April 15, 2014
Tuesday Edition
AL PAC trustees endorse DeMarco

One of the most watched races this fall will be for the seat currently held by Rep. Spencer Bachus (R-AL). With the primary two months away, there are seven people vying for the seat on the Republican side. The LSCU Alabama PAC board of trustees voted Monday to endorse Paul DeMarco in the race. DeMarco is currently serving in the Alabama House of Representatives.

In meeting with the League last week, DeMarco expressed his support for the credit union tax exemption. He is in favor of decreasing regulatory burden under Dodd-Frank and the CFPB. The League sent a candidate questionnaire to each of the candidates and DeMarco's support was reiterated in his answers on the questionnaire.

DeMarco has been in the State House since 2005 and re-elected twice. He is chairman of the House Judiciary Committee and in House leadership. He graduated from Auburn and received a law degree from the University of Alabama School of Law. 

The Republican Primary is June 3. Also on the Republican ballot are State Sen. Scott Beason, Will Brooke, Dr. Chad Mathis, Gary Palmer, Tom Vigneulle, and Robert Shattuck. If you have any questions, contact LSCU Director of Governmental Affairs Jason Cochran at 866.231.0545 ext. 2159.

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Washington wire

Congress is out of session for the next two weeks for the Easter/Passover district work period in district offices. Both chambers will not meet again until the week of April 28. Here's an update on key pieces of legislation.

NCUA’s Risk-Based Capital Proposed Rule
The House Financial Services Committee held a hearing last week titled, "Who's in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom." Preceding the hearing CUNA sent a letter for the record regarding concerns with both the CFPB and with NCUA’s risk-based capital rule.

During the hearing Reps.Ed Royce (R-CA) and Brad Sherman (D-CA) questioned NCUA’s General Counsel Mr. McKenna on the new rule. One question was why the risk weights in the NCUA’s risk based capital rule differ from the Basel III requirements for banks. McKenna said that during the comment period the NCUA had received a number of letters expressing concern about the risk weights – concerns which they will be considering for the final rule. 

CUNA is continuing to work with members on a Congressional sign-on letter to the NCUA. The hope is to have the letter finalized very shortly and then have members sign quickly. To help you work with the members of your delegation when the letter is released, here is CUNA's database of Congressional letters to banking regulators on Basel III capital rules for small banks. These letters will help credit unions know who would most likely sign the Congressional letter.

Housing Finance Reform
CUNA continues to meet regarding the Johnson-Crapo housing finance reform bill with White House and Senate staff in advance of the April 29 mark-up in the Senate Banking Committee. CUNA sent a joint letter Friday afternoon to Chairman Johnson and Ranking Member Crapo with ICBA and NAFCU outlining major concerns. Legislative language was included that addressed some of these concerns. 

Patent Reform
Senate Judiciary Committee Chairman Patrick Leahy announced last Wednesday that the committee will postpone a vote on S. 1720, the Patent Transparency and Improvements Act, until after the recess, citing that the committee needed more time to draft important provisions in the bill. He indicated that he would release a manager’s amendment when the Senate returns at the end of the month.

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CFPB to hold webinar on mortgage closing process

The CFPB will hold a forum on the mortgage closing process. The webinar will be held in Washington, D.C., at 1:30 PM ET on Wednesday April 23. CFPB Director Richard Cordray will speak. The forum will include a discussion with consumer groups, industry representatives, and members of the public.

Credit unions can attend the webinar in person or watch it live on the CFPB’s blog. Send the CFPB an email if you will attend in person. CUNA will attend and provide an update on the discussion. This past February, CUNA submitted comments to the CFPB in response to a request for information on the home mortgage loan-closing process.The comments provided input on a variety of issues, including consumers and closing, errors and changes at closing, other parties at closing, closing documents, and improving closing.

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CO-OP dividend rises 17 percent

CO-OP Financial Services announced its patronage (shareholder dividend) pool  this year will be $30.5 million for fiscal year 2013. This represents a 17-percent increase in patronage compared to the 2012 figure of $26.1 million. Since 1996, the total shareholder patronage amount for CO-OP is $284.8 million since becoming a credit union-owned cooperative.

“The year 2013 was a good one for the credit union system, with membership, loans and earnings up in aggregate for the industry,” said Stan Hollen, president/CEO, CO-OP Financial Services. “At CO-OP, we had record sales and earnings, enabling us to provide our nearly 1,200 member-shareholder institutions with a healthy increase in patronage for the year.” 

Highlights for CO-OP during the past year include:

  • Zero unscheduled or scheduled downtimes on our EFT switches; this makes two years in a row we have achieved this
  • A record 2.8 billion transactions processed
  • 8.7+ customer satisfaction ratings in all of CO-OP's businesses

Read more on CO-OP Financial Services website.To learn more about CO-OP, contact a LEVERAGE Business Development Consultant.

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SRCUS Management School provides well-rounded curriculum, experiential opportunities

Considered one of the premier learning opportunities in the Southeast,  the Southeast CUNA Management School is June 6 - 13, 2014, at the Georgia Center, the University of Georgia's conference center and hotel in Athens, Georgia.

If you are a credit union employee that wants to develop and expand your leadership capabilities, this school is for you. Students leave the school with meaningful, long-lasting relationships with classmates that strengthen the cooperative nature of the credit union movement.

To learn more about this learning opportunity, view the 2014 Southeast CUNA Management School brochure or visit the SRCUS website.

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In This Issue
Tuesday Edition
AL PAC trustees endorse DeMarco
Washington wire
CFPB to hold webinar on mortgage closing process
CO-OP dividend rises 17 percent
SRCUS Management School provides well-rounded curriculum, experiential opportunities
LSCU & Affiliates Media

Alabama Credit Union Act Update
LSCU & Affiliates Director of Regulatory Advocacy Scott Morris goes over some of the important parts of the update to the Alabama Credit Union Act.

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 - Risk Based Capital Meeting in Jacksonville
April 15 Managing CUs' BYOD & COPE Policies
April 16 Official Demand for Member Funds
April 17 - Risk Based Capital meeting in Birmingham
April 17 Examination Findings of the CFPB
April 21 - Risk Based Capital Meeting in Gainesville
April 22 Negotiable Instrument Precautions
April 22 - Risk Based Capital Meeting in Tampa
April 23 Ability to Repay-Comply with SFPB Rules
April 23 - Risk Based Capital Meeting in Orlando
April 24 - Risk Based Capital Meeting in Huntsville
April 24 BSA Officer Duties & Update
April 24 - Risk Based Capital Meeting in West Palm Beach
May 13 SAS Credit Union Conference
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