June 17, 2014
Tuesday Edition
Matz calls RBC rule the final piece of post-crisis reforms in article

Late last week in the Bloomberg Brief, National Credit Union Administration (NCUA) Chairman Debbie Matz wrote that credit union losses could have been reduced and failures prevented during the financial crisis if its proposed risk-based capital rule had been in place. Matz explained that when the proposed rule becomes final, NCUA will join other regulators that require financial institution to hold capital commensurate with the risk in their portfolios. 

The NCUA has received more than 2,000 comment letters from credit unions, state leagues, and system partners against the proposed rule. Three listening sessions are planned this summer in Los Angeles, Chicago, and Alexandria, VA. The LSCU will attend the Chicago and Alexandria sessions. If you are planning to attend any of the sessions, let the League know for coordination purposes. 

You can read the full article from Chairman Matz on page 20 of the Financial Regulation Bloomberg Brief.

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CUNA Mutual Group Chief Economist retires

Dave Colby, chief economist for CUNA Mutual Group, is retiring after 37 years with the company. He will be succeeded by Steve Rick, a senior economist for CUNA.

One of Colby’s most notable achievements is the Credit Union Trends Report, a monthly “pulse check” on the economic state of the credit union movement. The Trends Report will continue under Rick, who brings a wealth of knowledge from a similar position at the national trade association for credit unions.

“Dave will be missed, not just as a long-term and dedicated employee but as a valued industry resource on credit union economics and consumer finance,” said John Lass, SVP, CUNA Mutual Group Business Development and Strategy. “The expertise he brought to the position through his many industry speaking engagements and relationships is difficult to replace.  But we are thrilled to have Steve Rick step in and maintain the tradition Dave has established. Steve is uniquely qualified to step into this position without us missing a beat.”

Colby joined CUNA Mutual Group in 1977 as a corporate research specialist and has held various corporate, operational and strategic planning positions. His knowledge of the national economy, the consumer financial marketplace and the credit union system has led him to many corporate and industry-level task force assignments, and he is widely recognized as a leading speaker at  industry conferences. He is a founding member of the Credit Union Economics Group, which provides a broad perspective of macroeconomic and credit union trends.

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Washington wire

Washington is abuzz with speculation and intrigue regarding the Republican leadership elections set to take place on Thursday.

Meanwhile, both chambers will consider appropriations bills and other matters on the floor.

Here is what you need to know about credit unions on Capitol Hill this week:

  • The Senate is expected to consider the nomination of J. Mark McWatters to be a member of the National Credit Union Administration Board. The timing of the Senate’s consideration of this nomination is not known at this time, but it is in the queue for this week.

  • CFPB Director Cordray will testify in the House Financial Services Committee.

For more on the above topics, plus this week's floor schedules click here.

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InfoSight spotlight: ATM - Americans with Disabilities Act requirements

The Justice Department is responsible for issuing Americans with Disabilities Act (ADA) regulations.
Any credit union with an Automated Teller Machine (ATM) is required to meet the standards defined by the U.S. Access Board's Accessibility Guidelines.

These guidelines have specific requirements for ATMs to meet regarding such things as height, input devices, and approach space. Failure to meet these standards can result in civil fines and injunctions requiring compliance.

Listed below are some of the requirements for ATMs that are defined in § 707 Automated Teller Machines and Fare Machines:

  • Clear floor or ground space – The minimum space is 30 inches (760 mm) by 48 inches (1220 mm), to provide a parallel approach by a wheelchair user. This standard is not applicable to drive-up only ATMs.

  • Privacy – ATMs must provide the opportunity for the same degree of privacy of input and output available to all individuals.

  • Display screen – It must be visible from a point located 40 inches (1015 mm) above the center of the clear floor space in front of the machine. This does not apply to drive-up only ATMs.

For the remainder of the ATM Accessibility Standards, visit the ATM: Americans with Disabilities Act Requirements topic on the ACH/Electronic Payments channel of InfoSight.

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In This Issue
Tuesday Edition
Matz calls RBC rule the final piece of post-crisis reforms in article
CUNA Mutual Group Chief Economist retires
Washington wire
InfoSight spotlight: ATM - Americans with Disabilities Act requirements
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
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July 15 Last Day to Register - LSCU BSA Essentials & Advanced Workshops - Mobile, AL
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July 1 -  Will AML/BSA/OFAC Meet Examiner Scrutiny?
July 2 - Consumer Loan Documentation
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