LSCU eSignal Weekly
LSCU eNews Weekly January 10, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
LSCU encourages Rep. Bachus to monitor the Fed's Interchange proposal
The LSCU asks Sen. Shelby to help push MBL through 112th Congress
The LSCU, credit unions take part in Florida Gov. Rick Scott's inauguration
Credit unions benefit through unity and cooperation with the League
CUNA's Cheney to meet with Florida credit unions this week
ACUA administrator nominees being sought by Gov.-elect Bentley in Alabama
New LSCU audio podcast; Patrick La Pine talks about the value of affiliation
LSCU Statewide Image Campaign presentations in Florida this week
Credit unions collectively save more than 65% with Ventelligence ePurchasing
Governmental Affairs News
LSCU legislative agendas available online
CUNA setting the stage for credit unions in the 112th Congress
Alabama credit unions, the LSCU meet with Gov.-elect Bentley
Credit unions represented at 112th Congressional swearing-in ceremony
Listerhill's Green nominated to CUNA CULAC board
Compliance Corner
League InfoSight highlight: Dates set for FCU directors and financial literacy
LSCU has resources available for compliance with NCUA financial literacy training
Compliance calendar and training
Cooperative Initiatives News
Credit unions are asked to submit financial literacy programs for $25 gift card
Education News
LSCU's Breedlove to join Corporate America
Save the date for upcoming LSCU BSA Workshops at a location near you
2nd LSCU AC&E coming up June 16-19 in Orlando
Education Calendar
LEVERAGE News
Save $25 off January purchases through Office Depot
Stoumbelis to call on credit unions in Alabama and Florida panhandle
FDIC regulation changes prompt new compliance awareness for credit unions
CUNA Mutual Group offers four steps toward compliance
News from You
Montgomery's Guardian CU completes merger with Comala CU
Seven Florida credit union staff awarded Certified Executive Program designation
Alabama River Employees Credit Union changes name
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

LSCU encourages Rep. Bachus to monitor the Fed's Interchange proposal

On Jan. 4, the LSCU President/CEO Patrick La Pine wrote a letter to new House Financial Services Committee Chairman Spencer Bachus (R-AL) thanking him for a letter he wrote, along with committee vice chairman Jeb Hensarling (R-TX), to Federal Reserve Chairman Ben Bernanke.

In the letter to Bernanke, Rep. Bachus expressed concern over the government setting Interchange rates. Rep. Bachus writes "additionally, some concerns have been raised that, despite its intent, the small issuers' exemption may end up creating an unlevel playing field in the industry that hurts small issuers like community banks and credit unions by making their cards more expensive for merchants to accept. Such an outcome would run contrary to the general goal of benefiting consumers and promoting competition that we all share."

The LSCU's letter to Rep. Bachus points out how the Interchange legislation will be harmful to credit unions. La Pine expresses concern that price controls proposed won't even cover the cost of the debit cards.

La Pine writes "credit unions do not want to increase prices for their members especially during these tough economic times.  In fact, the very basis of credit unions is the principal that savings be passed on to the members in the form of lower costs and higher returns. It is their very nature and inseparable from their business model. Money not spent by the credit union does go back to their consumers. Can the large retailers, who pushed this legislation, make a similar claim?"

While Rep. Bachus asked Bernanke to proceed in a cautious and deliberate manner to allow Congress oversight, La Pine urged Rep. Bachus to continue to monitor the final rule from the Fed. To read the LSCU's letter and Rep. Bachus' letter, visit the LSCU MBL and Interchange Resource area.   [ Return to Top ]

The LSCU asks Sen. Shelby to help push MBL through 112th Congress

On Jan. 3, the LSCU President/CEO Patrick La Pine wrote a letter to Sen. Richard Shelby (R-AL) expressing his disappointment over Sen. Shelby's objection to Sen. Mark Udall's (D-CO) consent consideration of his Small Business Lending Enhancement Act. The objection basically killed the Act's chances for passage in the lame duck session. Sen. Shelby objected to the Act because Republicans felt like the Democrats were trying to push controversial legislation through the Lame Duck Congress.

La Pine writes in the letter that "We hope that as we begin the 112th Congress in January, that you will consider the merits of this bill, and that credit unions, small businesses around the country, and the men and women they employ can look to you for your support of this legislation."

Sen. Shelby has been a credit union supporter over the years and La Pine thanked him for his work to help ensure a sound operating environment for credit unions.

To read the entire letter, visit the LSCU MBL and Interchange Resources page.  [ Return to Top ]

The LSCU, credit unions take part in Florida Gov. Rick Scott's inauguration

Rick Scott (R) is sworn in as Florida's 45th Governor

On Tuesday Jan. 4, Rick Scott (R) was sworn in as Florida's 45th governor. The LSCU and seven Florida credit unions took part in the day's festivities. The LSCU was one of the sponsors of the inauguration and helped credit unions have access to a prayer breakfast at Florida A&M, the Swearing-in ceremony, Inaugural parade and the Inauguration ball.

Attending the inaugural ball were Fairwinds CU CEO Larry Tobin, First Florida CU CEO Brent Lister, Florida Commerce CEO Cecilia Homison and LSCU President/CEO Patrick La Pine.

Among the many people attending the swearing-in ceremony were Tallahassee-Leon FCU CEO Lisa Brown, Tallahassee FCU CEO Steven Nazaruk and Florida A&M University FCU interim CEO Clarence Rivers along with LSCU staff. Envision CEO Darrell Worrel, along with Brown, Rivers and Homison attended the prayer breakfast.  

During Scott's inaugural address, which included six former governors, he talked about the steps needed to get Florida back on track. "We have to remember that modern businesses can locate anywhere. If the conditions Florida offers aren't the best, businesses go elsewhere. What does it take to create that favorable business climate? Florida has to offer the best chance for financial success. Not a guarantee -just the best chance. Three forces markedly reduce that chance for success, taxation, regulation, and litigation. Together those three form 'The Axis of Unemployment'. Left unchecked, they choke off productive activity."

Gov. Scott issued several executive orders that included: the suspension of rulemaking and the establishment of an Office of Fiscal Accountability and Regulatory Reform, the verification of employment status, ethics and open government, and reaffirming commitment to diversity in government. Also included was the Code of Ethics from the Executive Office of the Governor effective Tuesday Jan. 4.

While the new administration celebrated the beginning of a new era in Florida government, the involvement of the LSCU is the continuation of a commitment to build relationships with elected officials in the state and elevate the visibility of the credit union industry. [ Return to Top ]

Credit unions benefit through unity and cooperation with the League

The LSCU hopes that credit unions have seen over the past year how hard the League has been working to make the products and services available to member credit unions in Alabama and Florida second to none. To achieve the highest level of collective strength, the LSCU needs a high affiliation rate. One collective, strong voice for credit unions in Alabama and Florida is very powerful. 

Secure First Credit Union in Alabama and TMH Federal Credit Union in Florida are being recognized for being the first credit unions to submit their dues payments for 2011.

Over the past 18 months, the League has been focused on providing its members best-in-class services and resources, extensive educational opportunities, and more member-related initiatives. Examples include:

  • The LSCU’s interactive Web site - www.lscu.coop
  • Meetings with Alabama and Florida lawmakers and NCUA officials concerning the issues facing member credit unions
  • Convenient, affordable and relevant education sessions, visit the Education calendar
  • Creation of the LSCU Image Campaign, which will be implemented and spread across both states for increased credit union visibility
  • Extensive national media coverage through articles in industry and local publications, including CU Journal, CU Times, and CUNA NewsNow

This month will be a busy time for credit unions in Alabama and Florida. The League is hosting its final three town hall meetings with CUNA President/CEO Bill Cheney (see story below). The CUNA GAC is coming up Feb. 27 - Mar. 3, where member credit unions will make lobby visits to all of the federal lawmakers in Alabama and Florida, as well as hear from key lawmakers during the conference. State GACs will also be coming up March 30-31 in Montgomery and April 13-14 in Tallahassee.

The League hopes that your credit union is seeing that the LSCU is working harder than ever for member credit unions. The League appreciates all of the credit unions that have re-affiliated and see that through unity and cooperation, credit unions can achieve so much more. Dues are due to the LSCU by March 1. If you have any questions about affiliation, contact LSCU President/CEO Patrick La Pine 866.231.0545 ext.1002. [ Return to Top ]

CUNA's Cheney to meet with Florida credit unions this week

Credit unions in the Pensacola, Mobile, Tallahassee and South Florida areas have an opportunity to meet CUNA President/CEO Bill Cheney through town hall meetings this Thursday and Friday.

The town hall meetings give credit unions a venue to meet with Cheney, get to know him and hear CUNA's national vision for credit unions. The first four visits last month in Alabama and Florida were very well received with plenty of discussion. 

Credit unions need to register to attend one of the town hall meetings so the LSCU will have a good idea of how many to expect. Registration is simple: your name, credit union, phone, and email. Click on an event below to register.

Times and dates for this week's meetings:

Contact LSCU Executive Assistant to the President Teresa Gray at 866.231.0545 ext. 2110 with any questions or for more information. 
[ Return to Top ]

ACUA administrator nominees being sought by Gov.-elect Bentley in Alabama

Alabama Gov.-elect Robert Bentley will be sworn in as the next governor of Alabama on Jan. 17. As governor, one of his duties is to appoint people to key positions throughout the state government, including the position of Administrator of the Alabama Credit Union Administration (ACUA). The position of administrator continues until the first day of February after a new governor takes office, however the current administrator continues to serve until a successor has been appointed and has qualified. As governor, Bentley can appoint a new person, reappoint Glenn Latham, or withhold a decision to a later time. Administrator Latham has indicated he will not seek reappointment.

Although the League does not know Gov.-elect Bentley’s plan for this appointment, he has asked the League to provide him with a list of possible names for the position. To be eligible for the position, Alabama Code Section 5-17-41 requires:

(d) To be eligible for appointment as administrator, a person must have had at least five years' experience in the 10 years next preceding the appointment either as an officer or director of a federal or state credit union or an examiner or other officer in a federal or state credit union supervisory agency or credit union association, or other equivalent experience for at least five years in the 10 years next preceding the appointment.

This is a paid, full-time position; the salary is set by the governor within a range set by the ACUA board, not to exceed that of the Banking Superintendent of the State of Alabama.

If you or someone you know is interested in being appointed by Gov. Bentley for the position of ACUA Administrator, please contact LSCU SVP of Governmental Affairs Will McCarty at 205.437.2137. Please include either a resume or list of experiences and qualifications relevant to the position. This is not for the League's benefit, but so that the League may include it with the list it is compiling and providing to Gov.-elect Bentley.

With the inauguration being only two weeks away, and it's unclear how quickly Gov.-elect Bentley might wish to move forward, the League asks that anyone interested please contact Will as quickly as possible. [ Return to Top ]

New LSCU audio podcast; Patrick La Pine talks about the value of affiliation

Affiliation with the LSCU and CUNA has never been more important for credit unions. Through corporate assessments, a heavy regulatory environment and a tough economy, credit unions are wise to speak with one, unified voice. Credit unions in Alabama and Florida have one of the strongest voices in the country.

LSCU President/CEO Patrick La Pine talks to LSCU VP, Communications and Marketing Mike Bridges about the credit union movement in the Southeast moving forward through unity and cooperation. La Pine also talks about some of the things the League is doing on behalf of credit unions.   

To listen to the audio podcast, visit the LSCU Audio Podcast Center. The audio streams in MP3 format straight from the website. If you have any trouble listening to the podcast, contact Bridges at 866.231.0545 ext. 1022. [ Return to Top ]

LSCU Statewide Image Campaign presentations in Florida this week

Credit unions in the Orlando and Gainesville media markets will have an opportunity to see a presentation on the LSCU Statewide Image campaign this week. The Orlando meeting is Thursday Jan. 13 at 8:30 am at CFE FCU at 1000 Primera Blvd, Lake Mary, FL. The Gainesville meeting is Thursday Jan. 13 at 2 pm at 1st CU of Gainesville at 412 E. University Ave., Gainesville, FL. If any credit union would like to attend, contact LSCU VP, Communications and Marketing Mike Bridges at 866.231.0545 ext. 1022. 

Credit unions will notice a line item on their recently received League dues invoice that is labeled "voluntary fair share" contribution. This line item is for the 2011 LSCU Statewide Image Campaign. Over the past two weeks, 30 credit unions have made contributions to the image campaign. 

For those credit unions that are not familiar with the campaign, 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. The fundraising formula will be explained in greater detail in the market meetings.

If you have any questions about the 2011 Statewide Image Campaign or the "voluntary fair share" line item, contact Bridges. [ Return to Top ]

Credit unions collectively save more than 65% with Ventelligence ePurchasing

The December Ventelligence ePurchasing event for Armored Car Services created a collective 56.3 percent of savings from prior year costs for JetStream FCU (both U.S. and Puerto Rico), Florida Transportation CU, Darden Employees FCU, Buckeye Community FCU, and Railroad & Industrial CU. A second event was held for Achieva for Enterprise Risk Management Software and produced a total savings of 12.1 percent.

There are three tentatively scheduled ePurchasing events in the next two months. Contract specifications and/or quotes are needed by the following deadlines:

Event

Deadline

Event Date

Computers

Friday, January 14th

Friday, February 11th 

AC Maintenance

Tuesday, January 25th

Friday, February 25th

Telecom Systems

Friday, February 4th

Friday, March 11th


If your credit union is interested in participating, contact LEVERAGE Director, ePurchasing Lori Vary. [ Return to Top ]

Governmental Affairs News
LSCU legislative agendas available online

The LSCU now has available online the state and federal Legislative Agendas for 2011. The agendas are easy to read documents that explain the background of each issue and the League's position.

On the federal agenda, there are eight major issues including member business lending, supplemental capital, interchange fees, overdraft protection and the examination process.

On the Alabama state agenda, there are eight issues including public deposits, foreclosure/mortgage lending, ACUA fund sweeps and regulatory relief. In Florida,  the eight issues on the agenda include public deposits, verification of identity, unnecessary consumer protections and regulatory relief. 

The state and federal Legislative Agendas can be found by visiting the LSCU Governmental Affairs page. The agendas are password protected. If you do not have a password for the LSCU website, click here to sign up.  [ Return to Top ]

CUNA setting the stage for credit unions in the 112th Congress

Rep. Darrell Issa (R-CA)

The 112th Congress, which began last week, can help lessen the regulatory burden faced by credit unions by allowing them to raise supplemental capital, reviewing and potentially amending the Federal Reserve's recent Interchange fee proposal, and lifting the cap on credit union member business lending. These are points laid out by CUNA President/CEO Bill Cheney in a letter to House Oversight and Government Reform Committee Chairman Darrell Issa (R-CA).

CUNA pinpointed a number of additional ways that Congress could help reduce the regulatory burden on credit unions. Congress could encourage the NCUA and other regulators to reward well-run credit unions by lengthening their examination cycles to 18 months, streamlining their 5300 call reports, and providing them with automatic waivers from regulatory limitations that are not required by statute.

Further, the budget and resource allocations of the agency and other federal financial regulators should also be subject to periodic congressional review, CUNA suggested. The Government Accountability Office could also monitor these agencies to review their compliance with the Paperwork Reduction and Regulatory Flexibility Acts, and could force regulators to report on whatever yearly steps they have taken to reduce the regulatory burden on their respective institutions.

"The only owners of a credit union are its members, who receive the benefit of ownership through reduced fees, lower interest rates on lending products and higher dividends on savings products," CUNA President/CEO Bill Cheney wrote.

"Because of this structure, the cost of a credit union's compliance with unnecessary and unduly burdensome regulation impacts its members more directly than bank customers. Every dollar that a credit union spends complying with regulation is a dollar that is not used to the benefit of the credit union's membership," Cheney added.

CUNA was responding to a specific request made by Issa in a Dec. 10 letter, in which he asked for about 150 companies, think tanks and trade groups to provide their input on various regulations.

For the full letter, click here.


[ Return to Top ]

Alabama credit unions, the LSCU meet with Gov.-elect Bentley

This past Friday, a little over a week before his inauguration, Gov.-elect Robert Bentley sat down with representatives from Tuscaloosa area credit unions and LSCU Staff.  Steve Swofford, CEO of Alabama Credit Union, Tommy Cobb, CEO of Tuscaloosa Credit Union, and Will McCarty, SVP of Governmental Affairs for the League met with Gov.-elect Bentley in the Alabama Credit Union board room. 

During the meeting, the group discussed Mr. Bentley’s plans regarding the appointment of the Administrator of the Alabama Credit Union Administration. The group explained to the Gov.-elect the structure and function of the ACUA, how the agency works, and how it is completely funded by credit unions, not tax revenue from the General Fund. Gov.-elect Bentley stated that his criteria, as it is with all of his appointments, was to appoint the best people regardless of party. He understands the need to find the balance between a regulator who ensures a safe and sound industry yet does not over-regulate and micromanage the operations of credit unions. He said he does want to listen to the people or organizations most affected by his decisions, and that he wants the input of the League and credit unions as he considers this appointment. 

The CEOs also took the opportunity to tell Bentley about the current condition of credit unions, and how they have served their members during the recent economic downturn. Cobb and Swofford explained how their credit unions, and the industry as a whole, have continued to lend and continue fueling the economy while other financial institutions restricted lending and services. Gov.-elect Bentley said he understands the importance of economic development for Alabama, and the important role that credit unions have played and will continue to play. 

The LSCU will be one of the sponsors of Gov.-elect Robert Bentley's inauguration Jan. 17. 

(L-R)  Tommy Cobb, Tuscaloosa Credit Union; Will McCarty, LSCU; Gov.-elect Robert Bentley; Steve Swofford, Alabama Credit Union


[ Return to Top ]

Credit unions represented at 112th Congressional swearing-in ceremony

Alabama and Florida credit unions were represented at the swearing-in ceremony of the 112th Congress. Art Wood, CEO of Railroad and Industrial FCU in Tampa, and his wife Mary Wood, CEO of Florida West Coast CU in Brandon, FL, traveled to Washington D.C. and met with many members of the LSCU federal contingent. 

The Woods talked with Sen. Jeff Sessions (R-AL) who remarked that the credit unions have very good lobbyists. Rep. Spencer Bachus (R-AL) invited them to a reception where they also met Rep. Martha Roby (R-AL), Rep. Terri Sewell (D-AL) and Rep. Mo Brooks (R-AL). 

The Woods watched the swearing-in events from the Cannon Building after spending some time with Rep. Dennis Ross (R-FL), Rep. Steve Southerland (R-FL)  and Rep. Gus Bilirakis (R-FL).

(LtoR) Cindy Ross, Art Wood, CEO, Railroad and Industrial FCU, Mary Wood, CEO, Florida West Coast CU, Rep. Dennis Ross

  [ Return to Top ]

Listerhill's Green nominated to CUNA CULAC board

Brad Green, CEO of Listerhill Credit Union in Muscle Shoals, AL has been nominated to CUNA as a Credit Union Legislative Action Committee (CULAC) Trustee. This nomination recognizes Green as a leader in political advocacy and fundraising in the credit union community. He has always been politically active, participating in Hike-the-Hill events as well as having a very active credit union staff and membership in political fundraising.

The CULAC board of trustees is responsible for the oversight of and has traditionally set broad policy directives for the PAC. The goal is for the trustees to play an active leadership role in educating the credit union community about the PAC and in soliciting funds for the PAC, in hopes of a more involved membership and continued financial growth.

If elected, Green will serve a two-year term that begins with CULAC's first meeting Feb. 27.  [ Return to Top ]

Compliance Corner
League InfoSight highlight: Dates set for FCU directors and financial literacy

The first issue of the League InfoSight newsletter for 2011 looks at the new NCUA rule addressing the duties of federal credit union boards. Dates have been set and  will be effective in January 2011, and compliance with the financial literacy portion of the rule will be required by July 2011.

Directors elected or appointed on or before January 27, 2011, including those directors serving prior to NCUA finalization of the rule, must be in compliance with the financial literacy requirements by July 27, 2011. Directors elected or appointed after January 27, 2011, must satisfy the financial literacy requirements within six months following seating.

As part of the financial literacy requirements, all FCU directors, including existing directors, must have the ability to read and understand a credit union balance sheet and income statement. You can read more in the latest edition of League InfoSight.

The LSCU is offering two webinars, two half-day sessions at the State GACs and CUNA has four ways to meet the regulatory requirement. See the story in the headlines section of this edition of eSignal.

For more 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 ]

LSCU has resources available for compliance with NCUA financial literacy training

As federal credit unions work to understand the new NCUA rules that require directors to have training in financial literacy, the LSCU and CUNA have a number of financial literacy webinars, training sessions and modules ready for credit unions.  

The LSCU is offering two webinars in the next three months that will help credit unions become compliant:

  • February 15 - Required Financial Literacy Training for Directors Under NCUA Guidelines:  What Regulators Want and What Directors Should Know
  • March 3 - Required Financial Literacy Training for Directors Under NCUA Guidelines:  Ratios, Concentration, Investment Evaluations, and More

The LSCU will also offer training sessions at the State GACs in March, April and the Annual Convention and Exposition (AC&E) in June. The LSCU VP, Regulatory Affairs Bill Berg will facilitate those sessions, plus one in South Florida. Visit the LSCU Educational Calendar to sign up for one of the webinars. More information will be available soon on the training sessions.

CUNA is offering four additional ways the credit unions can become compliant:

  • Completion of the following six VAP modules:  V02, V03, V409, V415, V305, V428- our credit unions can purchase all six modules as part of a kit at a reduced rate of $169 since we are a CAP state(s)
  • Attend CUNA’s Credit Union Finance for Non-Financial Managers and Volunteers Conference and successfully complete the program on April 3-6 in Nashville
  • Attend CUNA’s Credit Union Finance for Non-Financial Managers and Volunteers eschool and successfully complete the follow-up exam.  Program consists of six sessions and runs May 4 – June 15
  • Credit Unions can have their board attend a two day in-house training program and successfully complete an exam

For more information on the CUNA programs, contact LSCU Association Services Support Specialist Becki Payne at 866.231.0545 ext. 2129.

The NCUA recently ruled that directors will be given six months to receive training in financial literacy. Directors for federal credit unions should have a minimum of competence in basic finance and an ability to read and understand their credit union's balance sheet. NCUA Chairman Debbie Matz says the NCUA is not planning hardcore efforts to police the new requirements, at first. "It's not going to be a game of gotcha; examiners are not going to go around quizzing volunteers," she added.

 

  [ Return to Top ]

Compliance calendar and training

Compliance Calendar

January 1
New Year's Day - Federal Holiday

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 Date

January 17
Martin Luther King, Jr. Birthday - Federal Holiday

January 23
5300 Call Report Due to NCUA

January 28
SAFE Act - Estimated Federal Registration Start Date

January 30
Truth in Lending, Mortgage Loan Rules - Closed End Disclosures Interim Rule

Regulation Z (TILA) MDIA Interim Final Rule for Mortgage Loans with Variable Rates or Payments - Effective Date

January 31
IRA Minimum Distribution Notice

Regulation E - Gift Card Rule Change - Effective Date (Updated 10/20/2010)

IRS Forms Due (See the online calendar for a complete list.)

Regulation E (EFTA) Extension of compliance deadline for printed gift card disclosures - Effective Date

Compliance Training

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

March 16–30
CUNA Compliance Fundamentals eSchool

  [ Return to Top ]

Cooperative Initiatives News
Credit unions are asked to submit financial literacy programs for $25 gift card

The LSCU is looking for credit unions to post a message via the Cooperative Initiatives Financial Literacy Resource Facebook Page about their most unique and successful financial literacy/education or outreach program for adults. For every credit union that posts a program, they will be eligible to win a $25 VISA gift card.  

Credit unions must be a fan of the Facebook page to be able to post. Submissions are due Jan. 14.

  [ Return to Top ]

Education News
LSCU's Breedlove to join Corporate America

After nearly 10 years of working with credit unions in Alabama and Florida, Joy Breedlove, the LSCU's VP of Education, has decided to move to Corporate America in Birmingham.

Credit unions in Alabama and Florida benefited greatly from the work Breedlove provided. She oversaw the 1st LSCU Annual Convention and Exposition (AC&E) in June, 2010. The AC&E saw more than 1,100 attendees. Breedlove also planned many webinars, audio conferences and events during her 10 years with the League.    

Breedlove began her credit union career in 2001 joining the Alabama Credit Union League as a CU development specialist. She moved into the director of education services role before assuming the vice president of Education position once the Alabama and Florida Leagues consolidated in 2010.  Her last day is Jan. 14.  [ Return to Top ]

Save the date for upcoming LSCU BSA Workshops at a location near you

Location:
Healthcare's Cooperative CU

9790 Touchton Road
Jacksonville, FL 32246

Mobile, AL, April 6, 2011

Morning session: 9 - 11:30am CST

Afternoon session: 1 - 3:30pm CST

Instructor: Angelic Pritchett CUCE, AAP, BSACS, LSCU Director of Management Consulting Services/CUACE

Location:
Blue Flame Credit Union
Auditorium
2828 Dauphin Street
Mobile, AL 36606

Birmingham, AL, May 18, 2011

Morning session: 9 - 11:30am CST

Afternoon session: 1 - 3:30pm CST

Instructor: Angelic Pritchett CUCE, AAP, BSACS, LSCU Director of Management Consulting Services/CUACE

Location:
League of Southeastern Credit Unions
Ground Floor Conference Room
22 Inverness Center Pkwy.
Birmingham, AL 35242

Wednesday, October 18, 2011

Morning session: 9 - 11:30am CST

Afternoon session: 1 - 3:30pm CST
(details to be posted online at a later date)

Instructor: Angelic Pritchett CUCE, AAP, BSACS, LSCU Director of Management Consulting Services/CUACE

Location:
Listerhill Credit Union
4790 E 2nd St.
Muscle Shoals, AL 35661

If you have any questions, contact Association Services Support Specialist Becki Payne at  866.231.0545 x2129.

[ Return to Top ]

2nd LSCU AC&E coming up June 16-19 in Orlando

As credit unions prepare for 2011, the LSCU is asking all credit unions to keep the 2nd LSCU Annual Convention and Exposition (AC&E) on their calendars. The dates are June 16-19 in Orlando at the JW Marriott. The AC&E kicks off Thursday June 16 and wraps up Saturday June 18 which is a slight difference from the AC&E last year. 

The agenda is just coming together, but the League's annual business meeting will include  NCUA Chairman Debbie Matz, National Credit Union Foundation Chairman Bucky Sebastian and CUNA Mutual Group's Bob Trunzo. 

Credit unions can count on the same great educational offerings, exhibit hall time and fun offsite guest tours. For more information on the AC&E, visit the Convention and Exposition website.  


[ Return to Top ]

Education Calendar
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

  [ Return to Top ]

LEVERAGE News
Save $25 off January purchases through Office Depot

LEVERAGE is a credit union's resource for access to deep discounts on more than office supplies through the Office Depot Business Solutions Division (BSD) program. A tremendous January promotion is going on right now.

Get $25 off your purchase of $125 or more. The deadline to purchase by is January 31, 2011. Click here to view the flyer.

For questions or more information about the Office Depot Business Solutions Division program for credit unions, contact LEVERAGE Product Support Manager Deirdre Rhodes at 866.231.0545 x1104. 

  [ Return to Top ]

Stoumbelis to call on credit unions in Alabama and Florida panhandle

LEVERAGE is proud to announce that Anita Stoumbelis has joined the Business Development Team. Anita has more than 20 years of experience in financial services management, with an emphasis on organizational development, project management, and business development. Since coming to the League in 2000, Anita has focused on developing products, services, and educational programs that credit unions need to compete in today’s financial services market. Her extensive knowledge of the credit union industry will be indispensable in helping credit unions achieve their long term goals.

Anita will be managing credit union relationships in Southern and Western Alabama and Northwestern Florida. She will reside in the Florida Panhandle.

Anita holds a bachelors degree in Business Management from Florida State University. [ Return to Top ]

FDIC regulation changes prompt new compliance awareness for credit unions

Due to the change in FDIC regulations, John M. Floyd & Associates (JMFA) has released an article in response to the higher level of guidance that will be needed on programs such as automated overdraft. Although it does not directly apply to credit unions, a statement from CUNA’s compliance department earlier in the year regarding FDIC actions suggested credit unions should monitor FDIC proposals, as these actions “possibly could foreshadow decisions about overdraft plans made by the new Consumer Financial Protection Bureau (CFPB), which would apply to credit unions.”

JMFA has produced a series of questions to determine if your credit union is compliant and maintaining a program that is in the best interest of your members and your bottom line. Visit the LEVERAGE Research and Information section of the website to read the entire article. [ Return to Top ]

CUNA Mutual Group offers four steps toward compliance

Complying with new or revised regulations used to be a somewhat predictable and orderly process. Rule changes were infrequent. And when changes came, credit union staffs could usually follow the new language with a minimum of guidance. For a snapshot of how much has changed, see this excerpt from Regulation Z:

“Only the information required or permitted by paragraphs (b)(2)(i) through (b)(2)(v) (except for (b)(2)(i)(D)(2)) and (b)(2)(vii) through (b)(2)(xiv) of this section) shall be in the table. Disclosures required by paragraphs (b)(2)(i)(D)(2), (b)(2)(vi) and (b)(2)(xv) of this section shall be placed directly below the table.”

And this is just one small section of Truth in Lending, from Section §226.6(b)(1)(ii). This section has six subsections that a person responsible for regulatory compliance must understand and implement.

Welcome to the new normal.

CUNA Mutual Group is offering some suggestions to help credit unions handle compliance on this new playing field:

1. Rather than merely reacting to compliance issues, form a compliance strategy.

As the average credit union continues to become larger and more complex, it is more difficult to see how actions taken in one part of the organization will effect compliance in another part. A compliance strategy should establish a process of connecting each operational change to any corresponding compliance issues.

2. Give one person overall responsibility for compliance.

Your compliance strategy should include designating a leader who reports at a high-level to have influence over all compliance decisions. 

3. Treat compliance as a specialized skill; employ compliance professionals.

The rules for credit cards are different from those for ATM cards. Home Mortgage Disclosure Act data collection rules are similar to, but not the same as, the Equal Credit Opportunity Act rules. And so on. The nuances are endless. Compliance requires attention to detail and the ability to translate arcane rules into actionable steps. Compliance professionals must assess the gray areas within rules—most compliance issues are not black and white—and act decisively.

4. Fund your compliance leader appropriately.

The pace of rule changes and additions has accelerated. For example, the Credit Card Act of 2009 had four different compliance dates, each about four months apart. One set of rules gave credit unions a little less than six weeks to make major changes to their data processing systems. An effective compliance operation may need support staff, and outside support from lawyers and other experts.

These four steps comprise a major commitment from a credit union’s leadership team and board of directors. But the cost of avoiding this commitment could be far greater. Regulators are focusing more on the fiduciary duty of credit union officers, so due diligence in establishing a strong compliance function is critical. [ Return to Top ]

News from You
Montgomery's Guardian CU completes merger with Comala CU

Two of Montgomery’s oldest credit unions announced that their merger is complete. Comala Credit Union, established in 1954 to serve employees of the city of Montgomery, has officially merged with Guardian Credit Union. The two credit unions, with a combined $202 million in assets, will operate under the Guardian name, with a total of eight branches serving 28,277 members.

“We’re very pleased to welcome Comala employees and its members into the Guardian family,” said Heath Harrell, president/CEO of Guardian Credit Union. “Both of these institutions have a strong history of financial stability and unrivaled service to their members. We want to assure our Comala members that those traditions will continue, and they can count on the same level of service they have come to expect in the past at Comala from those of us here at Guardian. Together, we will stand even stronger.”

Guardian Credit Union was originally established in 1958 to serve the men and women of the Alabama National Guard. Today, the credit union serves numerous employee groups and is accepting membership from anyone who lives or works in a 12 county area covering central Alabama.

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Seven Florida credit union staff awarded Certified Executive Program designation

CUNA recently awarded 31 individuals from 13 states the Certified Credit Union Executive (CCUE) designations, bringing the total nationwide to 2,714. CCUE is the hallmark of professional credit union achievement. Designed for managers and those aspiring to credit union leadership, the program teaches advanced credit union management and operations techniques. Four Florida staff members were designated CCUE:

  • Nancy Perry, CCUE, CFE FCU
  • Urban Areingdale, CCUE, Suncoast Schools FCU
  • Donna Pruneau, CCUE, Suncoast Schools FCU
  • Kathryn Bonaventura, CCUE, VyStar Credit Union

In addition, three individuals, including Darlene Behringer, CCUE, CFSP, Suncoast Schools FCU, earned the Certified Financial Services Professional (CFSP) designation. This program is targeted specifically at educating credit union professionals specializing in financial services.

The Certified Executive Program (CEP) awarded specialty certifications to 16 credit union professionals. These certifications require in-depth courses in a specialty area, including: compliance, lending, financial management, marketing, and human resources. Two Florida credit union executives were among those receiving specialty certifications:

  • Certified Lending Specialist - Julie Flatt, CCUE, CFSP, CUCE, floridacentral CU (with honors)
  • Certified Human Resource Specialist - Donna Pruneau, CCUE, Suncoast Schools FCU

The CEP is the overall name for the self-study program allowing for the above designations. Recommended for college credit by the American Council on Education (ACE), the classes and materials are tailored specifically to those working within the Credit Union System. All new designations were awarded in November. [ Return to Top ]

Alabama River Employees Credit Union changes name

Established in 1979 to serve employees of Perdue Hill, the board of Alabama River Employees Credit Union approved changing the name to Alabama River Credit Union. The official vote took place Nov. 12.

The credit union is also about to begin construction of a new building in Monroeville, AL. [ Return to Top ]

EMPLOYMENT
View available credit union jobs

To view the available jobs on the LSCU homepage, visit the LSCU CU Jobs Center. [ Return to Top ]

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