May 1, 2014
Thursday Edition
Governors declare State of Emergency for Alabama and Florida panhandle

Gov. Robert Bentley declared a State of Emergency for all Alabama counties on Monday. “Some of our communities have already experienced significant damage as a result of the tornadoes that began moving through Alabama earlier today ” Gov. Bentley said. “By issuing a State of Emergency, I am directing all state agencies to take necessary actions to respond to Alabama communities that need help.”

The Alabama Emergency Agency activated the State Emergency Operations Center in Clanton to a level two on Monday. All first responders and law enforcement personnel are already out assisting communities that have experienced damage. In addition, Gov. Bentley has authorized the mobilization of 100 Alabama National Guard members to be on stand-by and ready to assist communities if needed.

On Wednesday, Florida Gov. Rick Scott followed suit and declared a State of Emergency for 26 counties located on the Florida Panhandle and in northern Florida.

The governor said officials have received about 300 requests for evacuations from flooded areas in Pensacola.

Some 201 rescues have been completed, according to Scott, and the Florida National Guard is sending 24 high-water vehicles to the area to assist with others.

Heavy rains started falling over the Florida Panhandle on Tuesday, drenching parts of Pensacola with between 15 and 20 inches of rain. Because of the heavy rain and flooding, many credit unions decided to close their Gulf Coast branches on Wednesday. None were reported to have any damage.

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SEC official stands up to big bank

The USA Today is reporting that the Royal Bank of Scotland (RBS) petitioned the Securities and Exchange Commission (SEC) to allow it to sell its securities without SEC review. The RBS is one of the banks being investigated for a widespread manipulation of LIBOR, a key benchmark interest rate used to set rates on countless securities and loans around the world. This alone should disqualify the waiver request. 

Kara Stein, an SEC commissioner, provided a dissenting view by saying that by allowing the RBS to sell without SEC overview, "the commission has strayed from its mission and strayed from a careful and prudent course."  The vote to allow RBS to sell securities without SEC overview was 3-2 with Stein and Luis Aguilar casting dissenting votes.

Stein's dissenting view highlights an agency that seems to be in turmoil. Last month an SEC enforcement attorney retired and said that the agency is pursuing the small fry and letting big violators go free. Stein's dissent also pointed out how the agency is not using the policies it has in place. 

"These disqualification and bad actor provisions have the potential for deterrence at large institutions that no one-time financial penalty could ever wield," she writes. "Yet, we repeatedly relieve issuers of the supposedly automatic consequences of their misconduct."

Read the full story in the USA Today

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LSCU board nominations due tomorrow

There are a total of five seats up for election this year on the LSCU & Affiliates board.

There are four seats up for regular election with two seats in each state:

  • Alabama has one Class B seat open and one Class D seat open. To qualify for the Class B seat your credit union must have between 2,000 and 15,000 members. To qualify for the Class D seat your credit union must have over 40,000 members.

  • Florida has one Class B seat open and one Class C seat open. To qualify for the Class C seat your credit union must have between 15,000-40,000 members.

There is also one seat up for special election in Florida:

  •  Florida has one Class A seat open. This seat will serve the remaining two years of a four-year term. To qualify for the Class A seat your credit union must have fewer than 2,000 members.

Nomination packets are due back to the League by 5 p.m. ET tomorrow, Friday, May 2. Electronic ballots will then be delivered via email on Monday, May 5.

If you have any questions regarding the 2014 LSCU & Affiliates board election contact Kate Brady, the League's executive assistant to the president at 866.231.0545 ext. 1060.

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Filene presents free webinar on consumer shopping behaviors

Many credit unions do not know why online shoppers in their markets select the financial institutions, products, and services that they do. During this free webinar, Filene and Rob Rubin, partner at Novarica, share insights and practical tips for helping your credit union use real-time local market knowledge to understand what drives consumers’ shopping behaviors.

Click here to register for "Consumer Insights: Providing Credit Unions with Actionable Data on What New Members Demand" Friday, May 2 at 1 p.m. CT. 

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In This Issue
Thursday Edition
Governors declare State of Emergency for Alabama and Florida panhandle
SEC official stands up to big bank
LSCU board nominations due tomorrow
Filene presents free webinar on consumer shopping behaviors
LSCU & Affiliates Media

Risk-Based Capital Presentation
The League is holding risk-based capital meetings across both states ahead of the May 28 NCUA comment due date. This presentation is perfect to show to staff and boards.



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.

Upcoming Event Deadlines
TODAY 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 - 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
May 14 - Auditing Your Loan Portfolio
May 15 - How to Avoid Lender Liability Claims
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