LSCU eSignal Weekly
LSCU eNews Weekly April 11, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
State GAC in Florida this week; participation is a must
Rep. Allen West signs on to Interchange legislation
New MBL bill introduced in the House
CUNA to host interchange update audio conference on Apr. 13
New LSCU Video: Alabama State GAC wrap up
Save My Free Checking campaign resources available
Rep. Wasserman Schultz featured in new LSCU audio podcast
Deadline for LSCU/CUNA awards this Friday, Apr. 15
CFO Atwater presents award to VeteransPlus for Financial Literacy Month
Four director positions open in 2011 for LSCU board
Capture new GM auto loans by linking to GM discounts through Invest in America
Governmental Affairs News
Florida roundup: State budget main issue this week, public deposits legislation heats up
Alabama roundup: Meaningful budget legislation, right of redemption, used car dealer legislation
Washington update: House considers budget, Senate considers judicial nominations
Compliance Corner
League InfoSight highlight: Form 1099 changes on President Obama's desk
LSCU offers FREE financial literacy training
Compliance calendar and training
Cooperative Initiatives News
FREE NCUA Credit Union Roundtable in Birmingham on Apr. 14
LSCU and Florida Prosperity Partnership hosting webinar about Bank On initiatives
Scholarships available for educational events
Education News
LSCU hosts second successful BSA Training Workshop
MSNBC's Joe Scarborough highlights LSCU AC&E in June
Celebrate 'National Credit Union Youth Week' through the month of April
2011 BSA Training Opportunities
Education Calendar
LEVERAGE News
CMG MI teams with the Housing Education Program to provide homebuyer education for WHEDA
Out with the old in with the new with Office Depot essentials
News from You
Insight Credit Union Awards 19th Annual Higgs Scholarship
Alabama Telco CU introduces Edge, a new teen savings account
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

President's Point

Our credit unions have plenty of issues to be optimistic about right now.  We have interchange delay legislation, along with member business lending legislation on the federal level. Florida credit unions have the public deposits issue percolating in committee this legislative session. It’s important that we, as an industry, stay active on our issues. Two aspects of our grassroots advocacy we need to be pushing right now are mobilizing our membership and proactive media relations. 

The interchange fees issue is front and center right now as the Fed nears the April 21 deadline for adoption of the proposed rule. While Fed Chairman Ben Bernanke has publicly stated the Fed can’t meet the deadline date, we can’t let up our grassroots efforts. That means mobilizing our membership through savemyfreechecking.com and CUNA’s Call on Congress number, 877.422.3525. We are the only financial industry that can get its membership involved in grassroots advocacy. The more our lawmakers hear from real members, the more impact it will have. Some state leagues have said their lawmakers lines are nearly jammed with members calling.  

It also means we need to reach out to our local press and garner proactive media stories. The League is working with press in Alabama and Florida on stories about interchange. Sunday April 4, the Birmingham News wrote a story on the interchange issue and quoted Alabama CU CEO Steve Swofford. You can find the article in the LSCU Press Room. These are the types of stories our Communications Team is pushing right now with local reporters. We also have an Op-ed and letter to the editor written that credit unions can utilize, if they like. You can find them on the MBL and Interchange Resources area of our website.

Proactive media relations play a major part in our legislative outreach. All of our legislators or their staff read their local publications. If we have stories placed in those publications, it catches their eye. When we meet with them, many times they will comment that they have read the story. These media placements give them greater perspective on the issues, while showing them that we are providing services that most banks do not.

Whether our lawmakers are reading about our efforts to help our members, hearing and seeing the Electronic Payments Coalition (EPC) ads or reading about how interchange legislation will affect members, it ties all of our advocacy efforts together. High participation this week at the State GAC in Florida is just another opportunity to drive these messages home. There is a good chance that the public deposits bill will come up in the House Economics Affairs Committee during the GAC. A large turnout by credit unions at the hearing would show our legislators that this legislation is important to us. Then, when we meet with our lawmakers and discuss the legislation during our lawmaker visits, it again sends a message about the strength of our industry.

I hope you will mobilize your members through the Save my Free Checking website or the CUNA number to Call on Congress. Our grassroots efforts need to remain steady. We’re getting close on positive legislation. You see how our grassroots advocacy ties in on a number of levels. Now’s not the time to relax.  

Please send along any feedback you might have on this column.
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State GAC in Florida this week; participation is a must

The LSCU State Governmental Affairs Conference (GAC) is coming up April 13-14 in Tallahassee. All credit unions need to send at least one person to the GAC. There is still time to register. With so much legislation on the state and federal level, credit unions need to get equipped with the latest from the League, as well as from CUNA VP of Legislative Affairs Ryan Donovan. The League feels there's a good chance public deposits will be heard in the House Economic Affairs Committee during the GAC. This is a good time to show our legislators that this issue means a lot to credit unions.

The state GAC features a powerful lineup of speakers that include:

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

This event is a great opportunity 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. 

There is a free, pre-conference financial literacy training for credit union directors to be held at Southeast Corporate on April 12, before the Tallahassee Chapter Golf Outing. This will help credit unions come into compliance with the new NCUA rule.

Scholarships through the Southeastern Credit Union Foundation are also available for attending the GAC. You can access the scholarship application by going to the Foundation website

For questions about 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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Rep. Allen West signs on to Interchange legislation

Rep. Allen West (R-"FL)

The interchange delay legislation in the House and Senate continues to see more co-sponsors added. The bipartisan list is now up to 77 in the House for H.R. 1081 and 16 in the Senate for S. 575.

In the House, Rep. Allen West (R-FL) became the latest member of Congress from the LSCU delegation to sign on. Alabama and Florida legislators that are co-sponsors of House legislation are Reps. Jo Bonner (R-AL), Alcee Hastings (D-FL), David Rivera (R-FL), Jeff Miller (R-FL), Debbie Wasserman-Schultz (D-FL) and Rep. West. This legislation asks Congress to delay implementation of the Durbin Amendment and for the Fed to study its impact.

In the Senate, S. 575 would require the Fed, along with other parties including the NCUA, to study the impact of regulating debit interchange transaction fees on consumers, debit card issuers, merchants, and the payments networks, and to jointly submit a report to Congress within one year. S. 575 has 16 co-sponsors including Sens. Bill Nelson (D-FL) and Jeff Sessions (R-AL).

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New MBL bill introduced in the House

Legislation to lift the credit union member business lending (MBL) cap from 12.5 percent to 27.5 percent of total assets has been introduced in the House. Reps. Ed Royce (R-CA) and Carolyn McCarthy (D-NY) introduced the legislation along with original co-sponsors Russ Carnahan (D-MO), Hank Johnson (D-GA) and Gary Peters (D-MI). H.R. 1418, known as the Small Business Lending Enhancement Act, is similar to Senate bill S. 509 which was offered by Sens. Mark Udall (D-CO) and Olympia Snowe (R-ME) last month.

Through a release, Rep. Royce said that the MBL cap lift legislation "takes an important step in shifting our current economic path and putting Americans back to work." Rep. McCarthy added that she was "proud to reach across the aisle -– and across the country -– to help our small businesses and entrepreneurs grow at this critical time."

CUNA estimates that the MBL cap lift could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs, at no cost to taxpayers. Sen. Udall spoke in support of his bill on the Senate floor last week, calling on his fellow senators to help him "get government out of the way" and allow credit unions to increase their lending to small businesses.

"With a projected $1.6 trillion budget deficit, stimulus spending is not an option," said Royce. "This legislation takes an important step in shifting our current economic path and putting Americans back to work. As a result of the Small Business Lending Enhancement Act, credit unions will be eligible to lend up to $10 billion to small businesses within a year, which translates into more than 100,000 new jobs."

The Senate bill, which has 18 co-sponsors, has the interest of Senate Banking Chairman Tim Johnson (D-S.D.) as he has said he will examine the MBL legislation in his committee.

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CUNA to host interchange update audio conference on Apr. 13

CUNA CEO Bill Cheney will be holding a national teleconference on the debit card interchange issue this Wednesday, April 13 at 3 p.m. Eastern. This is an important call. Legislation to delay debit interchange is at a critical juncture on Capitol Hill, and further credit union involvement is needed to gain passage before the July 21 statutory implementation date.

On Wednesday’s call CUNA intends to provide a brief on:

  • The very latest legislative, political and regulatory developments from Washington on interchange
  • The importance of activating the credit union membership on the issue as soon as possible, and the resources available
  • New social media strategies (e.g., Facebook, Twitter, YouTube) to be aware of that will further help engage a credit union’s members

CUNA’s national call, which is free, will take no more than 30 minutes (this briefing will not include Q&A because of the large number of participants). Credit unions need to register in advance by clicking here or going to www.cuna.org

There are a number of major issues in Washington of concern to credit unions: member business lending, supplemental capital, and credit unions’ regulatory burden among them. These continue to be CUNA and league priorities. But events on interchange demand near-term action, which again is the reason for Wednesday’s national briefing.

The LSCU has resources available in the MBL and Interchange Resource area of the website. Credit unions can find Call on Congress cards with the number for members and web banners to send members to the Save my Free checking website. [ Return to Top ]

New LSCU Video: Alabama State GAC wrap up

The LSCU Alabama State GAC was held March 30-31 in Montgomery. Credit unions had access to state legislators, NCUA Region III Director Herb Yolles, ACUA Administrator Larry Morgan and CUNA VP of Legislative Affairs Ryan Donovan. The LSCU Governmental Affairs staff also provided an up on the legislative and regulatory agenda, as well as PAC Fundraising best practices. To view a wrap-up video from the conference, visit the LSCU Video Center.

For those credit unions that couldn't make the conference, the video features two lawmakers who explain how interacting with industries, like credit unions, help them make better decisions about legislation. House Minority Leader Craig Ford says that he responds to every hand written note and meets with everyone who personally stops by the statehouse. Listerhill CEO Brad Green talks about how if credit unions don't get involved in grassroots advocacy they better be willing to live with the results. LSCU President/CEO Patrick La Pine says that the League needs credit unions to meet with lawmakers and respond to Action Alerts. It's the cooperative spirit of credit unions that make them unique. 

For problems viewing the video, contact LSCU VP, Marketing and Communications Mike Bridges at 866.231.0545 ext. 1022.  [ Return to Top ]

Save My Free Checking campaign resources available

Credit unions are urged to utilize resources available from the LSCU and CUNA to let their members know that the Durbin amendment may force credit unions to institute new fees that may cause free checking to go away. This week the League has put web banners and an Op-ed in the MBL and Interchange Resource area. These will help with media relations and driving members to resources. 

The LSCU is partnering with other leagues to market the website "Save my Free Checking." This website has tools for credit unions members to send their lawmakers a note letting them know that they don't want their free checking to go away because of the Durbin Amendment. It's easy for them to access and send the email. The website also has credit union resources like a web banner and FAQs on the interchange issue, in case they would like to send a message or get asked what language to use.This website also houses the latest news on the interchange issue.

CUNA has a phone number for members to call to leave a message for their lawmaker about the Durbin Amendment. The phone number, 877.422.3525, directs members to their lawmaker. CUNA's message is to stop the interchange amendment from going into affect, study the impact on credit unions and their members and start over with legislation that takes all factors into account and the real impact it will have on consumers. 

All of these resources are available in the LSCU MBL and Interchange Resource area. The resources include talking points for lawmakers, talking points for tellers, a credit union action plan and collateral like posters and cards.  

If you have any questions about the Save my Free Checking website or CUNA Save my Free Checking toll free number, contact LSCU VP, Marketing and Communications Mike Bridges at 866.231.0545 ext. 1022.    [ Return to Top ]

Rep. Wasserman Schultz featured in new LSCU audio podcast

The LSCU has a new audio podcast featuring Rep. Debbie Wasserman-Schultz (D-FL) talking about the implementation of the Durbin amendment. She says the amendment, while well intentioned, will be harmful to consumers in its current state. She lays out the reasons why the amendment needs a second look and a chance to be debated in Congress. Rep. Wasserman-Schultz is an original co-sponsor of HR 1081 and she explains what the bill is trying to accomplish in the House.

To listen to the interview, visit the LSCU Audio Podcast Center. The interview will stream right from the website on your desk top in MP3 audio format. If you have any trouble hearing the podcast, contact LSCU VP, Marketing and Communications Mike Bridges at 866.231.0545 ext. 1022.  [ Return to Top ]

Deadline for LSCU/CUNA awards this Friday, Apr. 15

The submissions deadline for both the LSCU and CUNA awards is approaching quickly. Entries for both prestigious awards programs will be accepted until end of day Friday, April 15, 2011. All credit unions are encouraged to participate in both programs.

The LSCU is proud to recognize those professionals, volunteers, credit unions, and credit union programs that have made outstanding contributions to the development and growth of the credit union movement in Alabama and Florida; you should be, too! That is why the League feels it is important to have this award program in place.http://www.magnet101.com/link.cfm?r=658490945&sid=13047013&m=1300585&u=LSCU&s=http://images.magnetmail.net/images/clients/LSCU/attach/2011LSCUAwardsBrochure.pdf Click here to view brochure.

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

  • CEO of the Year
  • Volunteer of the Year
  • Distinguished Service Award
  • CU of the Year Award
  • Brother’s Keeper Award

For more details about each award listed above as well as the nomination form, visit the LSCU CU Awards web page on the LSCU website and click to view the LSCU Awards brochure. Also available on the awards page is a "fillable" PDF nomination form that may be completed electronically.

In addition, the LSCU and the CUNA sponsor three recognition programs below that show how credit unions are helping their community and their members AND showing lawmakers that credit unions are something special.

  • Dora Maxwell Social Responsibility Community Service Award
  • Louise Herring Philosophy-in-Action Member Service Award
  • Desjardins Youth and Adult Financial Education Award

Developing and entering your social responsibility project helps your local community -- and its representatives in state and federal government -- better understand the credit union difference. The greater the understanding of this difference, the greater chance that the credit union tax exempt status will be preserved and accessibility to credit unions guaranteed for all consumers.

Information and submission forms for these three awards may also be found on the LSCU CU Awards Program web page.

Visit the LSCU CU Awards Program web page 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.

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CFO Atwater presents award to VeteransPlus for Financial Literacy Month

L to R: Attorney General, Pam Bondi, Gov. Rick Scott, VeteransPlus Deputy Director, Strategic Partnerships, Chris Fitzpatrick, LSCU Association Chief of Staff, Cassandra Grayson, VeteransPlus Executive Director, John Pickens III, National Director of Education, James Feazell,  CFO, Jeff Atwater, and Agriculture Commissioner Adam Putnam.

In celebration of Financial Literacy Month, CFO Atwater presented Clearwater-based VeteransPlus with the 2011 Champion of Financial Literacy Award for providing financial education to more than 4,000 military personnel and their families last year. The award was presented to VeteransPlus, Inc. Executive Director, John Pickens III, on behalf of Florida Financial Literacy Council member and LSCU Association Chief of Staff, Cassandra Grayson.

Each year, the Florida Financial Literacy Council (FFLC) selects an individual or organization that possesses a strong commitment to financial literacy education in Florida to receive the Champion of Financial Literacy Award.

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Four director positions open in 2011 for LSCU board

The LSCU board has four director positions open, two in Alabama and two in Florida. Each of the positions is from a different class. The open Alabama positions are class A and D, while the Florida open positions are class B and C. Credit unions in those class categories were mailed packets last week that detailed the board positions, nomination forms and the breakdown of each class. While only credit unions in each respective class are eligible to nominate a candidate, all credit unions in Alabama will vote for the Alabama nominees and all credit unions in Florida will vote for the Florida nominees. 

For those credit unions that are not familiar with the class categories, they are broken down below:

  • Class A - credit unions with less than 2,000 members
  • Class B - credit unions with between 2,000 and 15,000 members
  • Class C - credit unions with between 15,000 and 40,000 members
  • Class D - credit unions with more than 40,000 members

If your credit union is interested in nominating someone for the board, use the materials that were mailed last week. If you have questions or need the nominating form sent again, contact LSCU Executive Assistant to the President Teresa Gray at 866.231.0545 ext. 2110.  [ Return to Top ]

Capture new GM auto loans by linking to GM discounts through Invest in America

LEVERAGE, in partnership with Invest in America (IIA), is bringing renewed momentum to capturing new auto loans. In an effort to drive more credit union loans, GM is publicizing the credit union discount through a micro site. Credit unions can help their members understand the discounts easier being linked to the GM credit union micro site. In turn it provides members with easy access to the loan application section of their credit union’s web site. Members will be able to do this while in the process of securing their Preferred Pricing Authorization Number.

To have your credit union listed requires three easy steps:

1.       Provide the link (URL) your members will be directed to in order to apply for an auto loan

2.       Send contact information of the credit union staff member IIA should contact

3.       Submit the information by April 15, 2011 to IIAloanapplication@cusolutionsgroup.com

Please note that IIA participating credit unions must provide the information above to be included, otherwise your credit union will not appear in the drop down.

For more information, contact VP, Product Support, Keith Hopkins at 866.231.0545, ext. 1170. [ Return to Top ]

Governmental Affairs News
Florida roundup: State budget main issue this week, public deposits legislation heats up

FLORIDA POLITICS WEEK IN REVIEW:

While the budgets in the House and Senate are nowhere near identical, they will work this week to hammer out the differences during Budget Conferencing. The Legislature appears ahead of schedule on the budget and at this point, the possibility exists that they send the final budget to the governor for his signature during the session, which would give Gov. Scott only seven days to review the budget, veto any line items he disagrees with, and sign the final budget. This would also give the Legislature the opportunity to overturn any gubernatorial vetoes, should they choose to do so.

PUBLIC DEPOSITS LEGISLATIVE UPDATE:

HB 999 by Rep. Clay Ingram (R-Pensacola) still sits in the House Economic Affairs Committee chaired by Rep. Dorothy Hukill (R-Port Orange). While the bill has not been scheduled to be heard in the committee yet, the LSCU Government Affairs team continues to meet with the members who serve on the committee to educate them on the issue and try to secure their votes. The House Economic Affairs Committee is the last stop in the House before the bill can move to a vote on the House floor. The Senate version of the bill, SB 1976 by Sen. Oscar Braynon (D-Miami Gardens) still remains in the Banking and Insurance Committee chaired by Sen. Garrett Richter (R-Naples). The League continues to work with the Senate in hopes that the bill will be heard in committee. Regardless of what happens, the LSCU grassroots network has done a phenomenal job helping to ensure that the public deposits issue would, for the first time, receive a fair debate by members of the legislature. This is a huge victory for the League, and there must be continual work on educating the legislature if the League is to ensure that credit unions are afforded the opportunity to serve as qualified public depositories.

OFR BILL UPDATE:

HB 1121, by Rep. Ingram will be heard in its third and final committee this week. The bill will be heard on Apr. 12 at 1 p.m. EST in the House Economic Affairs Committee. The Senate version of the bill, SB 1332 by Sen. Richter, will be heard the following day, Apr. 13 at 9:15 a.m. EST, in the Senate Budget subcommittee on General Government Appropriations. The bills are both likely to pass their respective committees and be placed on the floor calendars. As they are identical and the LSCU does not expect any amendments, they are likely to pass easily out of both chambers and be sent to the Governor for his signature.

TITLE LOAN BILL UPDATE:

As the League informed you last week, HB 877 by Rep. Joseph Gibbons (D-Pembroke Park), a bill that would have allowed title lenders to charge up to 264 percent interest on title loans, died in the House Business & Consumers Affairs subcommittee. The Senate companion, SB 990 by Sen. Mike Bennett (R-Bradenton) is still pending withdrawal from further consideration.

Remember to continue to monitor your email for Action Alerts. 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: Meaningful budget legislation, right of redemption, used car dealer legislation

Most notably of the meaningful legislation being discussed included the movement of both the Education Trust Fund Budget (ETF) and General Fund Budget. The House Ways and Means Education Committee passed the ETF out of committee and it could be voted on by the entire House as early as Tuesday.  On Thursday, the Senate passed a drastically reduced General Fund Budget and it will now make its way to the House of Representatives for final passage and Governor’s signature.  LSCU has kept a watchful eye on ACUA funding in the General Fund Budget and so far there have been no problems on that front.

Additionally, the League mentioned last week that Gov. Bentley sent the official confirmation message of Larry Morgan as Administrator of ACUA.  The Senate Confirmations Committee did not meet last week to take up any new confirmations, but the League will continue to work with the Senate in any way needed in order to ensure a smooth confirmation.

Right of Redemption, HB 343/SB 263

The Senate Finance and Banking Committee, chaired by Sen. Slade Blackwell (R-Birmingham), met Wednesday morning and passed SB 263, sponsored by Sen. Blackwell, out of committee with a unanimous vote.  We mentioned previously that the main hold up on this legislation was with a few objections by the Homebuilders Association.  Those issues were resolved and a substitute bill was offered in committee.  The goal of shortening the redemption time period is still intact, taking it form one year to 90 days, but exemptions were made with regards to residential lots and homes currently under construction. 

HB 343, sponsored by Rep. Steve Clouse (R, Ozark) will be in the House Financial Services Committee is meeting this week and, if all goes as expected, will be passed out with these same exemptions for homebuilders.  Jason Cochran, LSCU Director of Legislative Affairs, has written and submitted letters to both chairmen in support of this legislation.  LSCU has been very active working with all of the involved parties and committee members to help in seeing this legislation moved forward and passed this legislative session.

Used Car Dealer Legislation, HB 448

Another piece of legislation to note was introduced last week by Rep. Mike Hill (R-Columbiana).  Alabama Credit Unions have not in the past had to register and be licensed as a used car dealer with the Alabama Department of Revenue.  This legislation, HB 448, is not changing that, but going further to actually include the language “credit unions” in the code section listing exempt entities.  LSCU fully supports Rep. Hill and has reached out to him and House Financial Services Chairman Steve Clouse in order to see this bill put on the fast track.  In meeting with Chairman Clouse on Thursday, he told the League that it would in fact be in committee this week alongside the “Right of Redemption” legislation.  To date there is no opposition to this legislation and it should pass out of committee Wednesday morning.

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

Washington update: House considers budget, Senate considers judicial nominations

THE HOUSE RETURNS WITH A FOCUS ON THE FEDERAL BUDGET:

The House returns on Tuesday and on Wednesday is expected to consider H.R. 1217, the repeal of the Prevention and Public Health Fund Act. The House is also expected to consider a continuing resolution to fund the government for the remainder of the fiscal year. On Thursday and Friday, the House will consider the budget resolution for fiscal year 2012 and various alternative budget proposals.

THE SENATE CONSIDERS JUDICIAL NOMINATIONS, FEDERAL FUNDING:

The Senate comes back tomorrow and will consider judicial nominations. It is not clear exactly what will happen next in the Senate.  As part of the negotiation to avert a government shutdown late last week, Majority Leader Harry Reid (D-NV) agreed to permit the Senate to take votes on a bill to cut off federal funding for Planned Parenthood and a proposal to block funding for the implementation of the Affordable Care Act. Neither of these proposals is expected to achieve the 60 vote threshold necessary for Senate passage. The Senate will then take up the long-term continuing resolution that the House is expected to pass. Additional action on the small business bill, which has been on the Senate floor for several weeks, is also possible.

HEARINGS ON TAP THIS WEEK:

Some of the hearings that were expected to take place this week were postponed under threat of a government shutdown; however, others will go on. Here are a few of note:

On Tuesday, the Senate Banking Committee will hold a hearing on “Building the New Derivatives Regulatory Framework: Oversight of Title VII of the Dodd-Frank Act. Also on Tuesday, the Senate Banking Committee will consider the nominations of  Katharine Abraham to be a member of the Council of Economic Advisers; Carl Shapiro to be a member of the Council of Economic Advisers; and Eric Hirschhorn to be undersecretary of Commerce for export administration.

On Wednesday, the House Ways and Means Committee will hold a hearing on “How the Tax Code’s burdens on Individuals and Families Demonstrate the Need for Comprehensive Tax Reform.” 

On Thursday, the House Financial Services Committee will hold a hearing on “Oversight of the Financial Stability Oversight Council.” Also on Thursday, the House Financial Services Committee Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on “Understanding the Implications and Consequences of the Proposed Rule on Risk Retention.”

If you have any questions regarding 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: Form 1099 changes on President Obama's desk

The League InfoSight newsletter has an in-depth story on possible changes to the Internal Revenue Service Form 1099 reporting requirements. On April 5, the Senate approved by a vote count of 87 to 12 a bill that would repeal an extension of IRS Form 1099.

 As a "pay-go" effort to offset the cost to taxpayers of the new healthcare reform law, Congress last year extended the 1099-MISC reporting provisions to cover payments for goods valued over $600. Rep. Dan Lungren's (R-CA) H.R. 4 would repeal this extension, and also repeal an additional Form 1099 rental real estate related reporting requirement.

Credit unions and other businesses have been required to report on Form 1099-MISC certain payments of $600 or more that will be considered income by the IRS. Rep. Dave Camp (R-MI) helped author some of the language in H.R. 4. In a release, he estimated that the tax law change would save taxpayers $20 billion over a 10-year span and would reduce the deficit by more than $166 million over that same time period.

Rep. Camp implored President Obama to work with legislators to "find other ways to reduce the heavy burden of federal mandates, regulations and paperwork that take employers' time, energy and resources away from creating jobs." The bill remains on President Obama's desk awaiting his signature.

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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LSCU offers FREE financial literacy training

The two-hour training will take place the day before the State Governmental Affairs Conference (SGAC) begins. Each participant will receive a certificate of completion at the end of the course. 

The Florida State GAC free financial literacy training will take place at the Southeast Corporate headquarters, 3692 Coolidge Court, Tallahassee, on Tuesday Apr. 12 from 9:30 to 11:30 a.m., prior to the Tallahassee Chapter golf outing at Southwood Golf Club.

This training, its equivalent, or a demonstration of knowledge equivalency is required for all federal credit union directors by Jul. 27, 2011 or within six months after a person becomes a director of a federal credit union.

State chartered credit union board members and supervisory committee members of all credit unions are not required to obtain this training at this time. However, since it is “free” and quite often the state follows the NCUA’s lead on items like this; it might be a good idea to sign board members up for this training.

To sign up for the “Free Financial Literacy Training” contact LSCU VP, Regulatory Affairs, Bill Berg at  866.231.0545, ext. 1028. To sign up for the SGAC, click on this link Florida SGAC.

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Compliance calendar and training

Compliance Calendar

April 15
NCUA Operating Fee/ NCUSIF Capitalization Deposit Update Due

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
FREE NCUA Credit Union Roundtable in Birmingham on Apr. 14

The NCUA is offering a free Credit Union Roundtable in Birmingham Thursday Apr. 14. The agenda includes a discussion about the new consumer protection office, duties of FCU board of directors, due dilegence on evaluating payment and examination issues.

The roundtable is from 8:15 am - 3 pm CDT. The event will be held at the Doubletree Hotel, 808 S. 20th St, Birmingham. You can call the hotel at 250.933.9000, if you need a room.

Click here for a complete round table agenda and to register.

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LSCU and Florida Prosperity Partnership hosting webinar about Bank On initiatives

Alabama and Florida credit unions will get the opportunity to join in on a webinar that highlights Bank On initiatives. The call will focus on how your credit union can participate, as well as, gain access to an untapped market of new members.  

The Bank On Model is a social marketing partnership of financial institutions, asset-building organizations, local governments, and community-based nonprofits to provide qualified unbanked and underbanked consumers access to mainstream financial services through low-cost savings and checking accounts and free financial education opportunities.

Please join us for the scheduled webinars:

Apr. 25 at 3 p.m. EST or Apr. 28 at 3 p.m. EST

To register for either of these events, please contact Amber R. Tynan, Executive Director, Southeastern Credit Union League at 800.342.1266, ext. 1154.

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Scholarships available for educational events

Scholarships are available to upcoming LSCU educational events, including  the Annual Convention & Exposition  and the Development Conference, according to Executive Director of the Southeastern Credit Union Foundation, Amber Tynan. Scholarships are also available for CUNA’s educational events and the Southeast Regional Credit Union Management School in Athens, GA.

“Scholarships from the Foundation cover tuition and travel expenses,” said Tynan. “The scholarship program is open to employees and volunteer officials of affiliated credit unions. It is designed for credit unions under $35 million in assets, but applications from employees and officials from larger credit unions will be considered.”  The scholarship application and guidelines are available by clicking here.

For additional information on scholarships, contact Southeastern Credit Union League Executive Director, Amber Tynan at 866.231.0545, ext. 1154 or LSCU VP, Cooperative Initiatives, Laura Vann at  866.231.0545, ext. 2181. [ Return to Top ]

Education News
LSCU hosts second successful BSA Training Workshop

The LSCU hosted it’s second Bank Secrecy Act training of the year at Blue Flame CU in Mobile, AL on Wednesday, Apr. 6. There were 46 attendees representing 10 credit unions for this BSA Workshop. Topics discussions included: 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 as well as many more areas.

One attendee commented, “Angelic gave a great presentation and interacted with the audience, information was useful and will take back to credit union and share with staff and volunteers.”

Special Thanks to Blue Flame CU for sponsoring the location for this event!


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MSNBC's Joe Scarborough highlights LSCU AC&E in June

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 convention's 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 may also take part in the LSCU Councils, which will meet on Jun. 16. Credit union directors have the opportunity to 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. [ Return to Top ]

Celebrate 'National Credit Union Youth Week' through the month of April

Credit unions celebrate youth in April. Whether you chose to celebrate all month, or just during Youth Week, there are plenty of resources to show youth they can become saving rock stars by visiting their credit union. You gather the youth members and CUNA will provide ready-to-use items to help you promote your celebration simply and effectively to several age groups.

For more information, click here.

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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.

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:

May 18    Birmingham, AL / LSCU Ground Floor Conference Room

(Click session for: morning or afternoon)

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:

Unauthorized, Revocation, Stop Payment
Tuesday, Apr. 19 from 3-4:30 pm
Webinar

Click here to view complete calendar of events.

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LEVERAGE News
CMG MI teams with the Housing Education Program to provide homebuyer education for WHEDA

The CMG MI's homebuyer education program will serve Wisconsin credit unions offering low-down-payment home loans through the Wisconsin Housing and Economic Development Authority (WHEDA).  The program is free of charge to both credit unions and their members getting WHEDA loans.

WHEDA requires certain eligible borrowers to complete a homebuyer education program as part of its approval process. To assist Wisconsin credit unions in meeting this requirement, CMG MI has joined with The Housing Education Program, a division of Consumer Credit Counseling Services.

"As an approved mortgage insurer for WHEDA, we took a unique approach to assist credit unions in meeting the pre-purchase homebuyer education requirement," said Senior Vice President and General Manager of CMG MI, Joe Dillon. “We didn’t just want to develop a program that met GSE standards, but rather to provide a service that truly supports creating a sustainable homeownership experience."

"The Housing Education Program’s curriculum is innovative in its focus on the elements that drive long-term success as homeowners, even providing a customized written Action Plan to members completing the program,” he continued. “Working together, we have crafted a phone counseling process that is both accessible and relevant. In addition, as long as the member remains in the home, this program makes housing specialists and credit counselors available free of charge.”

The program is ongoing. While the member’s loan is being processed and underwritten by the credit union, the member can begin completing the homebuyer education modules and the budget worksheet. Once the credit union has a CMG MI mortgage insurance certificate for the loan, the member can then call to set up the pre-closing counseling appointment.

For more information, contact CMG MI Account Executive, Stephanie Roth, at 920.960.1777 or visit www.cmgimi.com.

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Out with the old in with the new with Office Depot essentials

Office Depot is your number one office supply store for all the essentials from pens and paper to cleaning supplies and furniture. Take the time this month for some spring cleaning and restock on those must have items. For the entire month of April when you spend $100 or more automatically receive 10 percent off your purchase by logging in to business.officepot.com and using coupon code 830755865 at check-out. For more information, click here. [ Return to Top ]

News from You
Insight Credit Union Awards 19th Annual Higgs Scholarship

Photo: Insight Credit Union Board of Directors; Scholarship Winners (Left to Right) Rosemarie Santorelli, Kaylee Bolton, Elizabeth Marie Wieland, Sarah Dyer, Alexander Dankelman.

Insight Credit Union and the Paul H. Higgs family awarded $1,000 scholarships to five high school seniors graduating this year at the credit union’s 75th Annual Meeting on Mar. 18.

Insight Credit Union’s Board Chairman, Jerry G. Locke, presented the scholarships to Kaylee Bolton of Edgewood Junior/Senior High School, Alexander Dankelman of East Ridge High School, Sarah Dyer of Seminole High School, Rosemarie Santorelli of Crooms Academy and Elizabeth Marie Wieland of Boone High School.

To qualify, the students had to be an Insight Credit Union member in good standing and a graduating senior intending to further his or her education at an accredited two-year community college or four-year university. Students submitted an application, two letters of recommendation, and a 350-500 word essay about the importance of learning how to effectively manage finances at an early age and how Insight Credit Union could help their generation meet its financial goals.

Insight Credit Union’s Board of Directors established the Paul H. Higgs Memorial Scholarship Fund to honor Paul H. Higgs, former chairman and active member of the board for more than 28 years. The scholarship is a tribute to the founders and the many volunteers who have served the credit union and its members throughout its 75 year history.

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Alabama Telco CU introduces Edge, a new teen savings account

The Edge account is designed to help teens ages 13-19 develop money-management skills and smart saving habits. Most importantly it provides teens with valuable information to ensure financial success in the “real world”.

In keeping pace with teenagers today and how they prefer to communicate, the Edge account will offer tips, videos, special contests, giveaways and random fun facts via a special Edge website and Edge Facebook page. Other benefits teens will get from the account include the ability to apply for other products as they grow, including checking accounts and a student credit card, a cash incentive for every friend they refer and a place to turn to for all their future financial needs and questions.

“In developing this account, we conducted several teen focus groups. We learned we can’t assume parents and schools are teaching our youth the basic financial skills they need to be successful in life. We feel there is a real need for this product and are excited to step in and help serve as a financial resource and shoulder for these teens to lean on,” explains Vice President of Marketing, Stanton Davis.

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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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