January 21, 2014
Tuesday Edition
Appeals court to closely examine lower court interchange ruling

U.S. Court of Appeals for the District of Columbia Circuit Judges David Tatel, Harry Edwards, and Stephen Williams asked questions at oral arguments on Friday that cast doubt that they will fall in line with a lower court ruling that sought to overturn the Federal Reserve's debit interchange fee cap regulations.

The case is known as NACS, et al. v. Board of Governors of the Federal Reserve System. Based on questions asked of counsel arguing at the hearing, the judges seemed inclined to take a much harder look at U.S. District Court for the District of Columbia Judge Richard Leon's July decision to strike down the Fed's interchange fee cap, CUNA regulatory staff said. Leon last year put a stay on his decision, pending the outcome of the case.

Click here to read the full article at CUNA News Now.

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InfoSight spotlight: Truth in Lending (Regulation Z)

The Truth in Lending topics in the Loans and Leasing Channel have been updated to reflect the recent changes to Regulation Z.

There are seven subparts to Regulation Z:

    1. Subpart A - General Provisions define exemptions to Regulation Z and provides an extensive definition of finance charge
    2. Subpart B - Defines the Regulation Z requirements for open-end loans, those loans without defined end dates in the loan agreement
    3. Subpart C - Defines the Regulation Z requirements for closed-end loans, those loans with defined end dates in the loan agreement
    4. Subpart D - Miscellaneous
    5. Subpart E - Special rules for certain home mortgage transactions
    6. Subpart F - Special rules for private education loans
    7. Subpart G - Special rules applicable to credit card accounts and open-end credit offered to college students


    For additional information to help your credit union stay in compliance, visit the Truth in Lending topics on the Loans and Leasing channel of InfoSight on the LSCU website. Be sure to login to the website before clicking on the InfoSight tab.

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    Deadline approaching for NCUF Wegner Awards dinner, tickets, & sponsorships

    Credit union leaders and supporters only have a few weeks left to purchase their sponsorships and tickets for the National Credit Union Foundation Dinner Presenting the Herb Wegner Memorial Awards. The 26th annual dinner will take place on Feb. 24, in conjunction with the CUNA GAC in Washington, D.C.

    Sponsorships and tickets are available online or by mail. The deadline to purchase tickets is Feb. 1.  

    The awards ceremony celebrates the highest national honors in the credit union movement. The 2014 honorees are:

    • Lifetime Achievement: Gary Oakland, retired president/CEO of BECU
    • Lifetime Achievement: Jim McCormack, retired president/CEO of Pennsylvania Credit Union Association
    • Lifetime Achievement: Tim Haegelin, retired president/CEO of Generations FCU
    • Individual Achievement: Sarah Canepa Bang, president/COO of CO-OP Shared Branching - FSCC, LLC and chief strategy officer of CO-OP Shared Branching

    Whether attending the dinner or not, members of the credit union movement and other affiliated organizations also have the opportunity to recognize and congratulate award winners through a congratulatory message to be shown on the video screens during dinner.

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    Donations made easy with CO-OP charitable contribution option

    It has never been easier to make a donation to our industry’s most supported charity. LEVERAGE partner CO-OP has teamed up with Credit Unions for Kids and Children's Miracle Network Hospitals to offer the ability for CO-OP cardholders to make a donation at participating CO-OP ATM locations.

    This add-on transaction makes it possible for members to make a donation while they are conducting their business at your CU's ATM locations. Credit unions offering this feature can apply for the CO-OP Miracle Match program, where if chosen, CO-OP will match the funds generated through the ATM. Credit unions themselves can also take advantage of the option to collect donations made through fundraiser events such as Miracle Jeans Day as the funds will go directly to the charity.

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    In This Issue
    Tuesday Edition
    Appeals court to closely examine lower court interchange ruling
    InfoSight spotlight: Truth in Lending (Regulation Z)
    Deadline approaching for NCUF Wegner Awards dinner, tickets, & sponsorships
    Donations made easy with CO-OP charitable contribution option
    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.

    Tax Reform's New Message
    The House is continuing to push tax reform, just in a different way.

    Upcoming Event Deadlines
    Jan. 28 Last day to receive "early bird" rate for Small Asset Size Conference - Orlando
    Jan. 29 Last day to receive "early bird" rate for Small Asset Size Conference - Ft. Lauderdale
    Jan. 30 Last day to receive "early bird" rate for Small Asset Size Conference - Birmingham
    Upcoming League Events
    Jan. 22 Loan Member Has Died: Now What?
    Jan. 23 Consumer Loan Portfolio Grading
    Jan. 28 Reg CC Funds Availability & More
    Jan. 29 Compliance & BSA for SR Mgmt-Board
    Jan. 30 What is Personal Tax Return Telling Me?
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