March 25, 2014
Tuesday Edition
Larry Morgan resigns as Alabama administrator

The League has learned that Alabama Credit Union Administration Administrator Larry Morgan has resigned. His last day is today, Monday, March 24. Morgan was appointed the state's administrator by Alabama Gov. Robert Bentley in February of 2011. He assumed the post two months after he retired as CEO of APCO Employees Credit Union in Birmingham. Morgan had led APCO for 38 years.

No other details are available, but the League will send them along as it learns more.

Return to Top
Washington wire

Housing Finance Reform
Since its release a week ago last Sunday, CUNA has had several meetings and conversations with Senate staff, the White House, credit union mortgage lenders, and other financial services trade groups regarding the new Johnson-Crapo housing finance reform bill. It is expected the Banking Committee will mark-up the legislation during this work period, although when it will be put on the Senate floor for consideration is not clear.

While the legislative proposal is based closely on the previous efforts by Senators Corker and Warner, there are some significant differences which CUNA and the League are still reviewing to ensure the legislation will help maintain a functioning secondary mortgage market that provides credit unions equitable access and the ability to continue to offer mortgage products with predictable payments, like the 30-year fixed rate mortgage.

Areas of the legislation in focus include changes made to the Federal Mortgage Insurance Corporation and the establishment of the securitization platform. There are also concerns regarding the governance of the securitization platform and the small lender mutual, as well as the 10-percent first loss coverage requirement. CUNA and the League were pleased to see that the legislative proposal incorporates our suggestion to increase the cap on the size of institutions which could be members of the small lender mutual from $15 billion to $500 billion in assets.

CUNA and the League will be submitting suggested changes and improvements to the Banking Committee later this week, and those will be available on CUNA's website after they are submitted. In the meantime, the legislative language for the Johnson-Crapo bill can be found here, the section-by-section of the legislation can be found here and a detailed summary can be found here.

Click here for this week's complete legislative update.

Return to Top
InfoSight spotlight: Elder Financial Exploitation

Older Americans hold a high concentration of wealth as compared to the general population. In the instances where elderly individuals experience declining cognitive or physical abilities, they may find themselves more reliant on specific individuals for their physical well-being, financial management, and social interaction. While anyone can be a victim of a financial crime such as identity theft, embezzlement, and fraudulent schemes, certain elderly individuals may be particularly vulnerable.

Elder financial or material exploitation is defined as the illegal or improper use of an elder's funds, property, or assets. Examples include, but are not limited to, cashing an elderly person's checks without authorization or permission; forging an older person's signature; and the improper use of conservatorship, guardianship, or power of attorney.

In order to assist credit unions help their elderly members, the Elder Financial Exploitation topic is in the Security channel of InfoSight. Visit this topic to learn the signs of elder financial abuse—and what your credit union can do to protect the elderly and the vulnerable.

Return to Top
Shop Amazon and support the Southeastern Credit Union Foundation

From now through March 31, the AmazonSmile Foundation will donate an extra $5 for each customer who makes an eligible purchase at in support of Southeastern Credit Union Foundation. This is in addition to the regular donation of 0.5-percent of the purchase price. Up to $1,000,000 extra will be donated to eligible charities as a result of this promotion.

Simply click this link, sign in, and start shopping! Take this opportunity to support the foundation.

Return to Top
George Mason University conducting survey on impact on Dodd-Frank

Ph.D students in economics at George Mason University in Virginia are conducting a survey as part of their research on the impact of Dodd-Frank on the relationship between financial institutions and their customers. As credit unions are a key part of the study, they are asking credit unions to participate in a brief survey (only 10 questions). Click here to participate in the survey today.

Return to Top
In This Issue
Tuesday Edition
Larry Morgan resigns as Alabama administrator
Washington wire
InfoSight spotlight: Elder Financial Exploitation
Shop Amazon and support the Southeastern Credit Union Foundation
George Mason University conducting survey on impact on Dodd-Frank
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
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-26 2014 FCUA State GAC
TODAY Flood Compliance -FEMA Mapping Change
TODAY Reg Compliance-BSA for Lenders
March 27 Trust Compliance in Accounts & Lending
April 1 Completing Flood Insurance Forms
April 2 ACH Rules Update 2014
April 3 Powers-of-Attorney on Deposit Accts
April 8 Spring Reg. Compliance Update FL
April 9 Compliance, Account Titling & Ownership
April 10 Spring Reg Compliance Update AL
Follow Us
© Copyright, League of Southeastern Credit Unions & Affiliates
Phone: 866.231.0545
3692 Coolidge Court | Tallahassee, Florida 32311
22 Inverness Cntr Pky, #200 | Birmingham, Alabama 35242
To ensure delivery, please add '' to your email address book or Safe Sender List. If you are still having problems receiving our communications, see our white-listing page for more details.

To safely unsubscribe from this group, click here.
Home Action Center Contact Us CU Job Center Forward to a Friend Back Issues Twitter Facebook YouTube