July 28, 2014
Monday Edition
CUNA Mutual Group commits $35,000 to The Cooperative Trust

CUNA Mutual Group has committed $35,000 over the next year to The Cooperative Trust to support the future of credit unions. This new sponsorship continues CUNA Mutual Group’s long-standing involvement with the Trust and will increase leagues’ efforts to engage young adults.

The Cooperative Trust, founded by Filene Research Institute in 2010, is a grassroots group of young people working in credit unions and cooperatives with the goal to learn from the vast amount of talent among industry veterans while aggressively shaping the future. CUNA Mutual Group is a charter and founding member of the Filene Research Institute.

CUNA Mutual Group’s funding will help The Cooperative Trust community attend, learn from, and be heard at non-traditional industry events. It will also support Leagues’ desire to engage and maintain relationships with young professionals by providing on-site facilitation for young professional events, guidance, templates, mentorship best practices, and more.

The Cooperative Trust’s online community offers open conversation and encourages active collaboration among young credit union and cooperative industry professionals. If you’re under-35, entrepreneurial, and have a passion for cooperatives and credit unions, apply for membership.

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President's point

The summer meeting of the American Association of Credit Union Leagues (AACUL) was held last week in Chicago. League presidents, senior staff, and system partners attended including CUNA, CUNA Mutual Group, and CO-OP. The meetings include many high level discussions on industry priorities and hot topics. I’ll go over a few in this column.

NCUA Chairman Debbie Matz and Board Member Rick Metsger both spoke at the event. Chairman Matz reiterated her comments from the risk-based capital listening session tour: 1) All risk weights will be reviewed and some will be lowered; 2) credit unions will not be required to raise $7 billion in new capital as CUNA has stated. She said the number is closer to $700M; 3) Examiners will not be authorized to raise any individual credit unions capital requirements; and  4) The implementation period will be extended beyond the proposed 18 months. She also mentioned that in the wake of big data breaches like Target, credit union cybersecurity is a big priority for the NCUA. Chairman Matz also said unrealized losses tied to raising interest rates are creeping up at credit unions. NCUA wants credit unions to stress test their balance sheets and make appropriate changes.

CUNA Board Chairman Dennis Pierce said that a task force has been created to look at the CUNA/League system structure as well as other CUNA-related governance issues. He plans to appoint task force members in the next month or so. He also said that coming out of the National Credit Union Roundtable meeting in Seattle, there has been high level meetings held between CUNA and NAFCU regarding greater collaboration/merger.  However there is nothing new to report at this time. Pierce gave an update on the search for the next president/CEO of CUNA. He said the first round of interviews have been completed and the second round will begin shortly. They hope to have an announcement of a new president/CEO in September.

Another interesting issue that was brought up was the need for a bolder national legislative agenda. Should we have a more aggressive, proactive agenda such as modernizing the National Credit Union Modernization Act? The National Advocacy Fund has raised $2.3 million this year toward its goals of $3.5 million. The LSCU has contributed more than $150,000 to the fund which is used in elections for issue advocacy. The fund was used in the GOP primary election for State Rep. Paul DeMarco in his run for the Alabama District 6 Congressional seat.

CUNA Mutual Group CEO Bob Trunzo presented to attendees as well. Trunzo has done a great job in his short time leading CUNA Mutual Group. He has restructured the business units into: consumer protection, wealth management, and commercial. He also talked about the CUNA Mutual/League Marketing Agreement which pumps about $35M back into leagues every year. Bob mentioned CUNA Mutual will be looking for a major business acquisition, but it must align with CUNA Mutual's priorities and restructured business units.

Overall, we had three productive days of meetings. As with most events like this, the most valuable part was the networking and side meetings. 

Where’s Patrick: The LSCU & Affiliates is holding its management team retreat this week in Tallahassee. This will help set the priorities for not only next year, but for the next few years. Stay tuned. To see my tentative schedule for the next two weeks, click here.

Visit the LSCU & Affiliates YouTube channel for the President's Quarterly video.

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NCUA releases employee dishonesty and fraud prevention videos

To help credit union managers and volunteers to detect and deter fraud, the NCUA released the first three episodes of a new seven-part online series on fraud prevention. The first three videos are posted on NCUA’s YouTube channel and can be viewed here.

“The potential for employee fraud should always be a concern for credit union officials and volunteers,” NCUA Board Chairman Debbie Matz said. “Unfortunately, employee fraud led to $311.4 million in losses for the Share Insurance Fund between 2010 and 2013 at liquidated credit unions. To protect the Share Insurance Fund from future losses, NCUA has developed this new video series to educate credit union managers and volunteers about detecting and reducing the potential for fraud and dishonesty among employees. I encourage all credit unions to utilize this new resource.”

In the video series, staff from the Office of Small Credit Union Initiatives, in partnership with CUNA Mutual Group, discusses how credit unions can bolster their internal controls to deter insider fraud and employee dishonesty. Credit union managers and volunteers will also learn how to identify potential clues that are warning signs for fraud.

The first three episodes of the Deterring, Preventing, and Detecting Employee Dishonesty series provide an overview of the series and outline the importance of maintaining a policy on employee fraud and conducting surprise cash counts. In the coming weeks, NCUA will release the remaining four episodes addressing separation of duties, employee and family member accounts, file maintenance transactions, and vault cash.

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Miracle Jeans Day - Sept. 10

Miracle Jeans Day is the next Credit Unions for Kids' national fundraiser. Encourage your employees to donate $5 to wear jeans on Sept. 10.

With a $25 donation, employees will receive a free Miracle Jeans Day T-Shirt, specially designed for credit unions. Just use this form, and be sure your donations arrive at CMN Hospitals by Aug. 22 so shirts can be shipped prior to Sept. 10.  

As requested, this year there are pre-printed stickers and special FREE paper icons specifically for Miracle Jeans Day, so members can celebrate too! Register your credit union today.

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Download your free ICU Day poster today!

Download Your Free Poster Today!
In past years, free International Credit Union Day (ICU) posters were available through the mailed brochure, which has been replaced with a mini brochure. To make sure you still have access to the free poster, it is available here for you to download and print! Also, you can order printed posters online.

These posters will liven up your lobby for your ICU Day celebration and help spread the credit union message of Local Service. Global Good.™

Schedule, Plan, & Budget Your Celebrations
Make the most of your budget and make sure you're prepared for October's ICU celebrations.

  • Schedule to keep track of all the important dates to remember.
  • Plan ways to reach out to your members before and during your celebrations.
  • Budget for the product combination that makes your money go the farthest.

Benefit from tips for promotional activities and calculate how much you can save by being an Early Bird and ordering by Sept. 12.

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In This Issue
Monday Edition
CUNA Mutual Group commits $35,000 to The Cooperative Trust
President's point
NCUA releases employee dishonesty and fraud prevention videos
Miracle Jeans Day - Sept. 10
Download your free ICU Day poster today!
LSCU & Affiliates Media

I give because...Brad Green, Listerhill Credit Union
Listerhill CU CEO Brad Green talks about why he gives to the LSCU PAC.

I give because...Gary Vien, Suncoast Credit Union
 Suncoast CU CEO Gary Vien talks about why he gives to the LSCU PAC.

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
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Sept. 8 Last Day to register - LSCU Fall Regulatory compliance Update - Birmingham, AL

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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

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July 30 - Avoid HMDA Reporting Mistakes
Aug. 3-6 - SE Supervisory Committee Conference
Aug. 5 - ACH Reclamations & Garnishments
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Aug. 7 - 6 Building Blocks for Success
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