February 26, 2014
Wednesday Edition
LSCU from the GAC video features NCUA meetings, Lawmaker of the Year awards

The LSCU & Affiliates handed out Lawmaker of the Year awards at a reception Tuesday night. Hear what the winners had to say about credit unions on the LSCU at the GAC. The video also features a special one-on-one meeting with NCUA Chairman Debbie Matz and board member Richard Metsger. Both talked about risk-based capital.

For more from the CUNA GAC, visit the LSCU Top Stories and the LSCU Facebook page. For Twitter users, search #CUNAGAC.

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McConnell, Reid agree tax reform likely doomed in Senate

Politico reports that Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell reached a moment of agreement on tax reform Tuesday, when both shot down chances of advancing reform legislation in the Senate this year.

On the eve of the release of tax reform draft written by House Ways and Means Committee Chairman Dave Camp, neither Senate leader would directly take the blame for a tax reform dead-end in the Senate.

“I don’t see how we can because the majority leader and the president have said they want $1 trillion in new revenue for the federal government as a condition for doing comprehensive tax reform, which we know we ought to do,” McConnell said at a press conference Tuesday. “Now, if we had a new Republican Senate next year, coupled with a Republican House, I think that we could have at least a congressional agreement that this is about getting rates down and making America more competitive. Not about giving the government revenue. So I have no hope for that happening this year.”

Reid agreed that tax reform isn’t happening this year, but he said Republicans were to blame.

“It would be extremely difficult with the obstruction that we get here from the Republicans on virtually everything, to do something that should have been done years ago,” he said. “I think that Camp is right in coming forward on a piece of legislation.”

Reid said the ultimate decision on how to move forward would fall to Senate Finance Committee Chairman Ron Wyden, who took over the committee this month.

For his part, Wyden would not commit to a timeline. He told reporters today that he needs to spend time speaking with Senators about their concerns and hopes to renew a package of expired tax breaks, known as extenders, as a bridge to tax reform.

Camp is expected to unveil a comprehensive tax reform proposal Wednesday at a 1:30 p.m. press conference. On Tuesday evening prior to the press conference Camp released the attached personal statement, How to Fix Our Appalling Tax Code. 

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New MBL-related legislation this week

Legislation that would exempt certain housing loans from the member business lending cap will be introduced this week, Rep. Ed Royce (R-CA) told 2014 CUNA GAC attendees Tuesday morning.

The bill, known as the Credit Union Residential Loan Parity Act, would exempt one-to-four-unit non-occupied dwellings from the member business lending cap.

"We should take a closer look at [the MBL regulation] and where it doesn't work, fix it," Royce said.

"While this legislation is not a panacea to your biz lending woes it will provide relief," he added. "The regulatory relief measure would also help increase affordable housing stock," Royce said.

These types of housing loans make up around 20 percent of CU MBL balances, he noted.

He asked credit unions to add a request for bill cosponsors to their list of asks when they hike Capitol Hill this week.

Do what you do best, "get some cosponsors," he said.

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CUNA Mutual Group contributes $140,000 to NCUF

CUNA Mutual Group President & CEO Bob Trunzo presented a $140,000 check to NCUF to support the organization’s general fund and for the Credit Union Development Education (DE) Program.

The check was presented prior to NCUF’s 2014 Herb Wegner Memorial Awards Dinner held in conjunction with the CUNA GAC.

“CUNA Mutual Group has been a long-time supporter of NCUF, and we are honored to support an organization that embodies the spirit of credit unions through its efforts to strengthen and develop the U.S. credit union movement," Trunzo said. “We are also proud to have a number of employees who are graduates of the DE program, which promotes credit union philosophy and the many benefits credit unions offer their members.”

As the movement's charitable arm, the NCUF funds industry-wide development initiatives. These include financial education to consumers of all ages, disaster assistance, greater access to affordable financial services, and helping empower consumers to save, build assets, and own homes.

Click here to read the complete story.

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CUs help to raise $10 million for CMN Hospitals

This week, CUNA President Bill Cheney presented Joe Dearborn, senior director of Credit Unions for Kids, with a large share draft or check symbolizing the $10 million raised by credit unions in 2013 for the Children's Miracle Network Hospitals. Since 1996, America's credit unions have contributed over a $120 million to CMN Hospitals throughout the U.S. 

Of the $10 million raised in 2013, Alabama credit unions contributed approximately $100,912, while Florida credit unions contributed approximately $694,888 for a total of $795,800. Final numbers will be released in a few weeks. 

"The partnership between America's credit unions and Children's Miracle Network Hospitals has truly been an amazing journey," said Joe Dearborn, senior director for CMN Hospitals. "Since 1996, when the Credit Unions for Kids program was introduced nationally, the credit union community has teamed up to raise a remarkable $120 million. At many of our hospitals throughout the U.S., local credit unions have left a legacy of giving that's reflected in the new facilities, equipment and life-saving research that wouldn't have been possible without the generous support of our credit unions."

These funds help support the hospitals in a variety of ways including providing new facilities, equipment, research, patient services and uncompensated care for those families with limited or no insurance. This commitment guarantees the 10 million kids being served by 163 CMN Hospitals annually, will continue to receive the finest pediatric healthcare available.

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In This Issue
Wednesday Edition
LSCU from the GAC video features NCUA meetings, Lawmaker of the Year awards
McConnell, Reid agree tax reform likely doomed in Senate
New MBL-related legislation this week
CUNA Mutual Group contributes $140,000 to NCUF
CUs help to raise $10 million for CMN Hospitals
LSCU & Affiliates Media

LSCU from the GAC Day Two
The LSCU from the GAC video looks at media opportunities for credit unions. Plus, a GAC Crasher from Alabama talks about her experience and what it will mean for her career.

LSCU from the GAC Day One
The LSCU & Affiliates posts a video each day from the CUNA GAC.. On Sunday, Pen Air FCU volunteer and longtime employee Betty Petree received a prestigious honor and a first time attendee talks about bringing information back to the Young Professionals in his state.

Upcoming Event Deadlines
Extended to Feb. 28 Last day to receive the group hotel rate for the FCUA State GAC - Tallahassee, FL
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TODAY Tax Return Is Telling Me? Schedule E & F
Feb. 27 Security & Robbery Training, AL  *New date due to winter weather conditions.
Feb. 27 Essential HR Record Keeping from Hiring to Firing
March 4 Create Social Media Policy
March 5 RESPA Essentials & Overview
March 6 Loan Origination-Regulatory Environment
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