May 8, 2014
Thursday Edition
CUNA announces interim president/CEO

CUNA Chief Economist Bill Hampel will be interim president/CEO of CUNA, effective June 11, the same day that Bill Cheney, the current president/CEO, returns to California to become president/CEO of Santa Ana-based SchoolsFirst FCU, the largest credit union in that state.

Hampel, a senior member of CUNA's credit union advocacy team in Washington, is one of the longest-tenured executives of CUNA, having joined the association as an economist in 1978, promoted to vice president in 1985 and to senior vice president and chief economist in 1992.

An expert on the economy and credit union issues, he is regularly interviewed by major national television, radio and print media. He has also testified numerous times before Congress and is a registered lobbyist, advocating on behalf of credit unions on a wide variety of issues.

CUNA's search for a permanent CEO will continue throughout the summer; the CUNA board hopes to make a hire by this fall.

Meanwhile, CUNA Vice President of Economics and Statistics Mike Schenk has been named acting chief economist for the association.

For the complete story visit CUNA News Now.

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CFPB proposes online privacy disclosures

The CFPB proposed a new rule on Tuesday that would allow financial institutions to post annual privacy notices online rather than delivering them through direct mail if those financial institutions meet certain requirements.

The new rule would apply to credit unions, banks, and nonbanks within the CFPB’s jurisdiction under The Gramm-Leach-Bliley Act. Currently, four credit unions have more than $10 billion in assets and are supervised by the CFPB.

The CFPB estimated that approximately $17 million could be saved by the industry each year if qualified institutions choose the online disclosure method. 

“Consumers need clear information about how their personal information is being used by financial institutions,” said CFPB Director Richard Cordray. “This proposal would make it easier for consumers to find and access privacy policies, while also making it cheaper for industry to provide disclosures.”

GLBA generally requires financial institutions to send annual privacy notices directly to customers, which describe how the consumers’ nonpublic information is being shared.

Under the proposal, if an institution qualifies for the online disclosure method, it would be required to inform consumers each year about the availability of the disclosures.

The CFPB is accepting comments on the proposed rule for 30 days after it is published in the Federal Register.

For the complete story visit Credit Union Times.

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US Treasury Report shows importance of financial education

An April 2014 report from the US Treasury Department illustrates what many already know - that financial education in schools works. The difference is that this time, they have the study to back it up.

The number one insight from the US Treasury Department study was that bringing financial education into classrooms, even just in small amounts, creates greater financial knowledge among students. Additionally, and perhaps more importantly from an ROI perspective, it was linked to a better attitude towards financial education in general.

At a time when consumer confidence in financial institutions has declined 46 percent since 2008, bettering your image and providing financial knowledge by taking financial education into the schools certainly seems like a win-win.

Click here for the full article from Brass.

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May education opportunities you won't want to miss

Disaster Recovery Conference
May 20- Mobile, AL
May 22 - Jacksonville, FL

Attend the LSCU & Affiliates Disaster Recovery Conference to grow your knowledge of what's expected from your examiners, how to safe-guard your credit union, and learn valuable tips on how to create and test a well-prepared disaster plan of action.

Click here for more information and to register for the May 20 Disaster Recovery Conference in Mobile.
Click here for more information and to register for the May 22 Disaster Recovery Conference in Jacksonville.

LSCU OFAC/BSA Basic & Advanced School
May 20 - 21 - Mobile, AL

Some of the largest fines were handed out last year. And even though they hit the really large banks, there are lessons to be learned by everyone regarding compliance efforts.

  • Basic School: an overview of all BSA/AML and OFAC program requirements and is right-sized for those institutions who do not have complex operations, while providing a thorough basis for the advanced training.
  • Advanced School:  an in depth discussion regarding more complex products and services, as well as ramping up risk assessment, due diligence, and internal controls.

Click here for more information and to register.

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In This Issue
Thursday Edition
CUNA announces interim president/CEO
CFPB proposes online privacy disclosures
US Treasury Report shows importance of financial education
May education opportunities you won't want to miss
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
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
July 1 Last Day for Early Bird Rate – Southeast Supervisory Committee Conference – Point Clear, AL
July 15 Last Day to Register - LSCU BSA Essentials & Advanced Workshops - Mobile, AL
July 15 Last Day to Register - LSCU BSA Essentials & Advanced Workshops - Huntsville, AL
Upcoming League Events
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
May 20 - Disaster Recovery Conference, Mobile AL
May 20 - OFAC & BSA Basic & Advanced School, Birmingham, AL
May 20 - New ACH Security Requirements
May 21 - OFAC & BSA Basic & Advanced School, Birmingham, AL
May 21 - Increasing Regulatory Requirements
May 22 - Disaster Recovery Conf, Jacksonville FL
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