June 25, 2014
Wednesday Edition
Republican Curt Clawson wins special election

Republican Curt Clawson easily won the special election in Florida's 19th District Tuesday and will fill out the term of former GOP Rep. Trey Radel, who resigned in January after pleading guilty to cocaine possession, according to The Associated Press.

Clawson, a businessman and former Purdue basketball player, was favored to represent the solidly-red district after winning an expensive Republican primary in April, a campaign he largely self-funded.

The 54-year-old from Bonita Springs received 66,889 votes, or about 67 percent of the vote, in Tuesday’s special election. Clawson defeated Cape Coral Democrat April Freeman and Marco Island Libertarian Ray Netherwood.

Clawson is expected to be sworn into office Wednesday, and said he plans to be voting on the floor in the coming days.

A retired chief executive at an automotive parts and wheel manufacturer, Clawson used his victory speech to tout his economic plan.

He said he hoped to work with lawmakers to grow the economy by five percent. Once that happens, he told the crowd, his plan implements the Penny Plan, first proposed by former U.S. Rep. Connie Mack, a Clawson supporter, which would cut one percent of the federal budget.

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Alabama and Florida credit unions have strong quarter

Credit unions in Alabama and Florida kicked off 2014 with a strong first quarter. The 278 collective credit unions in the two states added $2.2 billion in new assets and 100,000 new members. When broken down by state, Alabama’s 120 credit unions added $479 million in new assets for a record $18.8 billion and 9,000 new members for a record 1.88 million members. Florida’s 158 credit unions added $1.8 billion in new assets for a record $49 billion in assets and 91,000 new members for a record 4.8 million members.

Credit union members spent more time engaging with their credit unions. In Alabama, the credit unions added $23 million in new loans driven by used auto lending. Alabama’s credit unions are making more than eight percent more used auto loans than the national credit union average. They are also making more than four percent more than the national credit union average on overall auto loans. In Florida, credit unions added $339 million in new loans with $48 million coming from new small business loans. Florida’s credit unions also are making more than three percent more auto loans than the national credit union average.

Visit LSCU Top Stories to read more.

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Regulatory burden and its effects on credit unions

For many small credit unions, there is a steep price to pay for complying with legislative regulations. In fact, regulatory motivations are cited as factors in more than 50 percents of all past mergers and often in prospective mergers. Based on a 2013 survey, this report analyzes the increased regulatory burden for North American credit unions, as well as the long-term implications of rising compliance related costs.

Click here to read more and download Filene's research on obstacles associated with legislative burden with the link below.

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Credit union Call Report deadline approaching

Second quarter Call Report data is due to the NCUA by July 25 at 11:59 p.m., EST. Sometimes it can be difficult for credit unions to get this data entered on top of everything else going on at the credit union. LEVERAGE’s Audit & Compliance and Credit Union Audit & Compliance Group can help credit unions who have not yet filed their second quarter data and avoid penalties. Late penalties could be assessed for the late filing or inaccuracy. The penalties range from $10 per day to a maximum of $1 million per day or one percent of total assets, whichever is less. In the first quarter, more than 100 credit unions were deemed late filers by the NCUA. Don’t let that happen to your credit union.

For more information on LEVERAGE’s filing assistance, visit the Call Report data webpage.

For questions or to schedule an appointment, contact LEVERAGE VP of Audit and Consulting Keith McMurtrie at 866.231.0545 x2133.

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In This Issue
Wednesday Edition
Republican Curt Clawson wins special election
Alabama and Florida credit unions have strong quarter
Regulatory burden and its effects on credit unions
Credit union Call Report deadline approaching
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
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 16 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 - Mobile Remote Deposit Capture
June 28 - July 2 - America's Credit Union Conference
July 1 -  Will AML/BSA/OFAC Meet Examiner Scrutiny?
July 2 - Consumer Loan Documentation
July 8 - Analysis of Financials & Ratios
July 9 - SAR Report Line by Line
July 13-16 - SE Regional Director's Conference
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