November 22, 2013
Friday Edition
NCUA board announces zero corporate assessments

The NCUA board ruled on Thursday, during its open meeting, that it will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. Also, the National Credit Union Share Insurance Fund assessment for 2014 will be between zero and five basis points (bp).

CUNA and the League have been asking the NCUA to set the range for the TCCUSF assessment as narrow as possible, starting with zero bp. Credit unions have paid $4.8 billion in TCCUSF assessments since the fund was established.

The NCUA also will receive $1.4 billion through a settlement with JP Morgan announced this week. The settlement funds "will greatly benefit credit unions" and "will enable NCUA to greatly reduce the assessments that all credit unions have to pay," NCUA Chairman Debbie Matz said this week.

Additionally, the NCUA board adopted a final rule addressing credit union service organization (CUSO) supervision at its Thursday open board meeting. The final rule was revised from the agency's earlier proposal. CUNA says that it still has some concerns about the authority of the agency to exercise direct authority over CUSOs.

Under the proposal released in 2011, CUSOs and their subsidiaries would be required to directly file their financial statements with the NCUA, and to forward those reports to state supervisors. The final keeps those controversial provisions. However, the NCUA noted that the final rule is more limited in scope than the proposed rule: The final rule is targeted to CUSOs that engage in high-risk or complex activities such as credit lending, information technology and custody, safekeeping and investment management. The final rule will become effective on June 30. A registry for CUSOs to file their documents with the NCUA will be finalized in late 2015.

Among CUNA's concerns is that the Federal Credit Union Act does not confer authority over CUSOs to the federal credit union regulator except through the oversight of credit unions. CUNA believes that the NCUA should work with natural person credit unions that obtain services from the CUSOs to provide the financial information on CUSOs the agency needs. The agency has said that this method is inefficient and restricts its ability to conduct offsite monitoring and evaluate systemic risks posed by CUSOs.

Here is an NCUA letter that was sent to all credit unions. Read more on the CUSA rule from CUNA on its website. Here is a summary of the entire board meeting.

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Tweets of the week

Each week the League looks at the Twitterverse and chooses a few tweets that give a flavor of the conversation going on about credit unions. This week three are highlighted. 

The Filene Research Institute is great to follow. You can pick up many thought provoking articles and research from them. Here is a good way to improve social strategies through greater engagement.

Credit unions are still encouraged to post #DontTaxMyCU things on Twitter and Facebook. Alabama Credit Union, based in Tuscaloosa, posts a Don't Tax message on a regular basis.

Envision Credit Union, based in Tallahassee, shows an excellent example of using an everyday happening to illustrate why credit unions shouldn't be taxed. All credit unions are urged to post like this on a regular basis.

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CU happenings

Pen Air FCU collects toys for U.S. Marine Corps Toys for Tots Foundation
Pen Air Federal Credit Union in Pensacola is partnering with the U.S. Marine Corps to help make Christmas a little brighter for less-fortunate children throughout the community by holding a branch-wide Toys for Tots drive. All 15 Pen Air FCU branch locations will serve as drop-off sites for new, un-wrapped toy donations benefitting the Toys for Tots Foundation. Toys will be collected until Dec. 4 and will then be distributed to children throughout the community.

Suncoast Schools FCU offers credit card program
What makes Tampa-based Suncoast Schools FCU's program different is that its offered to other credit unions. Credit Cards for Members is a credit card participation program that is designed to provide credit unions with an opportunity to offer members full-service credit card services. For credit unions, the benefits include full-service administration by Suncoast Schools.


LSCU's Andy Gonzalez (left), Sen. Rene Garcia (fourth from left), along with JetStream Federal Credit Union and Tropical Financial Credit Union staff at the CU's financial literacy event, held recently, that taught members how to budget, get the best loan rates, and plan for the future by saving now. The event was presented in Spanish.

Pictured from l-r: Merrill Mann, president and CEO of APCO Employees CU in Birmingham, Cayleigh Cummings of Children’s of Alabama, and Derrick Ragland, COO of APCO Employees CU present a check of more than $26,000 to Children's of Alabama. Thanks to generous supporters of the 2013 APCO Credit Union for Kids Charity Golf Tournament.

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CU Who's Who

 
Innovations FCU in Panama City. announced that David Powell has recently joined its team as business development manager. Prior to joining the Innovations’ team, Powell was the commercial account representative for Brown & Brown Insurance and has over 15 years of experience in the financial institution industry.


Alabama Telco CU in Brimingham. announces the recent promotion of Chad Griggs as branch manager for its Colonnade location.
Griggs has been employed with Alabama Telco since 2007. Enrolled in their career development program, Griggs quickly learned the roles of each branch employee and has since spent most of his credit union career as the assistant branch manager for the Colonnade location.
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In This Issue
Friday Edition
NCUA board announces zero corporate assessments
Tweets of the week
CU happenings
CU Who's Who
LSCU & Affiliates Media


2013 Leadership Development Conference Wrap Up
Check out a wrap-up video from the Leadership Development Conference, Nov. 5-8. The video features some of the speakers and attendees. Make plans to attend next year. 

Upcoming League Events
Nov. 26 Compliance Updates/Nonresident Accts
Dec. 3 Debt Series in Collection Process
Dec. 4 Fresh Look at Robbery Preparedness
Dec. 5 Cracking Code/Risk Based Exams
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