December 3, 2013
Tuesday Edition
LSCU to make DC visits this week

Two members of the LSCU & Affiliates, along with the League's federal contract lobbyist, will be making the rounds of lawmaker offices this week in Washington, D.C. SVP of Association Services Jared Ross and Director of Governmental Affairs in Alabama Jason Cochran will join contract lobbyist John McKechnie for two days to talk about Don't Tax My Credit Union, among other credit union issues.

As the year-end quickly approaches, this week's visits are necessary to get in before the holidays. With Sen. Max Baucus (D-MT) moving ahead by releasing some of his tax reform language, it's important for the League's lobby team to get a feel for the mood on Capitol Hill regarding tax reform. The House appears to be waiting to release any sort of language or bill until next year. What is certain is that tax reform is moving ahead, in some form. 

Ross, Cochran, and McKechnie will also talk with lawmakers about other credit union issues like supplemental capital, regulatory reform, and privacy notice legislation. eSignal Daily will have coverage of the visits this week.

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LEVERAGE welcomes Lisa Burroughs

LEVERAGE introduces Lisa Burroughs as its new senior vice president of strategy and business operations. Burroughs has spent the vast majority of her career working in credit unions. Over those 20 years, she has served as vice president of marketing, president and chief executive officer, as well as chief operations officer for credit unions ranging from $60 million to $1.3 billion in assets.

“Joining the LEVERAGE team is an exciting opportunity,” said Burroughs. “I’m looking forward to working for a league and service corporation so dedicated to helping credit unions succeed. I look forward to helping an already successful LEVERAGE as it continues to grow and ensure the company is not only meeting the needs of credit unions today, but also the future needs of credit unions.”

Prior to coming to LEVERAGE, Burroughs was the chief operations officer at the $1.3B Michigan Schools and Government Credit Union, where she spent nearly 13 years. In her time there, she worked to build and grow a sales culture that facilitated the growth and success of the credit union.

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Washington wire

What is happening on Capitol Hill this week:

  • The House is in session but the Senate is out of session.
  • CUNA will testify Wednesday before the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit at a hearing on pending regulatory relief legislation, including the CUNA-supported bill to permit privately insured credit unions to join the Federal Home Loan Bank System.
  • The House will consider a patent reform bill on which CUNA has been working with a coalition of financial services trade groups.

The Innovation Act
This week the House will consider H.R. 3309, the Innovation Act. H.R. 3309 is the patent reform bill that CUNA and the League have been working on with a coalition of financial services and other associations. The legislation includes CUNA-supported language granting the director of the Patent and Trademark Office discretionary authority to waive filing fees for Section 18 appeals – this is a procedure that a credit union or other end user would use to challenge the validity of an overly broad patent used by a patent troll. CUNA and the League are working to strengthen the language in this legislation, particularly with respect to end user indemnification and demand letter deterrence. After the Rules Committee meets to determine which amendments to the patent bill will be made in order, our coalition will determine whether to send a letter to the House regarding the bill and proposed amendments.

CFPB Mortgage Rules
Before heading out for the Thanksgiving day recess, Sen. Roger Wicker (R-MS) and 25 of his colleagues sent a CUNA-supported letter to the CFPB urging the Bureau to delay the implementation of the mortgage rules scheduled to go into effect next month.

Click here to read the complete legislative update for the week of Dec. 2.

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Filene, WOCCU request participation in survey

The Filene Research Institute and World Council of Credit Unions are asking the credit union industry around the world to participate in a survey about challenges and opportunities faced by employees and volunteers.

The survey was designed by a management professor at the University of Virginia and all responses will be kept confidential by the researchers, Filene, and WOCCU.

The survey is online. Respondents who complete it and share a valid email address will be entered for a chance to win one of 10 $50 gift cards, Filene said.

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Credit union loan growth up 2.9 percent

America’s 6,620 federally insured credit unions continued positive trends in most metrics during the third quarter of 2013, including loans, membership, and net worth, according to new data released today by the NCUA.

“Federally insured credit unions are on the right course,” NCUA Board Chairman Debbie Matz said. “The good news is we continue to see strong, positive trends in the industry. Credit unions are serving their members and investing in their communities by making the loans needed to purchase homes, buy cars and go to college. That said, smaller credit unions still face challenges in growing loan volume, generating earnings and attracting members, so NCUA must continue to provide them with needed assistance, training and support.”

Matz also cautioned that interest rate risk, particularly in rate-sensitive deposits, fixed-rate mortgages and certain investments, is something credit unions should take very seriously.

“As interest rates go up, credit unions could be caught between a rock and a hard place,” Matz said. “They have been paring expenses and reducing loan loss reserves to maintain earnings. However, as they make new loans at lower interest rates than older loans coming off their books, they have been making longer-term investments to increase yield. If credit unions haven’t planned carefully, the value of those investments could decline when rates rise.”

NCUA released the new industry figures based on Call Report data submitted to and compiled by the agency for the quarter ending Sept. 30. 

You can read the full news release on CU Insight's website.

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In This Issue
Tuesday Edition
LSCU to make DC visits this week
LEVERAGE welcomes Lisa Burroughs
Washington wire
Filene, WOCCU request participation in survey
Credit union loan growth up 2.9 percent
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. 

CUNA President/CEO Bill Cheney promotes CUNA's 2014 Governmental Affairs Conference.

Upcoming League Events
Dec. 4 Fresh Look at Robbery Preparedness
Dec. 5 Cracking Code/Risk Based Exams
Dec. 10 Managing Day to Day ACH Risk
Dec. 11 Document Security Program Info
Dec. 12 Steps to Effective Expense Control
Dec. 17 Reg E vs ACH Rules
Dec. 18 Questions Board Members Need to Ask
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