LSCU eSignal Weekly
LSCU eNews Weekly September 20, 2010
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LSCU eNews Weekly
In This Issue
League Headlines
CUPAC board of trustees endorses Alex Sink for FL Governor
League issues compliance alert on ATMs
Small Business Lending Bill passes without MBL amendment
New audio podcast: Development Conference speaker Ken Gronbach
Hyland encourages due diligence at CUs
Report reveals big banks helping payday lenders
National Financial Capability Challenge seeks to increase participation
Southeast Corporate Board and Supervisory Committee appointments
Governmental Affairs
2010 AL and FL Congressional Report Card available
Washington Update: Update on one-percent transaction tax
Florida Round-up: two constitutional amendments may be proposed
Compliance Corner
League InfoSight highlight: Account Agreements
SAFE Act model policy
NCUA approves assessment to shore up NCUSIF
Compliance Calendar and Training
CUNA News
Warren takes on CFPB role; speaks with Cheney
Study details bank business checking fees twice as high as CUs
CUNA recommends quick response to opt-in requests
International Credit Union Day
ICU Day origins
Education News
Learn how to "reel in your delinquencies" at Collections & Bankruptcy School
Check out MORE session descriptions for LSCU's Development Conference
BSA Essentials & Advanced Training; final two sessions of the year
Still time to register for SCUMA Annual Conference
Lucky member wins free conference registration
Education Calendar
LEVERAGE News
Fall specials at Office Depot
New CUNA Mutual partner, Esurance, offers hassle-free coverage
News from You
Pen Air FCU earns 5-Star Bauer rating
Secret Service discusses ways CUs can be victimized at Montgomery chapter meeting
Community South CU organizes concerts for financial literacy
Southeast Corporate; single sign-on to be implemented by year-end
LSCU supports CMN by wearing jeans
Employment
Credit union employment opportunities posted online
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League Headlines

CUPAC board of trustees endorses Alex Sink for FL Governor

As the November 2 General Election nears, the LSCU Governmental Affairs Committee and CUPAC board of trustees have made candidate endorsements in some of the high profile races in Florida. For Governor, the CUPAC board is endorsing Democrat Alex Sink.

“Alex understands the issues that concern credit unions. She understands that in this down economy, it is important for Floridians to have access to credit," said LSCU President/CEO Patrick La Pine. "Her financial background will ensure that Florida’s financial institutions, including credit unions, will continue to be able to lend money and serve their community. Alex sees that credit unions are working with their members right now to keep them in their homes, cars and on the path to saving more.”

 The CUPAC board is also endorsing Republican Adam Putnam for Florida Commissioner of Agriculture and Republican Jeff Atwater for Florida CFO. 

All endorsements by the PAC Trustees are based on criteria reviewed by LSCU staff and the PAC Trustees. The criteria include:

  • Support for credit union philosophy and legislative issues as demonstrated through completion of candidate questionnaire
  • Voting record on credit union issues
  • Accessibility to credit unions
  • Attendance at credit union events
  • Membership in key committees and/or party leadership
  • The historical relationship with the LSCU and credit unions

The LSCU staff and PAC Trustees continue to hold meetings with candidates for office, to educate them about credit union issues, to assess their position, and to determine support. The endorsement list will be updated regularly in the coming weeks. You can find the list on the LSCU website by visiting the Political Action Committee page. It is password protected. All credit unions are urged to look at the list of endorsed candidates before the November 2 election.


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League issues compliance alert on ATMs

Between August 20, 2010 and September 14, 2010, seven class action lawsuits have been filed by the same plaintiff’s lawyers against two Alabama credit unions, as well as two other businesses and three banks. The lawsuits are based on alleged non-compliance with ATM fee disclosures.

The Electronic Fund Transfer Act (EFTA) and its implementing regulations, (Section 205.16 in the Code of Federal Regulations), require an ATM operator that charges a fee to post a notice that a fee may be imposed for use of the ATM for electronic fund transfer services or for a balance inquiry and disclose the amount of the fee. Notices must be posted in a prominent and conspicuous location on or at the automated teller machine, and on the screen or on paper before the consumer is committed to paying a fee.

An ATM operator may impose a fee on a consumer for initiating an electronic fund transfer or a balance inquiry only if the consumer is provided these notices and the consumer elects to continue the transaction or inquiry after receiving such notices. While the EFTA does not specify a minimum amount of recoverable damages in the class action context, it caps damages at the lesser of $500,000 or 1 percent of the defendant’s net worth plus attorney’s fees and costs. The seven lawsuits involve allegations that proper notice was not posted in a prominent and conspicuous location on or at the ATMs. The lawsuits allege that it is the physical disclosure on or at the ATM that is missing, not failure to provide the on-screen disclosure.

If you charge fees to non-members who use your ATMs, please ensure that the proper signage is in place and located conspicuously at all ATMs you operate. Further, the LSCU recommends that the signage be periodically checked to ensure compliance and avoid getting swept up in a frivolous lawsuit.

Contact LSCU Sr. VP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137, VP, Regulatory Affairs Bill Berg at ext. 1028, or Director of Compliance Scott Morris at ext. 2165 for more information or with questions. [ Return to Top ]

Small Business Lending Bill passes without MBL amendment

Last week the Senate passed the Small Business Lending Fund Act without including any increase in the credit union business lending cap. The vote was 61-38 with 59 Democrats voting for it and two Republicans crossing the aisle including Florida Sen. George LeMieux. However, the LSCU's efforts on business lending are not over. While the Senate's action is clearly disappointing, the issue is getting more attention at the highest levels than it ever has. This is the furthest point this legislation has ever moved forward, and the LSCU will continue to build on the most recent momentum.

In a statement released last week from CUNA, CEO Bill Cheney said, "This is clearly a disappointing outcome. It is unconscionable that, on top of the hundreds of billions of taxpayer dollars banks have received over the last several years, Congress would proceed to give them more money to encourage them to lend to small businesses and not also permit credit unions to increase their business lending."

The LSCU and Cheney encourage continued support for the MBL issue and will look for another vehicle for Sen. Udall’s amendment, or consider building support to move it as a stand-alone bill.

The LSCU remains committed to working with CUNA and our elected officials to find avenues to address the need for an increase in the MBL cap.

Contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137 or VP, Legislative Affairs Mark Landreth at ext. 1012 with any questions.
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New audio podcast: Development Conference speaker Ken Gronbach

The LSCU has a new audio podcast available featuring demographer and generational marketer Ken Gronbach. He will speak at the LSCU Development Conference Nov. 3-5 in Point Clear, AL. In the podcast, Gronbach told LSCU VP, Communications Mike Bridges that credit unions are about to encounter the largest generation of consumers in U.S. history. He also says that Gen Y already values what the credit unions stand for. It's now up to credit unions to have the vision to go out and get them.

Gronbach is a dynamic speaker with a unique presentation style. Credit unions will walk away with a greater knowledge of what the future can hold. To access the audio podcast, visit the LSCU Audio Podcast Center. If you have trouble listening, contact Bridges at 866.231.0545 ext. 1022.

The LSCU Development Conference features LSCU President/CEO Patrick La Pine, NCUA Region III Director Herb Yolles, Richard Hadden speaking on "rebooting leadership" and Gronbach on "generational marketing." The Development Conference also has ample exhibit hall time, networking opportunities and educational sessions on economic trends, brand camp for SAS credit unions, and a session geared for volunteer boards. To see the convention brochure, check out the agenda, and register, visit the LSCU Development Conference page. [ Return to Top ]

Hyland encourages due diligence at CUs

Last week National Credit Union Administration (NCUA) Board Member Gigi Hyland urged credit unions to continue their due diligence efforts and "actively monitor" their loan portfolios and collection efforts. Hyland, speaking before the seventh annual mid-sized credit union CEO conference, said that "the marketplace is still immensely challenging," and credit unions need to keep their "proverbial ear to the ground" to assure that they are "responding to members' needs while executing sound, timely risk management practices." While the credit union system faces many challenges, credit unions still need to explore new avenues to serve everyone within their field of membership. This includes assuring board, management, and staff are as diverse, in age, gender, and ethnicity, as credit union membership.

Hyland noted that credit unions should be aware that the number of credit union members declaring bankruptcies in 2010 will likely exceed the prior year's total, and credit union earnings have "reflected members' struggles." Hyland said that credit unions' overall return on average assets (ROA) dropped to 0.41 percent during the second quarter, down from the 0.47 percent ROA recorded during the previous quarter. Still, credit unions' aggregate net worth ratio "held steady" at 9.9 percent, she said.

Click here to view Board Member Hyland’s remarks. [ Return to Top ]

Report reveals big banks helping payday lenders

A new report just out from National People's Action says that big banks--the same banks who received TARP funds to bail them out--are extending billions of dollars in credit to payday loan companies that feed on the economic misery of urban and rural low income working families with usuriously high interest rates at an average 455 percent.

Wells Fargo is the biggest single enabler of payday lenders, the report finds, followed by Bank of America, JPMorgan Chase, US Bank, Banco Popular, and Wachovia. Wells Fargo finances about one-third of this predatory industry based on SEC and other government filings from public companies only.

Bank of America and Wells Fargo, specifically, played a crucial role in the rise of the largest payday lender, Advance America, which operates more than two times as many storefronts as its next closest competitor. Bank of America, Wells Fargo, and Wachovia provided $40-50 million in credit to Advance America before the company operated a single store. Both banks continue to finance Advance America.

Click here to download the full report or visit www.npa-us.org. [ Return to Top ]

National Financial Capability Challenge seeks to increase participation

Last week, the Obama Administration marked back to school season by emphasizing the importance of financial education and launching its National Financial Capability Challenge for the 2010-11 school year. The Challenge is a voluntary online exam and classroom toolkit that helps educators teach high school students about saving, budgeting, investing, the safe use of credit, and other important skills critical to developing strong financial knowledge and capability.

"The recent financial crisis taught us an enduring lesson. Financial literacy is essential not only to the financial security of millions of American families, but also to the economic health of our nation as a whole," said Treasury Secretary Tim Geithner. "Ensuring that young people have the skills they need to make wise financial choices today and into adulthood will help us build a stronger foundation for our nation's economic future." 

"We know we have to educate our way to a better economy, and that's why President Obama has declared that by 2020, we will once again have the highest proportion of college graduates in the world," said Secretary of Education Arne Duncan. "We also know that a lack of financial literacy is a major roadblock on the path to college access and success for too many students. Through the Challenge, we're encouraging schools and teachers across the country to help make sure their students have the tools they need to make smart financial decisions for themselves, their families, and their communities – whether about investing in higher education or the many other choices these young people will face."

For more information on the Challenge, click here.

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Southeast Corporate Board and Supervisory Committee appointments

Southeast Corporate’s Board of Directors announced new appointments to the Corporate’s board of directors and Supervisory Committee.

Jerry Maughon, President/CEO,  Okaloosa County Teachers FCU - Crestview, FL

Jeanne Kucey, President/CEO, JetStream FCU - Miami Lakes, FL

Jerry Maughon was appointed to the board to fill the unexpired term held by the late William Marquardt. Mr. Maughon previously served on Southeast’s Supervisory Committee and is President/CEO of Okaloosa County Teachers Federal Credit Union in Crestview, FL. Jeanne Kucey, president/CEO of JetStream FCU in Miami Lakes, FL has been appointed to the Supervisory Committee to fill the unexpired term of Mr. Maughon.

“During a time when credit union leaders at all levels face great challenges, we are pleased to have two well qualified individuals willing to do even more by serving the Corporate’s member owners in a leadership role,” said Southeast Board Chairman Tim McMurry.

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Governmental Affairs
2010 AL and FL Congressional Report Card available

With the Fall General Election six weeks away, the LSCU has assembled the 2010 Alabama and Florida Congressional Report Card. This scorecard will help inform those within the Alabama and Florida credit union movement on how members of Congress voted on key credit union legislative issues as the LSCU has tracked their votes this session.

The reason this Congressional Scorecard is important is it shows how members of Congress voted and helps credit unions understand why these issues were important to credit unions and their members. The LSCU believes it's crucial that those with a stake in the future success of the credit union industry know how their elected officials voted on issues before heading to the polls to vote.

The Congressional Scorecard was emailed to CEOs Monday morning. Members can also find the scorecard on the LSCU website by visiting the Political Action Committee page. This is a password-protected page therefore, you must be a registered user of the LSCU website to view it. If you are a member of the LSCU and haven't signed up for website access, click here. The State Congressional Report Card will be emailed Friday for those key state races in Alabama and Florida.

If you have any questions about the Congressional Report Card, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137 or VP, Legislative Affairs Mark Landreth at ext. 1012. [ Return to Top ]

Washington Update: Update on one-percent transaction tax

The Senate returns Monday, but no votes are expected until Tuesday when the Senate will take up the defense authorization bill. While Senate Armed Services Ranking Member John McCain (R-AZ) has called on Republicans to stand united to block consideration of this bill, it is not clear whether Republicans will be able to keep their block together on the procedural votes this week. Sen. McCain has taken issue with the Democratic Leadership's desire to debate several controversial issues as part of the defense bill, including an end to the "Don't Ask Don't Tell" policy, a proposal providing a path to naturalization for children who entered the country illegally, and an end to secret holds in the Senate. Even if the Senate is able to proceed to consider this legislation, it is not likely the body will complete consideration before going home for the election.

The House returns on Wednesday and will take up Senate amendments to H.R. 5297, the Small Business Lending Fund Act. The House is expected to pass the Senate-passed version of this legislation.

The LSCU is following several hearings on both sides of the Capitol, including the following:

Committee hearings
The Senate Banking Committee will hold a hearing on creating jobs and growing the economy on Tuesday. On Wednesday, the Senate Banking Committee will hold a hearing on the reauthorization of the National Flood Insurance Program. Thursday the Senate Banking Committee will hold a hearing on the "Federal Housing Administration: Current Condition and Future Challenges." And on Friday, the House Financial Services Committee will hold a hearing on "Executive Compensation Oversight after the Dodd-Frank Wall Street Reform and Consumer Protection Act."

Member Business Lending
The LSCU will continue to work with CUNA to explore a variety of ways to get the Treasury-supported Udall bill through the Senate and ultimately enacted into law. While there has been no specific movement since the last update, work continues to happen on this issue. 

H.R. 4646 - Transaction Tax Proposal
The LSCU Governmental Affairs staff has received a number of inquiries regarding H.R. 4646, the Debt Free America Act. This legislation, which was introduced on February 23, 2010, would impose a one-percent transaction tax on most transactions, including transactions with banks and credit unions. There has been much internet traffic suggesting that enactment of this proposal is imminent; however, this is not necessarily the case. This legislation has a single sponsor in the House; no other members have cosponsored this legislation. Additionally, the legislation has been referred to four House committees; no action on this legislation is scheduled before the end of the year. Finally, the recent report from the President's Economic Recovery Advisory Board did not include a transaction tax among the options to raise revenue and address the federal budget deficit. The LSCU will keep an eye on this legislation. It is not expected to move any time soon, if at all.

Contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137 or VP, Legislative Affairs Mark Landreth at ext. 1012 with any questions.

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Florida Round-up: two constitutional amendments may be proposed

In Florida, members of Florida’s Congressional Delegation are set to announce a campaign to oppose two proposed amendments to Florida’s constitution. Congressman Mario Diaz-Balart (R-25th) and Congresswoman Corrine Brown (D-3rd) are set to announce the “Protect Your Vote” campaign to tackle the alleged flaws in Amendment 5 and Amendment 6. The two amendments, if passed by voters, will require Congressional and legislative districts to be compact and not drawn to favor an incumbent, nor a party.

Governor Crist has a Thursday deadline to name two members to the Public Service Commission (PSC). The PSC Nominating Council forwarded a list of seven names to the Governor. The seven did not include sitting Commissioners Nancy Argenziano and Nathan Skop.

Also on Thursday, another deadline looms when the Governor, Cabinet and legislative candidates have until midnight to submit their latest campaign contribution reports.

For questions regarding Florida politics, contact LSCU VP, Legislative Affairs Mark Landreth at 866.231.0545 ext. 1012.  [ Return to Top ]

Compliance Corner
League InfoSight highlight: Account Agreements
An account agreement describes the relationship between the credit union and its member in a clear, concise and easy-to-understand manner. Sound business practice dictates that all credit unions should either have written account agreements or written credit union rules and regulations to govern every type of account offered.

An account agreement is not a “fill-in-the-blank, one size fits all” form. Many subject areas addressed in an agreement involve issues which are handled differently by different credit unions. Moreover, many provisions contained in an agreement may be optional and specific in nature. Each provision set forth should be carefully considered to determine whether it is consistent with each particular credit union’s policies, practices, and procedures.

Visit the Accounts channel to review the regulations (including the federal Truth-in-Savings Act) that affect credit unions’ accounts for members.

For helpful reminders and tips, 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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SAFE Act model policy

As a result of problems involving mortgage lending in recent years, the SAFE Act requires that credit union staff originating residential mortgage loans be licensed or registered with a state agency and possess an assigned permanent “unique identifier” number to track employment history and legal problems. The intent of the law is to exercise better regulatory oversight on the mortgage origination industry and to allow consumers to check on the people providing mortgage origination services. Additionally, credit unions are expected to have in place a board approved SAFE Act policy describing the steps taken to meet the requirements of the Act. 

Click here for a model policy that has been created to help in the policy submission and approval process. Policy approval is required by October 1, 2010.

For more information about the SAFE Act or any other compliance related issue, contact LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165.

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NCUA approves assessment to shore up NCUSIF

The NCUA Board has approved an assessment of 12.42 basis points that federally insured credit unions must pay to shore up the NCUSIF, which has seen its assets drained because of losses in the credit union system.

As of Aug. 31, the equity ratio for the NCUSIF dropped to 1.176 percent, according to the NCUA’s board action memorandum. When the fund falls below 1.2 percent it must submit a restoration plan to Congress. The premium will bring the equity ratio back up to 1.3 percent but that’s expected to decline again because of continued strains on the fund.

The assessment is on top of a 13.4 basis point assessment levied earlier this year to help the Corporate Stabilization Fund repay the Treasury Department. The combined assessments will cost credit unions $1.9 billion, representing 2.3 percent of federally insured credit unions’ net worth as of Dec. 31, 2009. Industry wide ROA for 2010 is expected to fall 22 basis points, according to the NCUA.

This is the second consecutive year that the NCUA has had to levy assessments. In 2009, the combined Stabilization Fund and NCUSIF assessment was 15 basis points. The newest assessment will be billed and due later this year.

Contact LSCU  VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165 with questions or for additional information. [ Return to Top ]

Compliance Calendar and Training

Compliance Calendar
October 1

Regulation Z - Escrow Requirement for "Manufactured Housing" Mortgages - Effective Date

October 11
Columbus Day - Federal Holiday

October 23
5300 Call Report Due to NCUA

November 2
Consumer Credit Card Submission Deadline

November 7
Daylight Savings Time Ends

November 11
Veterans' Day - Federal Holiday

Compliance Training

September 22
Current Compliance Issues in Fraud – webinar
2:00–3:30 p.m. CT

October 6
Regulation CC Update & Advanced Check & Payment Issues
– webinar
2:00–3:30 p.m. CT

October 13
Adjusting to the New Overdraft, Gift Card & ACH Rules for 2010 – webinar
2:00–3:30 p.m. CT

October 14
Pressing Credit Union Compliance Issues – audio conference
1:00–2:30 p.m. CT

October 24–27
CUNA Bank Secrecy Act Conference
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CUNA News
Warren takes on CFPB role; speaks with Cheney

Harvard Law Professor Elizabeth Warren on Friday "enthusiastically agreed" to take on the task of setting up the government's Consumer Financial Protection Bureau (CFPB). The CFPB, which was created when the Dodd-Frank financial regulatory reform package was passed earlier this year, will also monitor financial markets for evidence of systemic risk. Her official position will be Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB.

Credit Union National Association (CUNA) President/CEO Bill Cheney spoke to Warren on Friday. He said that CUNA looked forward to working with her as she takes on the role of ramping up the CFPB. CUNA is "particularly eager" to work with Warren as the CFPB begins its work to "consolidate and streamline consumer protection rules.

"Such work will help reduce the regulatory burden of those who have been regulated and performed well, such as credit unions," Cheney added.

In a blog post on the White House website, Warren said that the CFPB is "based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal. The CFPB is based on the simple idea that if the playing field is level and families can see what's going on, they will have better tools to make better choices," she added.  [ Return to Top ]

Study details bank business checking fees twice as high as CUs

CUNA is reporting that a survey completed by Moebs Services shows that banks charge twice as much business checking fees than credit unions. The survey looked at 2,300 banks and credit unions and found that banks charge about $35 dollars for non sufficient funds fees. Credit unions and community banks charge an average of about 25 - 40 percent less than banks for business checking.

The median limit on all types of transactions for banks and credit unions is 150 per month. Credit unions and community banks charge 25 cents per transaction when account holders exceed their monthly allowance, whereas banks charge 50 cents per transaction.

Also, about 38.1 percent of credit unions offer free business checking, compared with 31.8 percent of community banks, the survey noted. About 42 percent more big banks offer free checking this year than last. [ Return to Top ]

CUNA recommends quick response to opt-in requests
In the event that a credit union member elects to revoke his or her overdraft opt-in status, the Credit Union National Association (CUNA) has recommended that credit unions react by honoring this request "as soon as realistically possible."

The Fed did not prescribe a specific period of time for the credit union to honor the member's revocation request. That's because "the appropriate time period may depend on a number of variables, including the method used by the consumer to communicate the revocation request (for example, in writing or orally) and the channel by which the request is received (for example, if a consumer sends a written request to an address specifically designated to receive consumer opt-in and revocation requests),'" CUNA added.

Opt-in requests are effective until a member/customer revokes opt-in consent, or the financial institution no longer provides the service. [ Return to Top ]

International Credit Union Day
ICU Day origins

Have you ever wondered how Credit Union Day came about?
 
Celebrations began in the 1920s, but it was in 1948 that it became an official annual event. Courtesy of the CUNA archivist, take a look at the original proclamation.

Be sure to order your promotional materials and carry on the ICU Day tradition. [ Return to Top ]

Education News
Learn how to "reel in your delinquencies" at Collections & Bankruptcy School

Learn how to "reel in your delinquencies" at the LSCU 2010 Collections & Bankruptcy School, Oct. 12 - 13 in Orlando, Florida at the Orlando Airport Marriott.

The current credit crunch is having a negative impact on many of your members and credit unions are in a unique position to assist them. Is your collections staff ready to help both the member and the credit union weather the storm? And what about the bankruptcies your credit union may be experiencing? Do you think the real estate market is already bad enough for your bottom line? Well don’t look now, but bankruptcies are back too in the mix again!  If any of these questions make you think twice about your credit union’s collections and bankruptcy process, this school is for you!

Instructor David Reed will provide various ways, including best practices, creative tools, and practical experience, to help you effectively and efficiently reel in your delinquencies.

The collections school will focus on advanced collections topics. This interactive workshop will be an operationally focused session that builds on practical experience and creative tools for assisting members in financial need while creating a more effective collections process within the credit union.

The bankruptcy school is designed for the credit union professional who is familiar with bankruptcy and wants to sharpen their skills in this debtor friendly world. Reed will examine the current state of consumer bankruptcy and how it continues to impact credit unions. This full day seminar will focus on advanced bankruptcy recovery and loss reduction concepts.

Cost for both schools is $449. Room rate is $129 and room rate cutoff is Tuesday, September 27, 2010. Click here to register for both sessions or contact Becki Payne at 866.231.0545 x2129 for registration in only one school.

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Check out MORE session descriptions for LSCU's Development Conference

Join the LSCU as it kicks off its shoes and gets down to business, focusing on you! The LSCU Development Conference is a great opportunity for you to sit back, relax, and learn - from the education sessions and from your peers.

In addition to the education sessions mentioned in last week's issue of eSignal, below are a few MORE  sessions being offered at the conference.

Five Important HR Issues for 2010/ 2011 and the Implications for Employers

Every day it seems something new is coming out of Washington D.C. that affects how we conduct business. Many (if not all) have important implications on the human resources function in your organization. Whether it is changes to the Family Medical Leave Act, changes in the definition of “dependent,” or the many ways the Healthcare Reform Act will change your benefits structure, it’s important that you are kept up to date on what is happening. Using the latest, up to the minute information, this session will explore the top five issues that directly impact you, your business, and your employees in the coming year.

It's time for credit unions to make history!

We are at a pivotal moment in time. Consumer frustration with banks and credit card companies is at an all time high, while members are waking back up to the importance of thrift, community and trust. How do we capitalize on this critical juncture to advance the ideals of the credit union movement? This session will provide unique and innovative ideas to capitalize on this extraordinary time. Now is the time to amplify the principles behind our movement to propel us forward.

Regulatory Hot Pockets

Regulatory changes are everywhere you turn. This session will cover key compliance issues on the credit union front such as:  Fair Credit Reporting - New FCRA Policies on Credit Reporting Practices and Risk Based Pricing Disclosure Obligations; 2010 FFIEC Revised: Bank Secrecy Examinations Guide; and many more. Also to be discussed in this session: compliance examinations and priorities, including handling and addressing common examiner compliance problems and issues, and strategies for successful encounters with your examiners.

Also available on www.lscu.coop is an audio podcast featuring keynote speaker and demographer Ken Gronbach.

For more information about this conference including registration information, visit www.lscu.coop and click on this event on the Education Calendar or click here.

Questions? Contact LSCU Association Services Support Specialist Becki Payne at 866.231.0545 ext. 2129. [ Return to Top ]

BSA Essentials & Advanced Training; final two sessions of the year

The final two BSA Essentials and Advanced Training this year are scheduled for October 5 and October 19.

The BSA Essentials class, appropriate for frontline staff, lenders and officials, incorporates a Currency Transaction Report workshop in which attendees will study completed forms based on several common scenarios.

A sample of the topics discussed include: Bank Secrecy Act Program Oversight, Creation and Maintenance, and Risk Assessment.

Typically, the BSA Advanced class is appropriate for managers and compliance officers. The class incorporates a Suspicious Activity Report workshop in which attendees study completed forms based on several common scenarios (focusing on narrative preparation).

Topics discussed in the class include the following: Bank Secrecy Act Program Oversight, Creation and Maintenance, Risk Assessment, Review of Currency Transaction Reports (Common Error Review), Currency Transaction Report Exemptions, Filing Requirements, Technology, the Bank Secrecy Act and much more.

Register now for these informative classes being held in either Montgomery or Muscle Shoals!

Montgomery, AL
October 5, 2010
$75 per person, per session

BSA Essentials
9:00 - 9:30 a.m. (CST) Registration
9:30 - 11:30 a.m. (CST) Workshop

Lunch will be provided for all participants

BSA Advanced
12:00 - 12:30 p.m. (CST) Lunch/Registration
12:30 - 2:30 p.m. (CST) Workshop

Contact Becki Payne at 205.437.2129 for more information or click here to register.


Muscle Shoals, AL
October 19, 2010

$75 per person, per session

BSA Essentials
9:00 - 9:30 a.m. (CST) Registration
9:30 - 11:30 a.m. (CST) Workshop

Lunch will be provided for all participants

BSA Advanced
12:00 - 12:30 p.m. (CST) Lunch/Registration
12:30 - 2:30 p.m. (CST) Workshop 

Contact Becki Payne at 205.437.2129 for more information or click here to register. [ Return to Top ]

Still time to register for SCUMA Annual Conference

Join the Southeast Credit Union Management Association (SCUMA) for its annual conference this week - September 22 - 24, 2010.

Attendees rated SCUMA’s 2009 conference with the highest scores yet, and the executive committee is dedicated to repeating the success in 2010.

Conference rate is only $275 for first attendee and $250 per additional attendee from same credit union. Two breakfasts, one lunch, one dinner, and all educational sessions are included. 

For information visit www.cumanagers.com or contact LSCU's Teresa Gray at 866.231.0545, ext. 2110.
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Lucky member wins free conference registration

Congratulations to Charlotte Gillespie, Executive Assistant/MSR of Champion Community Credit Union in Alabama who was the winner of the drawing for a free conference registration!

The LSCU appreciates all members who took part in the recent Education Survey to help improve educational programs for members. Close to 100 respondents participated representing 70 credit unions.

Look for new and improved educational programs in the coming year because of the valuable, candid feedback collected from the survey. [ Return to Top ]

Education Calendar

September 23, 2010
Account Basics - webinar
1 - 2:30 p.m. ET

September 22 - 24, 2010
2010 Southeast CU Managers Association Annual Conference - Sandestin, FL

October 5, 2010
TILA – Understanding TILA/Z - webinar
10:30 a.m. - 12:30 p.m. ET

October 5, 2010
BSA Essentials & Advanced - Montgomery, AL

October 12 - 13, 2010
LSCU Collections & Bankruptcy School - Orlando, FL

October 19, 2010
BSA Essentials & Advanced Training -  Muscle Shoals, AL

October 26, 2010
Regulatory Update II - webinar
1:00 - 3:00 p.m.
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LEVERAGE News
Fall specials at Office Depot

Office Depot is currently offering fall specials:

  • Receive 10 percent off all cleaning & breakroom items during the month of September. Click here to view the promotional flyer.

  • Get $5 off your purchase of one or more boxes of qualifying 3M Labels, now through October 31. Click here to view the promotional flyer.

Contact a Business Consultant at LEVERAGE for more information. [ Return to Top ]

New CUNA Mutual partner, Esurance, offers hassle-free coverage

CUNA Mutual Group is expanding its MEMBERS® Auto and Homeowners insurance program by partnering with Esurance, an insurance company whose mission is to make car insurance convenient and affordable.

Current partner Liberty Mutual, who underwrites MEMBERS Auto and Homeowners Insurance, is joined by Esurance as insurance carrier for MEMBERS Auto and Homeowners insurance, a core offering of CUNA Mutual’s MemberCONNECT program. For the past 12 years, MEMBERS Auto and Homeowners insurance has partnered with Liberty Mutual to serve more than 500,000 credit union member households.

Esurance is a direct-to-consumer car insurance company with more than 500,000 policyholders. The company launched its website in 1999 and has grown to be the third most recognized brand among online consumers, according to Greenberg Brand Strategy.

“As more consumers turn to the internet for their insurance needs, partnering with a company well known in the space, that provides around-the-clock access to customer service and claims representatives makes sound business sense,” said Shad McKnight, vice president of Consumer Products.

“Esurance is uniquely positioned to help CUNA Mutual expand its insurance offerings to a broader range of tech-savvy members," said Esurance Vice President of Sales Tom Capp. " We see this as a great opportunity to offer credit union members our ‘Best of Both Worlds’ approach to car insurance.” 

Through the Esurance website, customers can get instant car insurance quotes, view comparison quotes, buy an Esurance policy, and print their insurance cards— all in minutes. Esurance also offers policyholders the ability to make policy changes and file claims instantly online, demonstrating its commitment to improving the entire insurance process from quote to claim. [ Return to Top ]

News from You
Pen Air FCU earns 5-Star Bauer rating

Pen Air Federal Credit Union has earned its highest 5-Star Superior BauerFinancial, Inc. rating for strength and stability.

Only six percent of the nation’s credit unions have earned this top rating for 78 consecutive quarters, as Pen Air Federal Credit Union has. 

“As the number of ‘problem’ financial institutions continues to grow, the fact that Pen Air Federal Credit Union cannot just withstand the pressures, but even excel in this environment, indicates its management is doing things right,” said Karen L. Dorway, president of BauerFinancial. “Bauer’s stringent 5-Star requirements haven’t changed, but the climate definitely has and the fact that Pen Air Federal Credit Union has earned this prestigious rating sets it well above its peers.”

“Pen Air is proud of its financial strength and security and is pleased to have been recognized by BauerFinancial for the 78th consecutive quarter,” said Ron Fields, CEO of Pen Air FCU. “We will continue to strive for excellence so we can best serve our members and the community.”

BauerFinancial, Inc., based in Coral Gables, Fla., is the nation’s leading independent bank and credit union rating and research firm. It has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution pays BauerFinancial to rate it, nor can any choose to be excluded.  [ Return to Top ]

Secret Service discusses ways CUs can be victimized at Montgomery chapter meeting

United States Secret Service Special Agent Leighton Greenlee was the featured guest at the Mongtomery, AL chapter meeting last week. Greenlee discussed counterfeiting, email fraud, and other ways that credit unions can be victimized. 

Members are invited to the Central Alabama Fraud Investigators Working Group which meets the fourth Tuesday of every month at 10:00 a.m. at COMALA Credit Union in Montgomery. For further information, contact Special Agent Leighton Greenlee, 334.223.7601. [ Return to Top ]

Community South CU organizes concerts for financial literacy

In Florida, several hundred students at Chipley and Vernon High Schools enjoyed several hours of concerts in early September as part of a cooperative program between Community South Credit Union and the Washington County school system.

Sponsored by Community South Credit Union, the concerts featured popular music artists Scott McKenna and Nyke Van Wyk. The message projected during the concerts was that of fiscal responsibility, financial literacy, and music appreciation.

Spearheaded by Community South President/CEO Jan Page and staff, the concerts were a kaleidoscope of music and message. The students attending, along with their teachers and administration, fully embraced the event.

"This was an opportunity to engage the students of Washington County through music," said Page. "The underlying message of the value of learning to handle finances will be invaluable for these students. Learning about saving and handling money is something not necessarily directly addressed in the normal school curriculum and we feel that this partnership will be valuable in the long term."

The crowd enjoys the music of Scott McKenna at a concert.
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Southeast Corporate; single sign-on to be implemented by year-end

Southeast Corporate has announced that Single Sign-on to the Corporate’s web-based applications will go live before the end of the year.

“We are taking action to make access to Southeast’s online products and services easier while maintaining the same level of secured access you’ve come to expect,” said Southeast Corporate CEO Brad Miller. 

Response from members has been immediate with positive emails and comments welcoming the change which will simplify access to Southeast’s applications.

Single Sign-on will allow authorized users to login securely one time with one user ID and one password. According to Miller, Southeast will use a phased approach with some applications going live with Single Sign-on before the close of 2010 with the goal of having all web-based applications tied to Single Sign-on by March 31, 2011. [ Return to Top ]

LSCU supports CMN by wearing jeans

A total of 39 LSCU employees donated to the Children's Miracle Network and participated in "Miracle Jeans Day" on September 15. This fundraising and awareness initiative for Children's Miracle Network occurs each September and allows companies and individuals alike to support their local Children's Miracle Network hospital by wearing jeans in lieu of the traditional work attire.

 


(l to r) Amy Bryant, Tracy Shimansky, Deirdre Rhodes,
and Liz Aperauch show their support to CMN Jeans Day.

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Employment
Credit union employment opportunities posted online
Click here to view credit union-specific job opportunities in Alabama and Florida. [ Return to Top ]

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