April 29, 2014
Tuesday Edition
Risk-based capital presentation now available on video

The League has been holding risk-based capital meetings across both Alabama and Florida over the past two weeks. The meetings are preparing credit unions for the May 28 NCUA comment letter due date.

A video of the April 25 risk-based capital meeting in Tallahassee is now available on the League's YouTube channel. The information is not state specific so credit unions from Alabama and Florida are encouraged to watch. If you have not been able to make it to one of the RBC meetings in person click here to watch the video. Plus, don't  forget to share this presentation with your staff and boards.

If you have any questions, contact LSCU VP, Compliance Training and Information Bill Berg at 866.231.0545 ext. 1028 or Director of Regulatory Affairs Scott Morris at ext. 2165.

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InfoSight spotlight: Virtual currency

A new topic on the Bank Secrecy Act Channel addresses the BSA requirements for ‘virtual currency.’ According to FinCEN, virtual currency is defined as a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency.

The new topic addresses the definitions of participants, details the BSA requirements, and provides links to various FinCEN updates on how to treat virtual currency.

Click here to visit the new Virtual Currency topic.

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Washington wire

The House and the Senate are back in Washington after a two week recess, and this looks like it is shaping up to be one of the most significant weeks for credit unions this year.

 Here is what you need to know about credit unions on Capitol Hill this week:

  • The Senate Banking Committee is expected to vote on the nomination of J. Mark McWatters to be a member of the National Credit Union Administration Board.
  • The Senate Banking Committee is expected to consider the Johnson-Crapo Housing Finance Reform bill.
  • The Senate Judiciary Committee is expected to consider patent reform legislation.

For more on the above topics, plus this week's floor schedules click here.
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CUNA Mutual Group Property & Casualty Claims Disaster Team

With the potential for inclement weather in Alabama and Florida this week, it is important to know who to call if your credit union faces storm related losses.

The Claims Property & Casualty Disaster Response Team is closely monitoring the major storms that have and continue to impact the Southern and Central portions of the US. To ensure the CUNA Mutual Group provides assistance to credit unions and their members in the fastest possible manner, claim staff from the CUNA Mutual Group Property & Casualty Claims Disaster Team can be reached – 24 hours a day, 7 days a week – by calling 800.637.2676, Option 1.

If you learn of any storm related losses, contact or forward that information on to one of the following individuals:

Michael Mckinley
Michael.Mckinley@cunamutual.com
800.637.2676 Ext. 6737

Sherri Isely
Sherri.Isely@cunamutual.com
800.637.2676 Ext. 7471

Barb Nemec
Barb.nemec@cunamutual.com
800.637.2676 Ext. 6644

Mike Retelle
Mike.Retelle@cunamutual.com
800.637.2676 Ext. 7618

Also, when contacting the above individuals, don't forget to provide the following information:

  • Identify the credit union or policyholders name who contacted you or that you’ve learned is impacted
  • If possible, provide the policyholders name and contact information
  • If know, identify any special claim needs of the impacted credit union
  • Identify the known extent of the loss
  • Identify any special claim needs of the impacted credit union
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In This Issue
Tuesday Edition
Risk-based capital presentation now available on video
InfoSight spotlight: Virtual currency
Washington wire
CUNA Mutual Group Property & Casualty Claims Disaster Team
LSCU & Affiliates Media



Florida Financial Literacy Bill
In 2014, the Florida Legislature considered HB 367 and SB 212 which would require a half credit of financial literacy to graduate. Bill sponsors Sen. Dorothy Hukill and Rep. Heather Fitzenhagen talk about its need and how credit unions can help.


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.

Upcoming Event Deadlines
May 2 Last Day for Early Bird Rate – SAS Credit Union Conference - Tallahassee, FL
May 19 Last Day to Register - LSCU Disaster Recovery Conference - Mobile, AL
May 19 Last Day to Register -  LSCU OFAC/BSA Basic & Advanced School - Birmingham, AL
May 21 Last Day to Register - LSCU Disaster Recovery Conference - Jacksonville, FL
June 18 Last Day for Early Bird Rate – LSCU BSA Essentials & Advanced Workshops – Mobile, AL
June 18 Last Day for Early Bird Rate – LSCU BSA Essentials & Advanced Workshops – Huntsville, AL
Upcoming League Events
TODAY - Art-Science of Keeping Software Current
April 30 - Risk Based Capital Meeting in Mobile
April 30 - How Board Can Protect Your CU
May 6 - Call Reports: Interpreting Changes
May 7 - ACH Challenges for RDFIs
May 13 - SAS Credit Union Conference
May 13 - Board vs Supervisory Responsibilities
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