January 28, 2014
Tuesday Edition
Trey Radel officially resigns from Congress

U.S. Rep. Trey Radel (R-FL) resigned from the U.S. House of Representatives Monday morning, leaving a coveted seat in Congress up for grabs.

“Regardless of some personal struggles in 2013, this year has already been tremendously positive as I focus on my health, family, and faith,” said Radel in a letter to House Speaker John Boehner. “Unfortunately, some of my struggles had serious consequences. While I have dealt with these issues on a personal level, it is my belief professionally I cannot fully and effectively serve as a United States representative to the place I love and call home, Southwest Florida.”

Radel’s troubles surfaced at the end of October when he bought 3.5 grams of cocaine from an acquaintance and an undercover agent in Washington’s Dupont Circle. Court documents said Radel gave the undercover officer $250 for the drug outside of a restaurant, and the two got into the officer's vehicle, where the officer gave Radel the cocaine. Federal agents then approached Radel after he left the vehicle, and he dropped the cocaine to the street, according to court documents.

Radel pleaded guilty to the charge in November and was sentenced to a year of probation.

In December, the House Ethics Committee announced it would be launching a formal investigation into the alleged misconduct by Radel.

Initially, Radel said he would only be taking a leave of absence from the House to attend rehab, saying he needed to focus on combating his alcoholism. But the voices calling for the Fort Myers congressman’s resignation grew louder, and soon after Radel entered rehab, his political allies encouraged him to step down.

Radel served Florida’s 19th Congressional District for a year.

A special election will be held to replace Radel in the House, but a date has not yet been set.

To read the complete story visit Sunshine State News.

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Washington wire

Floor Schedule
The Senate reconvened at 2:00 p.m. Monday to resume consideration of the motion to proceed to S. 1926 – the flood insurance bill. At 5:30 p.m., there will be a vote on the motion to invoke cloture on the motion to proceed to S. 1926. In the event that the Senate proceeds to consider S. 1926, CUNA and the League will be closely watching an amendment that may be offered by Sen. Merkley (D-OR) related to force-placed insurance. The amendment, in its current form, would prohibit lenders from receiving any kind of fee or reimbursement in connection with insurance they purchase on behalf of a borrower who lets the insurance lapse. CUNA and the League have significant concerns with this amendment, and have expressed these concerns to the sponsor and other members of the Banking Committee. CUNA understands that the sponsor is considering changes to this amendment. However, if the amendment is offered in its present form, CUNA will urge opposition to it.

When the House reconvenes this week, it will consider several pieces of legislation under suspension of the rules. Subsequently, it will consider H.R. 7, the No Taxpayer Funding for Abortion Act. In addition, the House may possibly consider the Conference Report to H.R. 2642, the Federal Agriculture Reform and Risk Management Act of 2013. No votes are expected in the House on Thursday or Friday to accommodate the Republican Conference Retreat.

Merchant data breaches
On Monday, CUNA sent a letter to all members of the House and the Senate regarding the recent merchant data breaches (Target, Neiman Marcus, Michaels, etc.). The letter is meant to add the financial services perspective to the conversation that the recent breaches has launched.

CUNA will make a copy of this letter available on its Letters to Congress page when it has been transmitted to Congress.

The first hearings on these matters will begin next week. CUNA understands that the Senate Judiciary Committee, the Senate Banking Committee and the House Energy and Commerce Committee are preparing hearings. The House Financial Services Committee has also asked industry groups for information as they consider how they will approach further investigation.

Click here to read the complete legislative update.   

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CFPB provides consumers steps to protect themselves against data breaches

The CFPB is providing consumers the steps they need to protect themselves against data breaches. Among those steps the CFPB reminds consumers to watch accounts closely when account data is hacked and to report suspicious charges. To view the all of the steps the CFPB recommends click here.

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InfoSight spotlight: Credit Card Security

The Credit Card Security and the Payment Card Industry Data Security topics in the Security Channel have been updated addressing recent concerns in the credit and debit card industry.

Some of the items mentioned include the release and effective dates of Version 3 of the PCI DSS with links to the new standards.

Remember that if your credit union issues credit/debit cards you likely need to comply with the PCI DSS.

The Credit Card Security and the Payment Card Industry Data Security topics can help you understand and reduce potential losses to your credit union.

Review the information today to help your credit union remain in compliance.

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In This Issue
Tuesday Edition
Trey Radel officially resigns from Congress
Washington wire
CFPB provides consumers steps to protect themselves against data breaches
InfoSight spotlight: Credit Card Security
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.

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