LSCU eSignal Weekly
LSCU eNews Weekly December 6, 2010
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LSCU eNews Weekly
In This Issue
LSCU Headlines
NCUA extends comment period for corporate rule amendments
CUNA's Bill Cheney meets credit unions in Alabama and Florida
NCUA issues 2008-2009 annual report
Comment letters on new Reg Z proposals due Dec. 23
Free Reg Z audio conference this Wednesday
CUNA finds credit unions paying less assessments than banks
LSCU Image Campaign speaking to Northeast FL Chapter this week, Broward next week
iPhone app from NCUF grantee helps consumers find a credit union
This date in history: First credit union established in North America
Governmental Affairs News
Congressman-elect Southerland visits LSCU Tallahassee office
Congressman-elect Ross event held in Tampa area
Alabama Governor Riley calls Special Session
Florida round-up: Governor-elect Scott begins bus tour
Washington update: 111th Congress comes to an end; Senate Banking Committee to hold hearing on CU industry
Compliance Corner
League InfoSight highlight: CUNA asks Feds to withdraw Reg Z Mortgage Proposal
Compliance Calendar and Training Schedule
Cooperative Initiatives News
One more week for entering REAL Member Solutions video contest
Free FDIC's Alliance for Economic Inclusion event in Mobile December 9
Education News
LAST CALL FOR LSCU's last BSA training webinar of the year
Prepare now for IRA training in 2011
Check out the 2011 Education Calendar for learning opportunities for YOUR credit union
Education Calendar
LEVERAGE News
More than $442,000 additional revenue for CUs in Sprint Program
CUNA CFO Council's newest white paper cites importance of due diligence; LEVERAGE provides solution with Ventelligence
A Florida credit union wins $2,500 grant from CUNA Mutual Group
News from You
Alabama Teachers Credit Union pays youth club members for good grades
Darden Employees Credit Union has grand opening
Insight CU hosts visiting Brazilian executives
Employment
View available credit union jobs
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LSCU Headlines

NCUA extends comment period for corporate rule amendments

Last week, the NCUA board extended the period for credit unions to comment on the proposed corporate rule amendments from Dec. 20 to Jan. 28, 2011. The NCUA board issued the rule amendments at its Nov. 18th NCUA meeting.

“We believe a 60-day comment period will balance the need for stakeholders to provide thoughtful feedback on the complex issues raised in our newly proposed corporate rule, while ensuring that the final provisions from both corporate rulemakings will take effect over a closely coordinated time frame,” said NCUA Chairman Debbie Matz. “The end result will be a corporate system that is better positioned to manage risks and safely serve member credit unions.”

The proposed amendments would require corporates to establish new internal control reporting requirements, form an enterprise-wide risk management committee staffed with an independent risk management expert, conduct all board of director votes as recorded votes, and disclose CUSO compensation received by certain employees who are dual employees of corporates and corporate CUSOs. The proposed amendments also provide for the equitable sharing of Temporary Corporate Credit Union Stabilization Fund expenses among all members of a corporate and permit a corporate to charge reasonable one-time or periodic membership fees. In addition, the proposal would amend 12 C.F.R. Parts 701 and 741 to limit natural-person credit unions to membership in one corporate at a time, beyond certain transition periods.

To learn more about submitting a comment letter on the corporate proposals, visit the LSCU Regulatory Action Calls and Comment Letters section of the website. Contact LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165 with questions or to submit a letter. [ Return to Top ]

CUNA's Bill Cheney meets credit unions in Alabama and Florida

CUNA CEO Bill Cheney addresses Orlando crowd at CFE FCU

The LSCU is holding seven Town Hall meetings in December and January featuring CUNA CEO Bill Cheney. The meetings give credit unions a chance to meet CUNA's new CEO, hear his vision for the future and spend time with the LSCU's Patrick La Pine, who will talk about the new League.

Last week, Town Hall meetings were held in Alabama in Huntsville and Birmingham and in Florida in Tampa and Orlando. Cheney talked about transitioning CUNA from former CEO Dan Mica. Cheney says his goal was to make the transition, which took place in July, as seamless as possible given the issues the industry is dealing with right now. The CUNA Government Affairs team had a good election for the industry by supporting 310 winning candidates of 358 House races and 27 of 31 Senate races. Cheney said that the Washington Post named CUNA the most bi-partisan organization in Washington. He has strong ties to many lawmakers, but he explained that former CUNA CEO Dan MIca has been helping to introduce him to more key lawmakers. A recent meeting with new Speaker of the House John Boehner (R-OH) went very well.

Cheney speaking to credit unions at Redstone FCU in Huntsville, AL

The Senate Banking Committee will hold a hearing this week on the state of credit unions. Cheney says that NCUA Chairman Debbie Matz will be the only speaker and that CUNA is working with the regulator on messaging. He hopes she will point out that the industry, as a whole, is well capitalized at 10 percent.

Credit unions discussed the more aggressive supervision by the NCUA and the corresponding increase in Documents of Resolution and Letters of Understanding and Agreement. CUNA has established a Supervisory Issues Working Group. Cheney say they are creating an Examination Bill of Rights for Credit Unions so that credit unions can understand their rights and responsibilities, the rights and responsibilities of the examiner and know the appropriate procedures if there is a dispute.

Cheney's vision for CUNA is one that is more steeped in a broad sense. He says that credit unions need to change the conversation in Washington about credit unions. He says when you ask lawmakers if they think a cooperative financial institution should exist, they all say yes. With a broader view of the future, Cheney says credit unions can see the incremental steps that CUNA is taking and how it is working.

Cheney will speak to credit unions in the Pensacola, Tallahassee and South Florida areas January 13-14, 2011. To learn more about those meetings, visit the LSCU Educational Calendar and sign up.

Orlando FCU CEO
John Neusaenger
asks a question in
Orlando

A crowd of credit unions listen to Cheney speak in Tampa


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NCUA issues 2008-2009 annual report

The NCUA posted its combined 2008-2009 Annual Report, titled Stability Through the Crisis. The 88-page report describes the actions NCUA took over the past two years to stabilize the credit union system during the worst financial crisis since the Great Depression.

“Our experience during these years of crisis demonstrated the value of rigorous regulation, diligent oversight, and a robust insurance fund,” said NCUA Chairman Debbie Matz. “NCUA’s increased supervision contributed significantly to the credit union system’s ability to withstand the extraordinary economic shocks over the past two years. Working together, our proactive approach reaffirmed public trust in the safety and soundness of credit unions, and positioned the industry to emerge from the crisis in the coming years.”

The Annual Report is the NCUA’s official report to the President and Congress about the NCUA and credit union operations. The report features messages from the NCUA board, Executive Director, Chief Financial Officer, and several other NCUA offices. Ten years of financial trends for credit unions and the National Credit Union Share Insurance Fund are highlighted. The report also shows the complete audited financial statements of funds managed by the NCUA. The funds received unqualified audit opinions for 2008 and 2009.

To view the NCUA Annual Report online, click here. [ Return to Top ]

Comment letters on new Reg Z proposals due Dec. 23

The Federal Reserve Board (Fed) issued a proposal that would require additional consumer protections and disclosures for mortgage loans. This is the second phase of the Fed’s review of the mortgage lending rules under Regulation Z, the Truth in Lending Act (TILA).

The parts of the proposed Regulation Z changes that have caused the greatest concern in the credit union industry are the new disclosure rules for credit insurance and debt cancellation. With some of the constrains that have been placed on credit union operations this year such as the opt-in requirements for overdraft programs and the ongoing NCUA assessments, the changes on credit life and debt cancellation will have a negative impact on fee income which has caused concern by many credit unions.

  • Revising the disclosure rules for credit insurance and debt cancellation and suspension products. This would require the disclosure of the maximum premium or charge per period; the maximum benefit amount, along with a statement that the borrower will be responsible for the balance above the maximum benefit amount; that the cost depends on the balance or interest rate, if applicable; and information about the Fed’s website that provides information about these products. The proposal also includes changes with regard to the disclosure of eligibility requirements that were proposed last year and the disclosure to the borrower that the product may not be necessary and that the borrower may not receive benefits even if you buy this product. For the eligibility requirements, this would include additional statements as to the time period and age limit for coverage and this would allow lenders to make the eligibility determinations prior to the time of enrollment. These disclosures must be in at least 10-point type size and consistent with the model forms and sample language provided in the proposal. Also, if these disclosures are provided early, the lender must then redisclose the maximum premium or charge per period if this is different at the time of the loan closing

The LSCU would like credit unions to submit comments on the new proposals. The comments are due by December 23, 2010. Please submit comments to the LSCU by December 9, 2010. If commenting directly to the Fed, you must refer to Docket No. R-1390 and use the information below:

Ms. Jennifer J. Johnson
Secretary,
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 20551
regs.comments@federalreserve.gov

There are a number of ways to get your comments to the LSCU: fax your responses to 850.558.1029; e-mail or call LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165. The LSCU also has a Comment Call section of the website with all of the resources for each comment call. [ Return to Top ]

Free Reg Z audio conference this Wednesday
The Federal Reserve Board (FRB) recently issued a comprehensive proposal with Reg Z and the Truth in Lending Act, that includes imposing new consumer disclosures for credit life insurance, credit disability insurance and debt cancellation/debt suspension (including guaranteed asset protection) products. These disclosures go well beyond ensuring that consumers are informed about these products; the proposed disclosures cast them in a strictly negative light and strongly discourage the purchase of these products.

If enacted, the disclosure language will have a significant negative impact on the entire credit union industry, especially members. According to industry data, consumers have received an estimated $2 billion in benefits from credit insurance products over the past five years.

CUNA and CUNA Mutual Group are working together to mobilize the credit union industry and fight for disclosures that are fair, accurate and in the consumer's best interest.

The free audio conference is coming up Dec. 8 from 1 - 2pm CST. Each registration is one phone line, so credit unions can have multiple people listen to the call. To register, click here.

CUNA Mutual and CUNA are also asking credit unions to write a comment letter to the Federal Reserve Board on this proposal. The comment period ends Dec. 23. Visit the CUNA Mutual Reg Z Disclosure Advocacy Project page for more on how credit unions can have their voice heard. See story above for more on how you can submit a comment letter.  [ Return to Top ]

CUNA finds credit unions paying less assessments than banks

With the continuing cost of the NCUA assessments on credit unions' minds, CUNA's Economic and Statistics Department prepared a White Paper that compares NCUA and FDIC assessments over the past three years, as well as the projected assessments over the next decade. The analysis found that credit unions have so far paid about 20 percent less than similar-sized banks, and can expect to pay about one-third less than what similar-sized FDIC-insured institutions will be required to pay over the coming 11 years.

The White Paper goes in depth on the state of the NCUSIF and the Corporate Stabilization Fund while comparing them to the Bank Insurance Fund. The paper finds that the Bank Insurance Fund is in the negative and it will take double digit basis points assessments from the FDIC over the next eight years to help get it back to positive ground. Over that same period, it's estimated that credit unions will pay double digit assessments just two years and the rest should be single digit basis points.

You can find the white paper on the LSCU's Research and Economic Data page. That page houses economic data from the LSCU, CUNA and Filene. This page also has the power of membership data that shows why being a member of credit union is beneficial.

[ Return to Top ]

LSCU Image Campaign speaking to Northeast FL Chapter this week, Broward next week

Credit unions in the Northeast FL and Broward Chapters will have the opportunity to hear about the direction of the 2011 LSCU Statewide Image Campaign. The presentation will include an early look at the creative direction, the fundraising formula and market research. Credit unions are strongly urged to participate in the meetings. This will give every credit union an opportunity to ask questions about the direction of the campaign, which is slated for a spring 2011 media buy. 

Tuesday Dec. 7, the LSCU will be speaking to credit unions in the Jacksonville media market. The meeting is at 9 am at VyStar Credit Union. Next week, Thursday Dec. 16, the LSCU will be speaking to credit unions in the Miami media market. The meeting is at 10 am at Tropical Financial Credit Union. Invitations have been emailed. If you would like to attend either presentation, contact LSCU VP, Communications Mike Bridges at 866.231.0545 ext. 1022. 

The LSCU is using a new credit union logo with the tagline, "Credit Unions: we're giving banking a better name" for the campaign.

 

The creative will include TV, radio, billboard, online ads and public relations. Market research shows that the LSCU will need to raise $2.1 million to make an impact with potential members. To reach the goal in each media market, the LSCU is asking credit unions for a "fair share" contribution of $42 per million in assets. This will be a voluntary "fair share" line item in the dues packet. The fundraising formula will be explained in greater detail in the market meetings.

If you have any questions about the 2011 Statewide Image Campaign, email or call Bridges. 

  [ Return to Top ]

iPhone app from NCUF grantee helps consumers find a credit union

iPhone, iPod Touch, and iPad users nationwide can quickly identify and contact credit unions, thanks to a first-of-its-kind application from the Credit Union Foundation of Maryland & DC. “Credit Union Finder” is a free application available for download at the Apple App Store.

The Foundation developed the mobile application earlier this year with Innovation Grant assistance from the National Credit Union Foundation (NCUF), graphics support from Visions, Ink., and data from credit unions nationwide.

“Every week more credit unions are establishing mobile banking capabilities,” said the Credit Union Foundation of Maryland & DC about the app. “Credit unions realize the value of mobile applications, especially to their younger members. The Foundation wanted to help members find and contact your credit union through a mobile app and to help non-members find a credit union they could join.”

Users of the Credit Union Finder app can search for credit unions near their current location or search any site in the U.S. by entering a zip code or city and state. They can also search credit unions by name. Results can be displayed as a list or on a map. Contact information for the credit union is also displayed including its web address.

“What really makes this more than just a credit union search resource is the ability to tap into an iPhone’s GPS technology and find credit unions nearest your current location,” said Christopher Morris, NCUF director of communications. “It’s innovative and also a cost-effective way for credit unions to reach out to prospective members. We hope this unique NCUF Innovation Grant project allows more consumers to experience the credit union difference.”

Within the first month of Credit Union Finder’s launch, the app was downloaded more than 200 times and has now been downloaded more than 900 times. It currently has a 3.5 star rating (out of 5) from user reviews in the Apple App Store.

Also shortly after release, the popular personal finance blog “Get Rich Slowly”  featured the Credit Union Finder app and touted it as “handy for folks who travel a lot.”

Credit unions can leverage the mobile application with current members to help them locate branches and contact information on-the-go. For example, Securityplus FCU in Baltimore set up a webpage for the app and promotes Credit Union Finder to their membership so that “members have an easy and free means for our members to stay in touch with us,” according to SecurityPlus’s CEO Rick Williams.

Resources for credit unions interested in promoting the application (i.e.: logos, sample copy, etc.) are available at the Credit Union Foundation of Maryland & DC’s website.

Click here for the Credit Union Finder at iTunes.

NCUF Innovation Grants are made possible by supporters of the Foundation and the Community Investment Fund (CIF), an award-winning system of investments that help credit unions earn dividends while donating to national and state community development programs.

This “Innovation Grant at Work” is part of a series highlighting NCUF grantees making a positive impact in their community and empowering consumers to achieve financial independence through credit unions.


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This date in history: First credit union established in North America

At the turn of the century, a Canadian stenographer at the House of Commons in Ottawa was concerned by the economic disadvantages facing French Canadians. He feared that capitalism would ultimately wipe out small producers and wanted to give them better access to credit to help foster their development. Drawing inspiration from cooperative movements already in operation in Europe, he developed an original model tailored to Québec: the caisse populaire, or credit union. Through these caisses, small borrowers could build their businesses.

Desjardins, along with his wife and 100 friends, began the credit union in a small community hall on Dec. 6, 1900. From 1900 to 1915, he founded 164 credit unions, 18 of which were in Ontario and nine in the United States. Desjardins died in 1920; he is considered  the "father of the cooperative movement in North America."
[ Return to Top ]

Governmental Affairs News
Congressman-elect Southerland visits LSCU Tallahassee office

Florida Congressman-elect Steve Southerland (R-2nd) visited the LSCU Tallahassee office to meet with local credit union executives. Representatives from Florida Commerce, Florida Dept. of Transportation Credit Union, Envision Credit Union, Tyndall Federal Credit Union, Tallahassee Federal Credit Union, and Tallahassee-Leon Federal Credit Union attended the meeting to get to know their new Congressman.

This meeting is one in a series of meetings scheduled between LSCU credit unions and newly-elected members of Congress. Such meetings are opportunities for the officials to get to know their local credit unions. It is also an opportunity for LSCU credit unions to share the impact that they have on the community and their membership. 

Topics discussed during the meeting included:

  • Protection of the credit unions tax exemption
  • Difficulties of home foreclosures and the need for clarity in regulations
  • Unintended consequences of over regulation by the government and the fact that the cost of regulation is always passed on to the consumer

Congressman-elect Southerland will represent Congressional District 2 which includes more than 200,000 credit union members. Southerland is a small business owner and lifelong resident of Panama City. In addition to having deep roots in Congressional District 2, he has strong ties to the state of Alabama. He attended and received a B.S. degree from Troy State University.


Representatives from credit unions in Congressional District 2 with
Congressman-elect Southerland (fourth from left).
[ Return to Top ]

Congressman-elect Ross event held in Tampa area

The LSCU was well represented at a recent event for Congressman-elect Dennis Ross (R-12th).

Mary Wood, Florida West Coast CU; Art Wood, Railroad & Industrial FCU; Tom Dorety, Suncoast Schools FCU; along with host Kevin Jones of MIDFLORIDA CU and several members of his senior management, participated in a breakfast held at MIDFLORIDA.

The credit union managers, along with LSCU staff Justin Thames and Mark Landreth, and Ross, his chief of staff, Fred Piccolo, spent about 90 minutes discussing issues facing credit unions and the economy. Ross also spoke about member business lending and mentioned he's lobbying to get appointed to Financial Services.

Ross served eight years in the Florida legislature before being termed limited out in 2008. He is an attorney who specializes in insurance litigation. Recently he sold his interest in the Ross Vecchio law firm in order to serve in Congress.


(l to r) Art and Mary Wood, Congressman-elect Dennis
Ross (R) and MIDFLORIDA CEO Kevin Jones


[ Return to Top ]

Alabama Governor Riley calls Special Session

Governor Bob Riley has called a special session of the Alabama Legislature beginning December 8 to pass a package of anti-corruption reforms. Under the proposed package of bills, new laws would require:

  • Full disclosure on spending by lobbyists on all public officials
  • Limits on giving gifts to public officials
  • A ban on pass-through pork spending
  • Outlaw transfers between political action committees
  • Mandatory Ethics training for elected officials
  • Creation of an online database of lobbyists’ disclosure reports

With the upcoming transition of control of both chambers of the Legislature from Democrat to Republican, it is unclear how cooperative the two parties will be. The Democrats, who will still be in control of the Legislature during the special session, will likely be unwilling to appear to be holding back reforms, especially in light of the recent gambling scandal involving both parties. 

It is also unlikely that the Legislature will take up any substantive legislation beyond what is called for by the Governor.  The League has been speaking with the new leadership since the election, and while the biggest problem in 2011 will be the budget, the Republicans are still working on the transition and developing a plan for addressing the budget, employment, and economic development. [ Return to Top ]

Florida round-up: Governor-elect Scott begins bus tour

This week the Senate is holding committee meetings. Banking and Insurance will hold its meeting Wednesday from 10:45 a.m. - 12:45 p.m. Also on Wednesday, League staff will participate in a power lunch with House Appropriations Chair Denise Grimsley. The House is holding orientation sessions for new and returning House members.

Governor-elect Rick Scott starts his “Let’s Get to Work” bus tour this week where he will discuss economic development. Stops are scheduled for Eglin AFB in Ft. Walton Beach, Jacksonville, Miami, Bradenton, Fort Lauderdale, Tampa, and Orlando.

Florida’s Cabinet meets the for the final time for 2010 on Tuesday.


[ Return to Top ]

Washington update: 111th Congress comes to an end; Senate Banking Committee to hold hearing on CU industry

In just a couple of weeks, the 111th Congress will meet for the final time. Floor agendas are relatively light (and very fluid) as the Senate works through an end game on its remaining legislative agenda. 

For an idea of how much relies on Senate action, the House returns Tuesday and will consider bills Tuesday and Wednesday. After that, the only bills mentioned as possibilities are a continuing resolution and the Food Safety Act, which has run into a problem because of a revenue provision which originated in the Senate. 

Last week, all Senate Republicans sent the Majority Leader a letter indicating that they would oppose cloture on all bills except legislation that extends the Bush-era tax cuts to everyone and a continuing resolution or omnibus appropriations bill. Senate leaders and the President continue to discuss a compromise agreement to move these issues and other priorities forward.

While the Senate works through its end of session issues, the Senate Banking Committee will hold a hearing Thursday on the State of the Credit Union Industry. NCUA Chairman Debbie Matz will be the only witness at this hearing. To view the hearing, it will be webcast on the Senate Banking Committee's website at:  http://banking.senate.gov

Thursday's hearing will be the first held in the Senate Banking Committee in at least seven years focusing on the state of the credit union industry. CUNA has been in contact with several committee member offices and there appears to be mixed interest in this hearing -- most offices have noted that there hasn't been a hearing on credit union issues in the a while and that there has been a lot going on with credit unions; only a handful have said they expect their boss to be there (having said that, predicting hearing attendance is not an exact science).  We expect much of this hearing to focus on the corporate credit union situation. While CUNA will not be testifying at the hearing, it anticipates sending a statement for the record of the hearing and has been in contact with several offices expected to participate in the hearing.

If you have any questions regarding these or any legislative issue, 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 ]

Compliance Corner
League InfoSight highlight: CUNA asks Feds to withdraw Reg Z Mortgage Proposal

CUNA is requesting that the Federal Reserve Board withdraw an interim final rule that revises several Regulation Z mortgage loan disclosure requirements "as soon as possible" and "impose a general moratorium on the overall Regulation Z rule making process that is currently in progress."

The League InfoSight newsletter highlights that the Fed changes will implement provisions of the Mortgage Disclosure Improvement Act (MDIA), which was enacted in 2008, and will require lenders to disclose how borrowers' mortgage payments will change over time so they may be alerted to the risks of payment increases before they consummate the loan. The rule also requires lenders to disclose a statement that there is no guarantee the consumer will be able to refinance the loan to obtain a lower rate and payment.

In the comment letter, CUNA states that the disclosures required by the rule are duplicative of disclosures that are currently required under the Real Estate Settlement Procedures Act (RESPA), and would likely need to be changed again in the near future. Specifically, the recently enacted Dodd-Frank Act will soon require RESPA disclosures to be combined with the Truth in Lending Act (TILA) disclosures.

CUNA has also asked the Fed to provide additional guidance on proposed escrow payment disclosures, and has asked the Fed to delay the current January 11, 2011, effective date if the rule is not removed altogether.

Click here to read the full comment letter.

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 Schedule

Compliance Calendar

December 25
Christmas Day - Federal Holiday

December 31
NCUA Regulation Part 716 - Model Privacy Notices - Effective Date

January 1
New Year's Day - Federal Holiday

FACT Act: Risk Based Pricing Rule Effective Date

HOEPA Disclosure Trigger Amount changes to $592.00

Truth in Lending, Mortgage Loan Rules - Sale/Transfer of Mortgage

FACT Act Risk-based pricing notices (Regulation V) Effective Date

Regulation Z (TILA) Final rule for disclosures under Helping Families Save Their Homes Act Effective

Compliance Training

December 9
SAFE Act - Get Ready to Comply With the Registration Requirements – Webinar
2:00–3:30 p.m. CT

February 16
Pressing Credit Union Compliance Issues – Audio Conference
1:00–2:30 p.m. CT

 

  [ Return to Top ]

Cooperative Initiatives News
One more week for entering REAL Member Solutions video contest

The National Credit Union Foundation (NCUF) continues to ask credit unions to submit member testimonial videos. This is the second year for the contest, which highlights the work of credit unions in members' lives. This is an opportunity for credit unions to show the unique ways they help their members get out of debt, back on their feet and working toward building wealth.

The contest rules are below:

  • Contest runs: July 15 – Dec. 10, 2010
  • Eligibility: Must be a participating credit union league and credit union in the REAL Solutions® program
  • Submissions: Video only – maximum length: 3 minutes
  • Grand Prize Entry: The grand prize-winning entry will earn a free trip to Washington, DC for the featured member, one representative from the credit union and state league to share the stage at a VIP event as guests of the NCUF. In addition, the member will receive a savings account deposit of $500.
  • 2nd Place Winners: The featured member, in up to four winning entries, will receive a savings account deposit of $250 and have their videos, along with the grand prize entry, promoted nationally.

For more information on the details and rules of the contest, visit the rules page or download the REAL Member Solutions Video Contest Guide (2-page pdf).

Occasionally, gathering member stories and testimonials can be challenging. To help some credit unions overcome these issues, REAL Solutions and NCUF have put together Gathering Member Testimonials: A REAL Solutions Guide (also includes sample Authorization and Publicity Consent forms).

For more information on the contest, contact LSCU VP, Cooperative Initiatives Laura Vann at 866.231.0545 ext. 2181.

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Free FDIC's Alliance for Economic Inclusion event in Mobile December 9

U.S. Secretary of Education Arne Duncan, FDIC Chairman Sheila C. Bair, and NCUA Chairman Debbie Matz joined together recently in signing a new agreement that aims to help millions of students get on the path to financial success. The agencies will work together to facilitate partnerships among schools, financial institutions, federal grantees, and other stakeholders to provide effective financial education; increase access to safe, affordable, and appropriate accounts at federally insured banks and credit unions; and encourage saving. The potential for impact is great. For example, the agreement allows the FDIC and NCUA to support the U.S. Department of Education's 1,700 college access grantees, which engage over one million low-income K-12 students striving for higher education.

All three agencies will also work together to increase participation in the National Financial Capability Challenge, a voluntary awards program designed to challenge educators to teach high school students the basics of personal finance, and reward success.

Opening Ways Into The Financial Mainstream Event:

When: Thursday, Dec. 9, 2010

Where: Bishop State Community College
               Baker-Gaines Central Campus in the Black History Museum
               1365 Dr. Martin Luther King, Jr. Avenue
               Mobile, AL 36603

Time: 8 a.m. - 4 p.m.

Click here for an agenda of the conference. Click here to register online. [ Return to Top ]

Education News
LAST CALL FOR LSCU's last BSA training webinar of the year

For credit unions looking for one last opportunity for Bank Secrecy Act (BSA) training, the LSCU is offering a webinar course Dec. 8. The training will be from 8:30 - 11 a.m. CST. 

This BSA Training class is appropriate for frontline staff, lenders, officials, managers, and compliance officers. The two-and-a-half hour class incorporates a Currency Transaction Report workshop in which completed forms are studied based on several common scenarios as well as a Suspicious Activity Report workshop in which a completed form is studied based on several common scenarios (focusing on narrative preparation). Just a few of the topics discussed will include: Bank Secrecy Act Program Oversight, Creation and Maintenance, Risk Assessment, Review of Currency Transaction Reports, Currency Transaction Report Exemptions, Filing Requirements, Technology, and the Bank Secrecy Act plus many more areas.

The webinar will be conducted by LEVERAGE's Director, Management Consulting Services Angelic Pritchett.
[ Return to Top ]

Prepare now for IRA training in 2011

Credit unions should mark their calendars for IRA training in March, 2011. The LSCU is offering two courses, IRA Essentials on Mar. 15 and IRA Advanced Training on Mar. 16. Each course will be held at the Birmingham Marriott and run from 9:30 a.m. to 5:30 p.m.

The IRA Essentials Workshop gives attendees a solid foundation of IRA knowledge. Exercises are included throughout the day to help participants apply information to job-related situations. Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence. This is a beginner's session; no previous IRA knowledge is assumed. The trainer will utilize real-world exercises to help participants apply information to job-related situations. Those attending should bring a hand-held calculator.

The IRA Advanced Workshop builds on the learners’ knowledge of IRA basics to help them address some of the more complex IRA issues they handle at the credit union. This is an advanced session; previous IRA knowledge is assumed. The trainer will utilize real-world exercises to help participants apply information to job-related situations. Those attending should bring a hand-held calculator.

Each course is taught by Paul Kern who is a training consultant for Ascensus, Inc., a division of Crump Group, Inc. Kern is responsible for conducting IRA training programs to meet the needs of credit unions and leagues nation-wide.

The cost for each course is $229 per person. You can get more information by visiting the LSCU Education Calendar.









 

 
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Check out the 2011 Education Calendar for learning opportunities for YOUR credit union

The 2011 LSCU Education Calendar at-a-glance is now available. The calendar is highlighted by the League's premier events:

  • CUNA GAC - Feb. 27 - Mar. 3
  • AL State GAC - Mar. 30 - 31
  • FL State GAC - Apr. 13 - 14
  • LSCU AC&E - June  16 - 19 
  • LSCU Supervisory Committee Conference - Jul. 31 - Aug. 3
  • LSCU Development Conference - Nov. 1 - 4

The Alabama and Florida State GACs are new for 2011. Also new to 2011, are two SAS credit union workshops, one in Florida on March 22 and one in Alabama on March 24. The calendar also has more than 80 webinars with many of them being on-demand, meaning credit unions can access them when it's convenient for them. The calendar also reflects the prices of each event so credit unions can more easily budget for them.

Click here to view and print a PDF version of the calendar. [ Return to Top ]

Education Calendar

2011

Wednesday, January 5
Form 1099 Reporting
3:00 p.m. - 4:30 p.m. EST - webinar

Thursday, January 6
Business Continuity Planning for CUs
3:00
p.m. - 4:30 p.m.EST - webinar

Tuesday, January 11 2011
Fundamentals of SBA Lending
3:00
p.m. - 4:30 p.m.EST - webinar

Wednesday, January 12
IRA & HSA Annual Review & Update
3:00
p.m. - 4:30 p.m.EST - webinar

Tuesday, January 18
Special Edition: FinCEN - Chapter X BSA

3:00 p.m. - 4:30 p.m.EST - webinar

Wednesday, January 19
12 Rules for Effective Social Media

3:00 p.m. - 4:30 p.m.EST - webinar

Tuesday, January 25
Asset Liability Management

3:00
p.m. - 4:30 p.m.EST - webinar 

Wednesday, January 26
Mandatory Compliance Training Series

3:00 p.m. - 4:30 p.m.EST - webinar

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LEVERAGE News
More than $442,000 additional revenue for CUs in Sprint Program

In 2010, the Sprint Member Discount program generated more than $442,000 in non-interest income for the 56 participating credit unions from Florida and Alabama.

The Sprint Member Discount program offers tremendous benefits to members and credit unions. The program is easy to set-up and saves Sprint customers 10 percent on their monthly recurring cell phone charges.

It is not too late to sign-up for 2011. Contact a business development consultant at consult@myleverage.com. [ Return to Top ]

CUNA CFO Council's newest white paper cites importance of due diligence; LEVERAGE provides solution with Ventelligence

The CUNA CFO Council just published a new white paper detailing the importance of due diligence, risk, and overall vendor management. Some important findings included, managing contract expiration dates is an important part of ongoing vendor management; it’s not uncommon to miss a contract renewal or termination notice; and this is where hard dollars are often found if a credit union actively manages a vendor relationship. 

Recognizing the importance of vendor due diligence, LEVERAGE offers a solution to vendor management with its program Ventelligence. Not only does Ventelligence offer a contract management database with triggers for contract renewal dates and templates to simplify the risk assessment and due diligence process, its innovative ePurchasing program provides leading edge purchasing strategies that force vendors to compete for your business thereby saving credit unions real dollars. 

In 2010, 11 credit unions took advantage of ePurchasing with purchases of $2.4 million dollars for products and services such as armored car services, janitorial contracts, and ATM Machines. The overall average savings was 24 percent.

For more information about LEVERAGE's vendor management solution, contact LEVERAGE Director of ePurchasing Lori Vary. [ Return to Top ]

A Florida credit union wins $2,500 grant from CUNA Mutual Group


Dade County FCU President & CEO George Joseph (l) is presented the grant from CMG VP, Sales Ron Williams.

As part of a year-long celebration of its 75 years of partnership with credit unions, CUNA Mutual Group (CMG) recently awarded five $2,500 grants as part of its payment protection retention campaign. Grant winners can use the money for whatever they choose – from advertising to office equipment, software to staff training. One of the five credit unions was Dade County FCU located in Doral, FL.

This multi-faceted retention campaign kicked-off in August with a direct mail package to approximately 6,200 payment protection credit unions containing a brochure (take a look to get a feel for the campaign message) and a pop-up cube with a timeline containing historic CMG milestones and images of classic cars that fit within that time frame.

In addition to direct mail and periodic follow-up communications, the campaign included a microsite containing the grant registration form, along with links to valuable tools and resources available everyday to our credit union customers. Throughout the campaign, CMG emphasized its appreciation for their partnership, along with its commitment to helping credit unions protect their loan portfolio, generate fee income for their credit union, and ease uncertainty of their members.

For more information about the payment protection retention campaign or to request photos, contact Julie Redders, CMG marketing manager, at 800.356.2644, ext. 7927. [ Return to Top ]

News from You
Alabama Teachers Credit Union pays youth club members for good grades

Alabama Teachers Credit Union pays for good grades!  That’s right, members of ATCU’s three youth clubs: Savasaurus, Generation Next, and Synced submit their report cards twice a year, for the fall and spring semesters. Members are then paid $2 for each “A” and $1 for each “B.”  More than 100 new youth accounts have been attributed to the “Honor Roll Rewards” program over the past year. 


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Darden Employees Credit Union has grand opening

The Darden Employees Federal Credit Union (DCU), a full-service financial institution dedicated to serving Darden employees and their families, celebrated its grand opening last week. The credit union, based in Orlando, serves 180,000 Darden employees across the United States.

”Darden employees will enjoy financial value, banking convenience, and a unique dimension of service tailored exclusively to them,” said Jim Kasch, president/CEO of DCU. “We look forward to earning their business and serving them throughout their lives.”

DCU will offer a variety of financial products and services, including consumer loans, savings products, checking accounts, mortgages, credit cards, and insurance products. Members will be served at two retail branches in Orlando, through 24-hour phone and web channels, and through shared ATM and branch networks that will provide free access to 30,000 ATMs and 4,000 branches throughout the U.S.

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Insight CU hosts visiting Brazilian executives

Insight Credit Union was honored to be chosen by the Lake County Sheriff’s Office to host 22 visiting Brazilian executives on a tour of an American financial institution.

The Lake County Sheriff’s Office recently developed the internationally directed program, designed to train executives in the areas of asset and business protection, amongst other financial security needs. The visit included a tour of the Insight Credit Union's Eustis branch, followed by a question and answer session. All executives had been approved to visit the United States for the training after having undergone extensive background and security checks. Also accompanying the executives were four Lake County Deputy Sheriffs.


Tricia Guido, Eustis Branch Manager, demonstrates the use of a
Fraud Fighter machine to visiting Brazilian executives.

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Employment
View available credit union jobs

Visit the LSCU CU Job Center to view the available jobs. If you would like to submit a job, visit the job listing section of the Job Center. [ Return to Top ]

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