January 6, 2014
Monday Edition
CUNA encourages CUs to take survey on Target breach

CUNA is conducting a brief survey of all CUNA/league member credit unions that offer debit and/or credit cards about the effects and costs of the recent Target data breach. The data collected by this survey will be extremely valuable as CUNA and the leagues represent credit unions to legislators, regulators, the media, and potentially the courts. This advocacy is necessary to minimize potential costs of the Target data breach, and to protect credit unions from harm from future data breaches. All affected credit unions are strongly encouraged to respond.

Credit unions may complete the survey anonymously, but you are encouraged to include your charter number so that CUNA can incorporate information from your credit union's 5300 Call Report, and also share your results with your league.

Complete the survey as soon as you have reasonable estimates of any costs to your credit union associated with the breach. Follow this link when you are ready to complete the data breach survey.

If you have any questions about the survey form, contact CUNA's Meg Jelak, at 800.356.9655, ext. 4172.

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President's point

Happy New Year! I would be remiss in not wishing both Florida State and Auburn good luck tonight in the BCS National Championship Game. What a great opportunity to have two teams from our great states represented.

Over the past few months I’ve written in this column about exciting things on the horizon for LSCU & Affiliates. This week we are announcing the expansion of LEVERAGE’s auditing and compliance consulting services. This will be a real opportunity not only in Alabama and Florida but for us to expand our footprint in the southeast.

We recently completed a deal to buy the book of business from Hiram H. Hollifield of Chattanooga, TN. Hollifield used to work for the Tennessee League and provides auditing services for approximately 100 credit unions in Tennessee. All of Hiram’s employees will now become LEVERAGE employees. We are naming our business in Tennessee the CU Audit and Compliance Group, which will be a wholly-owned subsidiary of LEVERAGE. Later on this year it is our intent to transfer all our audit and compliance services business under this new company. However, for the time being, it will just be used in Tennessee. The existing clients in Tennessee will not see anything different in their service except the address on the invoice, as well as access to additional LEVERAGE products and services.

In addition to this acquisition, LEVERAGE also recently completed a purchase of the audit business from Corporate America CU. Continuation of the audit business was not in the plans for the new management, and they thought of us first when deciding to exit the business.

What does this mean to you? The addition of the CU Audit and Compliance Group complements our already successful audit and consulting services. Credit unions in Alabama and Florida will continue to get the same great audit services that they’ve been getting. However, the CU Audit and Compliance Group can now offer opinion audits. This means that LEVERAGE can provide comprehensive audit services for every asset sized credit union. Additionally, we expect to add expanded compliance consulting under this business later in the year.

This also means that LEVERAGE will become one of the largest and most experienced audit and compliance providers for credit unions in the country. This sets us up to expand beyond where we already provide audit services: Alabama, Florida, Mississippi, and Tennessee. It also diversifies our suite of services which helps to ensure profitability for LEVERAGE. A profitable and growing LEVERAGE helps the League expand services, which in turn helps all of our member credit unions.

We’re excited for the first step for LEVERAGE in 2014. I hope all of you will consider LEVERAGE for your next audit. You can't beat their experience. All they do is work with credit unions. You can find more about our audit and compliance services at www.myleverage.com.

Where’s Patrick:. I’ll be working out of the Tallahassee office this week. We have our first management team meeting on Wednesday. Our Florida PAC Trustees have a call on Friday. To see my schedule for the next two weeks visit the LSCU Information for Credit Unions webpage.

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New issue of Signal Magazine available now

The fourth quarter issue of LSCU's Signal Magazine is now available online. Visit www.lscu.coop and click on the Publications section under the Communications tab to view the newest issue.

This issue includes articles such as:

  • Filene i3: Enriching, Rewarding, & Life Changing
  • There's a Loan for That - Credit Unions Find Their Niche
  • Overview of CFPB's New Mortgage Lending Rules
  • Are Your Employees Hearing What You Are Saying?
  • Healthcare Changes and Your Credit Union 

Click here to view trend articles, news, advocacy and regulatory information, and issues important to Alabama and Florida credit unions.

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NCUA to hold low-income webinar Jan. 15

The webinar, “Profiling Products and Services for Underserved Members,” held Jan 15 at 2 p.m. EST will include leaders from three credit unions sharing how they have developed unique offerings including second-chance loans, second-chance checking accounts, and citizenship loans.

They will also discuss “an alternative to payday loans funded with U.S. Treasury Community Development Financial Institutions Fund proceeds and value-added partnerships with municipalities and community service organizations.”

Registration is now available online. Questions can be sent in advance by clicking here.

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Getting graphic

View 2014's marketing trends and tips from experts across the web. This week's inforgraphic from Visual.ly covers everything from social media to search engine marketing. Additionally, it features a few key things to focus on in 2014: local content, mobile, and more.

Check it out today! Click here to view the 2014 Search Marketing Trends & Tips infographic.

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In This Issue
Monday Edition
CUNA encourages CUs to take survey on Target breach
President's point
New issue of Signal Magazine available now
NCUA to hold low-income webinar Jan. 15
Getting graphic
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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