April 4, 2014
Friday Edition
New CUNA survey seeks CUs' mortgage rule assessments

CUNA is following up with credit unions now that the Consumer Financial Protection Bureau's new mortgage rules have been in effect since Jan. 10, seeking more information about how those rules are affecting credit union practices.

CUNA has posted a new, brief survey on its website asking questions about how credit unions are handling the requirements of the CFPB's Ability-to-Repay/Qualified Mortgage lending rules.

"We want to know if the rules are impacting credit availability in the marketplace and whether credit unions are reducing their mortgage loan product offerings as a result of having to comply with the rules," CUNA Deputy General Counsel Mary Dunn said. 

The rules cover consumer closed-end mortgage loans including home-purchase loans, refinances, and home equity loans secured by the borrower's dwelling. There is a tight turn-around for the survey results. CUNA asks credit unions to respond by noon (ET) on April 7--this Monday.

Click here to access the survey.

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Free resources for CU Youth Month now available

National Credit Union Youth Month is here and National Credit Union Youth Week is just around the corner, April 20-26. Has your credit union started its celebration? If not, it is now easier than ever to "Catch the $ave Wave" and participate in this year's festivities with free resources and images from CUNA.

Just click here to download free posters, logos and web graphics, customizable articles, coloring pages, and more to help your credit union join the party. Post your financial literacy pictures and stories on the League's Facebook page. 

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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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CU happenings

Birmingham Chapter of Credit Unions makes donation to Junior Achievement


Photo: Jamie Witte presenting a $2,200 donation to Junior Achievement on behalf of the Birmingham Chapter of Credit Unions

Junior Achievement is a non-profit youth organization that works with local businesses and organizations to deliver experiential programs on the topics of financial literacy, work readiness, and entrepreneurship to students in kindergarten through high school.



JetStream's collections team earns Community Development Certified Financial Counselor designation


JetStream Federal Credit Union in Miami Lakes announced that their entire collections team has earned the designation of Community Development Certified Financial Counselor.

This designation is certified by the National Cooperative Business Association through its Community Development Initiative. It’s an essential tool for organizations serving moderate and low income populations, and an effective way for financial institutions to better serve their members when they face difficult times.

With more than 75 percent of its members classified as low income, building a community development program to serve distressed members has been a priority for JetStream Federal Credit Union. The credit union was granted the designation of CDFI (Community Development Financial Institution) in 2012 by the US Treasury department.

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In This Issue
Friday Edition
New CUNA survey seeks CUs' mortgage rule assessments
Free resources for CU Youth Month now available
Get your call reports in before April 25 to avoid fees
CU happenings
LSCU & Affiliates Media

President's 1Q Video
LSCU president/CEO gives his first quarter video for 2014. He looks at the CUNA GAC, tax reform, and the new Southeast Credit Union Conference. He also talks about the 2014 Dues Rebate.


Conversation with Florida CFO Jeff Atwater
Florida CFO Jeff Atwater stopped by the LSCU & Affiliates in March to talk about how the state is performing and where credit unions fit in the financial landscape.

 

Upcoming Event Deadlines
April 7 Last Day to Register for Spring Regulatory Compliance Update - Tallahassee, FL
April 9 Last Day to Register for Spring Regulatory Compliance Update - Birmingham, AL
Extended to April 22 Last Day for Early Bird Rate for OFAC & Bank Secrecy Act School – 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
April 8 Spring Reg. Compliance Update FL
April 9 Compliance, Account Titling & Ownership
April 10 Spring Reg Compliance Update AL
April 15 Managing CUs' BYOD & COPE Policies
April 16 Official Demand for Member Funds
April 17 Examination Findings of the CFPB
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