January 7, 2014
Tuesday Edition
Alabama/Florida credit unions lending more

Credit union members in Alabama and Florida have been taking out more loans in 2013. Third quarter Call Report data shows that the 279 credit unions in Alabama and Florida grew their loan portfolios by more than $900 million. Alabama credit unions added $187 million in new loans from the second quarter to the third quarter. $8 million of those loans were to small businesses. In Florida, credit unions grew their loans by $753 million from second quarter to third quarter with $61 million coming to small businesses. For the first three quarters of 2013, Alabama has made more than $20 million in loans to small businesses, while Florida has added $142 in new small business loans.

“You can clearly see over the past three years more consumers are looking for loans,” said LSCU & Affiliates President/CEO Patrick La Pine. “Credit unions have been in a great position to help their members purchase new and used autos, as well as new homes. Member business loans have picked up over the past 10 quarters as more businesses recognize credit unions want to help them grow their business.”

Working hand-in-hand with loan growth are delinquencies and net charge offs. Florida credit unions have seen delinquencies fall 33 basis points (bp), while net charge offs fell 32 bps. Both numbers have been cut in half over the past three years. Alabama credit unions have seen delinquencies rise slightly, but net charge offs continue to fall and are right at the national credit union average at 0.57 percent.

Assets and membership are climbing in 2013. Alabama credit unions have added 38,000 new members through three quarters for a total of 1.876 million members. Florida credit unions have added 96,000 new members in 2013 for a total of 4.69 million members. Alabama’s 120 credit unions have added $512 million in new assets in 2013 for a total of $18.3 billion. Florida’s 159 credit unions have added $1.6 billion in new assets for 2013 for a total of $47.1 billion.

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Deadline for CDIP applications extended to Jan. 10

Due to inclement weather in many parts of the country, the deadline for Community Development Investment Program (CDIP) applications has been extended to Friday, Jan. 10. The original deadline was Monday, Jan. 6. 

The grants are given out by the National Federation of Community Development Credit Unions to low-income designated credit unions seeking to increase liquidity, boost net worth, mitigate risk, and launch innovative products.

All low income designated credit unions are encouraged to apply. Click here for more information.

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Washington wire

The House and the Senate return this week to begin the second session of the 113th Congress. January is usually a relatively quiet month on Capitol Hill until the president delivers the State of the Union Address. This year will be an exception as there are a number of substantial pieces of legislation that will likely be considered.

Leading the way is legislation to fund the government through the end of the fiscal year. The continuing resolution under which the government has been operating since October expires on Jan. 15. Appropriators from both chambers have been meeting privately through the inter-session recess and those meetings are expected to continue as early as Monday. It is also possible that Congress will consider conference reports on the Farm Bill and the Water Resource and Development Bill at some point in January; conferees on these bills are also said to have been meeting in the last few weeks.

A good barometer of how much Congress is going to be able to get done this year may be how these bills unfold in January. If Congress is able to complete these bills sooner rather than later, it may show there is a window open for additional measures to move this spring. However, if these bills remain bogged down, it will likely mean more of the same gridlock in this session.

Data Security
Last week, CUNA and the League sent a letter to the chairmen and ranking members of the Senate Banking Committee and the House Financial Services Committee encouraging them to hold hearings on the recent Target data breach, and its impact on consumers and financial institutions.

CUNA and the League encouraged the committees to hold hearings on this matter because they believe Congress has not done enough to make merchants liable for breaches of their data systems, and that merchants that accept debit and credit cards should be subject to the same data security standards as credit unions. Several Senators have asked the Banking Committee to investigate this matter; however, no hearings have been scheduled at this time.       

Click here to read the full legislative update. 

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ACUA State GAC hotel cutoff date extended

The deadline for the League’s hotel block has been extended to Wednesday, Jan. 15 for the ACUA State GAC. Reserve your room now to ensure your spot at this critical event. Find registration and hotel information here.

The ACUA State GAC, Feb. 4-5 at the Renaissance Montgomery Hotel & Spa in Montgomery, is packed full of valuable advocacy and regulatory information with opportunities for everyone (not just for CEOs) to learn more about advocacy and build relationships with lawmakers.

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Free FiCEP webinar Jan. 8

Attend tomorrow's free information webinar and learn more about the League's Financial Counseling Certification Program (FiCEP). 

The REAL Solutions LSCU Financial Counselor Training Information Webinar is tomorrow, Wednesday, Jan. 8 at 2 p.m. CDT/3 p.m EST. Click here to register and learn more about 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. 

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In This Issue
Tuesday Edition
Alabama/Florida credit unions lending more
Deadline for CDIP applications extended to Jan. 10
Washington wire
ACUA State GAC hotel cutoff date extended
Free FiCEP webinar Jan. 8
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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