December 30, 2013
Monday Edition
President's point

I hope you have had a wonderful holiday season to this point. We still have New Year's Day this week and then we hit the ground running in 2014. The biggest news over the holidays has been the Target data breach. This breach has the potential to affect more than 40 million consumers. I know you all have been monitoring the situation and working with your members. This breach may also change the card industry as we know it.

CUNA and state leagues are asking Congress to look into the standards that are currently held for data breaches. The issue of data breaches and holding retailers more accountable when they are at fault has been a legislative priority for the LSCU at both the state and federal level. This could be the perfect storm to push lawmakers to make much needed reforms to better safeguard consumers, as well as relieve financial institutions of the financial burden of paying for someone else's mishandling of consumers data.
 
LEVERAGE Transactional Services reached out to its clients right away. We have been in contact with FIS and CO-OP daily on this situation. The League is in the process of contacting our state and federal lawmakers on this issue as well. We need to start laying the foundation to raise the standards. Major breaches like the Target breach can cost credit unions millions.
 
You can help our efforts by providing real member stories at three of our advocacy events in the first quarter. The Alabama Credit Union Association State GAC is coming up Feb. 4-5, the CUNA GAC is Feb. 23-27, and the Florida Credit Union Association State GAC is March 25-26. These are our most important grassroots advocacy events of the year. While this data breach issue remains hot, we need to communicate with lawmakers and their staff. As I have stated many times, lawmakers want to hear from you on issues am important to you and your members.
 
Pencil in these three events for your calendar. I want to stress these events are not just for CEOs. Identify someone within your management team that can be your advocacy representative. We need a strong showing at all of these events. If we want change, we need to work together.
 
Where's Patrick: To see my schedule for the next two weeks, click here.

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First Coast counties experience fall in unemployment rate

The First Coast unemployment rate has fallen below six percent for the first time since 2008, according to a University of North Florida economist.

Paul Mason reports the market survey area of Duval, St. Johns, Nassau, Baker, and Clay counties saw a sharp drop in the jobless rate in November. The figure fell to 5.86 percent last month, down from the 6.3 percent jobless figure in October.

The Duval county jobless rate is still higher than the rest of the First Coast coming in at a 6.55 percent unemployment figure for November.

The total First Coast jobless figure is lower than the Florida unemployment rate for November which is 6.4 percent, down from 6.7 percent in October. It is the lowest state unemployment rate since July of 2008.

Read more at Jacksonville.com.

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Compliance requirements in responding to the Target breach

In the wake of the Target data breach many credit unions are asking CUNA's compliance attorneys: What do federal regulations require we do?  It is important for credit unions to remember that despite the high profile nature (right before Christmas and at a very large, nationwide retailer) they will need to handle it like any other data breach.

If you need a quick refresher:
Section 748 of NCUA’s regulations requires federally insured credit unions to have a security program that contains a provision for responding to instances of unauthorized access to “sensitive” member information (privately insured CUs need similar programs). Appendix B to Part 748 (“Guidance on Response Programs for Unauthorized Access to Member Information and Member Notice”) provides credit unions with direction on how to comply.

Links to NCUA’s Section 748 regulation and Appendix B can be found in CUNA’s eGuide to Federal Laws and Regulation under our “Security Programs” topic or by clicking here.

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Register today for LSCU's second class of FiCEP training

The League and the Southeastern Credit Union Foundation are pleased to partner with the National Credit Union Foundation’s (NCUF) REAL Solutions program and CUNA to offer Credit Union Certified Financial Counselor Training (FiCEP). This unique financial counseling training program combines the affordability and convenience of a self-study program with the group hands-on learning and networking of an off-site CUNA School.

The participation benefits include:

  • Proven financial counseling skills that become part of the credit union’s culture
  • Written so anyone can offer financial counseling during member interactions
  • Certification that satisfies members’ needs as they continually look for the value of a credit union
  • Differentiates a credit union by having certified financial counselors
  • Helps members transform the way they deal with money through real-world counseling

The deadline for the 2014 class registration is Jan.10.

Click here to view more information about the program and a program schedule.

LSCU will order all the materials and distribute them to participants. You can register attendees either online or by emailing Adena Whitman with the participants’ names, titles, email addresses, and physical addresses (for mailing materials).

Need to learn more about the FiCEP program? Register for the free REAL Solutions, LSCU Financial Counselor Training Information Webinar on Wednesday, Jan. 8, at 2 p.m. CDT/3 p.m. EST. 

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Getting graphic

New Year's Day is this Wednesday. Are you ringing in 2014 with a New Year's Resolution? Find out how you compare with others in this week's infographic from Visual.ly. This week's infographic covers the percentage of people who make resolutions, what resolutions they make, and how long they keep them. Click here to check it out.

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In This Issue
Monday Edition
President's point
First Coast counties experience fall in unemployment rate
Compliance requirements in responding to the Target breach
Register today for LSCU's second class of FiCEP training
Getting graphic
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