March 4, 2014
Tuesday Edition
McWatters NCUA board hearing postponed

CUNA News Now is reporting that today's scheduled nomination hearing for J. Mark McWatters to become a National Credit Union Administration board member has been postponed. A new date has not been set.

Nominations at today's Senate Banking Committee's hearing were to include McWatters; Stanley Fischer, as a member and vice chairman of the Federal Reserve Board; Jerome Powell, as Federal Reserve Board governor; Lael Brainard, as a Fed governor; and Gustavo Aguilar, to be an assistant secretary for the U.S. Department of Housing and Urban Development.

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Florida's legislative session begins

The Florida Legislature began its 2014 session this morning in Tallahassee. The legislature will be in session for 60 days. This is not continuous days as the session is set to end on May 2. The first day of session is also the day that Gov. Rick Scott gives his 2014 State of the State address. That is coming up at 11:00 a.m. 

The LSCU & Affiliates will keep you updated on the biggest stories coming out of session and how credit union issues are progressing. Take a look at this legislative session from the Tampa Bay Times. 

The Alabama session continues to roll on. The biggest credit union issue is the update to the State Credit Union Act which has passed out of committee.

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NCUA Risk-Based Capital Proposal comment deadline May 28

The public comment deadline for the NCUA’s Risk-Based Capital Plan is Wednesday, May 28, according to information published in the Federal Register.

LSCU, CUNA, and other credit union advocacy groups are calling for the public to bring the issue into the open and allow for an active and vigorous debate. The League encourages all affiliates to submit comment letters to stimulate conversation on the plan. Additionally, the comment letters will ensure an official record of discussions between credit unions and NCUA leadership is established, and when considered, could contribute a great deal the NCUA’s future decisions regarding the rule.

LSCU, like several other organizations, supports a revised risk-based capital system for credit unions and communicated that fact to CUNA officials and other credit union advocates last week at the 2014 CUNA Governmental Affairs Conference. “While there is much to support, there is still work to do before we’re ready to endorse a plan our affiliate members must comply with," said LSCU & Affiliates President/CEO Patrick La Pine.

La Pine added, “LSCU is concerned with the lack of a compelling argument from the NCUA for the new plan and also the expanded authority afforded examiners to call for increased capital levels based on subjective information.”  The League is continuing to review the plan and calls for further discussion on portions of it that would require credit unions to increase their capital totals by a combined $10.5 billion in order to maintain the their current level margins and remain above the proposed "well capitalized" thresholds.

Click here for details about the proposed NCUA risk-based capital rule.  

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Washington wire

CFPB Reform Bill
Last week the House considered and passed H.R. 3193, the Consumer Financial Protection and Soundness Improvement Act.

Among other provisions, 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 2/3 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.


CUNA and the League sent a letter of support for this legislation in February. Despite House passage, this legislation is not expected to be considered by the Senate.

For more from Washington be sure to check out the complete Legislative Update for the week of March 3, 2014.

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InfoSight spotlight: Facebook security

Social networking sites, such as Facebook, are popular—and it is likely that some of your employees use them. While your employees probably are not using these sites at work, it is worth examining the downfalls of such sites. For example, if an employee identifies his or her workplace on Facebook, then his or her comments can be seen as a reflection on your organization.

Primarily Facebook is a business and its job is to make money. Web security experts believe most users of this social networking site have no idea how their activities on the site are being used in the marketplace.

The Facebook Security topic on the Security channel of InfoSight examines the pitfalls of Facebook, including:

  •     Users’ information is being shared with third parties.
  •     Facebook ads may contain malware.
  •     Scammers are creating fake profiles.


Review the Facebook Security topic to read about these and other pitfalls—and learn some actions you and your colleagues can take to keep your information safe.

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In This Issue
Tuesday Edition
McWatters NCUA board hearing postponed
Florida's legislative session begins
NCUA Risk-Based Capital Proposal comment deadline May 28
Washington wire
InfoSight spotlight: Facebook security
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 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
TODAY 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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