January 3, 2014
Friday Edition
Alabama State Employees Credit Union sues Target

The fallout from the Target data breach took a different turn this week as Alabama State Employees Credit Union, based in Montgomery, filed a class action lawsuit. According to the CU Journal, the lawsuit appears to be the first by a financial institution. Alabama State Employees lawsuit seeks compensation for financial losses from defrauded deposits, along with costs from closing accounts, reissuing new checks, debit and credit cards. 

"Credit unions will stand in the shoes of all the financial institutions that have incurred losses," Wilson Daniel Miles, III, an attorney at Beasley Allen Crown Methvin Portis & Miles PC, told Credit Union Journal. "We will clean up the mess that Target caused."

This is the second class action filed against Target by this firm. They also filed a class action suit Dec. 20 on behalf of consumers whose credit and debit card information was compromised at Target stores. Under Alabama law, ASECU must initially ask for a minimum of $5 million in damages, but Miles expects the final figure to be in the "hundreds of millions of dollars" after other financial services firms join the class action.

Read the full CU Journal story here.

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Suncoast Schools Federal Credit Union becomes Florida chartered institution

On Dec. 31 Suncoast Schools Federal Credit Union converted to Suncoast Credit Union and is now a Florida state-chartered credit union. With $5.5 billion in assets, Suncoast Credit Union becomes the largest financial institution regulated by the State of Florida. 

Suncoast Credit Union is located in Tampa, Fla. and currently serves approximately 565,000 members. Upon conversion, the field of membership for Suncoast Credit Union will include Charlotte, Citrus, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, Sarasota, and Sumter counties.  

Suncoast Credit Union joins 71 other state-charted credit unions that are regulated by the State of Florida.

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Participation in Sprint program pays off for area credit unions

Through the month of December credit unions who participated in the Sprint Member Discount program got something special in their stocking...a check!

Throughout December LEVERAGE Business Development Consultants and CU Solutions Group National Business Consultant Leslie Norush distributed earned income checks to area credit unions who participated in the program. To see who earned non-interest income with the Sprint Member Discount program in 2013 click here

In 2013, 145 credit unions in Florida and Alabama participated in the Sprint Member Discount program, receiving more than $750,000 in additional non-interest income.

Additionally, due to the marketing efforts of credit unions across the country, more than 1.16 million members are currently taking advantage of the Sprint discount and have saved more than $325 million simply because they are a credit union member.

The best part of the Sprint Member Discount program is that it requires little effort for your staff, no renewal fee, and, even better, it adds value to your existing membership enhancement programs.

If your credit union wants an easy way to earn additional income, contact a LEVERAGE Business Development Consultant.

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CU happenings

Guardian Credit Union gives back to its members this holiday season
As a way to say “thank you” to its members for their relationships and business over the past year, Guardian Credit Union in Montgomery, Ala. gave back $785,000 this holiday season in the form of interest rebates and dividend bonuses. This rebate was possible due to Guardian Credit Union's positive financial results throughout the year, which is largely based on member relationships and their loyalty.

JetStream Federal Credit Union helps the children of His House
Employees of JetStream FCU in Miami Lakes, Fla. donated a variety of gift cards, toys, toiletries, clothing, baby items, and food to the disadvantaged children and youth of His House Children's Home this holiday season. His House Children’s Home is a private, non-profit, faith-based organization dedicated to restoring the joy in the lives of children from newborn to 18 years of age, and those who have transitioned out of the foster care system.

Pen Air Federal Credit Union partners with Corry Station CPOA for 5K Run
Pen Air FCU and the Corry Station Chief Petty Officers Association (CPOA) partnered to host the third annual Crime Stoppers 5K Run in memory of Tyler Jefferson Dec. 7 at Corry Station in Pensacola, Fla.. Jefferson, an 18-year old Navy sailor, was found murdered near the gates of Corry Station on November 12, 2009. Previous races have helped raise Crime Stoppers reward money for the capture of the criminals responsible for Jefferson’s death. All proceeds from this year’s run will be donated to Gulf Coast Crime Stoppers.

Tallahassee Chapter 2013 Holiday Dinner

At the 2013 Tallahassee Chapter Holiday Dinner, Andy Gonzales, LSCU & Affiliates grassroots & political action coordinator, accepts a check for $5,000 for CUPAC.

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In This Issue
Friday Edition
Alabama State Employees Credit Union sues Target
Suncoast Schools Federal Credit Union becomes Florida chartered institution
Participation in Sprint program pays off for area credit unions
CU happenings
LSCU & Affiliates Media

President's Quarterly Report
LSCU & Affiliates President/CEO Patrick La Pine looks at the League's activities for the fourth quarter which includes an office move in Tallahassee, a new LEVERAGE hire and an update on tax reform.

NCUA Economic Update - December 2013
Fourth-quarter economic trends show positive signs of a stronger economy, but expected changes in the interest rate environment will present challenges to future credit union performance, according to a new economic video analysis released by the National Credit Union Administration.

Upcoming League Events
Jan. 8 Managing E-Sign/Statements/Disclosures
Jan. 9 Dormant Accounts/Unclaimed Property
Jan. 14 Real Estate Collections/CFPB Servicing
Jan. 15 IRA & HSA Review - DOMA Implications
Jan. 16 Fee Income 2014 Challenges-Issues
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