March 18, 2014
Tuesday Edition
NCUA says Stabilization Fund earned clean audit for 2013

The NCUA announced Monday that the Temporary Corporate Credit Union Stabilization Fund has received a clean audit opinion for the fifth consecutive year of its five-year existence. 

According to CUNA New Now, the fund's condition is on the agenda for this Thursday's NCUA open board meeting and at that time the NCUA's chief financial officer will provide a detailed report. However, in its release Monday, the NCUA highlighted that in 2013 the Stabilization Fund's financial condition "remained stable, maintaining sufficient available liquidity to meet its obligations while its deficit net position continued to decline."

KPMG LLP, the independent firm that audits the stabilization fund's financial statements, issued an unmodified audit opinion with no reportable findings. The agency released that opinion as well as the stabilization fund's 2013 audited financial statements.

"Congress created the Stabilization Fund in 2009, and an independent auditor has given NCUA a clean financial statement audit opinion every year since then," NCUA Chairman Debbie Matz said in the release. "KPMG's latest report, following the board's announcement last November that we do not expect an assessment in 2014, demonstrates the agency's planning and management are prudent and that we are maintaining transparency as we work to complete the resolution of the corporate credit union crisis."

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Washington wire

The House and the Senate are not in session this week. Both chambers are expected to return next week and remain in session until the week before Easter.

The last week before recess was particularly busy on Capitol Hill. With two bills subject to mark-up in the Financial Services Committee, a confirmation hearing in the Senate Banking Committee, a fresh housing finance reform proposal, a flood insurance bill on the Senate floor, a new regulatory relief bill introduced in the House, the perennial matter of tax reform, and the critical issue of NCUA’s risk-based capital rule, it was quite a week for credit unions on Capitol Hill.

Click here to read this week's legislative update and get all the details.

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InfoSight spotlight: Currency Transaction Reports

All financial institutions, including every credit union, must file a Currency Transaction Report (CTR) on each deposit, withdrawal, payment, transfer or other transactions involving currency (cash) of more than $10,000.00. If multiple transactions are by or on behalf of any person, the credit union must aggregate the transactions and report them as one transaction if the total exceeds $10,000.00. If deposits are made at night or over a weekend or holiday, that transaction must be treated as if it was made on the next business day.

Visit the CTR topic today and help your credit union remain in compliance.

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Risk-based capital webinar tomorrow

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 tomorrow's free webinar 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 register today.

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Scam alert

If you receive a phone call from someone claiming to be from the JW Marriott or a travel agency asking to book a room through them, do not provide any information. The scam is to acquire your credit card information. They do this by requesting your email address in order to provide a link for you to fill out information to book your room. This is a fraudulent call and you should not provide them with any information. The JW Marriott does not contact guests in this manner. Only use the link on the conference page to reserve your room.

If you have received a call like this, contact LSCU & Affiliates Director of Events Julianne Talley at 866.231.0545 ext. 1148.

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In This Issue
Tuesday Edition
NCUA says Stabilization Fund earned clean audit for 2013
Washington wire
InfoSight spotlight: Currency Transaction Reports
Risk-based capital webinar tomorrow
Scam alert
LSCU & Affiliates Media

Bobby Bowden Keynotes SCUCE
Former Florida State football coach Bobby Bowden will be the keynote speaker at the Southeast Credit Union Conference and Expo in Orlando in June. Coach Bowden will talk to credit unions about leadership, growing a team, and learning.

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

Upcoming Event Deadlines

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

April 7 Last Day to Register for Spring Regulatory Compliance Update - Tallahassee, FL
April 8 Last Day for Early Bird Rate for OFAC & Bank Secrecy Act School – Birmingham, AL
April 9 Last Day to Register for Spring Regulatory Compliance Update - Birmingham, AL

Extended to April 22 Last Day for Early Bird Rate – Disaster Recovery Conference – Mobile, AL

Extended to April 24 Last Day for Early Bird Rate – Disaster Recovery Conference – Jacksonville, FL

Upcoming League Events
TODAY IRA Essentials Workshop, Birmingham AL
TODAY 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?
March 20-21 LSCU/CUES Executive Dialogue
March 25-26 2014 FCUA State GAC
March 25 Flood Compliance -FEMA Mapping Changes
March 25 Reg Compliance-BSA for Lenders
March 27 Trust Compliance in Accounts & Lending
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