March 6, 2014
Thursday Edition
State Act legislation passes House

On Wednesday the Alabama House of Representatives passed HB 165 by Rep. Greg Wren (R-Montgomery), the Alabama State Credit Union Act Update. This legislation makes significant improvements to the State Act which has largely remained untouched for the past 30 years. Among some of the changes, credit unions will be given additional protections for accounts set up by minors, the fraudulent use of the term “credit union” is prohibited, allows credit unions to expel members by a majority vote of its board of directors for certain acts against the credit union or its employees, increases the liability protection for accounts of deceased members from $5,000 to $10,000, and clarifies language to allow credit unions to reimburse directors for expenses and provide appropriate insurance for the role in the credit union.

HB 165 now moves to the Senate for final passage and delivery to the governor. The LSCU would like to thank Rep. Wren and the entire Alabama House of Representatives for passing this legislation.


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561 credit unions file late call reports

Despite the NCUA’s decision to enforce penalties against late call report filers, the agency said on Wednesday hundreds of credit unions have filed late for the fourth quarter of 2013. However, the number of credit unions filing late dropped more than two-thirds from the 1,744 late filers at the end of 2012.

“A total of 561 federally insured credit unions filed their fourth-quarter Call Reports late or made corrections after the Jan. 24, 2014, deadline,” said NCUA Board Chairman Debbie Matz in a release. “This number is unnecessarily high and unacceptable.”

According to the NCUA, an average of 1,048 credit unions did not file on time for the first three quarters of 2013.

Matz sent a letter to credit unions in January announcing that the agency would impose civil money penalties on credit unions that file call reports late, starting with the first quarter of 2014.

“Penalties would be assessed per day according to ranges set out in the Federal Credit Union Act, but NCUA would ‘consider mitigating factors,’ such as a credit union’s filing history, the gravity of the violation, and other circumstances, such as a natural disaster that prevented timely filing,” said an agency press release.

Credit unions that missed the Jan. 24, 2014 deadline were issued warnings; however, the NCUA will assess fines of up to $1 million per day if the April 25 deadline is missed.

Click here for the complete story from Credit Union Times.

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CUNA rebuts recent convenience store op-ed

On Tuesday, the National Association of Convenience & Fuel Retailing (NACS) distributed its recent op-ed from The Hill newspaper to congressional offices, claiming that credit unions are attempting to "profit from data breaches."

Wednesday The Hill published a rebuttal piece from CUNA on its "Congress Blog," which was also distributed to Capitol Hill. In CUNA's response, CUNA refutes the claims made by Lyle Beckwith of the NACS, noting credit unions want to move past the finger pointing and get on with improving security and protecting members.

CUNA's John Magill makes the point that when data breaches like the recent one at Target occur, "America's credit unions spend millions of dollars without skipping a beat to protect consumers by re-issuing cards, monitoring accounts, and reimbursing customers for fraud. Credit unions pay a steep price after data breaches that they did not cause, all in the name of protecting their members." Click here to read John's complete rebuttal.

CUNA is also submitting a statement for the record of the Wednesday hearing in the House financial institutions subcommittee on data security, in which CUNA makes the points that credit unions and other card issuers are paying the price for merchant data breaches, and that Congress needs to hold merchants to the same standard as financial institutions.

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Global Women's Leadership Network scholarship applications due March 28

If you are an emerging leader and a woman who is committed to making a difference in the credit union movement, apply to the 2014 Global Women's Leadership Network scholarship and get the support you need to further your vision and the mission of the Global Women's Leadership Network.

To apply applicants must submit their applications, along with a project description. Successful projects will foster the success of the applicant's organization by solving a problem or meeting a credit union and/or community need. Examples include strengthening the capacity of women leaders in the organization and expanding financial services to under-served community members.

Selected candidates will attend the 2014 Global Women's Leadership Forum and World Credit Union Conference, which will take place in Gold Coast, Australia, July 25-30. During the 2014 Leadership Forum, selected candidates will present their projects to Network members, who will vote on which candidates will receive Network support for the implementation of their project.

Scholarship applications and project descriptions must be sent to CUwomen@woccu.org by March 28, 2014. Scholarship offers will be made to successful candidates by April 4. For complete details about the scholarship criteria and awards, click here. For questions, contact CUwomen@woccu.org.

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Save the date for SRCUS Directors' Conference

Directors, be sure to save the date for the SRCUS Directors Conference, July 13-16, at the Westin Savannah Harbor Golf Resort and Spa in Savannah, Georgia. This educational event designed specifically for credit union volunteer directors will provide each participant with the necessary information to develop leadership skills while addressing fiduciary responsibilities. Plus, an opportunity to interact with their peers.

Click here for more information.

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Check out LEVERAGE's post in CU Insight

LEVERAGE Vice President of Transactional Services Jay Brady contributes a post to CU Insight. Click here to find out what CUs should do with debit cards despite of the recent fallout from data breaches in the post: "Debit Cards: A historical perspective - What you need to know and why!"

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In This Issue
Thursday Edition
State Act legislation passes House
561 credit unions file late call reports
CUNA rebuts recent convenience store op-ed
Global Women's Leadership Network scholarship applications due March 28
Save the date for SRCUS Directors' Conference
Check out LEVERAGE's post in CU Insight
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 – 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 RESPA Essentials & Overview
TODAY Loan Origination-Regulatory Environment
March 11 Security & Robbery Training, FL
March 12  Comprehensive Notary Training
March 14 Elder Financial Exploitation (ARCHIVED)
March 18 IRA Essentials Workshop, Birmingham AL
March 18 Vendor Contract Management
March 19 IRA Advanced Workshop Birmingham, AL
March 19 Understanding ALM Concepts
March 20 - 21 LSCU/CUES CU Executive Dialogue
March 20 Deposit Member Has Died: Now What?
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