July 2, 2014
Wednesday Edition
First tropical storm of the Atlantic Hurricane Season threatens parts of Florida and Carolinas

Those on the east coast, particularly in Florida and the Carolinas, will need to monitor the progress of Tropical Storm Arthur over the remainder of the week.

Arthur, the Atlantic hurricane season's first named storm, is currently spinning off the Florida coast. A tropical storm watch has been issued for Wilmington, NC, Myrtle Beach, SC, and Daytona Beach, FL.

The storm is expected move east of the northeast Florida coast on Wednesday as it gathers strength. On Thursday the storm is expected to bend northeast and accelerate and will be located somewhere near or off the coast of the Carolinas. Friday, Arthur is expected to make its closest approach to eastern North Carolina (Outer Banks), possibly extreme southeast Virginia, then is expected to take a sharper northeast turn out into the open Atlantic, as the jet stream westerlies exert their steering influence.

Experts worn that Arthur may be a strong tropical storm and expect that it will intensifying to a Category 1 hurricane on Thursday. At this time A hurricane watch has been posted for parts of eastern North Carolina, including most of the Outer Banks.

Visit The Weather Channel for more information on this storm.

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Wood retiring from Railroad & Industrial FCU

Arthur J. Wood Jr. is retiring from Railroad & Industrial Federal Credit Union in Tampa after 17 years as president and CEO. Wood has left an indelible mark on Railroad and Industrial Federal Credit Union, as well as the credit union movement in Florida.

Under Wood's leadership, Railroad & Industrial more than doubled its assets, branch locations, and membership base. Wood was very active on the advocacy side of the credit union. He had great contacts at the state and national legislative level. He attended the CUNA GAC and Hike the Hill for Congressional visits and the State GAC for state lawmaker visits. In 2013, CUNA awarded Wood and his wife Mary the Buck Levins award for their advocacy contributions. Last month, the LSCU & Affiliates honored Wood with the 2014 LSCU Professional of the Year award. 

Peter A. Giorgianni, currently vice president of operations for the Railroad and Industrial, will take over as president and CEO on Oct. 2.

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NCUA issues financial penalties to 84 late filers

The National Credit Union Administration reports that it has issued financial penalties against 84 credit unions under its "zero tolerance" policy for credit unions that filed late first-quarter call reports.

The Northwest Credit Union Association noted in its June 24 Anthem newsletter that one of the credit unions being fined is in Oregon and four are in Washington. If the five Northwest credit unions sign consent orders, their penalties will range from $243 to $1,900. The league also notes that the steepest penalty of the possible 84 could exceed $10,000 according to the NCUA should the credit union choose not sign the consent order. The NCUA told News Now that it soon will be releasing national data related to the civil money penalties.

In May, the NCUA anticipated it would begin the process of assessing civil money penalties from 104 credit unions that filed 2014 first-quarter call reports late (News Now May 23).

The regulator makes exceptions to its "zero tolerance" policy for credit unions able to document certain filing hardships, including a breakdown in the credit union's core operating system, a natural disaster taking place in the credit union's community, or the incapacitation of a key employee who would be responsible for filing the report.

If a credit union encountered a problem and contacted the agency help desk to report an issue with filing the report, the NCUA generally took this into account and waived the penalties, an agency spokesman told the NWCUA.

The fines collected by the NCUA will be remitted to the U.S. Treasury Department and do not supplement the agency budget.

If your credit union is struggling to file its call report on time, don't forget that LEVERAGE Audit & Compliance and Credit Union Audit & Compliance Group are here to help credit unions file call reports and avoid penalties.

Click here to stay up to date with call report and profile deadlines. For assistance in filing your credit union's third quarter 2014 Call Report and Profile, contact Keith McMurtrie at 866.231.0545 x2133.

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2014 SCUCE recognized in CU Journal article

In his CU Journal column, "What The Outsiders Want The Insiders To Realize," Frank Diekmann discusses a problem credit unions have that is not often discussed - that "credit union folks are often the last to find anything amazing about their business at all."

He explains that credit union "leaders" are running away from talking about what makes credit unions different; things like trustworthiness, their cooperative model, their social mission, and greater purpose. Things that outsiders are telling credit unions to proudly promote. 

The article recognizes the League's Southeast Credit Union Conference and Expo. "Some credit needs to go to the League of Southeastern Credit Unions, which mixed some new school ambitions with some old school values at its recent meeting," Diekmann wrote.

He continued, "The LSCU, which represents the merged Alabama and Florida leagues, has greater ambitions, with CEO Patrick La Pine saying it is reaching out to other leagues about holding their annuals in conjunction with the meeting. It drew just over 1,000 this year, including 20 folks from outside the two states. But for all the talk of the future, the meeting reached way back for its theme, "The Seven Cooperative Principles," which have their basis in the mid-19th century. There was extensive signage highlighting each of the principles and, let's face it, it was probably the first time many had really ever encountered these bricks in the credit union foundation."

Click here for the complete CU Journal column. Check out the LSCU Facebook page for photos from the conference.

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In This Issue
Wednesday Edition
First tropical storm of the Atlantic Hurricane Season threatens parts of Florida and Carolinas
Wood retiring from Railroad & Industrial FCU
NCUA issues financial penalties to 84 late filers
2014 SCUCE recognized in CU Journal article
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 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
Sept. 8 Last Day to register - LSCU Fall Regulatory compliance Update - Birmingham, AL

Sept. 9 Last Day for Early Bird Rate – LSCU Collections & Bankruptcy School – Birmingham, AL

Sept. 10 Last Day to Register - LSCU Fall Regulatory Compliance Update - Birmingham, AL

Sept. 23 Last Day for Early Bird Rate – LSCU OFAC/BSA Basic & Advanced School – Tallahassee, FL

Sept. 23 Last Day for Early Bird Rate – LSCU Lending School – Birmingham, AL

Upcoming League Events
TODAY - America's Credit Union Conference
TODAY - Consumer Loan Documentation
July 8 - Analysis of Financials & Ratios
July 9 - SAR Report Line by Line
July 13-16 - SE Regional Director's Conference
July 14 - The Rise of Bitcoin & Virtual Currencies
July 15 - New CFPB Income Verification Rules
July 16 - BSA Essentials & Advanced, Mobile
July 16-17 - Philosophy in Action Workshop Orlando
July 16 - Overdraft Protection Review
July 17 - BSA Essentials & Advanced, Huntsville AL
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