July 30, 2014
Wednesday Edition
NCUA asks Congress to reject RBC amendment

NCUA Board Chairman Debbie Matz asked the House Financial Services committee to reject any amendments related to the proposed risk-based capital rule during the full committee markup on Tuesday.

Rep. Blaine Luetkemeyer (R-MO) sponsored an amendment to the Community Bank Mortgage Servicing Asset Capital Requirements Study Act of 2014, which would have included the NCUA among the federal agencies required to conduct a study of appropriate capital requirements for mortgage servicing assets.

“Now that the comment period has ended and (the) NCUA has completed three nationwide Listening Sessions to discuss the proposal with credit union officials, I wanted to update you about what we have learned and summarize some of the key changes we will make to the rule as we move forward,” said Matz in a letter to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Ranking Member Maxine Waters (D-Calif.) on Monday.

“I also request that the House Financial Services Committee refrain from considering amendments at tomorrow’s [today's] markup related to NCUA’s risk-based capital proposed rule, because this rulemaking is essential to protecting the safety and soundness of federally insured credit unions,” she added.

The amendment, which was not approved by the committee on Tuesday, could have delayed any action from the NCUA Board on the proposal.

Click here to view the full story from Credit Union Times.

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Prize-linked savings gaining nationwide momentum

Nine states have passed laws that allow credit unions to operate programs that incentivize members to put away money by offering opportunities to win cash when they save, according to The Pew Charitable Trusts, which recently featured the growing popularity of the product on its news page Stateline. 

The article noted that savings rates in the United States are low: In March 2014 the aggregate personal savings rate, defined as the ratio of total savings to after-tax income, was only 3.8 percent. And a 2013 survey found 27 percent of all Americans had no emergency savings, while another 23 percent had some but could not cover three months of living expenses. Low-income families struggle the hardest to accrue savings.

With as little as $25, a credit union member can open an account and enter a drawing for monthly and annual grand-cash prizes. The beauty is that those who aren't lucky enough to win still benefit from having started an interest-generating savings account, advocates say.

With the help of their state leagues, Nebraska, Michigan, North Carolina, Washington, Connecticut, Indiana, Maine, Maryland, and Rhode Island have passed laws to allow credit unions to offer PLS accounts. New York only awaits the signature of Gov. Andrew Cuomo to pass its own law, which was approved by the state's Legislature earlier this year.
Since 2009, thousands have won prizes worth anywhere between a $15 monthly payout to a $100,000 grand prize, which was handed out in Michigan in 2012.

Click here to read the full Pew Charitable Trusts article.

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Shop for Miracles - Oct. 16

New! Shop for Miracles is the newest Credit Unions for Kids' national campaign. This one-day fundraiser takes place on Oct. 16 as an exciting and innovative way to celebrate the World Council of Credit Union's International Credit Union Day® at your credit union!

The concept is simple: each time members use their credit union issued debit and/or credit card your credit union will donate $0.25 (or other designated amount) on International Credit Union Day to your local CMN Hospital.

Click here to learn more and pledge to participate!

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Aug. 8 deadline to show off your CU's good works in CUNA Awards

The CUNA Awards Program is a great way to be recognized for your good works with the community and with your members. Ask yourself the following questions. If you answered yes to one, two, or all three, your credit union is the perfect candidate for submitting a winning entry.

Is your credit union involved with your community through special programs? For example, some credit unions have ongoing programs and establish a special relationship with local social service agencies or school programs. If the answer is yes, submit it as an entry for the Dora Maxwell Social Responsibility Community Service Award.

Does your credit union offer an internal program to improve a member's life? For example, programs that provide special assistance to low-income members struggling to pay heating bills or student-run in-school or campus branches. If the answer is yes, submit it as an entry for the Louise Herring Philosophy-in-Action Member Service Award.

Does your credit union promote youth and/or adult financial literacy through special activities or programs? For example, face-to-face teaching, publicity, lobbying for curriculum requirements, teacher and volunteer training, or promotion and use of educational programs such as the NEFE High School Financial Planning Program® (HSFPP). If the answer is yes, submit it as an entry for the Desjardins Youth or Adult Financial Education Award.

If you're interested in submitting but are unsure which award would be best suited to enter, feel free to contact LSCU Director of Communications Amy Jowers at 866.321.0545, ext. 1020, or check out the CU Awards Program webpage for a host of resources on the awards. Deadline in August 8.

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In This Issue
Wednesday Edition
NCUA asks Congress to reject RBC amendment
Prize-linked savings gaining nationwide momentum
Shop for Miracles - Oct. 16
Aug. 8 deadline to show off your CU's good works in CUNA Awards
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.

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