LSCU eSignal Weekly
LSCU eNews Weekly June 7, 2010
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LSCU eNews Weekly
In This Issue
League Headlines
Credit unions finish district meetings and now head to D.C.
Credit unions pulling out the stops on interchange; so is the other side
Register for the AC&E before it's too late
AC&E attendees will get a full vendor exposition
Mark Meyer audio podcast previews his AC&E session
LSCU Compensation Survey is looking for more participation
LSCU Member Survey is coming in June
LSCU welcomes Redstone FCU as an affiliated credit union
Governmental Affairs News
Lapel pins program kicking off at AC&E
Alabama primaries full of surprises
NCUA reports fraud email phishing activity
Compliance Corner
League InfoSite has final clarifications on two overdraft rules
Compliance calendar and training schedule
Cooperative Initiatives News
CO-OP Miracle Match offers $1 million for Children's Miracle Network fundraisers
LEVERAGE News
Krystal Navarre, auditor for CU-ACE, earns CUCE designation
News from You
Tampa Chapter presents Florida Credit Union Foundation scholarships to four students
CFE Federal Credit Union honors student achievers
Alabama Telco Credit Union presents award for community service
floridacentral CU breaks ground for new service center
Employment
Credit union employment opportunities posted online
Calendar
Schedule of upcoming educational events
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League Headlines

Credit unions finish district meetings and now head to D.C.

     Rep. Allen Boyd visit

With federal lawmakers home last week for the Memorial Day holiday, LSCU credit unions made visits in Alabama and Florida to lay out how the interchange amendment in the Senate bill would adversely affect members and consumers. Florida panhandle credit unions met with Rep. Allen Boyd (D-FL) for 30 minutes Thursday. Rep. Boyd was very engaged in the conversation and asked the various credit unions leaders from Florida Commerce, Tyndall, Envision, and Community South how this amendment would impact members. Jim Warren, Tyndall CEO, told Rep. Boyd about the monetary commitment it takes to run a card business and the risks involved. Cecilia Homison, Florida Commerce CEO, put it best, "We stand between the merchant and that risk."

LSCU credit unions made a number of other visits during the week including 45 minutes with the Ranking Republican on the House Financial Services Committee Spencer Bachus (R-AL). Attention now turns to Washington D.C. and this week's Hike the Hill on interchange.

Credit unions are also urged to continue asking staff, board, members, and friends to call their lawmakers and let them know interchange will be harmful to members and consumers. Call 877.223.5275 and put in your zip code and the service does the rest. Credit unions can also contact their lawmakers through email by clicking here . It's also an easy process to put in just a couple of entries and capwiz does the rest. Rep. Barney Frank (D-MA) has said that the conference to work out the differences between the House and Senate bills will be a quick process. [ Return to Top ]

Credit unions pulling out the stops on interchange; so is the other side

If the time table Rep. Barney Frank (D-MA) set for regulatory reform - discussions by June 15 and the bill reconciled in the House and Senate by June 30 - then credit unions have an extremely short window to attempt to defeat the interchange amendment. As of Friday, more than 200,000 calls and emails have gone to lawmakers from credit unions with more than 4,000 of those coming from Alabama and Florida. Many credit unions are showing their innovation by going directly to members.

Community First Credit Union in Jacksonville, FL sent an email to members giving them a brief overview of how the interchange amendment will affect its ability to offer a card program. The email also pointed members to click on Capwiz to send an email, while all of the area's federal lawmakers' phone numbers were listed. Alabama Teachers Credit Union in Gadsden, AL took a similar approach. 

Alabama Credit Union in Tuscaloosa, AL went directly to the membership. President and CEO Steve Swofford sent an email to 15,000 members. He and his managers also took on the task of calling 100 members personally.

The retailers have also come at the interchange issue with a full assault on lawmakers. Speedway SuperAmerica LLC presented 1.68 million signed petitions to Washington in favor of interchange fees regulation. The latest wave of petitions brings 5.4 million to the number of consumer signatures convenience store chains have collected since 7-Eleven Inc. asked customers to sign up in favor of interchange regulation last summer. 7-Eleven ended up with almost 1.7 million petitions, delivering them to Congress last fall in a high-profile effort to influence lawmakers

The petitions are being delivered just as conferees are slated to begin next week hammering out financial-services reform legislation based on bills in the House of Representatives and the Senate. The Senate version contains an amendment calling for regulation of debit card interchange.

As you can see credit unions need to use all of their creativity to let their federal lawmakers know the interchange amendment will be detrimental to members and their ability to issue cards.   [ Return to Top ]

Register for the AC&E before it's too late

This is the last week to register online for the  LSCU's 1st Annual Convention and Exposition (AC&E) to be held in Orlando June 16-18. Online registration will close June 11 at 5 p.m.; however, on-site registration is available beginning Wednesday, June 16, at 7:30 a.m. ET. There are also single day pricing options for Thursday, June 17, and Friday, June 18. Click here to view the details.

The LSCU Convention & Exposition website contains complete information on all aspects of the event including the Schedule-at-a-Glance, keynote speaker descriptions, guest and off site events, exhibitor information, and more!  Among the highlighted events:

  • Political Commentators Tucker Carlson & Paul Begala
  • Dinner, Dance, & Silent Auction
  • Annual Golf Tournament Benefiting Children’s Miracle Network (CMN)
  • Two Days of Education Breakout Sessions
  • Six Hours of Exhibit Hall Time
  • Exciting Guest Events
If you would like to register, click here. However, this is a member-only event so you must sign in on the website to register for the AC&E and to view certain information. If you have not signed up for website access, click here. By having a username and password, you also gain access to member-only parts of the website including governmental affairs and regulatory and compliance areas. Once you register, a confirmation email will be sent to the email address you signed up with. It's important that you check your spam filter if an email does not arrive within a few minutes.

For any questions about the AC&E and registering for the event, contact LSCU Vice President, Education Joy Breedlove at 205.991.9710 ext. 2162. [ Return to Top ]

AC&E attendees will get a full vendor exposition

Excitement is building for the Annual Convention & Expositionin Orlando on June 16 – 18. There will be over 130 sponsors and exhibitors at this year’s event offering attendees the opportunity to learn more about all of the latest products and services for credit unions.

“To have a full exhibit hall says a lot about the first LSCU AC&E,” said LSCU President/CEO Patrick La Pine. “Vendors are showing that they value the business they do with credit unions in Alabama and Florida. Plus, they see the AC&E as a trusted venue for networking with credit unions.”

The LSCU's exhibitors and sponsors play an important  role in the AC&E – the dollars they contribute allow us to provide the best speakers, high quality events and an overall great learning and networking experience. There will be ample time to walk through the Exhibit Hall and network with exhibiting and sponsoring companies to find solutions that can help your credit union meet the needs of your credit union and its membership. Please remember to take a few moments to thank the exhibitors and sponsors for their support of the 1st LSCU AC&E.

    Exhibit Hall at AC&E

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Mark Meyer audio podcast previews his AC&E session

Filene CEO
Mark Meyer

Over the past five weeks, the LSCU has been previewing the AC&E with innovative audio podcasts. This week the podcasts turn to some of the education sessions at this year's convention. Filene Research Institute CEO Mark Meyer talks with LSCU Vice President, Communications Mike Bridges about a variety of topics including how much Filene's research depends on credit unions. Meyer also talks about his education session on consolidation and collaboration. In fact he says credit unions need to know his four C's. 

Access the podcast by clicking on the LSCU homepage at www.lscu.coop and looking for the AC&E preview podcasts on the left.  The podcasts are streaming MP3 audio, there is nothing to download. Also listen to other audio podcasts from keynote speaker Tucker Carlson, LSCU CEO Patrick La Pine, CUNA CEO Dan Mica, and REAL Solutions Program Manager Lois Kitsch. If you have any problems listening to the audio podcast, contact Bridges at 866.231.0545 ext. 1022.   [ Return to Top ]

LSCU Compensation Survey is looking for more participation

A report based on a survey is only as good as the participation rate. The LSCU Compensation Survey has been open nearly two weeks and the initial response has been great. However, more credit unions are needed to ensure the final report gives an accurate portrayal of credit unions in Alabama and Florida. 

The LSCU has contracted with HR Value Group to conduct an annual credit union compensation and benefits survey. The survey is designed to encompass a wide range of salaried positions and benefits. As noted above, the early returns are that the survey is meeting its mark, it's easy, and beneficial.  

Every credit union that completes the survey will receive a complimentary PDF copy of the finished LSCU 2010 Compensation and Benefits Report.

The online survey should take about 30 to 45 minutes to complete depending on the size of your credit union. To access the survey online, click here or cut and paste the following link into your browser:https://vovici.com/wsb.dll/s/1d74g44de7.Click here to download a PDF of the survey to work on at your convenience before entering the data into the online survey.

The detailed report summarizing results will be available in September and will outline salaries paid to management and non-management positions, analyze the salaries separately by asset size and chapter, and summarize responses to the benefits questions.

No one outside of HR Value Group will see any individual responses; all information is kept confidential. Surveys must be completed and submitted by June 14, 2010. Every credit union's contribution is very important to the success of this survey as credit unions from both states use this data as one source to help determine how to structure salary and benefits packets.

If you have any questions or problems accessing the survey, contact LSCU HR Manager Liz Aperauch at 866.231.0545, ext. 1142.

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LSCU Member Survey is coming in June

The LSCU Member Survey will be emailed to credit unions this month. Member credit unions will be asked to complete a short online survey that will help the LSCU gauge how its doing as well as improve service to credit union members. The survey will take about 20 minutes to complete. It is completely anonymous.  More information about the Member Survey will be emailed to credit unions this week.  [ Return to Top ]

LSCU welcomes Redstone FCU as an affiliated credit union
 Joseph Newberry 

The LSCU welcomed Redstone Federal Credit Union as an affiliate. The Huntsville-based $2.6 billion credit union, the largest in Alabama, rejoins the league after a seven-year absence. Redstone’s reaffiliation means the LSCU and CUNA are gaining the expertise of one of the largest credit unions in the country.

“We’re excited to have Redstone reaffiliate,” said LSCU President/CEO Patrick La Pine. “The experience of CEO Joe Newberry and his staff is invaluable. The amount of lobbying, innovative lending, and trust the Redstone name brings to the credit union movement will only enhance all of our credit unions in Alabama and Florida.”

“Redstone Federal Credit Union is proud to be associated with the League of Southeastern Credit Unions,” said Joseph H. Newberry, president and CEO of Redstone. “Under the leadership of Patrick La Pine, the LSCU will be doing great things for the credit union movement over the coming years and Redstone is excited to be a part of this. At Redstone, we look forward to playing an active role within the league to help ensure the continued vibrancy and growth for the credit union movement.”

The reaffiliation with the LSCU also provides CUNA with additional resources. This will certainly be useful with the amount of legislation being discussed in Washington D.C. that could affect credit unions.

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Governmental Affairs News
Lapel pins program kicking off at AC&E

In recognition of individual contributions made to LSCU FEDPAC (Federal Political Action Committee), ACULAC (Alabama Credit Union Legislative Action Committee), and CUPAC (Credit Union Political Action Committee) donors will receive a Donor Recognition Pin (see below). This pin will serve as a visible symbol of the donor’s personal commitment to the credit union movement.

The purpose of this program is to promote the importance of supporting credit union advocacy through contributions to LSCUs Political Action Committees. This year’s program will kick off at the LSCU Annual Convention and Exposition June 16-18.

Donors will be encouraged to wear these pins at all credit union activities and encourage their peers to do the same.

Anyone interested in making an individual contribution to LSCU’s Political Action Committees can contact LSCU Grassroots & Political Action Coordinators Justin Thames or Robbie Gordon.


Chairman's Club
$500 or more


President's Club
$250


Congressional Club
$100


Capitol Club
$50


Ambassador's Club
$25


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Alabama primaries full of surprises

The party primary elections in Alabama were held this past Tuesday and there were a number of surprises. In the race for Governor, Agriculture Commissioner Ron Sparks won the Democrat nomination over U.S. Representative Artur Davis. On the Republican side, no candidate achieved more than 50 percent, which means there will be a runoff July 13 between Bradley Byrne and either Tim James or State Rep. Robert Bentley.  As of Monday morning, James is reportedly ahead by 200 votes, but the final outcome will not be known until later this week.

In the two contested Congressional races, incumbent U.S. Rep. Parker Griffith was defeated by Mo Brooks who will go on to face Steve Raby, the former Chief of Staff to Alabama Sen. Howell Heflin.  In the 7th Congressional District, State Rep. Earl Hilliard Jr., who was supported by CULAC, came in third. Shelia Smoot and Terri Sewell will face off in a runoff in July.

A number of State House and Senate races were decided since there will be no general election for a number of seats. Several of these candidates were supported by the Alabama Credit Union Legislative Action Council (ACULAC), the LSCU's state PAC.

Here are the Senate Race results:

  • Rep. Tammy Irons – won the Democrat nomination for the 1st Senate District and will face Gerald Freeman in the general election. 
  • Sen. Steve French – Three term incumbent who lost in the primary to challenger Slade Blackwell
  • Sen. Scott Beason – won the Republican Primary, and is unchallenged in the general election.

Here are the House Race results:

  • Rep. Johnny Mack Morrow, Rep. Mike Hill, Rep. Demetrius Newton, Rep. Merika Coleman, Rep. James Buskey, and Rep. Jim Barton all won their primary races and are unopposed in the general election

Based on either retirements, members vacating seats to run for other office or the defeat of incumbents in the primary, as of now there will be at least eight new members of the 35 seat Alabama Senate and at least 16 new members of the 105 seat House of Representatives. There are a number of runoff elections to be held July 13 before the general election in November. The League will be involved in a number of races, on the federal and state level, as it works with candidates moving into the general election.

For questions about the Alabama elections, contact LSCU Vice President, Legislative Affairs/Staff Counsel Will McCarty at 866.231.0545 ext. 2137.  [ Return to Top ]

NCUA reports fraud email phishing activity

The National Credit Union Administration (NCUA) reports recently simulated NCUA email boxes. The fraudulent emails solicit credit union member participation in an online survey or member survey, and promise compensation of $40 as an inducement to respond to the email.

The emails are fraudulent and may be an attempt to obtain confidential member information. NCUA does not solicit such information from credit union members. This is a phishing activity with no NCUA activity or approval. If you have received these emails, do not respond. If you have any questions or concerns, email NCUA at pacamail@ncua.gov.  [ Return to Top ]

Compliance Corner
League InfoSite has final clarifications on two overdraft rules

The Federal Reserve Board announced final clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services.

The final clarifications address questions that have arisen and provide further guidance regarding compliance with certain aspects of the final overdraft rules. In particular, the final clarifications explain that the prohibition in Regulation E on assessing overdraft fees without the consumer's affirmative consent applies to all institutions, including those with a policy and practice of declining automated teller machine (ATM) and one-time debit card transactions when an account has insufficient funds. The final rules also make certain technical corrections and conforming amendments.

League InfoSight also has the latest on credit unions conforming to "Red Flag" Rules. At the request of several Members of Congress, the Federal Trade Commission is further delaying enforcement of the “Red Flags” Rule through December 31, 2010, while Congress considers legislation that would affect the scope of entities covered by the Rule. Today’s announcement and the release of an Enforcement Policy Statement do not affect other federal agencies’ enforcement of the original November 1, 2008 deadline for institutions subject to their oversight to be in compliance.

View the League InfoSight newsletter by clicking here. It is a password-protected area. Member credit unions that do not have a password, may click here to sign up for one. An active email account and a password are required. To log in to InfoSight, enter your email and password in the InfoSight login block (see graphic below) located in the upper right of any of the LSCU web pages.


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Compliance calendar and training schedule

Calendar

June 18
ACH Risk Management and Assessment Rule - Effective Date

ACH Direct Access Registration Rule - Effective Date

June 30
PCI DSS - All WEP Implementations discontinued

July 1
NCUA Regulation Part 706 - Unfair or Deceptive Credit Card Practices - Effective Date

Regulation Z - Open-End Credit Rule - Effective Date

Regulation E - Overdraft Protection Rule - Effective Date

FACTA Section 312 (Accuracy and Integrity) Effective Date

Training

June 16
NCUA Requirements & Guidance - webinar
2:00–4:00 p.m. CT

June 23 & 30
Deposit Account Regulations - webinar
2:00–4:00 p.m. CT

June 24
Pressing Credit Union Compliance Issues – audio conference
1:00–2:30 p.m. CT [ Return to Top ]

Cooperative Initiatives News
CO-OP Miracle Match offers $1 million for Children's Miracle Network fundraisers

CO-OP Miracle Match is managed by CO-OP Financial Services on behalf of its 3,000 member credit unions. The program awards $1 million in matching funds annually for Credit Unions for Kids events, proceeds of which go to local children’s hospitals in the Children’s Miracle Network.

The credit union industry is currently the third largest contributor to Children’s Miracle Network. During the 2009 program year, the top fundraising credit union produced $45,000 in funds, added to which was $10,000 in miracle match funds.

“The CO-OP Miracle Match program is a natural extension of the people-helping-people model of the credit union movement,” said Stan Hollen, President/CEO of CO-OP Financial Services, and a member of the Children’s Miracle Network’s Board of Governors. “We are looking forward to working with industry partners to do even more in 2010 to help children.”

Applications for matching funds are being accepted now by CO-OP Financial Services. To apply for matching funds through this program, go to www.co-opfs.org or e-mail miraclematch@co-opfs.org.  [ Return to Top ]

LEVERAGE News
Krystal Navarre, auditor for CU-ACE, earns CUCE designation

Krystal Navarre, auditor for CU-ACE, is a Credit Union Compliance Expert (CUCE). To earn the Compliance Expert Certificate and CUCE designation, students are required to pass a proctored exam for each of the first five modules in this six module series offered through CUNA’s Regulatory Training & Certification Program  (RegTraC). RegTraC is the credit union movement’s premier training and certification program.

Navarre, who celebrated her one-year service anniversary with CU-ACE on May 4, 2010, works primarily with credit unions in South Alabama. [ Return to Top ]

News from You
Tampa Chapter presents Florida Credit Union Foundation scholarships to four students

Cassie Hoffman, Pasco    High School and Patty       Sarne, San Antonio Citizens FCU

The League of Southeastern Credit Unions, through the Florida Credit Union Foundation, awarded a total of 33 scholarships to students throughout the State of Florida. The Tampa Chapter of Credit Unions was privileged to present four of these scholarships at local high school awards ceremonies during the months of May and June. The $1,500 scholarships may be used to assist with the tuition, room and board, or books at any Florida four-year university or community college.

Scholarships were awarded to four students from Hillsborough and Pasco Counties:

Edward Livesay, East Bay High School
Kaitlin Greene, Thomas Jefferson High School
Cassie Lynn Hoffman, Pasco High School
Jacob James Robinson, Dr. Earl J. Lennard High School

The Florida Credit Union Foundation Scholarship Program was developed to promote academic achievement, support community involvement, and enhance community awareness to students in Florida.  For more information about the Foundation, visit www.lscu.coop. [ Return to Top ]

CFE Federal Credit Union honors student achievers

CFE Federal Credit Union in partnership with Joie Cadle, Orange County School Board Chairman, District 1, and Dr. William Gordon, Principal of Winter Park High School (WPHS) honored 14 students for outstanding achievement at a breakfast ceremony hosted by WPHS. 

Students were recommended by the principals of their schools to receive the Outstanding Achievement Recognition Award (OAR). The award recognizes students from 15 area schools,  who do their best every day to be good citizens and helpers at school and in the community.  They are responsible students, and value cooperation and teamwork. 

 Joseph A. Melbourne, Jr., President and CEO of CFE said:  “The young people being recognized today are all examples of the wonderful generation that will accomplish unbelievable things in the future.”

School Board member Cadle recounted each student’s achievements as they were presented with a framed certificate, medallion and $100 from CFE.  The honorees’ parents and principals were invited to be at the breakfast, which was prepared by students of the WPHS Culinary Program. 

Left: Joseph A. Melbourne, President and CEO of CFE with students who won the Outstanding Achievement Recognition Award and on the right, back row, Dr. William Gordon, Principal of WPHS, and right, front row,Joie Cadle, Orange County School Board Chairman.

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Alabama Telco Credit Union presents award for community service

Kelly West

Kelly West of Oak Mountain High School was selected as the recipient of Alabama Telco Credit Union’s 2009-2010 Community Service Scholarship. She was awarded $1,000 with $500 going to the charity of her choice, American Cancer Society’s Relay for Life (Oak Mountain). West was selected for her extensive community involvement (225 community service hours) and exemplary essay detailing her work with Hope Lodge, where patients receive cancer treatments and use art as therapy. West graduated from Oak Mountain High School in May and plans to attend Auburn University in the fall.

The contest called upon Alabama Telco members between the ages of 16 and 25 with a checking account in good standing and 50 hours or more of community service within the 2009-2010 school year to write an essay discussing what community service means to them. Essays were judged on content, expression and overall impact.

“Community service is a big part of who we are as a credit union. Our Community Service Scholarship is another way we can encourage and applaud young adults who realize the importance and need to give back to their community,” states Alabama Telco’s President and Chief Executive Officer, Linda Cencula. [ Return to Top ]

floridacentral CU breaks ground for new service center

floridacentral Credit Union, headquartered in Tampa, Florida, recently held a ground breaking ceremony to celebrate the construction of its new full-service center in the heart of downtown Bradenton. The new facility will not only serve the more than 6,000 members and 200 SEGs in Bradenton, but will also bring affordable financial services to near-by underserved areas.

“Many of you have supported us since the very beginning, when a small Tampa-based credit union with assets of only $9 million looked to this wonderful community, just south of the Greater Tampa Bay area, in which to grow and expand”, said President/CEO Laida Garcia to those in attendance.

floridacentral CU staff and a number of community leaders, including representatives from the office of U.S. Congressman Vern Buchanan, gathered for the ground breaking.  

 


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Employment
Credit union employment opportunities posted online

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

Calendar
Schedule of upcoming educational events
Schedule of upcoming educational events [ Return to Top ]

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