July 22, 2014
Tuesday Edition
CUNA Participates in Pew Conference on Postal Service offering financial services

The Pew Charitable Trusts held a conference last week to discuss the concept of the U.S. Postal Service (USPS) offering financial services to underserved communities.

The idea, first envisioned in a January white paper by the USPS Office of the Inspector General, was analyzed by a variety of financial professionals and legislators.

CUNA SVP of Legislative Affairs Ryan Donovan participated in a panel discussion that looked at ways to provide financial services to the underserved. Donovan said he was skeptical about the idea of the USPS providing financial services to the underserved, particularly when credit unions are already in place to meet those needs. He pointed to current credit union services aimed at reaching a variety of populations, including ASmarterChoice.org and its app, recent efforts highlighting 100 million credit union memberships, a system of shared branching, and a wide-ranging surcharge-free ATM network.

CUNA has advocated for solutions to help credit unions expand further, including less regulatory burden, access to supplemental forms of capital to help credit unions expand services, and a re-examination of field of membership requirements. In January, CUNA General Counsel Eric Richard noted that some credit unions may have an interest in exploring possible creative partnerships with USPS or anyone else who can help bring financial services to more people at less cost.

“To the extent that the goal here is more profit for USPS, there could be some problems,” he said. “The field of financial services is already extremely crowded and competitive, and credit unions already provide a cooperative, not-for-profit alternative that benefits consumers, including many who would otherwise be unbanked. This is not an area in which there is a lot of low-hanging fruit that others have not picked.”

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Washington wire

In this week's Washington wire:

  • The Dodd-Frank Act turns four years old, and the House Financial Services Committee is “celebrating” with a hearing on its impact. Former House Financial Services Committee Chairman Barney Frank will testify at the hearing.

  • Last Tuesday, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing titled, “Examining Regulatory Relief Proposals for Community Financial Institutions, Part II.” Douglas Fecher of Wright-Patt Credit Union in Ohio testified on behalf of CUNA.

  • Capitol Hill’s attention remains on the NCUA’s risk-based capital rule. The topic came up in the Financial Services Committee Financial Institutions and Consumer Credit Subcommittee hearing and in letters from the Hill to NCUA last week. On Thursday Sen. Risch (R-ID), Ranking Member of the Senate Committee on Small Business, became the twelfth senator to write to Chairman Matz expressing concern with the rule in its present form.

For this week's full legislative update, plus this week's floor schedules click here.

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Federal Reserve Bank of Atlanta discusses EMV chip-based payment card progress, fraud risks

Last week, the Federal Reserve Bank of Atlanta’s Portals and Rails blog discussed the adoption of Europay, MasterCard, and Visa (EMV), chip-based payment cards in the U.S.

Based on several surveys, there has been progress towards EMV for financial institution issuers, merchants, acquirers, and others as we move towards the October 2015 point-of-sale liability shift for payment cards.

Greater adoption of EMV is expected by the end of 2015. Larger financial institution issuers have generally been more likely to convert to EMV or have plans to do so, while smaller financial institutions have generally been slower with implementation and some have not made plans to convert their cards yet.

The blog post notes that smaller financial institutions should be aware of the fraud risks associated with magnetic stripe payment cards as they move towards the liability shift deadline next year.

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InfoSight spotlight: 2014 InfoSight Users' Survey

Your opinion counts-so please take a few minutes to answer the annual users' survey to help understand:

  •     How you use InfoSight
  •     What you like about it
  •     What you think could be improved


Past responses have been used to help guide discussions about enhancing InfoSight. Some of the changes suggested through the survey have been implemented.

The survey will be available from now through Sept. 1.

Click here to take the 2014 InfoSight Users' Survey.

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In This Issue
Tuesday Edition
CUNA Participates in Pew Conference on Postal Service offering financial services
Washington wire
Federal Reserve Bank of Atlanta discusses EMV chip-based payment card progress, fraud risks
InfoSight spotlight: 2014 InfoSight Users' Survey
LSCU & Affiliates Media


2014 Southeast Credit Union Conference and Expo

The LSCU & Affiliates hosted the Southeast Credit Union Conference and Expo. The conference featured former Florida State Football Coach Bobby Bowden, National Credit Union Foundation Executive Director Gigi Hyland, CUNA Mutual Group CEO Bob Trunzo, and Filene Research Institute CEO Mark Meyer.


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
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 - Ensuring Data Security
July 23 - Stress Testing for Risk Management 
July 29 - SAFE Act Registration-Renewal- Compliance
July 30 - Avoid HMDA Reporting Mistakes
Aug. 3-6 - SE Supervisory Committee Conference
Aug. 5 - ACH Reclamations & Garnishments
Aug. 6 - Wire Transfer Compliance
Aug. 7 - 6 Building Blocks for Success
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