July 1, 2014
Friday Edition
New ACUA administrator begins today

Today marks the first day of Sarah Moore's role as the new Alabama Credit Union Administration (ACUA) administrator. 

Moore has an extensive career background in the banking field, having spent 13 years at Colonial Bank where she held the positions of senior executive vice president/chief financial officer and chief operations officer. Most recently, Moore spent time as managing director of the Renaissance Companies, specializing in investment management.

The League has met with Moore a number of times since her appointment. In April, League staff, Kim Adams, the League's contract lobbyist, and LSCU Chairman Steve Swofford met with her. Swofford said he was extremely impressed by her professionalism and eagerness to work with the League and credit unions in Alabama.

Since that meeting Moore has traveled the state meeting with members of the ACUA board as a means to introduce herself and get their views on issues facing Alabama credit unions.

Earlier this month, Moore attended the ceremonial signing of the update to the Alabama Credit Union Act in Montgomery. The credit unions in attendance said they enjoyed meeting her and feel she has a chance to bring a strong voice to the ACUA.  

Moore has told the League that one of her initial goals is to relocate the office in Montgomery. She also wants to improve the overall education of the staff of the Administration so they can be more effective in their jobs.

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NCUA's new CUSO rule goes into effect today

The National Credit Union Administration's new credit union service organization (CUSO) rules go into effect today. Prior to today, all federally insured credit unions must have amended their contracts with CUSOs.

The new rule requires any federally insured credit union with an outstanding loan to, or an investment in, a CUSO to enter into a written agreement requiring the CUSO to submit annual reports to the NCUA, as well as a state supervisory authority if the credit union is state-chartered.

The language of such an agreement must ensure the CUSO complies with a new section of the rule that requires "subsidiary CUSOs" to also report to the NCUA. This applies to an entity in which a CUSO has any ownership interest that primarily provides products or services to credit unions or credit union members.

Each CUSO will be required to provide basic registration information, which includes contact information, services offered, information about any subsidiary CUSO and names of credit unions investing in, lending to or receiving services from the CUSO.

A system for direct reporting by CUSOs is expected to be operational by the end of 2015, according to the NCUA.

Click here for the full article from CUNA News Now.

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InfoSight spotlight: Membership eligibility

Every federal credit union's charter (section 5) describes its field of membership (FOM). FOM is defined as the persons, including organizations and other legal entities; a credit union is permitted to accept for membership. Generally, credit unions can only offer services to persons within the FOM who have actually become members of the credit union.

NCUA's FOM rules also specify several additional means/concepts that expand a federal credit union's FOM potential. These include:

  • Serving other persons eligible for credit union membership, including serving immediate family and household members, serving corporate/legal entities, and more
  • Policy of once a member, always a member
  • Serving nonmembers

For additional information, visit the Membership Eligibility topic on the Field of Membership channel of InfoSight.
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League, First Commerce meet with CFO Atwater

The LSCU Governmental Affairs staff, along with First Commerce CU CEO Cecilia Homison and First Commerce CU Chief of Staff Jan Sheffield, had lunch with Florida Chief Financial Officer Jeff Atwater. Many times he has vocalized his support for credit unions. During lunch he again reiterated his willingness to help further the LSCU legislative agenda. Among issues discussed were public deposits, financial literacy, and data security.

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In This Issue
Friday Edition
New ACUA administrator begins today
NCUA's new CUSO rule goes into effect today
InfoSight spotlight: Membership eligibility
League, First Commerce meet with CFO Atwater
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
TODAY 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 -  Will AML/BSA/OFAC Meet Examiner Scrutiny?
July 2 - America's Credit Union Conference
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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