February 19, 2014
Wednesday Edition
NCUA permanent funds earn clean audit opinions for 2013

The audited financial reports by the independent auditor KPMG LLP cover the National Credit Union Share Insurance Fund, as well as the Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund.

With $11.6 billion in total assets as of Dec. 31, 2013, the Share Insurance Fund protects individual deposits up to $250,000 for nearly 96 million consumers at 6,550 federally insured credit unions.

“The clean opinions from our independent auditors after their audits of the financial statements for the four permanent funds again demonstrate the diligence with which these funds are managed,” NCUA Board Chairman Debbie Matz said. “By making the complete financial reports public, we are living up to our commitments to provide transparency to credit unions and their members.”

KPMG LLP completed the audits of all four permanent funds. KPMG expects to issue an opinion on the 2013 financial statements for the Temporary Corporate Credit Union Stabilization Fund in March. The Stabilization Fund earned a clean audit opinion for 2012.

The complete financial reports are available online.

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CFPB reform legislation

Last week, the House of Representatives began consideration of H.R. 3193, the Consumer Financial Protection and Soundness Improvement Act.

The bill would:

  • Replace the director of the CFPB with a five person commission.
  • Enhance protection of personal information submitted to the CFPB.
  • Adjust the voting threshold for the Financial Stability Oversight Council (FSOC) to stay or set aside CFPB rulemakings from two-thirds of the FSOC to a majority of the FSOC, and expand the matters for which the FSOC can take this action.
  • Fund the activities of the CFPB through the appropriations process.

 
Ahead of the bill’s consideration, CUNA and the League sent a letter in support to House leadership. Consideration of this legislation was postponed to allow the House to consider debt ceiling legislation before exiting early for the President’s day recess. The House is expected to resume consideration when it returns next week.

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LSCU from the GAC back for 5th year

The daily videos chronicle the experience at the CUNA GAC for Alabama and Florida credit unions, as well as the news makers from the conference.

LSCU & Affiliates VP of Communications Mike Bridges will provide a look at the issues facing credit unions during the 2014 CUNA GAC, and he will take you inside the Hill visits as credit union advocates meet with their lawmakers and many of the special recognitions for credit unions and individuals during the conference, which runs Feb. 23-27. 

All you have to do is click on the video icon all next week in eSignal Daily. If you have any questions or comments on the videos, contact Mike Bridges at 866.231.0545 ext. 1022.

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GAC Attendee Webinar today

The CUNA Governmental Affairs Conference (GAC) is next week. Before you head to Washington, be sure to attend the League's GAC Attendee Webinar today at 2:30 p.m. EST/1:30 p.m. CST.

This short informational webinar will give GAC attendees a brief update on legislative issues and a schedule of events. Plus, the League's GA team will be available to answer any questions or concerns you may have. 

To attend the webinar you must register before the webinar begins.

To register: 

  • Click this link and fill out the registration information.
  • Once registered, you will receive a confirmation email. Make sure to keep the confirmation email information.
  • The confirmation email will have audio access information, with access code and will inform you that the audio pin will be shown after joining the webinar. Make sure to input the audio pin upon joining the conference in order to be able to ask questions.
  • The confirmation email will also have a link at the bottom allowing you to add the webinar to your Outlook calendar.
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First SCUCE registration is a winner!

The Southeast Credit Union Conference and Expo (SCUCE), formerly the LSCU & Affiliates Annual Convention and Exposition, has its first registration. By virtue of being the first to sign up, Monroe County Teachers FCU CEO Jerry Bolduc wins a $50 LEVERAGE gift card.

SCUCE, June 11-14 in Orlando, carries the theme: Living the Seven Cooperative Principles the Credit Union Way. Many of the speakers and breakout sessions will look deeper at the seven cooperative principles ideas. Former Florida State football coach Bobby Bowden is the keynote speaker. National Credit Union Foundation Executive Director Gigi Hyland and CUNA Mutual Group CEO Bob Trunzo will also speak.

Credit unions are encouraged to take advantage of the early bird pricing and register today for SCUCE.

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In This Issue
Wednesday Edition
NCUA permanent funds earn clean audit opinions for 2013
CFPB reform legislation
LSCU from the GAC back for 5th year
GAC Attendee Webinar today
First SCUCE registration is a winner!
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
Extended to Feb. 28 Last day to receive the group hotel rate for the FCUA State GAC - Tallahassee, FL
Upcoming League Events
TODAY SAS CU Conference, Hollywood, FL
TODAY 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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