LSCU eSignal Weekly
LSCU eNews Weekly October 4, 2010
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LSCU eNews Weekly
In This Issue
League Headlines
Make hotel reservations now for the 2011 CUNA GAC
AL & FL State GACs – LSCU wants you there
Media distorts the corporate credit union issue
SE Corporate's Brad Miller comments on rule and legacy assets
Fed creates Community Depository Institutions Advisory Council
Register for LSCU hosted town hall meetings with Bill Cheney
National CU Foundation seeks nominations for board seats
New audio podcast: Development Conference speaker Richard Hadden
Third quarter issue of Signal Magazine available online
SCUMA members gather for 42nd annual meeting in Sandestin
Governmental Affairs
Atwater endorsed by CUPAC Trustees - audio podcast available
Florida round-up; general election voter registration ends today
Birmingham Chapter to hold legislative forum
AL NE Chapter hosts legislative night
FL chapters host Meet & Greet the candidates nights
Tampa chapter holds legislative candidate breakfast
Compliance Corner
League InfoSight highlight: InfoSight updates
Compliance Calendar and Training
CUNA News
CUNA explains what census data means for credit unions
CUNA study: voters back those who back credit unions
International Credit Union Day
Thirty percent savings on stuffers
Education News
2010 LSCU Development Conference; FINAL day for early bird registration
Pre-conference workshop you won't want to miss while at the Development Conference
LSCU Collections & Bankruptcy School one week away
Education Calendar
LEVERAGE News
Register for Nov. 3 Online Discovery Conference
CUs saved up to 80 percent through LEVERAGE ePurchasing event
News from You
Southeast Corporate's support of Down Syndrome becomes personal with “Penelope’s Peeps”
FAIRWINDS Quilt for a Cure campaign helps fight diabetes
Tyndall FCU opens loan office in Mobile, AL
Employment
Credit union employment opportunities posted online
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League Headlines

Make hotel reservations now for the 2011 CUNA GAC

CUNA’s 2011 Governmental Affairs Conference in Washington is approaching and the LSCU would like you to join us for this premier event, and take advantage of the opportunity to make the credit union voice heard on Capitol Hill.

CUNA has announced the opening of general housing reservations for credit unions. However, the LSCU has secured a block of rooms at the Grand Hyatt Washington for Alabama and Florida credit unions. The Hyatt is only about a block away from the Washington Convention Center which is the conference location, so please make your reservations through this block and avoid the mad scramble for rooms later.

Alabama and Florida credit unions can make reservations within the LSCU block by clicking here. Select “Hotel Search for League Blocks”, choose your state from the pull down box, enter the password Purple2011 in the box (password is case sensitive), and make reservations according to your schedule.

CUNA’s schedule has been revised for 2011 to allow additional opportunities for visits with members of Congress. Make travel arrangements to return home no earlier than Thursday afternoon.

The LSCU will host a “Welcome Reception” on Sunday evening (Feb. 27) along with “hospitality” events planned for Monday, Tuesday, and Wednesday where the latest political, legislative, and Hill visit information will be disseminated.

CUNA just announced that US Airways Flight 1459 Captain Chesley B. "Sully" Sullenberger III will highlight a list of speakers that also includes Mary Matalin and Arrianna Huffington giving opposing viewpoints. Matalin will provide the conservative voice while Huffington will provide the liberal point of view.  More speakers will be announced in the coming weeks. 

If you have any questions, 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 ]
AL & FL State GACs – LSCU wants you there

The LSCU will be holding state governmental affairs conferences in Tallahassee and Montgomery this spring, and we hope to see you there. 

The Florida GAC will be held April 13-14 at the Hotel Duval in Tallahassee, and the Alabama GAC will be on March 30-31 at the Renaissance Hotel in Montgomery. Both events will feature great speakers including legislative leadership, political pundits, and Constitutional officers. And, of course, both events will include time to go to the Capitol and meet with our members of the House and the Senate. 

“The session following an election is a critical time for people to educate our legislators about credit unions,” said Will McCarty, Sr. VP of Governmental Affairs. “There will be a lot of new members in both the House and Senate in both states. Telling them what credit unions are and what they do for the people of Alabama and Florida will help set our legislative message for the next four years. A strong turnout at our State GAC events is an important way for credit unions to affect our legislative agenda.”

The Governmental Affairs staff is busy putting together a great event for both states, and one that will not only further our advocacy efforts, but will be meaningful and enjoyable for all attendees. Make your plans to attend and take the credit union message to our elected officials in our state capitols.

For more information, 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 ]

Media distorts the corporate credit union issue

It didn't take the national media long to begin reporting on the seizure of three corporate credit unions two weeks ago. Many major outlets including the Wall Street Journal, New York Times, and the Associated Press wrote stories right after the NCUA board meeting. However, the headlines to those stories provided inaccurate information such as the government bailing out credit unions. 

In an effort to counter the multiple negative reports including referring to the action as a government bailout, CUNA launched a media blitz to counter the negative "credit union bailout" message.

The effort to tamp down public fears about credit union troubles was highlighted by CUNA producing a special new video featuring President/CEO Bill Cheney urging consumers to "get the full story on NCUA actions and not be misled by headlines" that call the corporate seizures a "credit union bailout." In the video, which can be viewed by visiting the LSCU website's press center, Cheney declares that, "if you read the articles, not the headlines, in the Wall Street Journal, The New York Times, Market Watch, Reuters, CNN Money.com, the articles get it right--taxpayers are not paying for this stabilization; credit unions are paying for it."

Early last week Cheney appeared on Fox News Business to dispel the myths that appeared in the mainstream press. The show was hosted by personal finance commentator Gerri Willis and also included panelist Bert Ely, a Washington banking analyst. It focused on how credit unions are indeed bearing the cost of the corporate takeovers and how the public can still rely on credit unions for financial services. Cheney is also scheduled to appear on CNBC in the near future to discuss the issue.

Last week NCUA Chairman Debbie Matz had a Viewpoint column published in American Banker newspaper about the agency's corporate actions. Among the points she makes is, "Let me be clear: This is not a government bailout! Not one dime of taxpayer money will be spent to cover losses. One laudable aspect of the credit union system is that it takes care of its own."

In Florida, The Tampa Business Journal explained how the corporate action is slowing the growth of Tampa area credit unions but also discusses the silver lining.

An op-ed that appeared last week as a Q&A on the Mint.com, a personal finance website, has a misleading headline but the Q&A portion is full of easy to understand information that should effectively reassure consumers.

In that event that your credit union is contacted by a member of the press, the LSCU has several resources available to assist you in the LSCU website Press Room and issue-specific information located on the Regulatory Resources page of the LSCU website. Resources include summaries of the September 24 NCUA board meeting; a slideshow from the NCUA Virtual Town Hall meeting Monday; talking points for staff, members, or media; letter to credit unions from NCUA Chairman Debbie Matz; a DVD series on understanding the NCUA corporate plan; and instructions to access a recording of the September 27 CUNA Conference call on the NCUA plans which will be available until next week. This 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.

If you are contacted by the press, the LSCU Communications Department can assist you in preparation for an interview. Contact LSCU VP, Communications Mike Bridges at 866.231.0545 ext. 1022.

[ Return to Top ]

SE Corporate's Brad Miller comments on rule and legacy assets

Southeast Corporate President/CEO Brad Miller attended the NCUA Board Meeting  where the final corporate rule and legacy assets plan were announced. In a bulletin to members, Miller said, “At Southeast Corporate, while we still need to analyze the details of the new rule, we are generally pleased with the changes that were made and believe the regulation provides an appropriate balance of tighter controls to ensure the safety and soundness of the corporate system with the opportunity for corporates to continue to provide value to the credit unions they serve.  

“We appreciate the fact that the NCUA listened, considered, and acted upon many comments that were made in regards to the proposed rule," said Miller. In making the announcement, the NCUA referred to Southeast Corporate and the other non-conserved corporates as ‘viable corporates’. Thus we are further encouraged and will continue to move forward with our plans for a new business model that continues to provide value to our members”.

Miller said some people have asked him if the new rule will lead to a broker field day on credit union investments. “While some investment dollars will likely move off of corporate balance sheets to other alternatives, Southeast Corporate is well positioned with our Accolade Investment Advisory CUSO and our brokerage business to be able to continue to manage these investment dollars off balance sheet,” said Miller. “This year we’ve already seen tremendous growth in Accolade’s assets under management, where we are now managing close to $1 billion through this investment advisory CUSO.” 

According to Miller, “As we have been discussing with our members, the corporate system must evolve and move forward in order to provide continued value to credit unions into the future. This transformation process has started and while we have difficult work still ahead of us, we are making steady progress thanks to the support of our members.  I suspect there will be varying business models that corporates will employ to best serve their members, but without question, a heightened emphasis on gaining efficiencies will be vital for all.” [ Return to Top ]

Fed creates Community Depository Institutions Advisory Council

The establishment of the new Community Depository Institutions Advisory Council (CDIAC) was announced by the Federal Reserve last week.

In a news release, the Fed said that the council, "will provide input to the (Fed) on the economy, lending conditions, and other issues."  Members will be selected from representatives of banks, thrift institutions, and credit unions serving on newly created local advisory councils at the 12 Federal Reserve Banks. One member of each of the Reserve Bank councils will be selected by the Board to serve on the CDIAC, which will meet twice a year with the Federal Reserve Board in Washington. The Fed will select one member from each of its 12 Fed local advisory councils to serve on the new council.

The Fed and the CDIAC will meet twice a year in Washington. The CDIAC replaces the Thrift Institutions Advisory Council, which has been active since 1981.

The 12 local advisory councils should begin meeting in "early 2011," with the CDIAC scheduled to hold its first meetings later in that year, the Fed said. [ Return to Top ]

Register for LSCU hosted town hall meetings with Bill Cheney

When Bill Cheney assumed the reins of CUNA from Dan Mica in July, it marked the first leadership change at CUNA in 14 years. Cheney has extensive credit union experience and a vision of how he would like the credit union movement to move forward.

The LSCU has put together seven Town Hall Meetings for credit unions in Alabama and Florida to meet with Cheney. This will be a good opportunity to get to know him and CUNA's vision for the future. The first visits will be December 1 in Alabama and December 2 in Florida. A second round of visits will take place in Florida on January 13 and 14.

Each Town Hall Meeting is a separate event. Be sure to register for the one that is most convenient for you so the LSCU will have a good idea of how many to expect. Registration is simply your name, credit union, phone, and email. Click on an event below to register.

Times and locations for the December meetings:
Alabama:
Dec. 1,   9:00 - 10:30 am CST:  Redstone FCU, Huntsville, AL
Dec. 1,  1 :30 - 3:00 pm CST:  America's First FCU, Birmingham, AL

Florida:
Dec. 2,   8:30 - 10:00 am EST:  GTE FCU, Tampa, FL
Dec. 2,   1:00 - 2:30 pm EST:   CFE CU, Orlando, FL

Times and dates for the January meetings:
Florida:
Jan. 13,  11:00 - 12:30 pm CST:  Pen Air FCU, Pensacola, FL
Jan. 13,  5:00 - 6:30 pm EST:  Florida Commerce CU, Tallahassee, FL
Jan. 14., 1:00 - 2:30 pm EST:  South Florida (location TBD)

Contact LSCU Association Services Chief of Staff Cassandra Grayson at 866.231.0545 ext. 1004.with any questions or for more information. [ Return to Top ]

National CU Foundation seeks nominations for board seats

The National Credit Union Foundation (NCUF) is seeking nominations for two board seats – both are for credit union executive or director seats. Volunteers serve up to three-year terms on the NCUF Board as long as they are re-nominated by the NCUF Governance & Nominations Committee and re-elected by the NCUF Board.

Credit Union Executive or Director Seat:
Each candidate must be an executive officer or director of a credit union serving consumers.

How to Apply:
Qualified candidates interested in applying for either of these two seats can click “Volunteer for our Board” from the NCUF homepage for the declaration of candidacy document.

Deadline:
Applications must be received by October 29, 2010. 

Selection Process:
NCUF’s Governance & Nominations Committee will review all candidates and recommend a slate of nominees to the NCUF Board. The NCUF Board will vote on the nominees in December.

Real Opportunity:
“It’s gratifying to serve on the NCUF Board and help empower consumers to achieve financial independence through credit unions,” noted NCUF Board Chairman Allan Kemp McMorris, President & CEO of Oakland County Credit Union in Waterford, MI. “The Foundation’s strategic programs and grants help credit unions provide widespread financial education, create greater access to affordable financial services, and empower more consumers to save, build assets, and own homes.”

NCUF is the U.S. credit union movement’s largest national foundation, providing over $4 million worth of programs and grants. NCUF in-house programs include REAL Solutions® and Credit Union Development Education.

NCUF grant programs include Biz Kid$, Innovation Grants, and CU Aid.

Board Meeting Dates:
In January, NCUF’s Board will elect its table officers at their organizational meeting.

This will mark the first of three face-to-face meetings planned for 2011:

  • Organizational Meeting: in January (location TBD)
  • Spring/Summer Meeting: May or June in Madison, WI
  • Fall Board Meeting: September in Alexandria,VA 

Diverse Structure:
The 13 voting seats on the NCUF Board include representatives of national person credit unions, national organizations serving credit unions, corporate credit unions, state credit union foundations, state leagues and an at-large position.

To see current members and terms, click “Board Seats Open for Nominations.” [ Return to Top ]

New audio podcast: Development Conference speaker Richard Hadden

One of the featured speakers at the LSCU Development Conference Nov. 3-5 is Richard Hadden. He will talk about leadership qualities that directly impact credit unions. LSCU VP of Communications Mike Bridges spoke to Hadden in a new audio podcast about these leadership qualities. Hadden, co-author of the Contented Cow series, says companies that thrive the most are ones that understand how to motivate their employees, but also how to provide an atmosphere where they want to perform well. You can hear the podcast by visiting the LSCU Audio Podcast center. The audio will stream on your computer.

Hadden will speak at the LSCU Development Conference Closing General Session Friday Nov. 5. His presentation includes case studies from well know companies like Southwest Airlines, Chick-fil-A, and a credit union in Oregon. Hadden will show how strong leadership undoubtedly leads to greater productivity. To learn more about the Development Conference and to register, click here

If you have any trouble accessing the audio podcast, contact Bridges at 866.231.0545 ext. 1022. Take time to listen to more of the LSCU's audio podcasts with Development Conference Speaker Ken Gronbach and Florida CFO candidate Jeff Atwater. [ Return to Top ]

Third quarter issue of Signal Magazine available online

The latest issue of Signal Magazine is now available online at www.lscu.coop located in the Communications section on the Publications page. Click here to view. The third quarter issue looks closely at the Nov. 2 General Election and prepares credit union members for the vote. 

The printed magazines will be arriving at credit unions this week. [ Return to Top ]

SCUMA members gather for 42nd annual meeting in Sandestin

Kayce Bell & Brad Green holding CEO of the Year Award

SCUMA's 42nd annual meeting was kicked-off on Sept. 22, 2010 with the annual golf tournament. For the next two days, conference participants attended education sessions on leadership, management, motivating generation Y, and the new healthcare reform act. The conference ended with a group luncheon and annual business meeting. 

During the annual meeting, several awards were given and new officers were elected. Brad Green, CEO of Listerhill Credit Union in Muscle Shoals, AL, won the CEO of the Year Award. Felicia McKee of University of South Alabama FCU won the Management Professional of the Year Award.

Below are names of the newly-elected officers:

President - Mark Johnson, CEO, Naheola CU

1st VP - Tina Williams, The Infirmary FCU

2nd VP - Linda Walker,  Riverdale CU

Secretary - Gina Turner, VP, Alabama Teachers CU

Treasurer - Monte Hill, CEO, Family Savings FCU [ Return to Top ]

Governmental Affairs
Atwater endorsed by CUPAC Trustees - audio podcast available

The Florida CUPAC Trustees recently voted to support Senate President Jeff Atwater in his bid for Florida’s Chief Financial Officer. Atwater’s experience in the Florida legislature, as well as many years experience in the financial services industry, make him the most knowledgeable candidate regarding issues affecting credit unions and Florida’s economy.

The LSCU has an audio podcast available for members to listen to Atwater explain his position on a number of the issues facing credit unions. To access the audio podcast, visit the LSCU Audio Podcast Center. If you experience any technical difficulties, contact Mike Bridges at 866.231.0545 ext. 1022.

The CUPAC board has also endorsed Adam Putnam (R) for Florida Commissioner of Agriculture and CFO Alex Sink (D) for Governor. 

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; and 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 LSCU has an endorsement list available on the LSCU website's Political Action Committee page. It is a password-protected area. Member credit unions that do not have a password, may click here to sign up for one.  All credit unions are urged to look at the list of endorsed candidates before the November 2 election.

Contact LSCU VP, Legislative Affairs Mark Landreth at 866.231.0545  ext. 1012 for more information or with any questions. [ Return to Top ]

Florida round-up; general election voter registration ends today

In Florida this week, Chief Financial Officer Alex Sink and former Columbia/HCA CEO Rick Scott will hold their first debate Friday in the studios of Univision in Miami. The Spanish-language debate will be televised at 11 p.m. on Univision stations around Florida.

Monday, Oct. 4, 2010, is the deadline to register to vote in November’s General Election.

Candidates for governor and Cabinet must turn in campaign finance reports that cover donations and expenses from Sept. 25 to Oct. 1 by this Friday.

If you have any questions, 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 ]

Birmingham Chapter to hold legislative forum

On Oct. 19, the Birmingham Chapter of Credit Unions is partnering with the LSCU to celebrate International Credit Union week by hosting a political forum just in time for the Nov. 2 General Election. LSCU President/CEO Patrick La Pine will serve as moderator. The forum will be held at the Wynfrey Hotel in Hoover, AL.

Networking will begin at 6:00 pm with dinner and program starting at 6:30. This will be a crucial event for credit unions to attend with the election closing in. High participation will ensure the importance of the credit union movement is communicated to the attending politicians.

To register, contact Tammy Singleterry of Alabama Telco CU. [ Return to Top ]

AL NE Chapter hosts legislative night

Senator Paul Sanford (R)

Alabama's Northeast Chapter of Credit Unions hosted a legislative night for their  Sept. chapter meeting. In addition to many of the chapter credit union employees, CEO’s, and board members, were several members of the Alabama State Legislature.

Lawmakers in attendance included Representative Mike Ball, Representative Mack McCutcheon, Senator Paul Sanford, and Senator Arthur Orr. Senators Sanford and Orr each spoke briefly to the crowd during dinner regarding some of the current issues in the financial industry both in Alabama and Washington, D.C. When asked about credit unions specifically, all four legislators spoke in favor of the work credit unions do to serve the community. Sanford, a small business owner himself, said in his public service when he encounters a young person needing assistance, “one of the first things I try to do is hook them up with a credit union because you guys are so much friendlier than the average bank that’s out there.” Sanford is the owner of Little Paul’s BBQ in Huntsville and said that his experience with a small business only gives him more of an appreciation and understanding of credit unions.

For the November elections, Representative Ball is unopposed for his incumbent seat in the 10th district.
Representative McCutcheon is also unopposed for his seat in the 25th district. Senator Arthur Orr is unopposed for the 3rd district while Senator Sanford will face Democratic opponent Jeff Enfinger.
[ Return to Top ]

FL chapters host Meet & Greet the candidates nights


Rep. Mark Pafford addresses the group.

Palm Beach Meet & Greet Night 

More than 70 Palm Beach Chapter credit union employees and volunteers turned out Sept. 29, to meet 19 locally elected officials and candidates for elected office last week. At the beginning of the event, the candidates took time to pass out flyers and visit with the chapter. Each official was given an opportunity to speak to the group about their campaign and issues during the evening.

In his opening remarks, Chapter President Joe Alicea said, “This is an opportunity for us to share the credit union difference."

Candidates attending included:

Congressman Alcee Hastings

State Senate District 27 Candidate Kevin Rader

State Senator Chris Smith District 29 staffer Beatrice Coleman

State House of Representatives District 83 Candidate Mark Marciano

State Representative District 84 Mack Bernard

State Representative District 85 Joe Abruzzo staffer Josh Swarz

State House of Representatives District 85 Candidate Tami Donnally

State Representative District 86 Lori Berman

State Representative District Mark Pafford

State House of Representatives District 89 Candidate Jeff Clemens

State House of Representatives District 90 Candidate Alison Rampersad

County Court Judge Group 7 Candidate Laurie Coleman

County Commissioner District 2 Candidate Sherry Lee

County Commissioner District 2 Candidate Paulette Burdick

School Board District 3 Candidate Bill Graham

School Board District 3 Candidate Karen Brill

School Board District 4 Candidate Jenny Prior Brown

School Board District 4 Candidate Ann Kan Jian

School Board District 6 Candidate Marcia Andrews

Sara-Mana Chapter Legislative Event

On Sept. 27, the Sara-Mana Chapter of Credit Unions legislative night included remarks from Congressman Vern Buchanan and State House District 67 candidate Greg Steube. About 30 credit union employees and volunteers were in attendance to hear from the two.

A Republican from the 13th Congressional district, Buchanan spoke to the chapter credit unions about the political atmosphere in Washington D.C. and his efforts to reign in government spending. He also took time to answer questions and discuss some of the issues credit union volunteers had.

Greg Steube spoke to the crowd about his campaign and his support of credit unions. Steube thanked the LSCU for supporting him early on in his campaign. The chapter presented him with a contribution from the Florida CUPAC.


West Coast Federal ECU CEO, Marie Peet &
FL House Candidate Greg Steube
[ Return to Top ]

Tampa chapter holds legislative candidate breakfast


l - r: Justin Thames, LSCU; Rep. Rachel Burgin;
& Sharmon Lenth, Tampa Chapter President

On Sept. 23, the Tampa Chapter of Credit Unions held a legislative candidate breakfast hosted by GTE Federal Credit Union. The event gave area credit union staff members an opportunity to meet their local legislators and talk with them one-on-one regarding their support of the credit union movement.     

Pro credit union candidates (as designated by the Governmental Affairs Committee and LSCU Political Action Committee Trustees) who were in attendance included: Rep. Rachel Burgin, Rep. Janet Cruz, Rep. Rich Glorioso, Candidate James Grant, Candidate Dennis Ross, Rep. Kelli Stargel, Sen. Rhonda Storms, and Candidate Dana Young.

Each candidate was given an opportunity to discuss how decisions made in both Tallahassee and Washington affect the ability of credit unions to serve their members. In closing, Rep. Burgin received an official endorsement from the LSCU PAC Trustees after participating in an extensive endorsement process. In commenting on the event, Chapter President Sharmon Lenth said, “The Tampa Chapter was pleased to host a forum in which today’s credit union leaders could speak with our legislative candidates about our concerns with the Florida economy and how credit union’s can and want to be a part of the economic solution. The common message among all the candidates was getting jobs back to Florida and helping small businesses flourish once again. Credit unions are ready to step up to the challenge of the message with the candidates support in removing the Mortgage Business Lending cap.”

More information about candidates and how they vote on credit union issues can be found on the LSCU website. The 2010 Alabama and Florida Congressional and State Report Cards detail how federal and state lawmakers have voted on key issues that matter most to credit unions. These resources can be found on the Campaign and Elections page of the LSCU website. [ Return to Top ]

Compliance Corner
League InfoSight highlight: InfoSight updates

InfoSight's Board Responsibilities and Field of Membership channels were recently reviewed and updated. The Board Responsibilities channel needed only minor changes, mainly to the Board of Directors Liability topic.

Several of the related links and additional resources were updated on the Field of Membership (FOM) channel.

On the FOM Overview topic, a link to "Interpretive Rulings & Policy Statements" was added under Regulations. Also added to this topic were links to the following resources on the NCUA website:

  • NCUA Multiple Common Bond Expansion Report
  • NCUA Trade, Industry or Profession Report
  • NCUA Underserved Areas Report

Links to the following resources on the NCUA website were added to both the FOM Overview topic and the FOM Expansion topic:

  • NCUA Chartering and FOM Forms
  • NCUA Express Chartering Procedure
  • NCUA FOMIA

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.

[ Return to Top ]

Compliance Calendar and Training

Compliance Calendar
October 11

Columbus Day - Federal Holiday

October 15
990N Filing Relief Date 

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

November 25
Thanksgiving Day - Federal Holiday

December 1
ACH Compliance Review Deadline

December 24
Christmas Day - Federal Holiday Observed

December 31
New Year's Day - Federal Holiday Observed


Compliance Training
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

October 25
Rules Addressing Fraud & Identity Theft
– webinar
2:00–4:00 p.m. CT

November 1
Risk Based Pricing Notices – webinar
2:00–4:00 p.m. CT

November 4
Reg CC & Check Law Issues for Frontline Staff – webinar
1:00–2:30 p.m. CT [ Return to Top ]

CUNA News
CUNA explains what census data means for credit unions

CUNA is reporting that the U.S. Census Bureau's recently released 2009 American Community Survey (ACS), which provides information on the nation's population, has some ramifications for U.S. credit unions.

Last week's release is based on survey responses collected during 2009 and provides data on the U.S.' socioeconomic, housing and demographic characteristics.

For median household income, the ACS shows:

  • Real median household income in the U.S. fell between 2008 and 2009-- decreasing by 2.9 percent to $50,221 from $51,726; and
  • Between 2008 and 2009, real median household income decreased in 34 states and increased in one: North Dakota.

Regarding poverty, ACS data show that:

  • Thirty-one states saw increases in both the number and percentage of people in poverty between 2008 and 2009; and
  • No state had a statistically significant decline in either the number in poverty or the poverty rate.

"The thing that causes poverty is job loss and the inability to find jobs," Mike Schenk, CUNA senior economist, told News Now. "The immediate effect of job losses is rising delinquencies and charge-offs. We already lived through that.

"Increases in unemployment mean incomes go down," he added. "That effect is softened by the [government] social safety net. Nevertheless, when incomes go down, we see higher delinquencies and charge-offs. Since 2010, the deterioration in labor markets has stopped. Labor markets are beginning to heal themselves, so incomes should go up.

"We've seen declines in delinquency rates at credit unions, but they're just marginal improvements," he continued. "The longer-term effects of higher poverty rates don't express themselves in delinquencies and defaults; they mean people don't get loans and credit is not as readily available. Less credit available means less spending and less economic growth."

For home values:

  • In 2009, the median property value for owner-occupied homes in the U.S. was $185,200;
  • After adjusting for inflation, the median property value decreased in the U.S. by 5.8 percent between 2008 and 2009.

Regarding rental housing costs:

  • Nationwide, roughly two in five renter households (42.5 percent) experienced housing costs that consumed 35 percent or more of their incomes; and
  • Housing cost burdens ranged from a low of 23.2 percent of renting households in the Casper, Wyo., metro area to a high of 62.8 percent of renting households in the College Station-Bryan, Texas, metro area.

"Declines in home values in the short-run mean higher delinquencies and defaults, but we've lived through most of that already, so most of the nasty consequences of that are behind us," Schenk said. "However, declines in home values mean that people are less willing and able to borrow money and to spend.

"People can't tap into home equity because there's less of it or it doesn't exist," he continued. "The labor force is a lot less mobile. If a house is worth less than you pay for it, you'll be less able to sell it and move to where the jobs are.

"So it prolongs the difficulties in the labor market and tends to be a self-reinforcing cycle," Schenk concluded.

The first set of 2010 Census data, including the nation's population and congressional apportionment figures for the states, will be released by the end of 2010. [ Return to Top ]

CUNA study: voters back those who back credit unions

As November approaches, both credit unions and candidates should note the results of a CUNA sponsored survey which found that three in five voters said they would have a “positive reaction” to a candidate fighting against banking interests in support of more credit union business lending.

The polls, which were conducted by a trio of Washington-area pollsters in late August, drew from select congressional districts in Colorado, Kansas, Minnesota, Ohio, Oregon, South Dakota, Texas, and Washington. The question was posed to 200 registered voters in each state, for a total of 1,600 interviews.

CUNA President/CEO Bill Cheney said that the poll results clearly indicate that “congressional incumbents and candidates will have warm support from voters if they take on the banks in support of more business lending by credit unions.” A poll taken earlier this year showed similarly high support for removing the MBL cap.

[ Return to Top ]

International Credit Union Day
Thirty percent savings on stuffers
With the recent news surrounding the National Credit Union Administration's (NCUA's) placement of three corporate credit unions into conservatorship, members may have questions and concerns surrounding the security of their money.
 
To help ensure you are equipped with the best resources to keep members informed, despite end of year budgets, CUNA is offering special savings.

http://www.mmsend27.com/link.cfm?r=617061643&sid=10804746&m=1116969&u=CUNA_CP&s=http://cuna.org/products-services/detail.php?sku=29612 Click to see e-stuffer and print version.

Purchase the top two statement stuffers promoting messages that credit unions are safe and secure at a reduced price. Click on the links below for more information and to order.
 
'Business as Usual' at Your Credit Union statement stuffer - only $0.08 each
This statement stuffer defines a corporate credit union and explains how credit unions are handling the losses.
 
Credit Unions: Safe & Sound statement stuffer - only $0.10 each
This statement stuffer explains to your members that their money is safe at your credit union.
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Education News
2010 LSCU Development Conference; FINAL day for early bird registration
CEOs, executive management, and directors: You do not want to miss this opportunity to network and learn!

The Development Conference will be held at the beautiful Grand Hotel Marriott Resort, Golf Club & Spa, and provides a mix of relevant education sessions, motivational speakers, and fun networking activities, including a golf tournament. You will also have the opportunity to interact with industry leaders during the exhibitor showcase. Register and make your reservations TODAY and join us in Point Clear, Alabama for this premier conference!

***Take advantage of the Early Bird Discounted Registration TODAY...the deadline is TODAY, October 4!***


To register for this event, view hotel information, session descriptions, speaker information, and more, click here.
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Pre-conference workshop you won't want to miss while at the Development Conference

Don't miss this pre-conference workshop on Troubled Debt Restructuring being held in conjunction with the LSCU Development Conference.

As you know, troubled debt restructuring has become a “hot” topic. The significant increase in loan modifications made to assist members has altered collection processes, financial reporting and accounting for credit losses. Credit unions need to look at their internal policies and procedures to ensure they properly reflect the current marketplace. This three-hour workshop will help your credit union’s staff understand what the requirements are. This presentation will leave you with basic understanding of troubled debt restructuring including:

  • Awareness of the current economic events that have impacted loan losses.

  • Learn the key characteristics of TDR’s and loan modifications, quantification of losses.

  • The triggers of these reporting requirements and what they mean for your credit union’s financial position.

  • Understand guidance on accounting and regulatory reporting for troubled debt restructurings.

  • Insuring your allowance for loan losses is adequately funded considering real estate credit and collateral risk with accelerating delinquencies, TDR’s and modifications.

About the Speaker
Robin D. Hoag, CPA, CMC, is the senior director of the Financial Institutions Group at Doeren Mayhew. During the past 34 years, Robin has developed a national reputation as a credit union expert, working with more than 250 credit unions, ranging in size from $50 million to more than $3 billion. He is an audit director, management consultant, and national speaker on credit union issues.

*Pre-conference workshops are in addition to conference registration.

Click here for more details about the workshop and registration.

For more information or to register contact Becki Payne, Association Services Support Specialist at 866.231.0545 ext. 2129. [ Return to Top ]

LSCU Collections & Bankruptcy School one week away

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

David Reed, Esq., with Reed & Jolly, PLLC, centers his training philosophy on the member service approach to effective collections. In his 20 years of law practice he has been a bankruptcy and collections attorney for debtors AND credit unions. When he “saw the light”, he went to work for a credit union and became a collections manager AND then general counsel. He may be the only attorney training credit unions today who has seen collections and bankruptcy from both the members’ and credit unions’ perspectives.

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

To learn more about the schools' topics, click here. 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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Education Calendar

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
Register for Nov. 3 Online Discovery Conference

CUNA Mutual Group’s first-ever, day-long Online Discovery Conference scheduled for Wednesday, Nov. 3, will offer growth opportunities for credit unions – and it’s free.

The online event is designed for CEOs and senior leadership teams of credit unions, but all credit union and league employees will benefit from its future-focused content that will help credit unions solve problems, address opportunities and face challenges.

A $5,000 Discovery grant will be awarded to one credit union whose attendee fully participates in the conference’s many amenities, including chat rooms, webinars, exhibit hall booth visits, and documents viewed, to name a few. The winner will be announced Nov. 4.

Session Content That’s on Target
In our weak economy, it’s difficult for credit unions to grow. All sessions at this conference are specifically geared at sharing ideas to help spur growth at credit unions. Whether we can help solve a problem, address opportunities, or help face challenges, CUNA Mutual’s Online Discovery Conference will provide our customers the education and tools to get started. Our goal: learning and discovery that credit unions can put into practice ... right away.

  • Opening Keynote: John Lass, CUNA Mutual. John will share new research on the financial health of the credit union system, which uses the Sustainable Growth Analysis -- a very effective way to understand which financial and operating strategies can be most effective in ensuring that an organization can continue to grow on a sustainable basis.
  • Closing Keynote: Steven Little, Best Selling Business Book Author and Business Growth Expert. Steve will help leaders in the credit union industry focus on their growing opportunities. By identifying the most impactful macro-changes taking place in our world today and dovetailing them with the specific developments within the banking industry, Steve illuminates the future of opportunity for growth oriented leaders over the next 3-10 years.
  • Nine Future-Focused Workshops. Attendees can choose from three tracks of workshops on Marketing Segmentation, Generating Income and Financial Trends. We’ve got a great blend of talent with speakers from CUNA Mutual, Filene Research Institute and consulting businesses.
  • Scheduled Chats. Four topics will be up for discussion in an open chat room and facilitated by Filene Research Institute. This provides a great opportunity for credit unions to share ideas.

Access to Product and Sales Specialists in the Discovery Expo Center
This is one trade show our customers won’t leave with sore feet! Attendees can explore any of nine booths from the comfort of their office to learn the latest news from CUNA Mutual. They’ll be able to chat with CUNA Mutual booth representatives, watch informative videos and drop resources into their virtual briefcase. And, of course, they’ll have a chance to sign up for a chance to win booth prize drawings! Booths include:

  • TRUE Commitment: Then. Now. Always.
  • Cyber Liability
  • Executive Benefits & Long Term Care
  • Health Care Reform
  • Lender Development Program®
  • Lending Regulations
  • MemberCONNECT®
  • Retirement Plan Services
  • Voice of Customer
A Chance to Share Information and Meet Peers in the Mutual Ground Networking Lounge
Whether attendees want to bounce around new ideas, get feedback on an initiative, or just meet a few new colleagues, the Mutual Ground Networking Lounge is the place to find connections. Attendees can join group and private chats, email other attendees, share v-Cards and participate in message boards delving into several industry topics.

Click here for more information or to register.
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CUs saved up to 80 percent through LEVERAGE ePurchasing event

Last week highlighted one of the most successful and strategic events to date for the LEVERAGE ePurchasing service. The event lasted 30 minutes past the scheduled 15 minutes as five armored car vendors aggressively competed for the business of seven different credit unions in a live “reverse action” environment. Achieva, Georgia’s Own, Community First Credit Union of Florida, Ocala Community, City County Employees, Innovations, and GTE received bids ranging from 21 percent to 80 percent lower than their current cost for the upcoming contract year on their armored car services.   

Through ePurchasing live auctions, vendors have to show the true value of their service if they want to have a chance to win a contract with a credit union. ePurchasing has become an ideal platform to automate the purchasing process and provide credit union management with the functionality to collect and analyze vendor information, including a vendor comparison on pricing and commodity functionality.

Contact Director, ePurchasing Lori Vary at 941.747.9646 for more information and/or to participate in an upcoming auction. [ Return to Top ]

News from You
Southeast Corporate's support of Down Syndrome becomes personal with “Penelope’s Peeps”

(l to r) are Gisli & Penelope Magnusson &
Curry Workman, 1-2-1 Financial CU in Jacksonville

At Southeast Corporate and many credit unions that work with Southeast’s Gisli Magnusson, support of Down Syndrome goes beyond simply supporting a worthy cause, it’s personal. Southeast Corporate employees and local area credit unions participated in the Down Syndrome Association of Jacksonville, (DSAJ) Buddy Walk on Oct. 2, at Jacksonville Beach. Staff walked on the “Penelope’s Peeps” team in honor of Penelope Magnusson, daughter of Southeast Corporate’s Sales Strategist, Gisli Magnusson.

Penelope, who is two years old, was born with Down Syndrome. The team received an award for having the largest number of walkers, 137, and raised the second largest amount of donations which totaled more than $11,000. The money raised was through donations by Southeast Corporate employees, Jacksonville area credit union employees, and friends and family of the Magnusson’s.

“I am overwhelmed by the support of my colleagues and the credit unions I work with” said Magnusson. “This is the credit union movement at its best, People Helping People and I will forever be grateful. Penelope is your typical healthy two-year old that loves to play outside with her daddy and neighborhood friends.”

Money raised through the DSAJ, a non-profit organization, benefits the 1,500 plus Jacksonville area individuals with Down Syndrome and helps them to reach their potential as well helping to create a community that is educated, supportive, and inclusive of individuals with Down Syndrome. [ Return to Top ]

FAIRWINDS Quilt for a Cure campaign helps fight diabetes

A regular supporter of the American Diabetes Association, FAIRWINDS is raising their fundraising game this year with a unique campaign to raise ADA awareness. Quilt for the Cure encourages members of the central Florida community to stop by any FAIRWINDS branch location through Nov. 6 to sign a Cure Quilt square for a small donation. 

At the conclusion of the Step Out to Fight Diabetes Walk on Saturday, Nov. 6, the FAIRWINDS Quilt Crew, employees volunteering their time and creativity, will assemble the quilts. Finished quilts will be displayed in select branches throughout the holidays and then donated to local shelters this winter.

“The economy certainly has taken its toll on non-profit organizations like the American Diabetes Association over the past few years,” says Kate Renner, Vice President of Marketing for FAIRWINDS. “As part of our commitment to community we have an obligation to really raise the bar and find new and creative ways to help the ADA succeed in their mission to find a cure.”

In addition to Quilt for a Cure, the credit union is currently running their annual teddy bear sale, including new college themed bears, and is hosting a Yard Sale and Car Wash for the public on Saturday, Oct. 9. One hundred percent of all proceeds raised go directly to the ADA. [ Return to Top ]

Tyndall FCU opens loan office in Mobile, AL

Tyndall Federal Credit Union has announced the opening of its new Lending Center in Mobile, AL.

Through this new lending center location, Tyndall FCU will offer numerous loan products and services such as auto loans, mortgages, home equity loans, and credit cards.

This new facility is Tyndall’s first location in the Mobile and Baldwin County areas, but certainly will not be the last. Tyndall has plans to add multiple full-service branches in the Mobile and Baldwin County area in the near future. 

“Tyndall Federal is thrilled to be expanding into Mobile and Baldwin Counties.” said Jim Warren, President/CEO of Tyndall Federal. “The opening of this new facility is just the beginning. We want to become a big part of the community and help as many people as possible save money.” [ Return to Top ]

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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