The final deadline for credit unions to send in affiliation money to the LSCU is Wednesday, March 31. If dues money is not received by the end of the month, services from the LSCU and CUNA will be interrupted. By meeting the deadline, member credit unions will be able to take advantage of the more than 40 LSCU educational sessions that are planned for the rest of 2010. These events include two webinars this month on how to grow business through your frontline staff and the 2010 revisions to RESPA and HMDA. Member credit unions receive unlimited usage of League Infosight. The newsletter and Web site offer comprehensive compliance and regulatory information.
The LSCU Web site debuted Jan. 4 and has seen more than 6,000 unique views in two months. The Web site is updated with the most current information and the Top Stories rotate on a daily basis. The LSCU Governmental Affairs staff has been hard at work monitoring legislation in Montgomery, Tallahassee, and Washington D.C. Each Monday eNews and Top Stories has a recap of the week and what to look for in upcoming legislation or committee meetings. Call Report data is in and member credit unions will be receiving state profiles for Alabama and Florida soon. Member credit unions can also request a profile that is unique to their credit union. The 1st LSCU AC&E is coming up in June in Orlando at the JW Marriott Grande Lakes Resort. Political commentators Paul Begala and Tucker Carlson are the keynote speakers.
We hope that you are seeing - in the first quarter of 2010 -
that the LSCU is working harder than ever for member credit unions. We
appreciate all of the credit unions that have re-affiliated with the
LSCU. If you have
any questions about affiliation, contact LSCU President/CEO Patrick La
Pine at Patrick.email@example.com
or 850.212.3160, 800.342.1266 ext.1002. [ Return to Top ]
Congratulations to the Wiregrass Chapter of Credit Unions in Alabama for reaching 100 percent affiliation! The LSCU would like to thank the Wiregrass Chapter for its commitment to the credit union movement in the Wiregrass area. The Wiregrass Chapter has a long history with
the Alabama Credit Union League and its continuing it with the LSCU. The
Chapter is currently a strong contributor the Children's Miracle
Network and looking to begin an initiative for financial education
Wiregrass Chapter Officers: President, Lisa Hales, Army Aviation
Center FCU; Vice
President, Deborah McRae, Five Star Credit Union; Secretary & Treasurer,
Nikki Johnson, Wiregrass Federal Credit Union.
Credit unions in Mississippi have been the subject of scams recently. The perpetrators have used many vehicles to attempt to acquire members' personal information. These include: messages to cellular phones saying that the individual's credit union account was blocked and asking the recipient to call a number where an automated attendant asked for debit card numbers and pins; e-mails and phone calls to cellular and home phones linking to a clone of the subject's credit union's banking page; and bombarding a credit union with over 60,000 e-mails on one day.
To learn more about these scams and what steps to take if one occurs in your credit union, click here. If any credit union has a question on scams and how to prevent them, contact LSCU, Vice President, Regulatory Affairs Bill Berg. [ Return to Top ]
Florida MBL co-sponsors grow to six
In the past two weeks, five members of Florida's Congressional
delegation have seen the wisdom of raising the credit union member
business lending cap. Rep. Bill Posey (R-FL) and Rep. Suzanne Kosmas
(D-FL) are the latest to lend their names to HR 3380, Promoting Lending to America's Small
Businesses Act of 2009. They join a bi-partisan group that includes Rep.
Corinne Brown (D-FL), Rep. Alan Grayson (D-FL), Rep. Gus Bilirakis
(R-FL) and Rep. Kathy Castor (D-FL).
The bill, which is sponsored
by Rep. Paul Kanjorski (D-PA) and Rep. Ed Royce (R-CA), currently has 99
members of the House as co-sponsors. HR 3380 would lift the current credit union member
business lending cap from 12.25 percent to 25 percent. CUNA estimates
that as much as $10 billion dollars can be infused into the small
business marketplace if the cap were raised. That could equate to as
many as 108,000 new jobs created.
"The LSCU's number of
co-sponsors for HR 3380 continues to grow," said LSCU President/CEO
Patrick La Pine. "This means our delegation clearly sees the best road
to recovery will be through small business growth in Florida. Our
delegation recognizes that credit unions can play a key part in this
recovery, if the cap were raised."
Join LSCU for AC&E at the JW Marriott Orlando Grande Lakes Resort
The League of Southeastern Credit Unions' Convention and Exposition will
be held at the Grande Lakes Resort June 16 – 18, 2010. Make sure to register and make your travel
arrangements early to join LSCU for a convention that will inform and
inspire in a setting that will provide exciting activities for all interests.
Here’s a glimpse at some of the activities available at Grande Lakes.
For sports enthusiasts:
Greg Norman-designed 18-hole championship golf course featuring The
Ritz-Carlton Golf Caddie Concierge Program
Ropes Course with zip line and giant swing
Three lighted tennis courts
Sand Volleyball court
Surrey bicycles (rental)
Bocce Ball courts
Life-size Chess board
To relax and restore:
The Ritz-Carlton Spa offering treatments from around the world as
well as signature citrus inspired treatments
Outdoor heated pools and whirlpools including a Lazy River Pool
Fly fishing school offering instruction, seminars and fishing from
Hyde Drift Boats (Fly fishing is offered on-site)
Eco-Tours on Shingle Creek, the headwaters to the Florida Everglades (Eco-tours are offered on-site)
Usted habla espanol? Spanish Immersion Program to be held in Costa Rica next October
Serving the underserved is a crucial part of the credit union
philosophy, but sometimes it can be difficult to figure out how to serve that market and
the needs of the community - for example the
Hispanic community. The World Council of Credit Unions has developed the Spanish Immersion Program to help credit unions serve this community well with
the products and services that they need.
The 3rd Annual Spanish Immersion Program will take place in San Jose,
Costa Rica on October 2 and offers both a one-week and two-week program. Participants will spend the
morning in intensive Spanish language courses and engage in a practical internship
in the afternoon with a Costa Rican credit union. To complete the experience,
the participants will also stay with a pre-screened Costa Rican host family
to help participants apply what they have learned.
Credit unions are encouraged to consider this program for staff members. For more information on the program and to download an electronic
brochure, visit the website at www.woccu.org/ sip. You can also contact
Joshua Fetting at WOCCU at firstname.lastname@example.org or 608.334.6646. [ Return to Top ]
Identity protection company LifeLock settles suit with the FTC
Since 2006 LifeLock has been selling protection against identity theft to customers. This claim has been disputed, and the FTC announced last week that LifeLock has agreed to pay $12 million to the FTC and 35 state attorneys general to settle charges that its services are not as advertised. Further, the settlement forbids company principals from making deceptive claims in the future and must now take steps to protect customer data. To read the full story, click on Information Week. [ Return to Top ]
Governmental Affairs News
LSCU has new compliance officer
The LSCU has added a new staff member filling the newly-created position of Director of Compliance. Scott
Morris has accepted the post, reporting to Bill
Berg, Vice President, Regulatory Affairs.
"With this new position, LSCU is strengthening its commitment to providing enhanced compliance support to Alabama and Florida credit unions," said LSCU President/CEO Patrick La Pine.
Morris will assist with maintenance of InfoSight and provide additional compliance coverage, including responding to inquiries more swiftly from our expanded Compliance Helpline.
Scott brings more than 10 years of compliance experience in the
banking world, most recently with BB&T Colonial Bank in Birmingham, and he is also a
Certified Regulatory Compliance Manager (CRCM). Scott will be based out of
office beginning on March 22. [ Return to Top ]
Foreclosure on tap for Florida legislature this week
In Tallahassee, lawmakers expect a busy week as the House and Senate will be in session two days this week. The House and Senate budget committees will consider budget proposals for the coming fiscal year. This is a topic that will most likely dominate the session.
One of the biggest issues for credit unions will take place Tuesday, March 16. The House Civil Justice and Courts Policy Committee will take up HB 1523, which will establish an alternative procedure to deal with foreclosures outside the judicial system. Watch www.lscu.coop for updates this week.
Gov. Charlie Crist will lead a delegation to Washington D.C. where they will give a presentation on the state's Race to the Top grant application. Florida is one of 16 states named a finalist for a grant from the $4.35 billion initiative from the Department of Education. Race to the Top looks to re-shape America's educational system to better engage and prepare our
students for success in a competitive 21st century economy and
Also on Tuesday, the Senate Policy and Steering Committee on Ways and Means is scheduled to consider SB 1752, a comprehensive jobs measure sponsored by Sen. Don Gaetz, (R-4th District) of Niceville.
Other items expected to be taken up this week include foreclosures, private school vouchers, graduation standards, reapportionment, the breakup of the Department of Management Services, the proposed deal with U.S. Sugar, campaign finance, a jobs bill, and whether to put caps on legal fees for attorneys who work for the Attorney General.
Alabama Legislature nearing end of 2010 General Session
The Alabama Legislature has now completed two-thirds of the 2010
Regular Session. While Bingo is no longer dominating the session, neither
the General Fund nor the Education Fund Budgets have seen much progress. Both budget committees in the House are
preparing to work on them after the legislature returns from this week's spring break. The Legislature has been holding out hopes for additional federal stimulus dollars, but with time slipping away,
they are beginning the process of putting together budgets that are showing
significant shortfalls. Governor Riley is expected declare a proration of 12 percent in the General Fund within the
next few weeks. The difficulty in putting
together budgets with the numbers presented and without additional federal
money has some lawmakers talking about a special session later this
In the Senate last week, a substitute to the Uniform Residential
Mortgage Satisfaction Act was approved unanimously Tuesday. This is a bill the LSCU has been
working on to address specific concerns to protect the rights of lenders while
fixing the problems of some lenders who fail to properly fulfill their existing
requirements. While the substitute bill
does create some liability for lenders who fail to record mortgage
satisfactions, it is far less onerous than is the case in many other states,
and most of the LSCU's procedural concerns were addressed in the substitute. The LSCU is working on a side-by-side comparison
of the original bill and the substitute as passed by the Senate. The bill now
goes to the House.
Also in the Senate last week, SB 533, the “Homeowners Protection Act,” was introduced by Senator Quinton Ross. Under
current law, a lender must publish notice for three weeks in a local publication
prior to foreclosing on a home. This
bill would require that a lender send written notice to the borrower/homeowner
60 days prior to the publication of the notice, and then publish it for four weeks
instead of three. The LSCU is reviewing the
details of the bill now, as well as gauging the chances of movement, given how
late in the session such a bill has been introduced. The legislature returns to Montgomery on Tuesday, March 22.
For more information on the Alabama Legislature, contact LSCU Vice President, Legislative Affairs/Staff Counsel Will McCarty. [ Return to Top ]
Congressional update from Washington D.C.
The Senate returns Monday to
resume consideration of job creation legislation. If it seems like Congress has
been considering this jobs bill forever, they have. A roughly $150 billion bill was passed by the House in December; the Senate
returned to the House a $15 billion bill focused primarily on tax incentives to
small businesses; the House returned to the Senate a bill that had additional
provisions; and now the ball is in the Senate's court. There will be a cloture vote Monday followed by post-cloture debate time on amendments. The Senate could
return the jobs bill to the House by mid-week.
the schedule in the House gets very interesting and fluid. Three items have
been noticed: H.R. 1586, the FAA Modernization Act; further action on the jobs
bill; and further action on the health care bill.
What makes H.R. 1586 of interest is that its currently under consideration by the Senate so, the House
cannot consider it again until the Senate disposes of the bill. The jobs bill
is also pending Senate action, and the Health Care bill continues to dominate the Congressional schedule.
House leaders have pledged to
keep the chamber in session until the health care bill has been completed -
which means not only must the House pass the Senate-passed health care bill, but
the reconciliation process must also be completed. It is possible that the
House will be in session for the next 12-14 days.
The LSCU is following a significant
development in the health care reform process having nothing to do with health
care reform. There is a growing expectation that Congress will use the budget
reconciliation process not only to enact changes to what would be (at that time)
the new health care reform law, but also reform the government guaranteed student
lending program to eliminate the FFELP program and replace it with a federal
direct lending program. It is still unclear whether the student lending bill
will be included in reconciliation; CUNA has opposed the elimination of the
FFELP program and the LSCU will continue to monitor this issue closely throughout the
The Senate Banking Committee is
not scheduled to meet, although Chairman Dodd is expected to release his regulatory
restructuring bill around 2:00 pm EDT. LSCU will immediately begin to analyze the
legislation when it is released and send additional information when it is
The House is a somewhat different
story. Over the next several weeks, there will be more hearings in the
House because they have completed their work on regulatory restructuring and the
Financial Services Committee is now making its way through the many hearings
that were promised during that process.
Tuesday, the Financial Services
Committee Subcommittee on International Monetary Policy and Trade will hold a
hearing entitled, "Rebuilding Haiti's Competitiveness and Private Sector." Also, on Tuesday, the House Judiciary Committee Subcommittee on Commercial and
Administrative Law will hold a hearing entitled, "Federal Rulemaking and the
Wednesday, the House Financial
Services Committee will hold a hearing, "The Administration's Proposal to
Revitalize Severely Distressed Public and Assisted Housing: The Choice
Neighborhood Initiative." Also, Wednesday, the House Financial Services
Committee will hold a hearing entitled, "Examining the Link Between Fed Bank
Supervision and Monetary Policy."
The American Bankers Association
will be having their version of the "GAC" in Washington this week. In
an effort to rebut the anti-credit union message they will deliver, CUNA will be
dropping various literature pieces in Hill offices this week. All of this week's
leave behinds will also be posted on the website at: http://www.cuna.org/gov_affairs/member/hill_visit_materials.html#mbl. Later this week, the LSCU will deliver a response to the banker
As always, if you have any
questions regarding these or any other legislative issues, please do not
hesitate to contact LSCU Vice President, Legislative Affairs Mark Landreth or LSCU Vice President, Legislative Affairs/Staff Counsel Will McCarty. [ Return to Top ]
League InfoSight features a Reg Z proposed amendment
The newest edition of the League InfoSight newsletter is now online. The March 12 issue reminds credit unions to become familiar with what's expected through the Bank Secrecy Act (BSA). The BSA channel on the League InfoSight Web site is a good place to start. The Federal Reserve is proposing an amendment to Reg Z to protect
credit card users from unreasonable late payments and other penalty fees
and to require credit card issuers to reconsider increases in interest
rates. The UBIT Task Force believes the Bellco decision shows the way for credit unions.
This is just a snapshot of what's included in this week's League InfoSight. Click on League InfoSight to read the current edition, as well as any back issues. The League InfoSight Web site also contains a plethora of compliance information. This is a password-protected area requiring a user ID and password. If you do not have login information, click here to sign up.
For any questions regarding League InfoSight or the InfoSight Web site, contact LSCU Vice President, Regulatory Affairs Bill Berg. [ Return to Top ]
Compliance calendar and training schedule
ACH Authorizations and Returns Rule - Effective Date
Stop Payments and Regulation E Rule - Effective Date
Z - Escrow Requirement for "Higher Priced" Mortgages - Effective Date
At its next board meeting on March 18, the National Credit Union Administration (NCUA) will consider the NCUA's Strategic Plan for 2010 - 2015, discuss the Insurance Fund report, and take up rules and regulations concerning regulatory flexibility, fiduciary duties, and mergers and conversions.
To see the meeting schedule, click here. For further information, contact Mary Rupp, Secretary of the Board at 703.518.6304. [ Return to Top ]
LSCU Education News
LSCU Leadership Council meetings are scheduled in Alabama and Florida
Make plans to attend LSCU's Leadership Council meetings coming up
Timmons, Leadership Artist, Speaker and Author as he speaks on "Six
String Leadership." See and click below for location, registration, and
The Councils meet several times a year in
locations across the two states and provide members with the opportunity
network with their peers, discuss issues concerning their professions,
share best practices and hear from experts in the industry.
Don't miss out on IRA Training Essentials & Advanced Workshops in Birmingham, March 30 & 31
Register now for credit union-specific IRA training!
IRA Essentials is a full-day workshop that gives attendees a
solid foundation of IRA
knowledge. Attendees will leave this
session able to work with IRA owners and process basic IRA transactions
is a full-day workshop that builds on the learner’s basic IRA knowledge
them address some of the more complex IRA issues. Attendees participate
in real-world credit
union activities which allows them to apply their learning immediately
Credit Union-Specific Essentials/Advanced
IRA Fundamentals/IRA Contributions/IRA
IRA Transfers and Rollovers/IRA Tax Reporting
Contributions, including conversion
IRA Distributions, including excess,
IRA Required Minimum Distributions
IRA Death Claims
The workshops are instructed by Ascensus IRA Training (formerly CUNA
Mutual Group IRA Division) and are perfect for IRA direct credit unions. Participants will receive
recertification credit for IRA Certified Specialist.
Drawings for complimentary webinars will also be held.
To learn more about the workshops and to register, click on the
30: 8:30 a.m. - 4 p.m. CDT, IRA Essentials, at Birmingham Marriott
31: 8:30 a.m. - 4 p.m. CDT, IRA Advanced, at Birmingham Marriott
8:30 a.m. Registration/Continental
9:00 a.m. – 4:00 p.m.
IRA Training Program
12 p.m. – 1 p.m. Group Luncheon
About the speaker:
Paul Kern is responsible for
developing and delivery IRA training programs, on a national level, to meet the
needs of credit unions and leagues. Paul
is the project manager for eLearning and IRA University;
including the development, design, and implementation of both products. He is also responsible for custom in-house
seminars associated with implementation projects.
Registration Fee: $229 per attendee, per day
To register, click on the dates listed above or visit LSCU's Education Calendar at www.lscu.coop.
You must be a League member
and registered user of the LSCU Web site in order to register for events. If you have not signed up for a user ID and password for the Web site, click here.
$75 admin fee if received in
writing seven days prior to event. Substitutions are welcomed.
3590 Grandview Parkway
Hotel rate (per night): $139 (Group rate held for March 29
& 30.) [ Return to Top ]
League Service Corp News
Ventelligence adds four new credit unions
Ventelligence, a vendor-management program offered by the League Service Corp (LSC), now boasts credit unions with asset sizes anywhere from $11 million to $1.4 billion. In the first quarter of 2010, Georgia’s Own Credit Union, TMH FCU, Achieva Credit Union, and The Infirmary
Federal Credit Union signed up to ease the burden of managing their vendor contracts. This brings the total number of credit unions utilizing the ease of Ventelligence to 24.
In 2008, the National Credit Union Administration (NCUA) mandated that credit unions streamline operations by running a risk assessment on their contracts. This could be anything from landscaping contracts to financial software. The LSC developed Ventelligence to manage these once manual contracts. Ventelligence helps credit unions stay in compliance and also helps keep them from harmful vendors. The program automates the process by keeping all vendor contracts together and setting up renewal reminders.
For more information on the contract management and due
diligence services Ventelligence offers, click here or contact LSC Director of ePurchasing Lori Vary. [ Return to Top ]
Think 10 conference coming up in April
Every credit union is being asked to do more with less. It's the way business is done today. Is this a trend? Many credit unions want to move their business forward, but don't know how to do it. Doing more with less can easily burn out employees. Co-op Services understands the needs of credit unions and is offering the Think 10 conference. Think 10 will break away from the same old conference routine and offer speakers with real world experience. Credit unions will hear speakers from the inside of Microsoft, Coca Cola, Yahoo, and Smart USA. The conference is sure to inspire and energize credit unions, while giving a snapshot of the future of the movement.
The Think 10 conference will be held April 18-21 in Scottsdale, AZ. You can learn more about the conference and register for free by clicking here. [ Return to Top ]
Credit Union Job Postings
Credit union employment opportunities posted online