October 29, 2013
Tuesday Edition
CUNA continues tax status advocacy

The comprehensive tax reform discussion can literally take place any week now. With that in mind, CUNA continues to take meetings with high level departments in Washington, D.C. CUNA CEO Bill Cheney and senior CUNA staff met last week with the National Economic Council (NEC) Special Assistant to the President Jason Miller and NEC staff member Brett Taxin.

The meeting was to ensure the administration continues to be aware of significant credit union issues and concerns, which include the:

  • Critical and continued need for the credit union tax exemption
  • Growing and immediate need for regulatory relief
  • Impact that access to supplementary capital for all credit unions could have on the ability of credit unions to serve their members and communities.

“I feel we had a very good opportunity to reinforce how imperative the tax exemption is for credit unions, as well as raise a range of other issues that are critical for the credit union system,” Cheney said.

CUNA discussed the role of credit unions and the scope of their involvement in supplying credit to small businesses. Also last week, CUNA met with the U.S. Treasury discussing the same topics. 

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Washington wire

Congress eases back into business with a short legislative week. Committee hearings on deck this week will focus on CFPB, Housing Finance Reform, and the budget. Plus, the Capito letter to CFPB regarding Dodd-Frank Act Mortgage Rules is supported by CUNA.

Dodd-Frank Act Mortgage Rules
Be aware that House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito (R-WV) is circulating a sign-on letter to Members of the House of Representatives urging the CFPB to delay the implementation of the Dodd-Frank Act mortgage regulations. CUNA supports this letter; in fact, CUNA reached out to the committee during the shutdown to encourage them to pursue legislation on this matter. More than 50 members have agreed to sign the letter as of last week, more are expected to join in the coming days. If the letter does not receive a positive response from the CFPB, CUNA will continue to encourage Congress to enact a legislative remedy.

Regulatory relief legislation
CUNA continues to encourage Congress to consider legislation to reduce credit unions’ regulatory burden. The House Financial Services Committee is holding a hearing this week on several bills to reform the CFPB; CUNA intends to send a letter to the Committee later today outlining our views on these bills. In addition, CUNA continues to have discussions on the House side regarding single-issue bills that might be able to move through the Committee and the chamber with little controversy. There seems to be a willingness to try to move such legislation before the end of the year, and CUNA will continue to work with Chairman Hensarling, Ranking Member Waters and others on this. On the Senate side, it is hopeful that the privacy notification bill that passed the House in September will be considered in the coming weeks.

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InfoSight spotlight: Facebook security

Social networking sites, such as Facebook, are popular—and it is likely that some of your employees use them. While your employees probably are not using these sites at work, it is worth examining the downfalls of such sites. For example, if an employee identifies his or her workplace on Facebook, then his or her comments can be seen as a reflection on your organization.

Primarily Facebook is a business and its job is to make money. Web security experts believe most users of this social networking site have no idea how their activities on the site are being used in the marketplace.

The Facebook Security topic on the Security channel of InfoSight examines the pitfalls of Facebook, including:

  •     Users’ information is being shared with third parties.
  •     Facebook ads may contain malware.
  •     Scammers are creating fake profiles.

Review the Facebook Security topic to read about these and other pitfalls—and learn some actions you and your colleagues can take to keep your information safe.

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Register today for CUDE training in January

The National Credit Union Foundation (NCUF) has three Development Education (DE) trainings scheduled for 2014. The first takes place Jan. 22-29, 2014, in Chapel Hill, N.C. This is a great opportunity for east coast credit unions.

The next two trainings will be held April 23-30, 2014, and Sept. 10-17, 2014, in Madison, WI. Registration is open for all three trainings Registration includes seven nights of single-room lodging, as well as all training materials and meals.

“DE Training usually fills up months ahead of time and the upcoming January program is already more than half full,” said Lois Kitsch, NCUF’s national program director. “Be sure to register as soon as you can to ensure your spot at this unique and transformative credit union training."

Visit the NCUF's website to register for January's session or one of the other sessions later in the year.  Stop by the NCUF's YouTube channel to view a testimonial video from recent graduates.

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In This Issue
Tuesday Edition
CUNA continues tax status advocacy
Washington wire
InfoSight spotlight: Facebook security
Register today for CUDE training in January
LSCU & Affiliates Media

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Upcoming League Events
Oct. 30 Checklists and Reporting
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Nov. 5 Civil Money Penalties/Examiners Findings
Nov. 6 Call Reports-What to Look For & Why
Nov. 7 POAs, Businesses, Trusts & More
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