LSCU eNews Weekly
March 15, 2010 LSCU eNews Weekly
LSCU eNews Weekly
In This Issue
LSCU deadline for dues two weeks away
Wiregrass Chapter achieves 100 percent affiliation
Credit unions in Mississippi hit by scams
Florida MBL co-sponsors grow to six
Join LSCU for AC&E at the JW Marriott Orlando Grande Lakes Resort
Usted habla espanol? Spanish Immersion Program to be held in Costa Rica next October
Identity protection company LifeLock settles suit with the FTC
Governmental Affairs News
LSCU has new compliance officer
Foreclosure on tap for Florida legislature this week
Alabama Legislature nearing end of 2010 General Session
Congressional update from Washington D.C.
Compliance Corner
League InfoSight features a Reg Z proposed amendment
Compliance calendar and training schedule
NCUA News
NCUA board meeting set for March 18
LSCU Education News
LSCU Leadership Council meetings are scheduled in Alabama and Florida
Don't miss out on IRA Training Essentials & Advanced Workshops in Birmingham, March 30 & 31
League Service Corp News
Ventelligence adds four new credit unions
Think 10 conference coming up in April
Credit Union Job Postings
Credit union employment opportunities posted online
Calendar
Schedule of events
In This Issue
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LSCU deadline for dues two weeks away

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.lapine@lscu.coop or 850.212.3160, 800.342.1266 ext.1002. [ Return to Top ]

Wiregrass Chapter achieves 100 percent affiliation
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 community outreach.

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.

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Credit unions in Mississippi hit by scams

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."

Rep. Bill Posey (R-FL)

Rep. Suzanne Komsas (D-FL)

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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
  • Fitness Center
  • Ropes Course with zip line and giant swing
  • Three lighted tennis courts
  • Sand Volleyball court 
  • Surrey bicycles (rental)
  • Jogging Trails
  • 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)

For guest and off-site LSCU events:

  • Winter Park Tour & Luncheon June 17, 2010, 8:45 a.m. – 3 p.m.
  • Golf Alternative: Airboat Adventure June 18, 2010, 8 a.m. – 11:45 a.m.
  • Guest Session: Cooking Class with Chef Horner, June 18, 2010, 10:30 a.m. – 1 p.m.

For the younger guests:

  • Ritz Kids program
  • Arcade Room
  • Children's splash pools and playgrounds

So, make your room reservations to attend the Convention and Exposition at JW Marriott Orlando Grande Lakes or at the  Ritz-Carlton Orlando Grande Lakes. Reservation Group Code: JUNJUNA. The discounted hotel room rate is valid through May 14, 2010.

The JW Marriott Orlando Grande Lakes Resort in Orlando, Florida has something for everyone.

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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 jfetting@woccu.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 the Birmingham 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 workplace. 

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.

For any questions on Florida legislation, contact LSCU Vice President, Legislative Affairs Mark Landreth.   [ Return to Top ]

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 year. 

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. 

Tuesday 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 week.

Committee Schedule

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 available.

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 Regulatory Process."

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."

ABA Hill Visits

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 objections.

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 ]

Compliance Corner
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

Calendar

March 19
ACH Authorizations and Returns Rule - Effective Date

ACH Stop Payments and Regulation E Rule - Effective Date

April 1
Regulation Z - Escrow Requirement for "Higher Priced" Mortgages - Effective Date

Training

March 2–23
CUNA Compliance Fundamentals eSchool

April 24–25
CUNA Compliance Fundamentals Seminar - Conference

April 25–30
CUNA Regulatory Compliance School: Introduction - Conference

April 25–29
CUNA Regulatory Compliance School: Update - Conference

May 5 & 12
Consumer Lending Regulations - Webinar
2:00–4:00 p.m. CT


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NCUA News
NCUA board meeting set for March 18

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 featuring Dave Timmons, Leadership Artist, Speaker and Author as he speaks on "Six String Leadership." See and click below for location, registration, and topic details. 

Tuesday, March 23: Fort Lauderdale 

Thursday, March 25: Jacksonville

Thursday, April 22: Birmingham

The Councils meet several times a year in locations across the two states and provide members with the opportunity to network with their peers, discuss issues concerning their professions, share best practices and hear from experts in the industry.

Click here to learn more about LSCU's Leadership Councils.
[ Return to Top ]

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 with confidence.

IRA Advanced is a full-day workshop that builds on the learner’s basic IRA knowledge to help 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 back to the job. 

Credit Union-Specific Essentials/Advanced IRA Training

  • IRA Fundamentals/IRA Contributions/IRA Distributions
  • IRA Transfers and Rollovers/IRA Tax Reporting
  • IRA Contributions, including conversion contributions
  • IRA Distributions, including excess, re-characterizations, and taxation
  • IRA Required Minimum Distributions
  • Processing 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 dates.

  • March 30: 8:30 a.m. - 4 p.m. CDT, IRA Essentials, at Birmingham Marriott
  • March 31: 8:30 a.m. - 4 p.m. CDT, IRA Advanced, at Birmingham Marriott

Agenda

8:30 a.m.                                      Registration/Continental Breakfast

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 information:

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.

Cancellation Fee

$75 admin fee if received in writing seven days prior to event. Substitutions are welcomed.

Hotel Information

Birmingham Marriott
3590 Grandview Parkway
Birmingham, AL  35243
205.968.3775

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

Click here to view credit union-specific job opportunities in Alabama and Florida. [ Return to Top ]

Calendar
Schedule of events

Organic Growth: Frontline
March 16, 1 - 2:30 p.m., (webinar)

IRA Essentials Workshop, Orlando
March 16, 8:30 a.m. - 4 p.m. (workshop)

IRA Advanced Workshop, Orlando
March 17, 8:30 a.m. - 4 p.m. (workshop)

RESPA-HMDA
March 25, 12 -  1:30 p.m. (webinar)

IRA Essentials Workshop, Birmingham
March 30, 8:30 a.m. - 4p.m. (workshop)

IRA Advanced, Birmingham
March 31, 8:30 a.m. - 4 p.m. (workshop)

Leadership Councils
March 23, 2010, Fort Lauderdale, FL

March 25, 2010, Jacksonville, FL

March 31, 2010,Birmingham, AL

[ Return to Top ]

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