LSCU eSignal Weekly
LSCU eNews Weekly March 14, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
Sen. Udall introduces MBL bill, Sen. Nelson co-sponsors
MBL and interchange getting play in press
LSCU AC&E registration is now open
Don't miss out! Register now for LSCU Councils meeting in Birmingham with keynote speaker Dennis Dollar
CUNA Mutual offering free Discovery webinar on Mar. 17
Credit unions encouraged to join a CUNA committee
LSCU now accepting entries/nominations for 2011 LSCU Awards, Dora Maxwell, Louise Herring, and Desjardins Awards
Governmental Affairs News
LSCU State GACs feature CUNA's Ryan Donovan and NCUA Region III Director Herb Yolles
Florida roundup: Legislative session begins, Public Deposits legislative update
Alabama roundup: Republican handshake continues, legislative update
Washington update: MBL legislation gains two new co-sponsors
Project Zip Code helps credit unions and the League
Alabama amusement park consignment tickets coming soon
Compliance Corner
League InfoSight highlight: NCUA to allow federal credit union directors greater delegation
Compliance calendar and training
Cooperative Initiatives News
Reminder to register for the SAS Workshops in Florida and Alabama
Business Continuity Planning for credit unions Mar. 23 in Birmingham, AL
Looking for ways to participate in a big way for National Youth Savings Month?
Notice of annual meeting for Birmingham-Jefferson Chapter of credit unions
Education News
MSNBC's Joe Scarborough to headline LSCU AC&E
2011 BSA Training Opportunities
Education Calendar
LEVERAGE News
Free 3M gift box with qualifying purchase
News from You
USFFCU launches online video competition to send winner to Spain
Redstone FCU appoints Dave Hargrove to board of directors
Insight CU participates in Special Olympics fund-raiser
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

President's Point

Over the next four weeks, credit unions in Alabama and Florida have an opportunity to help set a foundation for legislative success on the state level; much like what we did two weeks ago on the national level at the CUNA GAC. The 1st Annual LSCU State Governmental Affairs Conferences (GAC) in Montgomery (Mar. 30-31) and Tallahassee (Apr. 13-14) are critically important as we move forward with a proactive state legislative agenda. Our state lawmakers need to see and hear from a large contingent of credit unions in our capital cities.   

The state GACs will feature a state legislative outlook, as well as an update from Washington D.C. with CUNA Vice President of Legislative Affairs Ryan Donovan participating in both sessions. NCUA Region III Director Herb Yolles will also take part in a regulator roundtable along with Alabama Credit Union Administration (ACUA) Administrator Larry Morgan in Montgomery and the Florida Office of Financial Regulation (OFR) Director Linda Charity and Bureau Chief Bruce Ricca in Tallahassee. There will be a PAC fundraising roundtable to help credit unions with money-raising ideas. We have also planned a legislative reception to give credit unions a time to speak with their lawmakers in a relaxed atmosphere.

Each state GAC will provide an afternoon for credit unions to set individual Hill meetings with their state representatives and senators. This will be very important as the League has been working to push municipal deposits for credit unions in both states. Currently, credit unions in Alabama and Florida are unable to accept any kind of municipal deposits. This is an area where banks have a monopoly and are already waging a grassroots fight to keep us from giving local units of government and school districts a choice. The Florida Legislature has been receptive to the idea of credit unions accepting public deposits during this session. The League has worked with Rep. Clay Ingram (R-Pensacola) to introduce HB 999, which has been referred to the Insurance and Banking Subcommittee and the Economic Affairs Committee. The first reading of the bill took place last week. A senate version of the bill, SB 1976, was filed last week by Sen. Oscar Braynon (D-Miami). We are optimistic that these bills will move this session with the grassroots support of credit unions. We have issued an Action Alert on the issue.

In Alabama, the traction has been a little tougher. The League has met with House and Senate leadership, and with committee chairmen to build support for a public deposits bill and to lay out the best legislative approach. The overall political environment in Montgomery is very fluid, especially given that this is the first session in more than 130 years that the Republicans are in control of both chambers. There is serious talk of passing a few of the bills Republicans ran on as their "Handshake with Alabama" and the two required budgets, then adjourning as quickly as possible. The Alabama Legislature is out for spring break this week, and the situation should become clearer the following week. The League will continue to press this issue, as we find the best legislative way to move it forward in Montgomery.

I hope you will consider attending the LSCU State GAC in your state. It will equip you with a greater knowledge of the legislative process, the League’s proactive legislative agenda and the issues that we are pushing on your behalf. As one credit union CEO recently told me, “All credit unions should be part of the political process, if you aren’t then you are sitting by silently and letting someone else (lawmakers) determine how you do business.”  

Please send along any feedback you might have on this column or the state GACs.     

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Sen. Udall introduces MBL bill, Sen. Nelson co-sponsors

Sen. Mark Udall (D-CO)

This past Tuesday, Sen. Mark Udall (D-CO) introduced the Small Business Lending Enhancement Act S. 509, which increases the credit union member business lending (MBL) cap from 12.25 percent of assets to 27.5 percent. The bill was introduced by Sen. Udall along with 13 other senators including Sen. Bill Nelson (D-FL).

The specifics of the bill include raising the MBL cap to 27.5 percent of total assets for credit unions which are well capitalized; are at or above 80 percent of the current MBL cap for one year prior to applying for the higher cap; have five or more years of MBL experience; can demonstrate sound underwriting and servicing based on historical performance; have strong management; adequate capacity; and have policies to manage increased MBLs and receive approval from the NCUA.

The League issued an Action Alert asking credit unions to urge their senators today to cosponsor S.509. Florida credit unions are also asked to thank Sen. Nelson for his support. Contact Sens. Richard Shelby (R-AL), Jeff Sessions (R-AL), and Marco Rubio (R-FL) asking that they co-sponsor the bill. Prewritten letters are available for use at the Credit Union Grassroots Action Center, where you can quickly personalize and send messages to the appropriate senators based on the address you enter and each senator’s cosponsorship status. In addition, sample letters are available to thank Sen. Nelson.

If you prefer to call or fax a letter to your senators, use the contact information in the Action Alert. If you do not utilize CapWiz, be sure to send a copy of your letter to LSCU SVP, Governmental Affairs Will McCarty.

Legislation to increase credit union member business lending is a top legislative priority for the League and CUNA, and the LSCU is working with the other three senators from Alabama and Florida to encourage their support of the bill. If you have any questions, contact Will McCarty at 866.231.0545 ext. 2137. [ Return to Top ]

MBL and interchange getting play in press

Coming off the CUNA GAC two weeks ago, the press began picking up the member business lending (MBL) story. Last week when Sen. Mark Udall (D-CO) introduced his bill to raise the MBL the Wall Street Journal ran a story, "Credit Unions Push for Small Business Lending," that featured St. Mary's Bank, the oldest credit union in the country. St. Mary's CEO Ron Covey told the WSJ that his credit union turns away $1 million to $2 million in MBL loans every month. Alliant Credit Union in Chicago and Mountain View Credit Union in Salt Lake City, UT were also featured. 

Bloomberg Business Week ran a story last week, "Credit Unions seek to lift the Small Biz Cap," that outlined Sen. Udall's bill, while quoting CUNA Sr. Economist Bill Hampel. The Independent Community Bankers of America offered a rebuttal to raising the MBL cap. Hampel told the publication, "lending goes to businesses owned by credit union members, and the average loan size is about $200,000."

The interchange fees debate has been raging now in the press for quite some time. However, more of the credit union angle is being written about. Fox Business ran a story, "The Swipe Fee Battle Continues," that featured Hampel and the 7-Eleven Franchise Owners Association. Hampel offered a quote after the 7-Eleven owners said they can't negotiate the swipe fees. 

"If financial institutions have to cover all of the costs or virtually all of the costs of debit, they will have to make it up somewhere," said Hampel. "And the most likely way to make that up is through increased fees on the consumers who use the debit cards. So, that could be things like a monthly fee to have access to a debit card or a per-transaction fee."

You can read all three stories by visiting the LSCU Press Room.

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LSCU AC&E registration is now open

Registration is now open for the 2nd LSCU Annual Convention and Exposition (AC&E) Jun. 16-19 at the JW Marriott in Orlando. The AC&E is the League's premiere event. Last year more than 1,100 credit union officials, guests, and vendors attended. This year the theme of the AC&E is "Defining our Future."   

The AC&E will feature a number of dynamic speakers including MSNBC's Morning Joe co-host Joe Scarborough, NCUA Chairman Debbie Matz, CUNA Mutual Group COO Bob Trunzo, and National Credit Union Foundation Executive Director Wendall "Bucky" Sebastian.

The LSCU AC&E also features a large expo hall. Credit unions from Alabama and Florida will have six hours of expo time to meet with vendors. Plus, there is a golf tournament to benefit the Children's Miracle Network and plenty of networking time.

Visit the LSCU Convention and Exposition website to register. Click on the Credit Union Registration tab and follow the steps. Registration will include separate ticketed excursions for guests like the Dolphin and Manatee Pontoon Boat ride, the Leu Gardens Tour, and an interactive cooking class. Register today and help define the future of credit unions.  

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Don't miss out! Register now for LSCU Councils meeting in Birmingham with keynote speaker Dennis Dollar

Register NOW! Don't miss LSCU's Councils meeting coming up next week. Designed to provide localized networking and educational opportunities, the councils are organized and coordinated by the League of Southeastern Credit Unions.

They provide an invaluable opportunity to network with peers, discuss issues concerning professions, share best practices, and hear from experts in the industry. 

Below are the top-notch speakers lined up for the upcoming meeting in Birmingham. Don't forget to check out the audio podcasts with the speakers to learn more about the presentation topics.

Birmingham, Alabama – Mar. 24, 2011

  • Keynote: The Right Moves for Credit Unions in Today’s Economy

             Dennis Dollar, Principal Partner at Dollar Associates, LLC

Listen to Dennis Dollar via podcast for preview of presentation - The Right "Moves" for Credit Unions

  • CFO: The New Corporate Business Model

             Brad Miller, CEO, Southeast Corporate & former

             Executive Director at ACCU

  • Marketing & Business Development: Membership Growth Recipe

             Mark Arnold, CCUE, Senior VP, Neighborhood Credit Union

Listen to Mark Arnold via podcast for preview of presentation - The Recipe for Membership Growth

  • Lending: Maximizing Relationships

             Julie R. Ferguson, Owner JRF Consulting Services, LLC

Listen to Julie Ferguson via podcast for preview of presentation - Lending: Maximizing Relationships

  • Operations, Sales, & Service: Achieving Operational Efficiencies through Collaborative Efforts

             Jason Boles, CEO of Fans Created

Listen to Jason Boles via podcast for preview of presentation - Achieving Operational efficiencies through Collaboration

For a detailed overview of topics and registration information, click here.

Questions? Contact Lisa Hammock at 866.231.0545 x1146. 

Don't forget to “Like” LSCU Councils on Facebook for updated information and topic details.

 

Special thanks to LSCU Council sponsors:

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CUNA Mutual offering free Discovery webinar on Mar. 17

CUNA Mutual is offering another FREE Discovery webinar aimed at delivering timely and relevant information to credit unions. On Thursday, Mar. 17, at 12:15 p.m. CT, CUNA Mutual Chief Economist Dave Colby will present "Is it Over Yet…Or Is This the Calm Before Another Economic Storm?"

Last year at this time, Colby predicted an “Uncertain Path to Economic Recovery.” This was an accurate assessment for 2010, yet the U.S. economy and credit unions made progress along a very bumpy path, fighting strong headwinds fraught with double-dip perils. While the path to recovery is now smoother and wider, significant risks remain. In this Discovery session, Dave will share his economic and credit union forecasts, their operational implications and discuss key risk factors for both the recovery and credit unions’ long-term role in consumer finance.

CUNA Mutual’s Discovery Conference has a long history of bringing learning and networking opportunities to credit unions. Topics are aimed at enhancing credit unions’ ability to compete. Backed by CUNA Mutual’s industry expertise and commitment to credit unions’ success, this Discovery webinar experience is one you won’t want to miss.

Register for this FREE webinar by clicking here.

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Credit unions encouraged to join a CUNA committee

CUNA is seeking nominations for appointments to one of its 22 committees. This is a great opportunity for credit union officials to utilize their expertise in areas such as accounting, governance, ethics and government affairs, to name a few. For committee members appointed in 2010, they will continue to serve until new committees are announced.  

Interested credit unions are asked to fill out a bio-data form which will help to gather the information needed to process appointments and to assist in determining areas of interest, expertise and availability.  This should also assist in completing the appointments in a timely manner. Potential committee members should be knowledgeable, dedicated and familiar with the important issues that must be addressed.  However, committee positions are limited so we request that your focus be directed to two or three quality recommendations and not restricted to particular positions or responsibilities within your district, league or class. 

Completed information forms should be sent to CUNA by Tuesday, Mar. 22.  This form can also be completed  online.  Once all recommendations have been recorded, copies will be provided to the Executive Committee. To view CUNA’s current committees, their members, purpose statement, etc., click here.

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LSCU now accepting entries/nominations for 2011 LSCU Awards, Dora Maxwell, Louise Herring, and Desjardins Awards

The League of Southeastern Credit Unions is proud to recognize those professionals, volunteers, and credit unions that have made outstanding contributions to the development and growth of the credit union movement in Alabama and Florida.

Entries/nominations for the following prestigious awards are now being accepted:

  • CEO of the Year

The Credit Union CEO of the Year Award recognizes a credit union professional that deserves recognition for their contributions to advance the credit union movement in their state and the nation.

  • Volunteer of the Year

The Credit Union Volunteer of the Year Award recognizes the credit union volunteer who has selflessly contributed time, effort, and talent to the development of the credit union movement in their state.

  • Distinguished Service Award

The Distinguished Service Award recognizes lifelong service to the credit union movement reaching beyond the natural person credit union.

  • CU of the Year Award

The award recognizes an individual credit union for its outstanding achievements in the various areas of day-to-day operations, financial prowess, and community outreach. This award will be judged based on credit union asset size categories.

  • Brother’s Keeper Award

The Brother's Keeper Award recognizes exceptional efforts by credit unions to provide ongoing assistance to developing credit unions through various means.

Click here to download the LSCU Awards brochure.

In addition, the LSCU and the CUNA sponsor three recognition programs for credit unions:

  • Dora Maxwell Social Responsibility Community Service Award

The Dora Maxwell Social Responsibility Community Service Award is designed to recognize and promote credit unions’ social responsibility efforts within their communities. Credit unions enter the program in eight separate asset categories, which allows them to compete fairly against credit unions of equal size and resources, as well as a chapter/credit union group category  

  • Louise Herring Philosophy-in-Action Member Service Award

Recognizes credit unions for putting the “people helping people” philosophy of credit unions into action. The program looks at the entrant’s practical application of this philosophy within the organization’s daily operations. The focus is on internal credit union programs and services.

  • Desjardins Youth and Adult Financial Education Awards

Recognize leadership within the credit union movement on behalf of financial literacy. It considers all activities supporting the personal financial education of members and nonmembers. NOTE: The adult financial award option is new for 2011.

Visit the LSCU CU Awards Program website for more Information and entry/nomination forms on all listed awards. Questions? Contact LSCU Director, Information Services Amy Jowers at 866.231.0545 ext. 1020. [ Return to Top ]

Governmental Affairs News
LSCU State GACs feature CUNA's Ryan Donovan and NCUA Region III Director Herb Yolles

The LSCU State Governmental Affairs Conferences (GAC) coming up Mar. 30-31 in Montgomery and Apr. 13-14 in Tallahassee are a must for all credit unions. The state GACs are built to inform credit unions of the hot legislative and regulatory issues, including a regulator roundtable with state and NCUA regulators. One afternoon is also dedicated to putting credit unions in front of their lawmakers for short lobby sessions.

The state GACs feature a powerful lineup of speakers that include:

  • NCUA Region III Director Herb Yolles
  • ACUA Administrator Larry Morgan (AL)
  • OFR Bureau Chief Bruce Ricca (FL)
  • OFR Director Linda Charity (FL)
  • CUNA VP, Legislative Affairs Ryan Donovan

These events are great opportunities for credit unions to become involved with the grassroots nature of the credit union movement. A PAC fundraising roundtable with PAC Best Practices will be featured along with a state legislative outlook and a legislator reception. 

  • To learn more about the Alabama State GAC and to register, visit the LSCU Alabama GAC page.
  • To learn more about the Florida State GAC and to register, visit the LSCU Florida GAC page.

Each State GAC will also feature a pre-conference financial literacy training for credit union directors. This will help credit unions come into compliance with the new NCUA rule.

For more information on the LSCU State GACs, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137.

 

Governmental Affairs Conference Reception sponsored by:


 

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Florida roundup: Legislative session begins, Public Deposits legislative update

The week began with ceremony, protests, and the annual State of the State speech by Gov. Rick Scott. With the legislature now in full swing, the LSCU will be bringing you regular updates on issues that affect credit unions. Please continue to be on the look-out for grassroots communications from the LSCU’s Governmental Affairs team that may require action from you to help the legislative agenda progress. Please remember to mark your calendars for the State Governmental Affairs Conference being held at the Hotel Duval in Tallahassee, Apr. 12-14.

Public Deposits Legislative Update

HB 999 by Rep. Clay Ingram (R-Pensacola), which would allow credit unions in Florida to accept public funds, is currently in the House Insurance and Banking subcommittee, with a hearing date yet to be scheduled. A companion bill in the Senate, SB 1976 by Sen. Oscar Braynon (D-Miami Gardens), was filed this week and has yet to be referred to committee, but the likely first stop is the Senate Banking and Insurance committee, chaired by Sen. Garrett Richter (R-Naples). LSCU’s Government Affairs team spent this week visiting with members of the House and Senate committees and has received a lot of positive feedback on the issue. While the feedback has been mostly positive, the League will continue to let the members of the legislature know why this issue is important to credit unions. Last week, the LSCU Governmental Affairs team sent out an Action Alert requesting our grassroots network to begin contacting the chairman of the House subcommittee, Rep. Bryan Nelson (R-Apopka), to request that HB 999 be heard. LSCU appreciates everyone who contacted Chairman Nelson. Please continue to monitor your emails for any Action Alerts which may be sent as the Legislative Session moves forward.

OFR Bill Update

This week, the Office of Financial Regulation’s financial institutions bills, SB 1332 by Sen. Richter and HB 1121, by Rep. Ingram, were given committee references. SB 1332 was referenced to the Banking and Insurance committee and the overall Budget committee. HB 1121 was referenced to the Insurance and Banking subcommittee, the Government Operations Appropriations subcommittee, and the Economic Affairs committee. Neither bill has been scheduled for a committee hearing yet, however, LSCU suspects that will happen in the very near future. You will recall that the original version of this bill was very controversial. After a very productive meeting between League staff and the Office of Financial Regulation, the bill was pared down and is less burdensome than originally anticipated. The Senate version of this bill will be heard in the Banking and Insurance committee on Wednesday, Mar. 16. Should there be any amendments that will negatively or positively, affect credit unions, the LSCU Governmental Affairs team will be sure to notify you, and may ask for your assistance in contacting members of the legislature.

Title Loan Bill Update

A third piece of legislation affecting League members would allow increased rates on title loans. If passed, SB 990 by Sen. Mike Bennett (R-Bradenton) and HB 877 by Rep. Joseph Gibbons (D-Pembroke Park) title lenders will be allowed to charge up to 264 percent interest on title loans, more than eight times higher than permitted under current law. Title lenders are notorious for preying on members of society who can least afford their services, such as retired military, and the League wants to make sure we can do whatever we can to help protect our membership. The League was part of the effort 10 years ago to lower these predatory lending habits, and they have once again signed on to defeat this practice. While neither bill has been scheduled for a hearing yet, the LSCU expects that each will be placed on an agenda in the very near future. If you are interested in voicing your opposition to this legislation, please contact members of the Senate Banking and Insurance committee and the House Business & Consumers Affairs Subcommittee.

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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Alabama roundup: Republican handshake continues, legislative update

This past week the Alabama Legislature continued to work on the Republican “Handshake with Alabama” by spending the majority of its time on two pieces of legislation. The first was the rolling reserves budgeting procedure for the Education Trust Fund (ETF) proposed by Rep. Greg Canfield (R-Vestavia Hills).  Instead of using budget projections for the ETF every year, this method requires lawmakers to create budgets using revenue trends from the previous 15 years. Once passed by the Senate, this bill went to the desk of Gov. Robert Bentley and was quickly signed into law. The other piece of legislation dealt with the ending of the Deferred Retirement Option Plan or DROP. This legislation began in the Senate and on Mar. 10 was passed by the House of Representatives with only a minor change. Once the legislature reconvenes on Mar. 22, it is expected that the Senate will concur with those changes and Gov. Bentley will sign this bill quickly as well.

Legislature out for a week, though legislative issues still loom

This week the legislature is on spring break and, as stated above, will reconvene Mar. 22. At that time, the League fully expects more measures like those already mentioned to be taken up or introduced.  Legislation that will increase teacher and state employee retirement and health care contributions or legislation decreasing the amount of state holidays has yet to be introduced. Both of these will be introduced and all indications are pointing towards next week. Also, legislation concerning immigration reform and mandated health care has not been addressed to date and both were part of the “handshake.”

LSCU legislative update

The LSCU has been actively monitoring several pieces of legislation that may affect credit unions in Alabama and will continue to do so throughout the remainder of the session. One in particular that was introduced last week deals with data security freezes. HB 173, by Rep. Duwayne Bridges (R-Valley), allows consumers to place a freeze on credit reports if they feel their identity has been compromised. While there is a clause that exempts financial institutions when requesting a report for checking, savings, and investment accounts, LSCU certainly supports the call for advanced measures of data security. This bill has caught the League's eye for numerous reasons and the League will continue to work with Rep. Bridges in order to address all of these before it moves forward in the process.

If you have any questions on the Alabama Legislature, contact LSCU Director, Legislative Affairs Jason Cochran at 866.231.0545 ext. 2159.

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Washington update: MBL legislation gains two new co-sponsors

This is the last week Congress will be in session before embarking on a constituent work period. When the House and Senate adjourn for the week, they will next meet on Mar. 28.

Floor Schedule

The House returns Monday and will consider a number of non-controversial bills.  Tuesday the House will consider a short-term continuing resolution which would fund the government through Apr. 8. On Wednesday and Thursday, the House is expected to consider legislation eliminating the Home Affordable Modification Program (HAMP) and the Neighborhood Stabilization Program (NSP). The House is also expected to consider a resolution directing the President to remove troops from Afghanistan pursuant to the War Powers Resolution. No votes are expected in the House on Friday provided that the Senate completes business on the continuing resolution and no further action on the part of the House is required.

The Senate returns Monday and will vote on the nominations of several federal judges. It's also believed the Senate will take procedural votes on legislation to extend the authorization of two small business administration program. Later in the week, the Senate is expected to take up the then-House passed continuing resolution.

Committee Meetings

Here are several committee hearings of note for this week.

On Tuesday, the Senate Budget Committee will hold a full committee hearing to examine the report of the Bipartisan Policy Center's Debt Reduction Task Force. Former Sen. Pete Domenici (R-N.M.) and former Federal Reserve Vice Chairman Alice Rivlin, co-chairmen of the Bipartisan Policy Center's Debt Reduction Task Force, are expected to testify. Also on Tuesday, the Senate Banking Committee will hold a full committee hearing on "The Administration's Report to Congress: Reforming America's Housing Finance Market." Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan are expected to testify. On the House side, the House Financial Services Committee will hold a mark-up on its “Budget Views and Estimates” document.

On Wednesday, the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on "Oversight of the Consumer Financial Protection Bureau." Elizabeth Warren, assistant to the president and special adviser to the Treasury Secretary on the Consumer Financial Protection Bureau, is expected to testify. In the afternoon, the House Financial Services Committee Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on "Legislative Proposals to Promote Job Creation, Capital Formation, and Market Certainty."

On Thursday, the Senate Banking Committee will hold  a Full committee hearing on "TARP (Troubled Asset Relief Program) Oversight: Evaluating Returns on Taxpayer Investments."  Acting Assistant Treasury Secretary Timothy Massad of the Office of Financial Stability; TARP Congressional Oversight Panel Chairman Ted Kaufman; Special Inspector General of the Troubled Asset Relief Program Neil Barofsky; and Thomas McCool, director of the Government Accountability Office's Center for Economics, Applied Research and Methods, are expected to testify.

Pending Credit Union Legislation

Debit Interchange Regulation

CUNA continues to work with allies in the Senate and the House to introduce legislation to delay the implementation of the debit interchange regulation. There have been several press reports suggesting Sens. Jon Tester (D-MT) and Bob Corker (R-TN) will introduce legislation on this issue. CUNA has been working very closely with these and other offices and hope that legislation will be introduced before Congress recesses at the end of the week. The details of the legislation remains fluid; it also is possible that the House and the Senate bills could be somewhat different their approaches. As the bills’ details develop, the League will keep you apprised. In the meantime, please continue to deliver the stop, study, start over message to your representatives and senators.

Over the course of the last several weeks, several consumer groups have written the Federal Reserve or Congress expressing concern for the debit interchange regulation and its impact on consumers. In some cases, these groups have asked for the rules to be delayed or withdrawn. Letters from the Consumer Federation of America, the National Community Reinvestment Coalition and the NAACP may be helpful to credit unions to use in discussions with members of Congress, particularly Democratic members. 

Member Business Lending

As you know, last week, Sen. Mark Udall (D-CO) introduced S. 509, the Small Business Lending Enhancement Act.  CUNA sent a letter of support for this legislation to Sens. Udall, Olympia Snowe (R-ME) and Charles Schumer (D-NY). A copy of this letter was also transmitted to all Senate offices. 

Currently, there are 15 cosponsors of S. 509, in addition to Sen. Udall:  Sens. Boxer, Brown (OH), Collins, Franken, Gillibrand, Leahy, Lieberman, Nelson (FL), Reed, Schumer, Snowe, Stabenow, Whitehouse, and Wyden. All but two of the cosponsors are Democratic senators, so continue to work on your Republican senators. 

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

Project Zip Code helps credit unions and the League

Project Zip Code (PZC) is available to all credit unions and the League hopes they utilize it. PZC is a program that locates all of the credit union's members by zip code only. It's a nice marketing tool for each credit union so that they can target their members easily by zip code. Knowing the volume of its membership by area is helpful to make the credit union's marketing more efficient.

Using PZC is not only useful for credit unions but it will also aid in the advocacy efforts of the League. It is helpful for the League's Governmental Affairs staff when talking to federal and state legislators and showing that they do indeed have credit union members in their districts.  

PZC is free and it provides a view of congressional districts and which districts have the most credit union members. The program is available online and is easy to run; just click on the link, www.pzconline.com/install, and get started. Since the release of PZC 11.0, more than 400 credit unions have downloaded and run the new version, matching more than 11 million members.

If your credit union would like more information about Project Zip Code, contact Grassroots and Political Action Coordinators Robbie Gordon at 866.231.0545 ext. 2164 or Justin Thames at ext. 1010. [ Return to Top ]

Alabama amusement park consignment tickets coming soon

Alabama Adventure and Six Flags consignment ticket sales will be starting again soon. Order forms for tickets will be due to the League by Mar. 31. For questions on consignment ticket sales, contact LSCU Grassroots and Political Action Coordinator Robbie Gordon at 866.231.0545 ext. 2164. 


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Compliance Corner
League InfoSight highlight: NCUA to allow federal credit union directors greater delegation

The League InfoSight newsletter features a letter from the NCUA to federal credit unions stating that  general authorities and duties of directors in new Section 701.4, the NCUA allow an FCU's board, with some limitations, delegate to its CEO the authority to hire, fire, and compensate subordinate employees, including other management personnel.

NCUA General Counsel Robert Fenner explained in a legal opinions letter that if a board delegates to the CEO the authority to hire, fire, fix the compensation of, or discipline other senior managers the board place "appropriate standards and controls on such delegated authority."

You can read the full letter in this week's edition of the League InfoSight newsletter. Also featured is a number of shortcuts for the League InfoSight website that will help credit unions navigate the 15 channels available. These channels house the many model policies and regulatory information that are vital to credit unions to keep them compliant.

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

March 18
IRS Form 1120-POL - Income Tax Return for Certain Political Organizations (State Chartered Only)

For the complete list of calendar dates and compliance trainings, visit the LSCU Compliance Calendar

*Note - Compliance Calendar requires your League InfoSight login.

 
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Cooperative Initiatives News
Reminder to register for the SAS Workshops in Florida and Alabama

Don't forget to register for the SAS Workshop taking place next week in both Orlando and Birmingham. These workshops are designed to give your credit union the opportunity to network with your peers, share best practices, and gain insight on issues affecting smaller asset sized credit unions.

To register for this event, click the locations below:

March 22, Orlando, FL - 9 a.m. to 4:30 p.m. EST @ CFE FCU

March 23, Birmingham, AL - 9 a.m. to 4:30 p.m. CST @ Legacy Community FCU

Remember, as a credit union $35 Million in assets and below, you can apply your $400 Initiative Account Voucher to register for this event. To learn more about this initiative, click here. [ Return to Top ]

Business Continuity Planning for credit unions Mar. 23 in Birmingham, AL

Southeast Corporate will be holding a Business Continuity Planning for Credit Unions workshop on Wednesday, Mar. 23, in Birmingham, AL. Southeast Corporate’s Ken Schroeder, VP of Business Continuity, will be the guest presenter. The workshop is specially designed to help credit unions build their business continuity plan in a day. The course includes a comprehensive “how to” manual, along with an accompanying CD that contains templates, macros, spreadsheets, and other tools to help the part-time (or full-time) person responsible for business continuity create a professional, usable, executable plan.

The workshop takes place from 8:30 a.m. to 4:30 p.m. at Mutual Savings Credit Union located at 2040 Valleydale Road.

For the agenda and complete details and to register, click here.

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Looking for ways to participate in a big way for National Youth Savings Month?

Moonjar will partner with your credit union equipped with the tools to teach the "Save, Spend, and Share" with the same repetition and vigor as teaching "Stop, Look, and Listen," our world will be on its way to financial stability! Their award-winning K-5 curricula will help make that happen for your kids whether you are in a traditional classroom, a home school situation, or any life skills program.

The name Moonjar comes from the idea of “Shooting for the Moon” and creating big dreams, along with the ancient custom of placing hopes and dreams in a jar. Today, Moonjar is a vibrant young company working to bring financial literacy to children and families around the globe. They believe the time to start the conversation about money is now and the way to start the conversation is through Saving, Spending, and Sharing.

To learn more about Moonjar and how your credit union can contribute to the cause just in time for National Youth Savings Month contact Amber R. Tynan, Southeastern Credit Union Foundation Executive Director at 866.231.0545 ext. 1154.

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Notice of annual meeting for Birmingham-Jefferson Chapter of credit unions

Chapter Annual Meeting details:

When: Tuesday, Apr. 5

Where: The Club - Gold Room

Time: 6 p.m. - Registration/Networking

           6:30 p.m. - Program/Dinner

Price: $40 per person

Program: Will McCarty, Sr., LSCU VP, Governmental Affairs, will report on the recent CUNA Governmental Affairs Conference held in Washington, D.C. as well as the LSCU State GAC to be held in Montgomery. 

There will also be a vote to adopt the Standard Chapter Bylaws as approved by the LSCU Board.

Phone or email the number of attendees from your credit union by 5 p.m. on Friday, Apr. 1. 

For questions or more information, contact Tammy Singleterry, Alabama Telco Credit Union at (205) 985-2838. [ Return to Top ]

Education News
MSNBC's Joe Scarborough to headline LSCU AC&E

MSNBC Morning Joe co-host Joe Scarboroug

MSNBC's Morning Joe co-host Joe Scarborough will highlight the list of speakers for the 2nd LSCU Annual Convention and Exposition (AC&E) this June in Orlando. Every morning Joe Scarborough, a former Florida Congressman, shares his trusted insights on today's political and policy headlines as host of MSNBC's Morning Joe. Scarborough will be the keynote speaker at the General Session on Saturday Jun. 18.

The NCUA Chairman Debbie Matz will speak at the League's Annual Business meeting on Friday Jun. 17. Matz's appearance will give credit unions an opportunity to hear directly from her as she speaks on a number of regulatory topics including the latest on the corporate stabilization plan. Also slated to present at the AC&E will be National Credit Union Foundation Director Bucky Sebastian and CUNA Mutual Group Vice President Bob Trunzo.

Credit unions will have a number of breakout sessions to choose from including a regulator roundtable with state regulators, an economic outlook from CUNA Economist Mike Schenk, the Power of Social Media on any budget, PR opportunities for credit unions, and Fiduciary Responsibilities for Credit Union Directors, to name a few.  Credit unions can also take part in the LSCU Councils, which will meet on Jun. 16. Credit union directors can become compliant by taking part in an NCUA Financial Literacy breakout session on Saturday Jun. 18.

To learn more about the LSCU's AC&E and to register, which takes place Jun. 16-19 at the JW Marriott in Orlando, visit the LSCU Convention and Exposition page.

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2011 BSA Training Opportunities

LSCU has three remaining BSA Training opportunities to date for 2011. At each location, the League will offer two sessions, one in the morning and one in the afternoon.

The agenda for each date will be as follows:

8:30 a.m.              Registration – Morning Session
9 to 11:30 a.m.    BSA Training
11:30 a.m.            Boxed Lunch Provided to ALL Participants
12 p.m.                  Registration – Afternoon Session
12:30 to 3 p.m.     BSA Training

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 and a Suspicious Activity Report workshop (focusing on narrative preparation) in which attendees study completed forms based on several common scenarios. 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.

Locations:
Apr. 6      Mobile, AL / Blue Flame CU Auditorium
May 18    Birmingham, AL / LSCU Ground Floor Conference Room
Oct. 18    Muscle Shoals, AL / Listerhill CU

Participants in the BSA Training workshop will receive a certification letter upon completion of the session.

The cost for each course is $75 per person. For more information, visit the LSCU Education Calendar.

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Education Calendar

Upcoming Events:

Tuesday, Mar. 22
LSCU Small Credit Union Workshop
Lake Mary, FL   
9 a.m. to 4:30 p.m. EST

Wednesday, Mar. 23
LSCU Small Credit Union Workshop
Birmingham, AL  
10 a.m. to 5:30 p.m. EST

Wednesday, Apr. 6
BSA Training Workshop 
Mobile, AL  
Morning - 9:30 a.m. to 12:30 p.m. EST & Afternoon - 1:30 p.m. to 4:30 p.m.

Click here to view complete calendar of events.

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LEVERAGE News
Free 3M gift box with qualifying purchase

Take advantage of LEVERAGE's smarter offer from Office Depot. Receive a free 3M gift box when you spend $50 or more on qualifying 3M label products. For a complete list of qualifying products, add the coupon code 689181329 to your cart prior to checkout.  Offer is valid through Mar. 31. To redeem, log in to business.officedepot.com and enter coupon code 689181329 at checkout. 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 ext. 1104. [ Return to Top ]

News from You
USFFCU launches online video competition to send winner to Spain

The University of South Florida Federal Credit Union is thinking outside the bullpen with an innovative competition to discover the most creative saving technique.

The "Are You the Best Bull?" competition will run from Mar. 7 - Apr. 18. The winner will receive an all-expense paid trip for two, to Pamplona, Spain, to witness the legendary running of the bulls. No running required!

Contestants have 60-seconds or less to show how they have been creative in saving their money in the passing bear market. Once they have created their video, they must post it to YouTube, and fill out the competition entry form. These videos will be judged based on originality, creativity, and the ability to integrate the USF Federal Credit Union brand.

The contest is open to all USF students, alumni, faculty, staff, on-campus business employees, USF Federal Credit Union members and their immediate family.

For more information about the "Are You the Best Bull?" contest, click here.

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Redstone FCU appoints Dave Hargrove to board of directors

Redstone FCU's newest board member, Dave Hargrove, has a wealth of committee, and organizational experience having served as a volunteer for a variety of community and charitable organizations.

The change is in conjunction with last week’s announced retirement of Charles L. Ray, Jr., who served as Chairman of the board for 28 years. Ray has been appointed director emeritus and will continue to serve the Credit Union as a volunteer. The director emeritus position is a prestigious honor reserved for retiring directors who have served the credit union with particular distinction.

“I am honored to be elected to the Redstone board of directors,” Hargrove said. “The presence of such a diverse, well-run and successful credit union within the communities of Northern Alabama and Southern Tennessee makes a powerful statement about the ideals and values we all share.”

Hargrove, a well-known member of the community, has served as a credit union volunteer and member of its Supervisory, Asset Liability, Marketing and Building Committees. He is currently the Regional Director for AT&T in Northern Alabama.

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Insight CU participates in Special Olympics fund-raiser

On Saturday, Feb. 26, Insight Credit Union employees and their families participated in the 2nd Annual Orlando Chili Cook-off at Blue Jacket Park in Winter Park, FL to benefit Special Olympics.

Insight Credit Union provided a staff of 25 volunteers committed to helping ensure the success of the chili cook-off.  The credit union staff helped in the Kid Zone, spun cotton candy, popped popcorn, poured wine, registered volunteers and much more.

More than 6,500 Central Floridians attended the event and helped the Special Olympics of Florida raise $27,500. This event offered attendees and volunteers the chance to make a difference while they ate all the chili they could sample and enjoyed live entertainment.


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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.

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