mortgage loans. Cheney said that the CFPB had the authority to exempt by class or asset size. He said CUNA is working to ensure they provide the exemption that is needed. 

In Montgomery, a handful of credit unions met with Cheney and La Pine. Cheney made a similar presentation. He told the credit unions that the tax exemption is CUNA's top priority; same as the League. He once again emphasized that the credit union tax exemption would only keep the government open for 90 minutes. He also discussed privacy notices and the potential changes coming. 

See more pictures from the trip on the LSCU Facebook page.

La Pine and Cheney will meet with a few individual credit unions today before moving on to Mobile on Thursday and then Pensacola on Friday. If you would like to attend either of those, contact LSCU VP of Cooperative Initiatives Laura Vann at 866.231.0545 ext. 2181.

Cheney, La Pine, and Guardian CU CEO Heath Harrell before the Montgomery Chapter meeting.

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NCUA adds diversity briefing to agenda

The NCUA has added a new item to today's open board meeting: agency staff will brief the board on a proposed interagency policy statement addressing joint diversity standards for regulated entities.

Early last year, the NCUA said it and other regulators would soon begin reviewing diversity policies and practices of the institutions they regulate. CUNA and state leagues have stressed that NCUA must do all it can to minimize any new reporting or compliance requirements that new standards could impose on credit unions.

Other items on the NCUA open board meeting agenda include:

  •     A plan to require yearly stress tests at credit unions with assets exceeding $10 billion
  •     A final rule on liquidity contingency plans
  •     A board briefing on an interagency rule on loans in areas with special flood hazards
  •     The quarterly National Credit Union Share Insurance Fund report
  •     A final rule on electronic filing of financial reports

Click here to read the full proposal. Today's open meeting is scheduled to begin at 10 a.m. (ET). Two requests made under the Federal Credit Union Act are on the closed board meeting agenda, which will follow the open meeting.

Click here for the full NCUA agenda

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2013 LSCU Broward & Southernmost Chapter Golf Tournament is a success

This year's LSCU Broward & Southernmost Chapter Golf Tournament proved to be a huge success raising more than $37,000 for its benefiting charities.The funds will be divided as designated below:

  • $15,000 to American Cancer Society
  • $11,000 to LSCU Foundation
  • $11,000 to Children's Miracle Network, plus they will receive an additional $10,000 for the CO-OP match program totaling $21,000

Event organizers wish to thank all those who participated in this year's tournament.

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Cosby wins FHLBank of Atlanta board seat

The Federal Home Loan Bank of Atlanta is filling two board seats this year. The bank had open seats in the District of Columbia and Alabama. With nominations now closed, the Alabama seat went to Travis "Tra" Cosby, III. He was the only nominee for the Alabama member directorship.

Cosby is chairman of the board for First Community Bank of Central Alabama, Wetumpka, AL. His term will begin Jan. 1, 2014. The FHLBank of Atlanta has nearly 20 credit union members from Alabama.

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In This Issue
Thursday Edition
Cheney, La Pine visit Tuscaloosa and Montgomery
NCUA adds diversity briefing to agenda
2013 LSCU Broward & Southernmost Chapter Golf Tournament is a success
Cosby wins FHLBank of Atlanta board seat
LSCU & Affiliates Media

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Upcoming League Events
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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