March 21, 2014
Friday Edition
Alabama Credit Union Act Update headed to governor

Alabama credit unions received a major victory Thursday when Sens. Slade Blackwell (R-Mountain Brook) and Roger Bedford (D-Russellville) passed HB 165, the Alabama Credit Union Act Update, out of the Alabama Senate. The legislation, which was sponsored by Rep. Greg Wren (R-Montgomery) adds new language to the act that governs state chartered credit unions and makes significant changes to a law that has rarely been touched since its creation.

"This much needed update to the Alabama Credit Union Act will benefit credit union members as soon as it is signed by the governor," said LSCU & Affiliates President/CEO Patrick La Pine. "Credit unions thank Alabama legislative leadership for seeing the value in updating the act." 

Some of the changes to the Act include limited liability for boards of directors, new expulsion language for members of credit unions, adds penalties for the fraudulent use of the term “credit union,” adds protections for credit unions on accounts created by minors, and increases the liability protection from $5,000 to $10,000 on accounts of deceased members.

HB 165 will now head to Gov. Bentley’s desk for his signature. The League would like to thank Sens. Blackwell and Bedford, as well as Rep. Wren for their work on this legislation.

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Fed decision maintains low cost of funds for CUs

Even with the change in its forward guidance, the Federal Open Market Committee (FOMC) repeated that the interest rate will stay low for a "considerable time," possibly well into 2015, keeping credit unions' cost of funds low, according to a CUNA economist.

"The Fed, under Chair Janet Yellen's leadership, did what many were expecting--continuing to wind down longer-term asset purchases and removing the forward guidance on the 6.5 percent unemployment rate threshold," Mike Schenk, CUNA vice president of economics and statistics, told News Now . 

With the unemployment rate nearing the 6.5 percent threshold, many observers were wondering if increases to the federal funds rate were imminent, he noted. Labor market conditions, inflation expectations and financial markets will be taken into account for rate decisions, even after the Fed halts its monthly asset purchases.

If the Fed continues to reduce its asset-bond purchases by $10 billion per month, it will likely complete its quantitative easing program by its December meeting.  Beginning in April, the committee will add just $25 billion per month to its holdings of agency mortgage-backed securities instead of $30 billion per month. Longer-term Treasury securities will drop to $30 billion per month down from $35 billion per month. 

Visit CUNA News Now for the complete article.

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2014 CUNA Marketing Diamond Award winners

Credit unions in Alabama and Florida brought home 28 CUNA Marketing Diamond awards. Listerhill CU Vice President of Marketing Kristen Mashburn was the big winner. She was named the CUNA Marketing Professional of the Year and her Muscle Shoals based credit union won 11 awards. Tropical Financial CU Vice President of Marketing Amy McGraw was named the CUNA Marketing Volunteer of the Year. The South Florida marketer gives of her time to ensure the success of the CUNA Marketing Council. 

The credit unions awards ranged from marketing materials to lobby posters to videos to websites. The awards were handed out during the 2014 CUNA Marketing Conference in Orlando this month. For a complete list of winners, visit the CUNA Marketing webpage. To learn more about the CUNA Marketing Council, visit this link.

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Registration for 2014 Listening Sessions now available online

Registration for NCUA Board Chairman Debbie Matz’s 2014 Listening Session series is now available online, and Board Member Rick Metsger announced he will be attending with the Chairman.

Registration is free and available here. The 2014 Listening Sessions will be open to any topics related to NCUA and will take place before NCUA’s proposed risk-based capital rule is finalized.

“This new series of Listening Sessions will allow credit union officials, NCUA board members and the agency’s senior staff to talk face-to-face about how NCUA can further improve regulations, the exam process, and other agency initiatives,” Matz said. “The last Listening Sessions in 2012 generated many ideas that we later incorporated into NCUA’s rules. I anticipate the 2014 sessions will produce similar results.”

The Listening Sessions schedule is as follows:

  • June 26, 1 p.m. – 4 p.m. PDT, Los Angeles, Region 5
  • July 10, 1 p.m. – 4 p.m. CDT, Chicago, Regions 3 & 4
  • July 17, 1 p.m. – 4 p.m. EDT, Alexandria, Regions 1 & 2

Participants will also be able to speak with senior NCUA staff and supervisory examiners from the NCUA Regions co-hosting each Listening Session. Federally insured credit unions can determine their regions here.

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Welcome to the League

LSCU & Affiliates is excited to welcome Birmingham's Alabama Postal Credit Union to the League. Alabama Postal returns after four years as a non-member. 

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In This Issue
Friday Edition
Alabama Credit Union Act Update headed to governor
Fed decision maintains low cost of funds for CUs
2014 CUNA Marketing Diamond Award winners
Registration for 2014 Listening Sessions now available online
Welcome to the League
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.

CUNA Risk Based Capital Video

CUNA produced a video to explain the NCUA's proposed rule. Plus, credit unions talk about what the proposal means to them. 

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 LSCU/CUES CU 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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