May 22, 2014
Thursday Edition
Accountability, transparency of CFPB subject of House hearing

The subcommittee hearing titled "Legislative Proposals to Improve Transparency and Accountability
at the CFPB" included the following witnesses: Andrew Pincus, partner at Mayer Brown LLP; Hester Peirce, a senior research fellow at George Mason University's Mercatus Center; and Rob Chapman, president of the American Land Title Association.

Seven house resolutions, as well as four discussion drafts were on the agenda, including:

  •  H.R. 3389, the CFPB Slush Fund Elimination Act

  • H.R. 3770, the CFPB-IG Act

  • H.R. 4383, the Bureau of Consumer Financial Protection Small Business Advisory Board Act

  • H.R. 4604, the CFPB Data Collection Security Act

  • A discussion draft of the "Bureau Guidance Transparency Act," which would require that the CFPB, in issuing any guidance, provide a public notice and comment period before issuing the guidance in final form, and make public any studies, data, and other analysis it relied on in preparing and issuing its guidance.


Also on the subject of CFPB transparency, in an announcement Tuesday the CFPB said that starting June 18 it is changing the format of its Consumer Advisory Board and Council meetings to become fully open to the public, a change advocated by CUNA. The change was made to "provide more transparency and to be responsive to the requests we've received," said the bureau announcement.

The next opportunity to attend or view a Consumer Advisory Board meeting will be June 18 in Reno, NV.

Click here for the full article from CUNA News Now.

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Announcing the Southeast Supervisory Committee Conference

Join the LSCU & Affiliates and your peers across the southeast for a full agenda of the latest information and updates regarding credit union auditing, compliance, and fraud.

Designed with supervisory committee members in mind, this conference is also recommended for board of directors, compliance officers, credit union managers, managers, and internal auditors.

Important dates to consider:

  • July 1, 2014: Register by this date to take advantage of earlybird registration savings.
  • July 3, 2014: Reserve your hotel room by this date to receive the hotel group rate.

To learn more about the topics, speakers, and registration, visit the Southeast Supervisory Committee Conference event page. There you will find hotel information, conference details, and the agenda.

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OSCUI now accepting CU nominations for consulting

The Office of Small Credit Union Initiatives (OSCUI) provides free consulting services to small and low-income designated credit unions. The service is provided by experienced economic development specialists who offer assistance in budgeting, marketing, policy development, strategic planning, and operational and regulatory areas. Another great advantage is that the assistance is onsite, so there is no travel expense for your credit union.

Credit unions with total assets under $50 million, a new charter (fewer than 10 years), or a low-income designation are eligible for the Consulting Program. Credit unions may nominate themselves or be nominated by their NCUA examiner. Credit unions not chosen in one round may apply again in subsequent rounds.

The next opportunity for eligible credit unions to be considered for assistance ends May 31, 2014. Credit unions selected will receive assistance during the six month period from July through Dec. 2014.

Click here for additional information and here to submit a nomination form.

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Questions your supervisory committee should ask - Q&A: June 18

Find out what your Supervisory Committee and management team should be asking and how to use those questions to better protect your credit union from risk. Make plans to attend CUNA Mutual Group's free webinar: Questions Your Supervisory Committee Should Ask on Wednesday, June 18 at 10:00 a.m.

Take just an hour out of your month and hear how your credit union should ensure:

  • transactional and operational risks are properly assessed
  • loss controls are implemented
  • key questions are answered to help identify risk

Click here to register today.

If you are unable to attend, sign up and receive email notifications when the recording becomes available.

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In This Issue
Thursday Edition
Accountability, transparency of CFPB subject of House hearing
Announcing the Southeast Supervisory Committee Conference
OSCUI now accepting CU nominations for consulting
Questions your supervisory committee should ask - Q&A: June 18
LSCU & Affiliates Media


2014 Alabama Cooperative Image Campaign Ad 
The LSCU Cooperative Image Campaign features a TV ad illustrating the credit union difference. Viewers are sent to www.betternameforbanking.com to learn more.



2014 Florida Cooperative Image Campaign Ad
The LSCU Cooperative Image Campaign features a TV ad illustrating the credit union difference. Viewers are sent to www.betternameforbanking.com to learn more.

Upcoming Event Deadlines
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 - 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
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