March 27, 2014
Thursday Edition
Regulators, senate leadership highlight Florida State GAC's second day

The final day of the Florida Credit Union Association State GAC featured regulators, senators, cabinet members, the media, and awards. In other words, the second day of the State GAC had a little of everything. Sen. Rene Garcia (R-Hialeah) was honored as the LSCU Lawmaker of the Year. Sen. Garcia was a sponsor of public deposits bill in 2013 and this year he partnered with two credit unions to offer financial literacy to Spanish speaking citizens. The next Senate President Andy Gardiner (R-Orlando) gave an overview of this year's legislation and applauded credit unions for what they do in their communities. 

NCUA Region III Director Myra Toeppe and Florida Office of Financial Regulation Credit Unions Chief Bruce Ricca spoke for more than an hour. Toeppe said that the NCUA continues to look at interest rate risk and cybersecurity as the agency's top priorities this year. She also spent considerable time talking about risk based capital and encouraged credit unions to comment before the May 28 deadline. Ricca showed how credit unions were performing and showed that 75 percent of Florida's credit unions were capitalized over 10 percent, while zero were under seven percent.

Commissioner of Agriculture Adam Putnam spoke for thirty minutes about his office's top priorities. He said water is a major issue. He cited an example of Orlando needing to find two million gallons of new water per day to handle the influx of people. He said the best way to find new water is for everyone to conserve more. Putnam said that 80 percent of Florida residents live within 20 miles of a coast so keeping water safe is a main priority. 

PAC fundraising awards were handed out during lunch. Suncoast Credit Union won the President's Award for raising the most money; more than $54,000. The Tallahassee Chapter won the Chapter Award by raising more than 200 percent of its goal. For a list of winners and a more complete wrap-up of the State GAC, check out the LSCU Top Stories.

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CUNA participates in White House GSE reform meeting

As the attention of the Senate Banking Committee is dominated by preparations for a vote on its housing finance reform bill, White House staff continues to conduct meetings with stakeholders, like CUNA, on policy concerns.

In a meeting at the White House yesterday, CUNA Chief Economist Bill Hampel and General Counsel Eric Richard represented credit union concerns. CUNA urged Congress, as it considers comprehensive housing finance reform, to ensure that credit unions and other community financial institutions continue to have access to the secondary mortgage market. 

Click here for the complete CUNA News Now article.
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Financial Fitness Day next week

The National Credit Union Foundation is inviting credit union organizations to hold a “Financial Fitness Day” fundraiser on April 2 to kick off National Financial Literacy Month. This initiative will raise funds for NCUF and the Southeastern Credit Union Foundation in support of their financial education initiatives.

To participate, credit union organizations can hold one (or more) of the following fundraisers on April 2:

  •  Jeans or Casual Day for staff
  •  Bake sale for staff and/or members
  •  Deduct or Donate a Buck - Ask staff and/or members to consider a voluntary contribution of $1 or more either in cash as they complete their transaction and/or deducting from their checking or saving account as often as they choose.

Visit the website for campaign resources such as additional fundraising ideas, sample newsletter articles, sign-up sheets, stickers, flyer, statement stuffer, wall pin-up templates, sample tweets, web buttons, and more.

Donations made as part of the initiative will be split 50/50 between NCUF and the Southeastern Credit Union Foundation. Donations can be made here.

For more information contact Southeastern Credit Union Foundation Director Leonard Parkhurst.

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Don't forget to get your call reports in before April 25 to avoid fees

Call report filers that miss the April 25 deadline could be fined up to $1 million per day by the NCUA, according to the regulator.

A letter from Chairman Debbie Matz stated that figure is a worst case scenario, but illustrates the agency is serious about cracking down on late filers. Matz said more than 1,000 federally insured credit unions of all sizes filed call reports late for the third quarter 2013.

"Such late filing impacts NCUA's ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public," Matz said. "It is also a drain on NCUA resources, as field examiners are required to follow-up with tardy FCUs."

The NCUA will begin to exercise its authority to impose civil money penalties against federally insured credit unions that miss call report filing deadlines beginning April 25.

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LEVERAGE partner O'Rourke & Associates offers tips for CU executive recruiting in 2014

LEVERAGE partner O'Rourke & Associates helps credit unions across the country with their recruiting challenges. O'Rourke & Associates can also help credit unions in every region.

The recruiting landscape has changed quite a bit; therefore, recruiting practices from a decade or more ago will not work. According to O'Rourke, successful credit unions will need a fully-developed strategy for recruitment.

Here is just a few of the tips from O'Rourke for executive recruiting in the current landscape:

  • Credit unions should shift their approach from “screening” candidates to truly “recruiting” 
  • The interview process should be a positive experience
  • Avoid unnecessary hoops for candidates to jump through
  • Utilizing employees who will be direct reports to the executive position should be carefully considered
  • Vacation time and/or PTO are very important to candidates
  • Compensation is extremely important and your credit union should have a compensation strategy

Read Credit Union Executive Recruiting in 2014 for a complete list of recruiting tips.

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In This Issue
Thursday Edition
Regulators, senate leadership highlight Florida State GAC's second day
CUNA participates in White House GSE reform meeting
Financial Fitness Day next week
Don't forget to get your call reports in before April 25 to avoid fees
LEVERAGE partner O'Rourke & Associates offers tips for CU executive recruiting in 2014
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 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
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