February 17, 2014
Monday Edition
Two more CUs file suit against Target for data breach

Employees Credit Union, based in Dallas with $63 million in assets, and KC Police Credit Union, based in Kansas City, MO with $107 million in assets, were joined by American Bank of Commerce, Wolfforth, TX, in filing suit in the U.S. District Court in Dallas, saying they "have incurred (and will continue to incur) damages to their businesses and/or property in the form of...expenses to cancel and reissue compromised payment cards, absorption of fraudulent charges made on the compromised payment cards, business destruction, lost profits and/or lost business opportunities."

"CUNA has been working to bring together credit unions looking for legal representation and law firms looking for cases in the data security field, but so far it looks like credit unions are doing a pretty good job of making their own plans," CUNA General Counsel Eric Richard told News Now.

The suit is the first to name a third-party vendor--Fazio Mechanical Services, Pittsburgh--as the point of entry for the breach that compromised the debit, credit, and personal information of about 110 million people between Black Friday and mid-December ( Dallas News Feb. 13).

It also cites the Racketeer Influenced and Corrupt Organizations (RICO) Act, alleging the retail giant has known since 2007 that its point-of-sale network was vulnerable, thus engaging in what the suit calls "unlawful and intentional schemes to defraud and cheat plaintiffs" by means of false or fraudulent pretenses and/or fraudulent and intentional misrepresentation of its compliance with Payment Card Industry Data Security Standards.

For the complete story visit CUNA News Now.

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President's Point

It’s hard to believe we are just over about half way through the first quarter. I’m grateful that so many credit unions see the value of affiliation and recognize the job we’re doing on their behalf. Our affiliation rate has risen every year since consolidation. We ended 2013 with 84-percent affiliation and 11 new credit unions joining the League.

Last week many of you received our annual self-assessment “How the LSCU Delivered in 2013.” This document gives us a chance to show you what we’ve been working on over the past year and things to look for from us this year. We break it down by core functions: governmental affairs, education, cooperative initiatives, communications, as well as LEVERAGE. What you see more than anything is that consolidating the Alabama and Florida Leagues has been a success. The LSCU and LEVERAGE are both profitable and, when prudent, share that back with credit unions. We did that with a 10-perecent ($310,000) dues rebate last year and shared back more than $100,000 to Alabama and Mississippi credit unions through the LEVERAGE CO-OP Patronage Dividend.

We’ve also worked hard to identify needs for small, medium, and large-asset size credit unions. We worked with the NCUA on a small asset sized CEO Bootcamp in Birmingham, as well as offering the SAS $500 voucher. The LSCU/CUES Credit Union Executive Dialogue brings large asset sized credit union officials together from around the country to discuss important issues. We handed out 34 professional development scholarships to credit union staff for more than $36,000. 

On the LEVERAGE side, we are expanding our audit business with the new CU Audit and Compliance Group. HR Consulting Services had a great first year by helping to place four CEOs and executives at several credit unions in Alabama and Florida. LEVERAGE is also working with an innovation committee made up of credit union executives to bring products and services to market with credit union input. What you might also not know is that LEVERAGE put more than $100,000 into chapter support, scholarships, and credit union charities. We expect an even bigger year this year from the LSCU Service Corporation.   

Additionally, we continue to look for opportunities to collaborate with other leagues and league service corporations. With a changing CUNA/League landscape, we firmly believe there are opportunities to expand our geographical footprint, both regionally and nationally, to ensure a sustainable business model for the LSCU & Affiliates.

These are just a few examples of how the LSCU & Affiliates is working for you. I encourage you to read the full document. Our belief has always been to be good financial stewards, transparent, and forward-thinking. Our two states and the movement are stronger because we work cooperatively together.

Where’s Patrick: After a week on the road visiting credit unions and chapters, this week I will work out of the Tallahassee office preparing for our upcoming board meetings. On Wednesday, I will participate in the CUNA GAC webinar the League is putting on for attendees. To see my tentative schedule for the next two weeks, visit the LSCU Information for Credit Unions page.

Visit the LSCU YouTube page for the President's Quarterly video. 

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House may release tax language this month

The League is hearing that the House Ways and Means Committee could release tax reform language by the end of the month. Two independent sources heard the same information. The timing could be very good considering more than 4,000 credit union executives will be in Washington, D.C. for the CUNA GAC at the end of the month. 

It is important that credit unions attending the CUNA GAC attend their Hill visits and are prepared to talk about the credit union tax exemption. The League will provide many background materials but real world examples of what you do for your members goes a long way with lawmakers. Also, credit unions are encouraged to continue their Don't Tax My Credit Union activities, especially through social media channels. 

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"Leveraging Human Capital to Achieve Your Strategic Vision & Goals" webinar - Feb.18

Through the LEVERAGE partnership with JMFA and CUNA Strategic Services, LEVERAGE is able to bring you a complimentary webinar “Leveraging Human Capital to Achieve Your Strategic Vision & Goals” on Feb. 18 at 1p.m. CST. 

This webinar will provide an inside look of how to maximize your credit union staff's performance and engagement to achieve success and reach your strategic vision and goals.

Topics will include:

•    The importance of clarifying the role each staff member plays in the organization’s strategic direction
•    How consistent and transparent feedback from employees improves goal achievement
•    The connection between achievement and rewards/recognition
•    How training and employee development contribute to talent growth and organizational strength

Click here for more information and registration.

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In This Issue
Monday Edition
Two more CUs file suit against Target for data breach
President's Point
House may release tax language this month
"Leveraging Human Capital to Achieve Your Strategic Vision & Goals" webinar - Feb.18
LSCU & Affiliates Media


Alabama Credit Union Association State GAC video
Check out the video from the Alabama Credit Union Association State GAC. The video features lawmakers, speakers and credit unions talking about the conference and the importance of grassroots advocacy.


NCUA Video: Small Credit Unions + Service = Success

This video highlights how three credit unions identified needs within their communities and stepped in with needed financial services. They took advantage of OSCUI's consulting services assistance and together maximized the benefit the credit union could provide to their members and the communities they serve.

Upcoming Event Deadlines
TODAY Last day to receive "early bird" rate for FCUA State GAC - Tallahassee, FL
Feb 18 Last day to receive “early bird” rate for IRA Essentials & Advanced Training – Birmingham, AL
Feb. 21 Last day to receive the group hotel rate for the FCUA State GAC - Tallahassee, FL
Upcoming League Events
TODAY SAS CU Conference, Orlando, FL
Feb. 19 SAS CU Conference, Hollywood, FL
Feb. 19 Opening Accounts for Minors
Feb. 20 SAS CU Conference, Birmingham, AL
Feb. 20 Required IT Risk Assessment Program
Feb. 27 Security & Robbery Training, AL  *New date due to winter weather conditions.
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