June 13, 2014
Friday Edition
EMV adoption prediction: 70 percent in 18 months

Despite a lack of enthusiasm among card experts, a new report from Aite Group predicted that 70 percent of credit and debit cards in the U.S. will contain a computer chip that conforms to the EMV protocol by December 2015.

The Boston-based financial services consultancy interviewed executives representing the 18 largest card issuers in the U.S. to compile the report, “EMV: Lessons Learned and the U.S. Outlook.” Aite Group also reviewed how foreign payment systems had adopted EMV chips.

The firm found increased risk from counterfeit card fraud was a key reason U.S. card issuers can now make a business case for EMV. Credit card fraud rates have doubled to 10 basis points in recent years, representing 10 cents out of every $100 transacted from 2007 to 2014.

Similar rates for debit cards, combined with the rising difficulty U.S. cardholders have had using their cards overseas, and the decreasing cost of chips and terminals, have all played a role in the quickening transition to EMV, Aite Group said.

Read the full story here.

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Cooperative principles on display at SCUCE

The Southeast Credit Union Conference and Expo (SCUCE) officially kicked off Thursday with the Opening General Session that featured the Orange County Corrections Honor Guard, Ashley Innis signing the national anthem, and the conference's first speakers. LSCU & Affiliates President/CEO Patrick La Pine and National Credit Union Foundation Executive Director Gigi Hyland each went over the seven cooperative principles and how credit unions can utilize them for their members. CUNA Mutual Group President/CEO Bob Trunzo gave an overview of CUNA Mutual's innovation and what's coming next. 

The first education sessions were nearly filled to capacity as more than 1,100 attendees are at the SCUCE this year. Credit unions were able to meet with new NCUA Region III Director Myra Toeppe and also hear from the Florida Office of Financial Regulation, including Commissioner Drew Breakspear. The sold out Governmental Affairs luncheon featured journalist AB Stoddard who gave great insight into the problem areas for Republicans and Democrats. She also talked about what major donors were telling her about the upcoming elections. Attendees walked away with a unique perspective of Washington. 

The LSCU Annual Business meeting was a separate session this year. This was the final board meeting for Chairman Mary Ott Wood. After two years, her term as chairman is up and, following the meeting, Steve Swofford, CEO of Alabama Credit Union, assumed the chairman's position. The final day of the exhibit hall saw great traffic and the the following exhibitors won in the Best in Show competition:

  • Most Innovative: Blue Water Promotions 
  • Most Informative: STS Group 
  • Friendliest: NADA 
  • Best Giveaway: Buzz Points 
  • President's Choice: Ding Guard

Check out pictures from SCUCE on the League's Facebook page and follow the action on Twitter. The keynote speaker, former Florida State football coach Bobby Bowden, will speak this morning, along with Filene Research Institute CEO Mark Meyer. The LSCU & Affiliates awards will be given out tonight during the Dinner, Entertainment and Silent Auction. 

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CFPB launches mobile financial services inquiry

The Consumer Financial Protection Bureau has launched an inquiry into opportunities and challenges that come along with the use of mobile financial services. To that end, the CFPB is seeking comment from a variety of stakeholders about their use of such services. Comments will be accepted by the bureau through Sept. 9.

"By accessing the Internet, downloading certain applications, or using text messaging, people can now complete most of their transactions and a great deal of their financial management by using their phones and other mobile devices," said CFPB Director Richard Cordray. "Consumers are using their devices to pay bills online or send funds to other consumers or businesses. More and more they are engaged in mobile banking, using their phones as tools to access their existing accounts at a bank or credit union or some other type of financial institution."

Cordray cited one independent researcher that estimated approximately 74,000 users per day began using mobile financial services last year. To read more about what information the bureau is specifically looking for, click here.

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CU happenings

Army Aviation Center Federal Credit Union donates to animal shelters
Army Aviation Center Federal Credit Union (AACFCU) employees donated food, cleaning supplies, and other items after a company-wide donation drive to help animal shelters in local communities of AACFCU service areas. The donations were made to seven different animal shelters in the area.

Jim Chunn (left), Save-A-Pet volunteer, with Joseph Brackins, AACFCU business development officer.  

Florida State University donates to fight hunger and promote healthy lifestyle
Florida State University Credit Union partnered with Florida State University College of Human Sciences in their efforts to support local food banks. A 5K Food Dash was organized with an entry fee of two nonperishable food items. All items collected during the event were donated to the Second Harvest of the Big Bend and the FSU Dean of Students Food for Thought Pantry. In addition to sponsoring the 5K Food Dash and providing t-shirts for participants, Florida State University Credit Union was able to give a monetary donation of $2,342.20, split evenly between the two food banks.

 Darren B. MacFarlane (left), MSW assistant dean/director; Harmony Nagy, marketing director, FSU Credit Union; and Rachel Mohler, RD, representative of America's Second Harvest of the Big Bend.

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In This Issue
Friday Edition
EMV adoption prediction: 70 percent in 18 months
Cooperative principles on display at SCUCE
CFPB launches mobile financial services inquiry
CU happenings
LSCU & Affiliates Media

Contract Management
LEVERAGE has a contract management solution that is web based and easy for your credit union to stay on top of all of the credit union's various contracts.

Southeastern Credit Union Foundation
The Southeastern Credit Union Foundation works hard for Alabama and Florida credit unions. The foundation offers five pillars: financial education, professional development, disaster relief, fundraising, and the credit union philosophy. This video gives a better explanation to what the foundation offers credit unions.

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
Aug. 1 Last Day to Register - Southeast Supervisory Committee Conference - Point Clear, AL
Aug. 5 Last Day for Early Bird Rate – LSCU Fall Regulatory Compliance Update – Tallahassee, FL
Aug. 7 Last Day for Early Bird Rate -  LSCU Fall Regulatory Compliance Update – Birmingham, AL
Upcoming League Events
TODAY - SE CUNA Management School
TODAY - June 14 - Southeastern CU Conference
June 17IRA Rollovers & Transfers
June 18 - Regulatory Compliance for Frontline
June 19 - Improve CU Profitability
June 24 - Reg E & Debt Card Error Resolution
June 25 - Mobile Remote Deposit Capture
June 28 - July 2 - America's Credit Union Conference
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