March 11, 2014
Tuesday Edition
Special election today

Today in Florida, LSCU-endorsed candidate Democrat Alex Sink faces Republican David Jolly for the vacant Congressional District 13 seat. The winner replaces the late Rep. Bill Young who passed away in 2013.  Congressional District 13 consists of Pinellas County.

Sink was formally endorsed by the League in early February. Since her days as Florida's chief financial officer, she has fostered a solid working relationship with credit unions. Sink has made numerous visits to meet with credit union CEOs during her career. She has also spoken at LSCU events and met with the League's governmental affairs staff to gain a greater understanding of credit union issues. Sink's longtime support of the credit union industry, along with her expertise in the financial services industry, makes her an ideal candidate for credit unions.

According to the Pinellas county supervisor of elections, more than 125,000 mail in ballots have already been sent in before the official election day. A Democrat has not represented this district since 1954.

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Washington wire

On Capitol Hill this week:

  • The Senate Banking Committee will hold a confirmation hearing on the nomination of J. Mark McWatters to be a member of the NCUA board.
  • The House Financial Services Committee may hold a mark-up to consider legislation to permit privately insured credit unions to join the Federal Home Loan Bank system.
  • The Senate is expected to approve legislation providing for a four-year delay in the implementation of the Biggert-Waters National Flood Insurance Program Act of 2012.

Floor Schedule
The House comes back Tuesday and will consider several pieces of legislation under suspension of the rules. On Wednesday, and the remainder of the week, the House will consider the “SGR Repeal and Medicare Provider Payment Modernization Act of 2014” (H.R. 4015); the “Water Rights Protection Act” (H.R. 3189); the “Faithful Execution of the Law Act of 2014” (H.R. 3973); and the “ENFORCE the Law Act of 2014” (H.R. 4138)

The Senate will return and consider presidential nominations. Several senators are expected to participate in a climate change debate overnight Monday. Later this week, the Senate is expected to vote on the passage of the “Victims Protection Act of 2014” (S.1917) and could take up the “Homeowner Flood Insurance Affordability Act” (H.R. 3370).

For this week's complete legislative update click here.

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InfoSight spotlight: Recordkeeping and the Bank Secrecy Act

The Bank Secrecy Act (BSA) regulations require credit unions to maintain numerous records. The general retention period under the BSA is five (5) years.

Credit unions must keep copies of Suspicious Activity Reports, along with supporting documentation and Currency Transaction Reports. The record keeping page of the Bank Secrecy Act channel of InfoSight lists other records that must be kept, including—but not limited to—the following:

  • Extensions of credit in excess of $10,000
  • Currency transaction in excess of $10,000 to or from any person, account, or place outside the United States
  • Cash sales of monetary instruments (e.g., money orders, traveler's checks, cashier's checks) between $3,000 and $10,000

Visit the BSA Record Keeping Topic to review which records your credit union must retain. This topic also provides links to these resources:

  • CUNA's Bank Secrecy Compliance Guide, which provides a detailed analysis of the record keeping requirements.
  • FFIEC's BSA/Anti-Money Laundering Infobase, which provides training and examination information.
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More risk-based capital information in March 19 webinar

The NCUA's new proposal on risk based capital could have a dramatic impact on the credit union system. CUNA and the League want to make sure credit union officials are well-informed, not only about the various provisions of the proposal, but also about its likely effect on credit unions' operations. In this free webinar on March 19 at 3 p.m. CT, join senior CUNA staff and credit union CEOs who have reviewed the proposal in detail as they share their perspectives.

Topics will include:

  •     A review of key aspects of the proposal
  •     Highlights of the proposal's financial impact
  •     Top legal issues
  •     An update on CUNA's efforts
  •     Recommended actions credit unions can take to voice their concerns

This is a complimentary webinar offered to affiliated credit unions, however registration is required to attend. Click here to learn more and register.

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Jacksonville-based CUs plan to merge

First Florida Credit Union (FFCU), established in 1950, and State Employees Credit Union (SECU), established in 1937, recently signed an “intent to merge” agreement. The proposed merger would create an institution ranked among the top 20 Florida-based credit unions with nearly 60,000 members, more than $700 million in assets and 140 combined years of serving state employees and other members, said Chris Boivin, a spokesperson for the management team planning the partnership.

“These are two financially healthy institutions with similar assets coming together to expand our branch footprint in key markets throughout the state,” Boivin said. “Our products and services will also be expanded, and we will be able to focus on innovations that enhance the overall member experience.”

The proposed merger requires approval from the Office of Financial Regulation, the National Credit Union Administration, and the members of State Employees Credit Union. The SECU membership vote is scheduled for June, and the credit unions anticipate that the merger will be finalized in July.

The combined credit union would operate under the First Florida Credit Union name. No layoffs are planned. The leadership team of the combined institution would include senior managers from both FFCU and SECU. FFCU CEO Brent E. Lister would serve as chief executive officer, overseeing strategic direction. SECU’s CEO Paul Numbers Jr. would serve as president and oversee operations. The board of directors from each credit union would combine to form a single new governing board.

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In This Issue
Tuesday Edition
Special election today
Washington wire
InfoSight spotlight: Recordkeeping and the Bank Secrecy Act
More risk-based capital information in March 19 webinar
Jacksonville-based CUs plan to merge
LSCU & Affiliates Media

NCUA Economic Update - Feb. 2014
In the latest update, NCUA Economist John Worth explores Labor Market Performance and Consumer Spending.

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.

Upcoming Event Deadlines
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 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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