February 5, 2014
Wednesday Edition
Target breach hit 10 percent of all FIs' cards, CUNA and partners tell Senate committee

The Target data breach has affected 10 percent of the credit and debit card customers of every credit union and bank in the country CUNA and other financial services representatives said in a Monday letter to the U.S. Senate.

The letter was submitted for the record of a hearing conducted Monday by the Senate Banking subcommittee on national security and international trade and finance entitled "Safeguarding Consumers' Financial Data."

CUNA in the letter again urged legislators to follow three basic principles as they consider data security fixes:
  • All participants in the payments system should be responsible and be held to comparable levels of data security requirements
  • Those responsible for the data breach should be responsible for the costs of helping consumers
  • Consumers should know where their information was breached

The letter was cosigned by the American Bankers Association, The Clearing House, Consumer Bankers Association, Financial Services Information Sharing and Analysis Center, The Financial Services Roundtable, Independent Community Bankers of America, and the National Association of Federal Credit Unions.

Click here for the complete story from CUNA News Now. 

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Alabama State GAC emerges attendees in state politics

The Alabama Credit Union Association State Governmental Affairs Conference kicked off in Montgomery by immersing attendees in many topics that will help credit unions on the legislative and regulatory front. It also helped attendees gain a greater understanding of the upcoming state and federal elections. 

The day was highlighted by Yellowhammer multimedia CEO Cliff Sims talking about the state and federal elections and how they could impact Alabama. Sims said that an average mid-term election of a second term president usually gives the minority party six seats. For Republicans, that would give them the majority in the Senate. If that happened, Alabama Sens. Richard Shelby (R) and Jeff Sessions (R) would become chairmen of very influential committees. That would give Alabama arguably two of the highest profile senators. He also said no Democrat will most likely unseat a Republican in the state elections.

More than 40 lawmakers attended the Legislative Reception which ended the evening. For more than two hours, attendees spoke with their legislators. They rekindled old relationships and started new ones. The reception is the perfect opportunity for credit unions to get to know their local lawmakers and begin talking about the issues with them. 

State Sen. Slade Blackwell (R-Mountain Brook) was honored as the LSCU State Lawmaker of the Year. Sen. Blackwell is the chairman of the Senate Banking Committee and the sponsor of the Alabama Credit Union Act update bill. He praised the job credit unions do and said his first car loan came from a credit union. 

Attendees were also treated to a regulatory roundtable with officials from the NCUA and Alabama Credit Union Administration, a grassroots advocacy session and credit unions and chapters received PAC fundraising awards. Read more on the LSCU Top Stories on the website, and see more pictures on the LSCU Action Center Facebook page.

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Florida Capitol Report

Consumer protection bill passes House committee
A bill sponsored by Rep. Fitzenhagan, HB 151, passed favorably in its second committee of reference and will be heard next by the Regulatory Affairs Committee before it heads to the floor. This bill creates a mechanism to protect the personal information of protected consumers, which is an individual less than sixteen years of age or a person represented by a guardian or other advocate. While parents typically apply for a Social Security number for their child shortly after birth, a credit reporting agency does not create a credit report or history until an application for credit is received. An identity thief will typically apply for credit with a child’s Social Security number, but with a different name and date of birth. As a result, the identity theft may go undetected for years. The bill would create the "Keeping ID Safe (KIDS) Act". The FCUA GA staff is working closely with the bill sponsor and other groups who also support this legislation.

Special election set for Congress seat
For Southwest Florida voters, Election Day is just around the corner. The special elections for the District 19 congressional seat vacated by Rep. Trey Radel will be held in April and June. Florida Gov. Rick Scott scheduled the primary for April 22. The general election will be June 24. Read more at the Naples Daily News.

Crist leads Scott in new poll
A poll released Thursday indicates that former Gov. Charlie Crist still holds a substantial lead over Gov. Rick Scott, whose momentum may have temporarily stalled. The Quinnipiac University Polling Institute survey of Florida voters showed Crist with an eight-point lead -- 46 to 38 percent -- among decided voters. That is half the lead Crist enjoyed in a Quinnipiac poll last March, but it is about the same as the 47-40 percent margin he held over Scott when he announced his candidacy in November. Read more here

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CUNA GAC is only weeks away - have you registered?

There is still time for you to register for the CUNA Governmental Affairs Conference, Feb. 23-27 in Washington, D.C. Join 4,000 credit union supporters and advocates and hear from lawmakers, regulators, and policy makers about issues of interest to credit unions and financial service providers. 

Among those speaking at this year's event are:

  • Sen. Mark Begich (D-Alaska), a member of the Senate Appropriations Committee and a vocal supporter of the credit union tax exemption

  • Rep. Shelley Moore Capito (R-W.V.), chairman of the House financial institutions subcommittee

  • Rep. Steny Hoyer (D-Md.) and House Minority Whip (the second-highest ranking Democrat in the House)

  • Rep. Peter King (R-N.Y.), a member of the House Financial Services Committee and co-sponsor of crucial credit union-backed legislation to modify the definition of credit union net worth to include supplemental forms of capital for credit unions and allow the regulator to develop risk based capital standards for the purposes of prompt corrective action (PCA).

Click here to register and make an impact on the credit union movement. 

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January 2014 NCUA Report now available

In the January issue, columns from Chairman Matz, and board members Fryzel and Metsger, as well as articles from NCUA offices about issues important to credit unions. Click here to view.

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In This Issue
Wednesday Edition
Target breach hit 10 percent of all FIs' cards, CUNA and partners tell Senate committee
Alabama State GAC emerges attendees in state politics
Florida Capitol Report
CUNA GAC is only weeks away - have you registered?
January 2014 NCUA Report now available
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.

Upcoming Event Deadlines
Feb 10 Last day to receive “early bird” rate for FCUA State GAC – Tallahassee, FL
Feb 11 Last day to receive “early bird” rate for Security & Robbery Training – Tallahassee, FL
Feb 18 Last day to receive “early bird” rate for IRA Essentials & Advanced Training – Birmingham, AL
Upcoming League Events
Feb. 5 Tax Refunds: ACH Postings, Exception & Liability
Feb. 6 Build Better Board Improve CU Board
Feb. 7 CFPB Exam - International Transfers
Feb. 11 BSA Essentials, Jacksonville, FL
Feb. 11 BSA Advanced, Jacksonville, FL
Feb. 12 Docs to Keep-Destroy-Hold Up in Court
Feb. 13 Security & Robbery Training, AL
Feb. 13 CFPB Mortgage Rules Lending
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