LSCU eSignal Weekly
LSCU eNews Weekly February 7, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
Larry Morgan named ACUA Administrator
Speaker Boehner to address credit unions at the CUNA GAC
Reg Z proposed rules will not go through
La Pine submits letter to the editor on interchange fees
LSCU compliance call coming up this week: SAFE Act to be discussed
"Credit Union Bill of Rights" guide to be mailed
SE Coporate holds Town Hall meeting in Tallahassee
Dennis Dollar to address first meeting of the LSCU Councils, session speaker line-up top notch for March 24 meeting
New program outreach reduces credit union expenses on office supplies & more
Governmental Affairs News
CUNA GAC webinar coming Feb. 24
Florida roundup: OFR legislation update, Affordable Care Act, and State workers pension reform
Washington update: House and Senate in session, House hearing schedule
Compliance Corner
League InfoSight highlight: A number of comment letters are due
Compliance calendar and training
Cooperative Initiatives News
Credit unions urged to sign up for National Youth Savings Week
Save the date for Small Asset Size Credit Union Workshop!
Education News
LSCU has resources to help credit unions comply with financial literacy
Learn the basics and not-so-basics about IRAs in LSCU IRA workshop in Birmingham, AL
Last call for registration for BSA Training - Jacksonville, FL
Education Calendar
LEVERAGE News
Strategically planning purchases results in increased savings
Free Valentine’s gift at Office Depot
Member discount program make memberships more valuable
Big savings on select Office Depot essentials
Help members make the right decision for managing long-term care
News from You
Tampa Chapter organizes workshop with Secret Service
Riverdale CU announced dividend at annual meeting
Homeless students benefit from CFE’s Holiday Clothing Drive
Alabama Teachers Credit Union helps local classrooms in need
Redstone Federal Credit Union receives recognition for local diabetes research efforts
EMPLOYMENT
View available credit union jobs
In This Issue
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LSCU Headlines

Larry Morgan named ACUA Administrator

(l to r ) Gov. Robert Bentley, Larry Morgan and LSCU President/CEO Patrick La Pine

On Feb. 3, Alabama Gov. Robert Bentley appointed former APCO Credit Union CEO Larry Morgan as Administrator of the Alabama Credit Union Administration (ACUA). Morgan brings a wealth of credit union experience to the office including running the Birmingham based APCO CU, which is the largest state chartered credit union in Alabama with more than $1.8 billion in assets and more than 60,000 members. Morgan also served on the Advisory board of the ACUA from 2005 to 2011 and worked for the Alabama Credit Union League.

“Gov. Bentley’s appointment of Larry Morgan as Administrator of the ACUA gives great confidence to Alabama credit unions,” said LSCU President/CEO Patrick La Pine. “Larry understands credit unions in Alabama and the regulatory issues facing them which means that he will provide a steady and fair hand with the ACUA. The LSCU looks forward to working with Larry to improve the operating environment for credit unions.” 

Earlier this year, current Administrator Glenn Latham informed Gov. Bentley that he would not seek a reappointment.

"The League recognizes and thanks outgoing ACUA Administrator Latham for his years of service to credit unions in Alabama," added La Pine.

Morgan's term runs through Feb. 1, 2015. His appointment will now be sent to the Alabama Senate for confirmation.


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Speaker Boehner to address credit unions at the CUNA GAC

House Speaker John Boehner (R-OH) will speak at the CUNA GAC Wednesday Mar. 2

Credit unions will hear from one of the most influential lawmakers in Washington D.C. when Speaker of the House John Boehner (R-OH) addresses the CUNA GAC Wednesday Mar. 2. Joining Rep. Boehner will be House Majority Whip Kevin McCarthy (R-CA). Credit unions will hear from many of the top House leaders like House Financial Services Committee Chair Spencer Bachus (R-AL), along with Reps. Boehner and McCarthy. The CUNA GAC is coming up Feb. 27-Mar. 3.

The LSCU will host the Alabama and Florida delegation at the Grand Hyatt hotel right near the convention center. The LSCU will hold a Welcome Reception on Sunday Feb. 27 and then hospitality events Monday and Tuesday. The hospitality events provide a good opportunity for credit unions to network about their day and to talk about the upcoming Hill visits. The latest information and any schedule changes will also be provided at the hospitality events. The LSCU delegation will make most of the Hill visits Wednesday and Thursday of CUNA GAC week. This is a great opportunity for credit unions to speak directly with lawmakers. Many times the lawmakers ask pointed questions about legislation and how it affects credit union members. A strong showing by credit unions in Alabama and Florida show lawmakers how important credit unions are in the financial landscape.

There is still time for credit unions to register to join the LSCU at the CUNA GAC Feb. 27 - Mar. 3. Contact LSCU Executive Assistant to the President Teresa Gray at 866.231.0545 ext. 2110 to get your name on the list and to secure a hotel room. For more information, visit the LSCU CUNA GAC Resources area of the website.


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Reg Z proposed rules will not go through

In late 2010, CUNA asked the Fed to drop the proposals and to impose a moratorium on further Fed rulemaking that will be under the authority of the Consumer Financial Protection Bureau starting Jul. 21, 2011. The Fed announced that it will not push three proposed rules through.

One of the proposals that has been dropped included very onerous provisions that would have jeopardized credit protection insurance products such as credit life, disability, debt cancellation, debt suspension and similar products that provide important benefits to credit union members. The other proposals dealt with closed-end mortgage loans and home equity lines of credit.

The League is pleased about this announcement which CUNA worked to pursue but it is important League members know how important our credit union comment letters on these issues were in helping to persuade the Fed to back off on these proposals. In addition, commendations are extended to CUNA Mutual for its efforts, which they coordinated with Leagues and CUNA, particularly regarding the proposal on credit protection products.

For questions about the announcements, contact LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165.

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La Pine submits letter to the editor on interchange fees

On Jan. 27, the Orlando Sentinel ran a story, "Debit cards fees headed lower for merchants," that looks at interchange fees and how consumers will see benefits from the retailers. A number of analysts are quoted as saying the fees will be pushed on to the consumer. One retailer does say he will put the interchange savings back into his business.

The LSCU submitted a letter to the editor to the Orlando Sentinel pointing out how the consumer will be the real loser in the interchange fight and that there is nothing in the Federal Reserve's proposed rule that will make retailers lower prices. LSCU President/CEO Patrick La Pine writes that credit unions need the interchange revenue to keep the debit card programs for members and "without this revenue, debit cards may not be offered, and credit unions could impose new fees on services like checking or debit transactions. How will that not adversely affect credit unions or consumers?"

To read the entire letter to the editor, visit the LSCU MBL and Interchange Resource area of the website. [ Return to Top ]

LSCU compliance call coming up this week: SAFE Act to be discussed

The LSCU’s first Compliance Call of 2011 is coming to a phone near you.  Dial in this Thursday Feb. 10 at 3 pm EST/2 pm CST.

The call will feature CUNA Director of Compliance Valerie Moss as a guest speaker. Valerie will talk about the SAFE Act. The call is free and runs for one hour.

To sign up, send an email to LSCU Association Services Support Specialist Tracy Shimansky. The email should include the name and email address for everyone from your credit union that will participate. An email with call in instructions will be sent after you register.

In addition to the SAFE Act, Moss will talk about ATM and the new ADA requirements. So far a record number of more than 100 people have signed up for the call.  If you have any specific SAFE Act or ATM ADA questions, please email them to us so we can make sure that all questions are properly addressed.


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"Credit Union Bill of Rights" guide to be mailed

The recent economic issues in the financial arena have prompted regulators at both the state and federal level to take a more assertive stance in dealing with various issues seen during exams. At numerous meetings, the NCUA has stated to the League and to credit unions that issues identified must be corrected, and failure to do so by the credit union will result in accelerated action by the NCUA. The League knows that the heightened requirements create additional concern for even well-capitalized and well-managed credit unions. 

The League’s Regulatory Affairs Department, working in conjunction with CUNA and CUNA’s Supervisory Issues Working Group, has completed the guide for credit unions on supervisory issues and examinations.  Sometimes called the “Credit Union Bill of Rights,” this guide explains the rights and responsibilities of credit unions and examination authorities, and provides a valuable resource to credit unions about the supervisory process and the proper role of the examiner. The guide contains regulatory contacts for the League and CUNA, as well as NCUA Region III, the Alabama Credit Union Administration, and the Florida Office of Financial Regulation.

A hard copy of the guide will be mailed to each credit union, and a copy is also available on the LSCU Regulatory Resources area of the website. For more information on the guide, or any Regulatory issue, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137, VP, Regulatory Affairs Bill Berg at ext. 1028 or Scott Morris at ext. 2165. [ Return to Top ]

SE Coporate holds Town Hall meeting in Tallahassee

On Feb. 3, representatives from LSCU and Tallahassee-area credit unions heard more on Southeast Corporate’s Proposed Business Plan for recapitalization, expected to be submitted to NCUA in mid-March for approval.

Southeast Corporate’s new business model is designed to enhance member value by gaining operational efficiencies and further reducing expenses through the consolidation of back-office operations with other system entities. The recapitalization is necessary to meet the capital and NEV requirements of the corporate regulation part 704, and to rebuild a strong and viable corporate to serve member credit unions. This new plan will enable Southeast Corporate members to benefit through continuity of services coupled with additional scale to derive more value. This plan will also assist in reducing Southeast Corporate’s dependence on investment income and the related risk to its members’ capital.

In the past, corporates have utilized earnings from the investment portfolio to subsidize other services offered to their members. Under the new corporate regulation, corporates will no longer be able to take on the same level of risks in order to generate the majority of their revenue from investments. Therefore, corporates must focus on operational efficiencies to reduce costs and have sufficient non-interest income in order to add sustainable member value.

“Years ago credit unions had no option but to go to banks or vendors for most correspondent services, said  Timothy D. McMurry, PowerNet Credit Union CEO and SE Corporate board Chairman. “However, credit unions were just another customer with no influence or ownership. Banks and vendors had no loyalty to serving credit unions. For competitive and profitability reasons others just abandoned their credit union customers. Credit unions created corporates to help themselves be competitive in the marketplace. If you think it is difficult now, imagine going back and being dependent on banks, or other vendors where you have no voice.”

Below are the remaining Southeast Corporate Town Hall dates:

  • Wednesday, February 9: Lakeland, FL
    Publix Employees FCU; 3005 New Tampa Highway

  • Thursday, February 10: Miami Lakes, FL
    Don Shula's Hotel; 6842 Main Street

To attend one of the following meetings visit www.secorp.org.

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Dennis Dollar to address first meeting of the LSCU Councils, session speaker line-up top notch for March 24 meeting
Former NCUA board Chairman Dennis Dollar will be the keynote speaker at the spring meeting of the LSCU Councils (formerly LSCU Leadership Councils), Mar. 23-24 in Birmingham, AL.

Dollar, principal partner in Dollar Associates, LLC, will speak about "The Right Moves for Credit Unions in Today's Economy" during the Council meeting's afternoon session. Dollar takes on the big issues credit unions are facing today and provides his unique perspective on the strategic moves that America’s credit unions must make in today’s challenging economic times if the movement is to keep moving.

Click here for a podcast as Dennis Dollar previews his keynote speech.

In addition, attendees of the CFO, Marketing & Business Development, Lending, and Operations, Sales & Service Council sessions can expect top-notch industry experts to speak on current hot topics.

The line-up of topics and speakers includes:

  • CFO: The New Corporate Business Model:  What You Need to Know About Future Services and how to Evaluate what’s Best for Your Credit Union - Brad Miller, CEO, Southeast Corporate and former Executive Director at Association of Corporate Credit Unions (ACCU)
  • Marketing & Business Development: Membership Growth Recipe: Business Development & Community Relations, Mark Arnold, CCUE, Senior VP, Neighborhood Credit Union

  • Lending: Maximizing Relationships, Julie R. Ferguson, Owner JRF Consulting Services, LLC

  • Operations, Sales & Service: Achieving Operational Efficiencies through Collaborative Efforts, Jason Boles, CEO of Fans Created   

Credit union professionals won't want to miss this meeting as the councils offer the best regional opportunity to stay abreast of trends in specific disciplines, hear the timeliest topics from top speakers, and to network with industry peers in Alabama and Florida.

The LSCU Councils are perfect for CFOs, Lending, Marketing and Business Development, and Operations, Sales & Service professionals.

For an overview of each session topic, meeting details, and registeration information, visit the LSCU Education Calendar at www.lscu.coop and click on the event or click here. Contact LEVERAGE Director, HR Services/Executive Recruiter Lisa Hammock 866.231.0545, ext. 1146 with any questions.

To learn more about the LSCU Councils, visit the LSCU Council homepage at www.lscu.coop or click here

Follow the LSCU Councils on Facebook.

 


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New program outreach reduces credit union expenses on office supplies & more

In addition to all the existing benefits that the Office Depot Business Solutions program has to offer, LEVERAGE is proud to announce the Printable Store Purchasing Card. Now, shopping at Office Depot is even easier.

This is not a credit card and delayed billing is not available with this card, but you will be able to use it as an identification card for you to receive our special pricing. All you have to do is show your Store Purchasing Program Card when you’re shopping at any of the retail stores. The card will indicate that you are part of the LEVERAGE National Purchasing Group, and you will receive the lowest pricing available.

Plus, anyone you know can save too! Distribute the Store Purchasing Card PDF flyer or print it and make copies, then give it to your colleagues, friends, and family so they can receive our special pricing when they shop at an Office Depot retail store, it’s that easy.

The more volume the program sees, the more savings credit unions and program users will see! Take a look at the Store Purchasing Card PDF flyer with all the terms and conditions listed. And, don’t forget to print a copy for yourself and anyone else you think wants to save some cash the next time they shop in an Office Depot retail store.

Thank you for your support of LEVERAGE and the Office Depot BSD program.

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Governmental Affairs News
CUNA GAC webinar coming Feb. 24

For Alabama and Florida credit unions that will be attending the CUNA GAC, Feb. 27 - Mar. 3, the LSCU is offering a webinar to help attendees get the most out of their time at the conference. The webinar will be Feb. 24 at 11 AM EST / 10:00 CST. The League will be going over the GAC schedule, LSCU events, and the most recent legislative information to help prepare you for your meetings with your members of Congress

Individual credit union's commitment to advocacy is the source of the movement's grassroots strength, which is needed now more than ever. The CUNA GAC has a great line-up of speakers including House Financial Services Chairman Spencer Bachus (R-AL) and Rep. Debbie Wasserman Shultz (D-FL). In addition to the speakers, there will be a number of important and informative break-out sessions, networking opportunities, and Hill visits on Wednesday and Thursday.

For credit unions that would like to know more about the CUNA GAC or how they can attend, contact LSCU SVP of Governmental Affairs Will McCarty at 866.231.0545 ext. 2137. You can find more information on the CUNA GAC by visiting the LSCU CUNA GAC resource page.

To participate in the LSCU webinar, click here.

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Florida roundup: OFR legislation update, Affordable Care Act, and State workers pension reform

With session quickly approaching, the halls of the Capitol building were relatively quiet during non-committee week. There was still plenty of political noise coming from all over the State of Florida.

LSCU Legislation Update

The LSCU Governmental Affairs team continues to monitor all legislation that will affect the health and welfare of credit unions. The League is currently awaiting the official filing of the OFR bill mentioned in last week's eSignal. The League is hopeful that, when filed, the bill will contain changes to the issues that it expressed concern over. Upon review of the official bill, the League will continue to work with OFR and the bill’s sponsors to address these concerns.

Affordable Care Act (Health Care Reform) Ruled Unconstitutional

On Monday, Federal District Court Judge Roger Vinson released his ruling that portions of the Affordable Care Act are unconstitutional, and thus said the entire Act was unconstitutional. Specifically, Judge Vinson ruled that the individual mandate, the requirement that all citizens be insured, was an unconstitutional violation of the commerce clause of the United States Constitution. While Judge Vinson did not grant an injunction barring the implementation of the Act, steps have already begun in Florida to ensure that implementation will not occur until it is either ruled constitutional, or changed.

Select Committee on Governmental Reorganization

Speaker of the House Dean Cannon (R-Winter Park) created the Select Committee on Governmental Reorganization. The goal of the committee will be to identify the specific and necessary work of government in order to eliminate the extraneous tasks that have been added over the years. Speaker pro tempore John Legg (R-Port Richey) will chair the committee with Rules Chairman Gary Aubuchon (R-Cape Coral) serving as vice chairman. The committee’s first two tasks will be reviewing government programs that purport to promote or regulate private sector economic activity and to look at government programs involved with health- and human-service delivery systems. The full committee has not been appointed at this time.

State Workers Pension Reform

Gov. Rick Scott unveiled his plans to reform the pension plans of Florida’s state workers. Currently, state workers are not required to contribute toward their retirement plans, a practice the governor would like to see come to an end. “We need to bring Florida in line with the private sector and nearly every other state in the country by requiring government workers to contribute toward their retirement plans,” Scott said. While this plan will likely lead to savings for the state, and help plug an ever-increasing hole in the state’s budget, it would be a significant blow to state workers who have not received a pay raise in over five years. This will be an interesting issue to keep an eye on as the legislature moves into the 2011 session, and will likely be one of the more controversial aspects of Gov. Scott’s agenda.

Unemployment Legislation

This week bills were filed in both chambers that would impose new restrictions on people seeking unemployment help, while also changing the unemployment compensation taxes charged by businesses. Sen. Nancy Detert (R-Venice) is the sponsor of SB 728 and states the purpose of the bill is to help replenish the fund responsible for paying unemployment benefits. Both SB 728 and its House companion (EDT 11-01 by the Economic Development and Tourism subcommittee) would require those seeking benefits to do an initial skills interview, as well as give employers more weight in disputes over eligibility than they currently have. Each bill is scheduled for its first vote next week when the legislature returns to Tallahassee for pre-session committee meetings. 

If you have any questions on the Florida Legislature, contact LSCU Director, Legislative Affairs Jared Ross at 866.231.0545 ext. 1012.

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Washington update: House and Senate in session, House hearing schedule

The Senate comes back on Monday to resume debate on the FAA Authorization bill.  The Senate will also take votes on a handful of judicial nominations on Monday. The Senate is expected to be in session Tuesday before recessing for the remainder of the week to accommodate the Senate Democratic Caucus retreat.

The House comes back Tuesday to consider non-controversial bills which will continue into Wednesday. On Wednesday the House will begin consideration of a resolution directing standing committees to inventory and review existing, pending, and proposed regulations and orders from agencies of the Federal Government, particularly with respect to their effect on jobs and economic growth.

Hearing Schedule

There are several hearings of note in the House of Representatives this week. On Wednesday morning, the House Financial Services Committee Subcommittee on Domestic Monetary Policy and Technology will hold a hearing entitled, “Can Monetary Policy Really Create Jobs?” Also on Wednesday morning, the House Budget Committee will hold a hearing on “The State of the US Economy.” Ben Bernanke, Federal Reserve Chairman will testify at this hearing.

On Wednesday afternoon, the House Financial Services Committee Subcommittee on Capital Markets will hold a hearing on "GSE (Government Sponsored Enterprise) Reform: Immediate Steps to Protect Taxpayers and End the Bailout," focusing on the reform of Fannie Mae and Freddie Mac. This is the first in what is expected to be a long series of hearings on GSE Reform.

On Thursday, the House Oversight and Government Reform Committee will hold a hearing on “Regulatory Impediments to Job Creation.”  Also on Thursday, the House Financial Services Committee will markup its oversight plan.

If you have any questions regarding these or any legislative issues, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137.

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Compliance Corner
League InfoSight highlight: A number of comment letters are due

A number of comment letters are due to the NCUA over the next few weeks. The League InfoSight newsletter looks at a CUNA issued regulatory comment call on the Federal Reserve Board's proposal that would increase the threshold for Reg Z consumer credit disclosures to $50,000. These were due Feb. 1. 

A similar Fed proposal would increase the threshold for Reg M consumer lease disclosures to $50,000. Reg M generally applies to consumer leases for the use of personal property, such as automobiles, where the contractual obligation has a term of more than four months. Both of the regulatory changes will come into effect on Jul. 21, and the amount of the applicable thresholds will be adjusted annually to reflect any increase in the Consumer Price Index.

League InfoSight has also added a credit card topic to the Leasing and Loans channel. Credit unions will learn more about how the credit card rules under Regulation Z and the effective dates for the rules.

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.

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Compliance calendar and training

Compliance Calendar

February 21
Presidents' Day - Federal Holiday

February 28
IRS Forms Due to IRS/SSA (See the online calendar for a complete list.)

HMDA Reports Due – Home Mortgage Disclosure Act Loan Application Registers (pursuant to Regulation C) due to the Federal Reserve if your credit union is subject to HMDA reporting. The file must be received AND accepted by this date to avoid NCUA sanctions/penalties.

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

May 10 & 17
Consumer Lending Regulations: Parts 1 & 2 - Webinar
2:00–4:00 p.m. CT

May 10–July 19
CUNA Regulatory Compliance eSchool: Introduction
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Cooperative Initiatives News
Credit unions urged to sign up for National Youth Savings Week

CUNA is hoping more credit unions will consider participating in the 2011 National Youth Savings Week in April. The saving challenge is free and it helps credit unions to build a strong relationship with young members in the community—and their families—by reinforcing the benefits of credit union membership. CUNA is asking credit unions to help youth start a savings habit while creating member loyalty. Credit unions will also have the chance to win $100 for a young member.

CUNA is also providing all of the marketing materials, forms and creative ideas. Visit the National Youth Savings Challenge website for more information. 

For questions on the Youth Savings Challenge, contact LSCU Director, Member Relations Adena Whitman at 866.231.0545 ext. 2134. [ Return to Top ]

Save the date for Small Asset Size Credit Union Workshop!

Join the LSCU and your peers for the 2011 Small Asset Size (SAS) Credit Union Workshop. The workshops will be held:

March 22, 2011, Orlando, FL
9am – 4:30pm EST @ CFE FCU

March 23, 2011, Birmingham, AL
9am – 4:30pm CST @ Legacy Community FCU

For just $79, you will receive the tools you need for your credit union to be successful in 2011! Find out more about featured topics and registration information by visiting the LSCU Education Calendar at www.lscu.coop.

Don’t forget, you can use your $400 initiative account to cover registration fees for this workshop! To learn more about this initiative, click here. [ Return to Top ]

Education News
LSCU has resources to help credit unions comply with financial literacy

Federal credit unions continue to struggle with understanding the new NCUA rules that require directors to have training in financial literacy. The LSCU has a number of financial literacy webinars, and training sessions ready for credit unions.  

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

  • Feb. 15 - Required Financial Literacy Training for Directors Under NCUA Guidelines:  What Regulators Want and What Directors Should Know
  • Mar. 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 and VP, Cooperative Initiatives Laura Vann 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.

For more information on the training, contact LSCU Association Services Support Specialist Becki Payne at 866.231.0545 ext. 2129. [ Return to Top ]

Learn the basics and not-so-basics about IRAs in LSCU IRA workshop in Birmingham, AL

Mark your calendars for IRA training in March, 2011. The LSCU is offering IRA Essentials & Advanced Training on March 15 and 16, respectively. Each course will be held at the Birmingham Marriott and run from 8:30 a.m. to 4:30 p.m. CST.

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 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.

In both sessions, the trainer will utilize real-world exercises to help participants apply information to job-related situations. Those attending should bring a hand-held calculator. 


Paul Kern

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.

“Paul is a fantastic IRA Trainer! Keeps it simple and very interesting. He makes learning about IRAs fun!” - comment from 2010 workshop attendee.

The cost for each course is $229 per person. For more information and to register, visit the LSCU Education Calendar.



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Last call for registration for BSA Training - Jacksonville, FL

Don't get caught with dirty money!

Click here to view training flyer for other dates and locations.

February 16, 2011
Location
:
Healthcare’s Cooperative Credit Union
9790 Touchton Road
Jacksonville, FL 32246

Fee: $75/person

Morning session*:
8:30am - 9:00am EST
Registration

9:00am - 11:30am EST
BSA Training Workshop

Afternoon session*:
12:00 p.m. EST
Registration

12:30 p.m. – 3:00 p.m. EST
BSA Training Workshop

*Boxed will be provided to ALL Participants.

Participants in this BSA Training workshop will receive a certification letter upon completion of the 2.5 hour session.  Click here for more information and to register for the event. [ Return to Top ]

Education Calendar
Tuesday, February 8
ACH Rules Update

3:00 PM - 4:30 PM EST - webinar

Thursday, February 10
Interpreting Tax Forms
3:00 PM - 4:30 PM EST - webinar

Tuesday, February 15
Financial Literacy Training: Directors
3:00 PM - 4:30 PM EST - webinar

Wednesday, February 16

BSA Training Workshop
Jacksonville, FL
9:00 AM - 11:30 AM EST - workshop

Wednesday, February 16
BSA Training Workshop
Jacksonville, FL
1:00 PM - 3:30 PM EST - workshop

Wednesday February 16
BSA Training for Frontline Staff
3:00 PM - 4:30 PM EST - webinar

Thursday February 17
Preparing for SAFE Act Registration and Compliance
3:00 PM - 4:30 PM EST - webinar [ Return to Top ]

LEVERAGE News
Strategically planning purchases results in increased savings

Credit unions that participate in the LEVERAGE ePurchasing events see significant savings, but they also are hooked.

The November 2010 event for Enterprise Risk Management Software produced a total savings of 12.1 percent.  In addition, the fourth Armored Car Services event was conducted in December, which created a collective 58 percent savings on an $80,000 purchase from prior year costs, which is the highest yield savings percentage thus far.

Several events are scheduled for the first quarter of 2011, including: Telecom Systems (Deadline: Feb. 11), Computers (Deadline Feb 16), Security Services / Alarms (Deadline: Feb 25), and Lawn Maintenance (Deadline Feb 25). To participate in any of these events or to discuss an event you would like to conduct, contact LEVERAGE Director, ePurchasing Lori Vary at  941.747.9646.

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Free Valentine’s gift at Office Depot

Free Valentine’s Gift with Your Next Office Depot Purchase of $100 or More

Spread the love this Valentine's season when you spend more than $100 in the month of February! Redeem this Smart Offer for a FREE Post-it note, pop-up heart dispenser by logging in to business.officedepot.com and enter coupon code 695267045 at checkout. Offer is valid through 2/28/2011. Click here to view the complete offer.

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Member discount program make memberships more valuable

One of the key benefits with the Sprint program is the monetary marketing incentive credit unions receive in return for advertising these services to members. In 2010, more than 55 Florida and Alabama credit unions generated over $442,000 in non-interest income. Additional benefits include, free marketing materials, added value for members, and little implementation effort required. Members and employees also receive a 10- percent discount on monthly recurring charges.

Be sure to sprint ahead by Mar. 1 to become eligible for up to 50 percent of your marketing incentive potential for 2011. For more information and eligibility details, email a LEVERAGE Business Consultant or call 866.231.0545 x1188.

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Big savings on select Office Depot essentials

Prices have been slashed up to 57 percent on Sharpies, Dymo Labels, Pens, and much more, now through Mar. 31. Click here to view the complete offer. For questions or more information about the program, contact LEVERAGE Product Support Manager Deirdre Rhodes at 866.231.0545 x1104 or deirdre.rhodes@myleverage.com.



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Help members make the right decision for managing long-term care

While the Medicare and Medicaid programs were designed as safety nets for the country’s elderly and poor, the long-term care coverage they provide is more limited—and harder to get—than you might expect. And, with the average cost of nursing home care at nearly $80,000 a year, it makes sense to have a plan to cover your long-term care expenses before you actually need it.

“There is extreme pressure on the government to ratchet down services to control costs,” said Vincent J. Russo, a nationally recognized authority on the subject who is a founding member, fellow, and former president of the National Academy of Elder Law Attorneys.

Medicare Coverage

Medicare is designed to cover health care expenses for people over age 65 and those younger who have certain medical conditions and disabilities. It covers medically necessary care with a focus on medical acute care and short-term services for conditions that are expected to improve.

Medicare will only pay for limited levels of skilled nursing facility or home health care, and a variety of conditions must be met to trigger coverage. Medicare will not cover assistance with activities of daily living such as dressing, bathing, and using the bathroom—help which could mean the difference between being able to stay in your own home and needing to move to an assisted living or nursing home environment.

Medicaid Coverage
This joint state and federal program will pay for a variety of health services and nursing home care, but it is only available to those who have qualified under federal income requirements, and it offers a limited choice of providers. If you’ve transferred assets in the hopes of meeting Medicaid financial requirements, be aware that the Deficit Reduction Act of 2005 put new policies into place designed to prevent people who had transferred assets—even for valid purposes—from receiving Medicaid coverage.

Private Long-Term Care Funding
You do have other options for paying for long-term care, including paying out of your private assets and long-term care insurance. If you have extremely substantial resources the first option might make sense for you: you’ll only have to fund the care if you need it and your hefty asset base means the cost won’t be a financial burden. But given that the average actual nursing home stay is over two years, which adds up to a hefty bill at current rates, paying out of pocket is not a practical choice for many. That’s why a growing number of people are looking to long-term care insurance. This product can fund a variety of long-term care services at your home, and in the assisted living and nursing home environments. This insurance can be an excellent way to protect your financial assets, maintain your independence, and help assure peace of mind for yourself and your family.

Contact a CUNA Mutual Insurance Society Sales Executive or Scott Albraccio Business Development & Marketing Manager at 800-356-2644 Ext. 6542.

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News from You
Tampa Chapter organizes workshop with Secret Service

The counterfeit training seminar was presented by Special Agent Joe Ubinas, US Secret Service. Tampa Postal Federal Credit Union hosted the seminar serving a total of 81 attendees, representing 12 local credit unions. Joe provided helpful steps and resources on detecting counterfeit currency demonstrating the differences under a UV light machine. 

The presentation also unveiled the new security features on a $100 bill. The picture to the left shows Debralyn Kolcun and Natalie Robles from Grow Financial Federal Credit Union examining these new features.  Feedback from the credit unions confirmed this topic was timely and well-received.

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Riverdale CU announced dividend at annual meeting

Riverdale Credit Union, based in Selma, AL, recently held its 43rd Annual Meeting. More than 400 members attended. Riverdale CEO Linda Walker announced that the credit union paid a $596,000 dividend back to its members. 

Pictured above are (from l-r) Jeremiah Harrison, son of La’Tres Harrison (Bankruptcy Clerk and Drive-thru Teller; Anthony Langdon, Jr., son of Lashun Langdon (CD Clerk and Teller); and Ariah Pettway, granddaughter of Pam Pettway (Insurance and Titles Clerk) at the annual meeting.


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Homeless students benefit from CFE’s Holiday Clothing Drive

After learning about the numbers and plight of the homeless students in the Central Florida school districts, CFE shed its annual holiday gift drive and replaced it with a holiday clothing drive, inviting members and employees to donate new and nearly new clothing for the holidays.

President/CEO Joe Melbourne, SVP Kevin Dougherty, and other CFE personnel personally delivered clothing items to each Kids Closet located in three school districts, Orange, Osceola and Lake Counties, and to the Families in Transition program housed in Seminole County. 

 “Students can’t learn when their basic needs have not been met,” said Melbourne.  “They need clothes not only to keep warm, but to help build their self esteem by having new and clean clothing to wear to school.”    

Reports from the school districts show there are over 5,000 homeless students in the four-county area served by CFE.  According to Families In Transition, a homeless family is defined as one that lacks a fixed, regular, and adequate nighttime residence.

“These clothes mean so much to our kids and school social workers, and will help restock our shelves after a very cold December,” said Karen O’Brien, head volunteer of the Kids Closet in Orange County Public Schools.  “We are so happy and excited to have these items and truly appreciate CFE’s generous donation.”

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Alabama Teachers Credit Union helps local classrooms in need

The Cater to my Classroom promotion is for Alabama Teachers Credit Union's Gen Next members, ages 8-12. Members submit items that their classroom may need, such as pencils, paper, printers, etc.

Within ATCU’s field of membership, five schools were chosen at random, and received $200 worth of classroom supplies and each class was given a pizza party. This year, there were 72 entries made by ATCU’s Gen Next members and ATCU was able to hand deliver all school items as well as pizza for the students.

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Redstone Federal Credit Union receives recognition for local diabetes research efforts

Redstone Federal Credit Union has received recognition for its efforts in raising funds to help find a cure for Diabetes type 1.

The local chapter of the Juvenile Diabetes Research Foundation (JDRF) held its annual awards dinner at the Wynn Drive headquarters of Redstone Federal Credit Union on Jan. 26. During the event, the Credit Union received a Presenting Sponsor Award – recognizing Redstone for its fundraising efforts of more than $14,000 for JDRF.

On Oct. 24, friends and family members from around the Huntsville community gathered at the Valley Bend at Jones Farm Target Shopping Center to participate in the 2010 JDRF Walk to Cure Diabetes. With more than 750 participants, the local chapter raised more than $142,000.

“Those who live in our community and are touched by type 1 Diabetes have truly demonstrated their commitment to helping JDRF in its mission to find a cure for this disease,” said Joseph H. Newberry, Redstone Federal Credit Union President and CEO and 2010 Corporate Chair. “The same holds true to our dedicated staff at Redstone. I am very proud of them for their tremendous support of this worthy cause. We had nearly a dozen teams formed at the Credit Union, each involved in various fund-raising opportunities. Each team received a bronze level achievement award recognizing their individual accomplishments. Whenever they are called upon, they go above and beyond to help. Everyone’s dedication in making the 2010 walk a success will contribute to JDRF’s worldwide efforts in finding a cure."

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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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