May 21, 2014
Wednesday Edition
Reminder: Risk-based capital letter deadline next week

The League has been doing everything possible to achieve a better result on NCUA's proposed rule on risk-based capital. Staff have hosted educational sessions throughout Alabama and Florida to teach credit unions about the proposal, encourage them to submit a comment letter, and ask them to attend the NCUA listening sessions in Chicago (July 10) and Alexandria (July 17).

Reps. Peter King (R-NY) and Gregory Meeks (D-NY) wrote a letter to the NCUA outlining their concerns on the proposal. In less than three weeks, the LSCU was able to get 28 members of our Congressional delegation (22 from Florida; 6 from Alabama) to co-sign this very important letter. LSCU will also be submitting its own comment letter prior to the May 28 deadline. 

However, the League believes the NCUA needs to hear directly from credit unions. Comment letters from credit unions make a real difference, and so it's very important that we generate as many as possible. Take the opportunity to tell your story. The rule will affect credit unions in different ways. Perhaps you make a lot of mortgages, want to grow your member business lending portfolio, have CUSO investments, or hope to do any of these things in the future. This proposal may change your ability to do those things in a very real way. No two credit unions are alike. The NCUA needs to hear from you, directly, how this proposal will change your operations and why that matters. 

View the League's Risk-Based Capital Resource Page for resources to help your credit union with this process.

Need more help? Just ask. The League would be happy to work with your staff to assist in the development of meaningful letters. Contact LSCU VP of Compliance Training and Information Bill Berg or Director of Regulatory Advocacy Scott Morris with questions.

Return to Top
Youth save more than $20.5M during challenge

Young credit union members deposited $20.5 million into their credit union accounts during this year's National Youth Saving Challenge, sponsored by CUNA.

The 238 participating credit unions reported 94,466 young people deposited an average of $217 each, with 8,844 new accounts.

This year's challenge also included incentives provided by GreenPath Debt Solutions. The credit counseling organization provided sponsorship funds that increased the number of youth cash prizes to 25, up from 10 in previous years.

"Knowing our support helped increase the number of winners is fulfilling," said GreenPath CEO Jane McNamara. "We hope this will serve as an incentive for young savers to use the good saving practices they learned during the National Youth Saving Challenge."

Click here to read the full story from CUNA News Now.

Return to Top
"Learn How to Better Comply with OFAC and FinCEN Rules" webinar TODAY

Today's webinar is the first of two webinars that will provide an overview of OFAC's and FinCEN's programs, their enforcement authorities, and their relationships with other financial services regulators. The second webinar will take place on June 25; registration information will be released shortly.

Click here to register for today's webinar.

Participants may receive a certificate of attendance, if they individually participate in the polls offered during the webcast and take a short quiz at the end of the webcast.

Return to Top
Reminder: Time to have your Sprint Discount program newsletter articles reviewed

All credit unions that are participating in the Sprint Discount program for your credit union members, it is time to have your Sprint newsletter articles or ads reviewed. One of the marketing requirements of the program is to publish approved articles to promote the plan in the credit union quarterly newsletter at least two times per contract year.

If your credit union newsletters are housed on your website, they will be reviewed there. If your newsletters are not posted on your website, you will need to email a copy of the quarterly newsletters to ClientSupport@CUSolutionsGroup.com and leverage-sprint@myleverage.com.

If you have any questions, do not hesitate to contact your Business Development Consultant.

Return to Top
In This Issue
Wednesday Edition
Reminder: Risk-based capital letter deadline next week
Youth save more than $20.5M during challenge
"Learn How to Better Comply with OFAC and FinCEN Rules" webinar TODAY
Reminder: Time to have your Sprint Discount program newsletter articles reviewed
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 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
TODAY - OFAC & BSA Basic & Advanced School, Birmingham, AL
TODAY - Increasing Regulatory Requirements
May 22 - Disaster Recovery Conf, Jacksonville FL
May 28 - IT Audit for Credit Unions
May 29 - Perfect-Prioritize Liquidate Liens
June 3 - Improving Teller Performance
June 4 - Recover Unauthorized ACH Withdrawals
June 6-13 - SE CUNA Management School
Follow Us
© Copyright, League of Southeastern Credit Unions & Affiliates
Phone: 866.231.0545
3692 Coolidge Court | Tallahassee, Florida 32311
22 Inverness Cntr Pky, #200 | Birmingham, Alabama 35242
To ensure delivery, please add 'submissions@lscu.com' to your email address book or Safe Sender List. If you are still having problems receiving our communications, see our white-listing page for more details.

To safely unsubscribe from this group, click here.
Home Action Center Contact Us CU Job Center Forward to a Friend Back Issues Twitter Facebook YouTube