February 28, 2014
Friday Edition
Tax committee staff clarifies: No intention to impose additional tax on CUs--including UBIT

The discussion draft of the tax reform plan does not change or eliminate the specific credit union federal tax exemption. CUNA President/ CEO Bill Cheney said the association considered that to be "an endorsement of our long-held position that credit unions' cooperative, not for profit structure remains the bedrock upon which the tax exemption is built."

However, as CUNA experts were reviewing the details of the discussion draft of the proposal they found that the provisions addressing taxes on unrelated business activities (or UBIT) seemed to subject federal credit unions to the tax for the first time.

CUNA senior staff, early Wednesday evening, contacted senior staff of the House Ways and Means Committee, pointing out the impact of the UBIT provisions on federal credit unions and asking why the provision had been applied.

"As a result of our discussion, the Ways and Means Committee senior staff members told us that it was never their intention to impose any additional taxes on federal credit unions," Cheney said after the discussion. "Further, they told us that anything that would impose taxes on credit unions--including UBIT--was unintentional and that is why they have established a process that includes release of a discussion draft."

Click here to read the complete article from CUNA News Now.

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House votes to increase FSOC authority to overturn CFPB rules

In a 232-182 vote, the U.S. House passed The Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 3193), which provides greater authority to the Financial Stability Oversight Council (FSOC) to stay or set aside rules promulgated by the CFPB if they would have an adverse impact on the safe and sound operations of financial institutions.

The bill lowers this voting threshold from the current 2/3 vote requirement of the council to a majority vote in order to take this action.

CUNA says the bill is a step in the right direction because it would help to assure that credit unions--and other entities--already subject to considerable regulation are not also unnecessarily burdened. Alabama and Florida credit unions spoke with lawmakers this week in Washington, D.C. about the CFPB and some of the unintended consequences from its rules.

The bill requires the CFPB to take into consideration the impact of its rules on insured depository institutions, change the bureau's leadership structure from a single director to a five-member panel, and make some operational changes.

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CU Who's Who

Vanessa Ortega, JetStream FCU, earns designation of Community Development Certified Financial Counselor

JetStream Federal Credit Union in Florida announces Vanessa Ortega, CDFI Program Manager, has earned the designation of Community Development Certified Financial Counselor.

This designation is certified by the National Cooperative Business Association through its Community Development Initiative. It is an essential tool for organizations serving moderate and low income populations, and an effective way for financial institutions to better serve their members when they face difficult times.

ASE Credit Union hires Candace Garner as new leader in lending

The Alabama State Employees’ Credit Union (ASE Credit Union) has announced its recent hiring of Candace Garner as the new vice president of lending. With nine years of experience in the financial industry, including four within credit unions, ASE Credit Union feels confident that Garner is the right fit for this position.

"Because of Candace’s strong interest in the credit union movement, we believe that she will create loan programs with the members’ best interests in mind. ASE Credit Union is very fortunate to have her on board as an important member of our management team, and we look forward to seeing where she takes our credit union in the future,” said Ned McHenry, ASE’s CEO.

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CU happenings

Community CU in Florida is named Large Business of the Year

Community CU's Rick Roach accepting the award for Community CU being named Large Business of the Year with the Greater Palm Bay Chamber of Commerce.

FSU Credit Union holds ribbon cutting ceremony for new campus branch

Florida State University CU is excited to announce the opening of their new branch, located at 834-1 W. St. Augustine St. in Tallahassee, FL. To celebrate the opening, the credit union held a ribbon cutting ceremony on Friday. Feb. 14. This is FSU Credit Union's seventh location in the Big Bend area. Management and board members decided to close the old campus branch in 2012 and completely remodel the entire site. The branch reopened on Jan. 21, 2014.

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In This Issue
Friday Edition
Tax committee staff clarifies: No intention to impose additional tax on CUs--including UBIT
House votes to increase FSOC authority to overturn CFPB rules
CU Who's Who
CU happenings
LSCU & Affiliates Media

LSCU from the GAC Day Four
The final day of the CUNA GAC was spent on Capitol Hill. Alabama and Florida credit unions made 36 Hill visits in eight hours. Go inside the visits on LSCU from the GAC. Plus, Alabama Credit Union wins its third straight Dora Maxwell Award.

LSCU from the GAC Day Three
Alabama and Florida credit union attendees had two meetings with the NCUA. Additionally, Lawmaker of the Year awards were handed out to Reps. Spencer Bachus (R-AL) and Alcee Hastings (D-FL).

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.

Upcoming Event Deadlines
TODAY Last day to receive the group hotel rate for the FCUA State GAC - Tallahassee, FL
March 4 Last Day for Early Bird Rate – Spring Regulatory Compliance Update – Tallahassee, FL
March 6 Last Day for Early Bird Rate – Spring Regulatory Compliance Update – Birmingham, AL
March 10 Last Day to Register for Security & Robbery Training - Tallahassee, FL
March 17 Last Day to Register for IRA Essentials & Advanced Training - Birmingham, AL

March 18 Last Day for Early Bird Rate – Disaster Recovery Conference – Mobile, AL

March 20 Last Day for Early Bird Rate – Disaster Recovery Conference – Jacksonville, FL

March 24 Last Day to Register for FCUA State GAC - Tallahassee, FL

Upcoming League Events
March 4 Create Social Media Policy
March 5 RESPA Essentials & Overview
March 6 Loan Origination-Regulatory Environment
March 11 Security & Robbery Training, FL
March 12  Comprehensive Notary Training
March 14 Elder Financial Exploitation (ARCHIVED)
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