June 30, 2014
Monday Edition
Pres. Obama marks 80th FCU Act anniversary with CU praises

President Barack Obama issued a message on the 80th anniversary of the signing of the Federal Credit Union Act Thursday, praising credit unions for their dedication to providing affordable financial services.

The message from the White House noted that at the dawn of its history in this county, "This system of nonprofit, cooperative credit unions enabled individuals to come together to promote thrift and lift up one another" as President Franklin Roosevelt signed the act in the midst of the Great Depression. Today, the president said, credit unions remain "vital financial institutions that play an important role in our economy." 

He commended credit unions for serving "Americans of all backgrounds and professions--from public employees to employees of large and small businesses" and for offering "affordable loans many of our people count on." He noted credit unions' service to underserved and low-income and rural communities.

The president also wrote, "As we mark this special milestone, I commend the staff of the National Credit Union Administration and all those who work and volunteer in our Nation's credit unions. Your efforts support Americans as they strive to reach their financial dreams, and they help ensure these institutions can remain viable and valuable in the years to come."

The full text of the Message from the President is available here.

NCUA is marking the anniversary with a new video that focuses on the credit union system’s mission of promoting thrift. The agency also has a commemorative web page with features that include special graphics, a timeline, facts about credit unions, and a gallery of historic images.

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President's point

The end of June is a good time to do a mid-year review. Take a look at what we’ve been able to accomplish and also cross-check that with our strategic objectives. This is something we do on a more regular basis internally and with our boards, not just every six months. But, I thought it would be a good reminder that we all need to slow down and make sure we’re accomplishing our stated goals and objectives while pivoting as the landscape requires. It also gives an opportunity to celebrate those victories in the first half of the year.

For the League, we’ve had a jam-packed first six months. We were able to pass standalone credit union legislation in Alabama for the first time in more than 20 years. That’s a big win and couldn’t have been done without the help of credit unions in Alabama and the work of our governmental affairs team. Our risk-based capital plan in April and May took us around both states for town hall style meetings. This helped our states generate 60 comment letters, as well as garnering 22 Florida and seven Alabama lawmakers to sign onto a “Dear Colleague” letter to the NCUA on the proposed rule.

Two weeks ago we had a very successful Southeast Credit Union Conference and Expo in Orlando. We had 1,100 attendees with many aspects of the conference being sold out like the exhibit hall. Plus, we had 49 new vendors in the exhibit hall and a waiting list. Next year the exhibit hall will be expanded. One of our most successful educational programs is our webinars. We’ve had 67 so far this year with more than 600 credit union staff in attendance. These are a great way to provide training for your staff without the added expense of travel.

These are just a few examples of the successes we’ve had for you and with you. Later in July we will send out a document that shows our accomplishments in the first half of the year. This isn’t to brag, but to show you how we take our role at the League seriously and are working hard on your behalf every day. As in the case of tax reform last year and risk-based capital this year, we make our strategic priorities flexible enough to be able to react to unexpected legislative and regulatory issues. It’s being noticed by our non-affiliates as we have more joining the League every year. Our affiliation rate is 85 percent in both states. This is nearly a 10-percent rise in affiliation in less than five years since consolidation.

For the League, all of the above falls within our strategic priorities. All are tracked closely. I hope that you are all making progress on your strategic plans. It’s also important that you let your board and staff know they are appreciated for accomplishing goals and often times going above the goals. Get their feedback, too. If you don’t have a formal strategic plan, the League’s cooperative initiatives team can help you put one together. Take some time here at the mid-year to do a check up to ensure the second half of the year is just as successful.

Where’s Patrick: It’s a short week for most of us. I’ll be working in the Tallahassee office. Most of the week will be focused on drafting LSCU bylaw revisions and prep work for our Management Team Retreat at the end of the month. To see my tentative schedule for the next two weeks, click here.

NEW - President's second quarter video. This video looks at the second quarter, as well as ahead to the rest of the summer.

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NCUA premieres new compliance site

To help credit unions comply with the new mortgage rules and other consumer lending rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws, the National Credit Union Administration unveiled a new webpage Thursday.

The new Consumer Compliance Regulatory Resource webpage features content from not only NCUA, but also the Consumer Financial Protection Bureau, the Federal Financial Institutions Examination Council, and other federal agencies on such topics as mortgage lending, credit cards, and fair lending, among other topics. Credit unions can access regulations, regulatory alerts, letters to credit unions, webinars, compliance guides, videos, and other resources.

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LEVERAGE partners with Ding Guard to offer non-interest income product for auto loans

LEVERAGE and Ding Guard, a service of First Lenders Data, Inc., an Austin, TX-based automobile service contract provider, announce a partnership to provide Alabama and Florida credit unions with added-value service through Ding Guard, a leading product in automotive cosmetic reconditioning. Credit unions now have the opportunity to add value to member auto loan packages by protecting their purchase from day one.  

Ding Guard is an automobile appearance service plan that uses a process called Paintless Dent Repair (PDR) to restore auto body exterior damage to its original factory condition without conventional methods like sanding, painting, or panel replacement. These cosmetic repairs help retain the vehicle's value without additional out-of-pocket cost to the consumer.

Ding Guard covers hail damage, dents, and dings up to 3.25 inches x 2 inches and all repairs are performed by a certified technician. Cost savings is also realized through faster repair times than traditional body shop cosmetic treatments, as well as leased vehicle turn-in costs. A limited lifetime warranty accompanies all repairs. For credit unions, it’s a great way to generate non-interest income and deepen their relationship with the member.

Visit the LEVERAGE website for more information on Ding Guard or to see a demo video.

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In This Issue
Monday Edition
Pres. Obama marks 80th FCU Act anniversary with CU praises
President's point
NCUA premieres new compliance site
LEVERAGE partners with Ding Guard to offer non-interest income product for auto loans
LSCU & Affiliates Media


President's 2Q Video
The LSCU & Affiliates President/CEO Patrick La Pine provides an update from the second quarter and also looks ahead to the rest of the summer.

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 - 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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