April 11, 2014
Friday Edition
Heartbleed: Do your due diligence and make sure you are secure

The League has been doing its due diligence and has verified that all of its informational, customer facing websites are secure against the new Heartbleed Open SSL Vulnerability that was announced earlier this week. The League is also currently working to confirm the security of its service based vendors and is encouraging its member credit unions do the same.

It is important for credit unions to contact their service vendors to confirm they have done their necessary due diligence. Credit unions should make sure that their service vendors have knowledge of the vulnerability, they have looked into the situation, and that they either are not vulnerable or have already completed the patch work necessary to protect their customers. 

The League is also encouraging credit unions to inform staff and membership to check their personal social networking and cloud service providers (Facebook ,Twitter, Dropbox, etc.) and reset their individual passwords if the service provider instructs them to do so. This is currently happening across many social platforms. In fact, some are even forcing passwords of users to expire so they have to be reset to enter the site. This is a security precaution, the same as issuing a new credit or debit card as a result of a card processing breach. It is not fraudulent activity on the part of their service providers.

If you are just reading about this for the first time, visit CNET for more coverage of the vulnerability and what major companies are doing to patch their websites.

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Tighter rules may be on the way for alternative currencies

Money-laundering and know-your-customer controls will need to be applied to virtual currency transactions such as those made through bitcoin, U.S. Attorney General Eric Holder told U.S. House Committee on the Judiciary members this week.

These controls would help fight illegal activity on these marketplaces, Holder said. The Department of Justice is working with financial regulators to assess the issue, Holder said, noting that the popularity of alternative currencies among criminals has created a new issue for law enforcement and regulators alike.

The new government attention has made some fear that tightening regulations could tighten the online currency business, Finextra.com wrote.

The question is not if the government will regulate online currencies, but when and which agency will oversee the transactions, MarketWatch.com reported.

To read the complete story visit CUNA News Now.

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CU Who's Who

Lewis first female chairman of Tyndall FCU in CU’s history

Tyndall Federal Credit Union is proud to announce the election of Lucy Lewis, the first female board chairman of Tyndall Federal Credit Union, which is based in Panama City.

Lewis has been a member of Tyndall Federal Credit Union since the 1970s. She joined the board of directors in 2004 and during the last three years served as the treasurer (2011-2012) and the vice-chairman (2013). She is currently on the Executive Committee and has chaired the board’s ALCO/Investment Committee and the Nominating Committee.

Alfonso of JetStream Federal Credit Union receives NCCO certification

JetStream Federal Credit Union, based in Miami Lakes, is proud to announce that Ayleen Alfonso completed and passed all of the NAFCU Certified Compliance Officer required exams the first time, with very high scores and receiving the certification of NCCO.

Earning the prestigious designation of NCCO, states that Alfonso has a comprehensive understanding of all of the major regulations that govern credit union operations. Alfonso had to pass a rigorous series of exams and attend NAFCU’s regulatory compliance school to earn this designation.

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CU happenings

Alabama Telco holds ugly room contest
Throughout the months of April and May, Alabama Telco Credit Union in Birmingham is holding an Ugly Room contest via its Facebook page with a grand prize of $500 for the ugliest room. Entries will then be posted on the credit union’s Facebook page from April 15 through May 31. Once entries are posted, Alabama Telco Facebook fans may vote on their favorite ugly rooms by clicking “Like.” The entry with the most “Likes” will win $500. Second place winner will receive $300, and a third place winner will receive $200.

“Spring is the time for change, and it’s also when the housing market picks up. Consumers are either looking to buy a new house or remodel their current one. We definitely see an increase in our home equity loans during this time of year. We thought we’d have a little fun and help those with fixer-uppers by giving them a little extra cash to get started,” explains Stanton Davis, vice president of marketing for Alabama Telco Credit Union.

Northeast Florida Chapter host city-wide Mad City Money

The Northeast Florida Chapter hosted a City-Wide Mad City Money event at the Jacksonville Public Library on March 22. Young professional Jimmy Manos, facilitated the event. The free city-wide event gave 40 students an opportunity to experience real world - salary, spouse, student loan debt, credit card debt, housing and childcare expenses. 

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In This Issue
Friday Edition
Heartbleed: Do your due diligence and make sure you are secure
Tighter rules may be on the way for alternative currencies
CU Who's Who
CU happenings
LSCU & Affiliates Media

Florida State GAC
The Florida State GAC wrap up video looks at the more than 30 lawmaker visits, topics discussed and the sessions over the two days including the regulator roundtable. NCUA Region III Director Myra Toeppe talks about her strategy in her first year. 

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.

Upcoming Event Deadlines
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

May 2 Last Day for Early Bird Rate – SAS Credit Union Conference - Tallahassee, FL
Upcoming League Events
April 15 Managing CUs' BYOD & COPE Policies
April 16 Official Demand for Member Funds
April 17 Examination Findings of the CFPB
April 22 Negotiable Instrument Precautions
April 23 Ability to Repay-Comply with SFPB Rules
April 24 BSA Officer Duties & Update
April 29 Art-Science of Keeping Software Current
April 30 How Board Can Protect Your CU
May 13 SAS Credit Union Conference
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