LSCU eSignal Weekly
LSCU eNews Weekly May 23, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
LSCU announces recipients of Maxwell, Herring, and Desjardin Awards
First Florida CU CEO Brent Lister talks interchange on 'First Coast Connect'
NCUA to hold webinar on corporate prepayment proposal
Sen. Tester modifies interchange delay timeline by nine months
SECUF Chapter Rebuilding Project Match Program initiated
NCUA OKs Southeast Corporate capital subscription plan
Credit Unions for Kids launches new website
LEVERAGE introduces ComplyTrac, an automated compliance solution
LEVERAGE and Mid-America Service Corp collaborate on Ventelligence
2011 LSCU Annual Convention & Exposition
Fun, interactive events available for attendees and guests at LSCU's AC&E
Play a world class golf course at the LSCU AC&E
Governmental Affairs News
News from the Hill: Important legislation discussion, committee meetings this week
This week in Alabama politics: Reapportionment could affect AL CUs, LSCU legislative update
Rep. Allen West visits Palm Beach Chapter of CUs
Alabama amusement park consignment tickets are available
Compliance Corner
League InfoSight highlight: Frequently asked questions added to Accounts, Bankruptcy and Collections channels
Quarterly Compliance Call on Legal Issues in Collections set for June 2
Compliance calendar and training
Cooperative Initiatives News
Youth deposit record savings in April
Education News
BSA Training Workshop providing essential CU resources
Education Calendar
LEVERAGE News
LEVERAGE adds new Business Development Consultant to team
New $15 savings from Office Depot
News from You
Tampa Chapter of CUs raises $45,000 for local children's charities
Pen Air FCU sponsors Military Essay Contest for students
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

President's Point

On June 16-19, Alabama and Florida credit union professionals and volunteers will gather in Orlando for the 2nd LSCU Annual Convention and Exposition (AC&E). This year’s convention theme is “Defining Our Future.” The theme is very fitting with all the regulatory uncertainty our industry is currently facing as well as the need to develop one shared vision for the credit union movement, something I have written about in past President’s Point columns. League staff has put together a great lineup of speakers, educational breakout sessions and networking opportunities for credit unions attending this year’s AC&E, building off last year’s very successful event. Our exhibit hall should be sold out, featuring more than 130 vendor booths with plenty of time on the schedule to meet with each.  

I hope you all know by now that MSNBC’s Joe Scarborough and NCUA Chairman Debbie Matz will be our featured speakers at this year’s AC&E. Matz will speak at the Annual Business Meeting Friday June 17 along with myself, LSCU Chairman Joe McGee, National Credit Union Foundation (NCUF) Executive Director Bucky Sebastian and CUNA Mutual Group EVP/COO Bob Trunzo.  Scarborough will speak Saturday June 18 at the general closing session. The LSCU’s annual awards will also be handed out during the closing session. We will honor credit union officials, volunteers and credit unions for their service to the movement.

Our Councils and educational offerings are second to none. The LSCU councils feature discussions on HR, lending, marketing and finances. Tim Harrington and Ken Gronbach are two of the featured Council speakers. Each has headlined other league’s annual meetings. Highlighting our educational breakout sessions will be the regulatory roundtable with our state and federal regulators including NCUA Region III Director Herb Yolles. CUNA Economist Mike Schenk will provide an economic forecast for credit unions. Matt Davis from Filene will hold two sessions on Financial Services trends and Social Media on a budget. LSCU VP, Regulatory Affairs Bill Berg will hold a Financial Literacy session so credit union directors will be in compliance with the NCUA. Small asset sized credit unions will have a roundtable session to talk about best practices and ways to grow their membership. In all, we have more than 15 educational breakout sessions.

The AC&E really kicks off Thursday June 16 with the AC&E golf tournament benefiting Children’s Miracle Network (CMN) at the Ritz Carlton golf course. This Greg Norman Signature course has a wonderful layout and it's a treat to play. One of the fun features is every group gets their own caddy to help with playing each hole and helping to line up the putts. There is room to sign up to play. (See story below) Don’t miss this relaxing networking opportunity.

Another fun feature at this year’s AC&E is Channel 34. The JW Marriott house cable channel will feature AC&E updates and pertinent information to help you get the most out of your convention. Tune in daily to get the latest news and information.

Finally, we will have an area set up outside registration that is our “Information Labs.” This area will give credit unions an opportunity to learn more about Political Action (PAC) fundraising, LSCU Councils, Southeastern Credit Union Foundation (SECUF) and our Statewide Image Campaign. The Image Campaign booth will have our new TV ad running, collateral and a billboard for this fall’s campaign.

As you can see, we have a tremendous three days planned for you in Orlando.  The JW Marriott is minutes from SeaWorld, Disney and Universal, as well as great shopping.  Since school is out, the AC&E is a great opportunity to bring your family along and enjoy everything Orlando has to offer before or after convention. I invite all of you to attend and let’s “Define our Future” together.  See you in Orlando!

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LSCU announces recipients of Maxwell, Herring, and Desjardin Awards

Congratulations to the following recipients of awards from CUNA's awards program! The entries of the first place winners will be sent to CUNA’s national competition, where they will compete with other state winners from throughout the country. The awards will be presented at the credit union’s choice of either their chapter meeting or their credit union.

Dora Maxwell Social Responsibility Community Service Award:

The Dora Maxwell Award program honors the work of credit unions in the community.

$200-$500m:

1st - Alabama Credit Union

1st - Insight Credit Union (FL)

2nd - Florida Commerce Credit Union

$500 - $1 billion:

1st - Alabama Telco Credit Union

2nd - Army Aviation Center FCU (AL)

$1 billion+:

1st - CFE FCU (FL)

2nd- Pen Air FCU (FL)

Chapter:

1st - Montgomery (AL) Chapter of Credit Unions

Louise Herring Philosophy-in-Action Member Service Award

The Louise Herring Award recognizes the practical application of credit union philosophy through internal programs to improve members' lives.

$250m - $1 billion:

1st - Florida Commerce Credit Union

$1 billion+:

1st - Pen Air FCU

2nd - CFE FCU


Desjardins Youth & Adult Financial Education Award

The Desjardins Youth & Adult Financial Education Award recognizes leadership within the credit union movement on behalf of youth and adult financial literacy.

More than $500m
:

1st - Army Aviation Center FCU

Thank you to all those credit unions that participated by submitting their entries. All were great projects and show your countless efforts in carrying out the "people helping people" philosophy. There are many great works out there by credit unions that did not submit an entry. The LSCU encourages all credit unions to submit their good works to be recognized on a state and possibly a national level. 

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First Florida CU CEO Brent Lister talks interchange on 'First Coast Connect'

As part of the Dodd-Frank Act, Congress enacted provisions that would regulate the debit interchange rates and give merchants more control over a consumer’s use of debit cards and credit cards at the point of sale and the route through which the transaction is processed. This may have a huge impact on credit unions and small financial institutions.

First Florida Credit Union President/CEO Brent Lister took to the airwaves last week joining the First Coast Connect radio program to explain the impact such legislation would have on credit unions and the consumer. Lister explained how the fees associated with debit card purchases - paid to the financial institution by merchants - help offset the costs of fraud and loss prevention, among other services.

To listen to Lister discuss why it is important for lawmakers to stop, and start over on this legislation, visit theLSCU Audio Podcast center. If you have trouble accessing the podcast, contact LSCU Communications Coordinator Joseph Davis at 866.231.0545 ext. 1014.  [ Return to Top ]

NCUA to hold webinar on corporate prepayment proposal
Following last Thursday's NCUA board meeting, all credit unions are invited to participate in a free NCUA webinar about the proposed voluntary prepaid Corporate Stabilization Fund assessments program at 4 p.m. EDT on May 26.

The NCUA proposed the voluntary prepaid assessments on May 19. The proposal responds to requests to explore a program of prepaid, or advanced, assessments for the Temporary Corporate Credit Union Stabilization Fund similar to a program adopted by the FDIC in 2009. The voluntary prepaid assessments proposal seeks to improve the liquidity of the Stabilization Fund and would permit credit unions to use excess funds to aid in managing corporate resolution cash flow needs over the next two years. For a greater explanation to the proposed program, check out this outline from the NCUA. The NCUA board is also looking for comments on the program to measure interest and ensure the effective operation of the voluntary prepaid assessments program.

Visit the LSCU Regulatory Resources website for a summary of the May 19 NCUA board meeting where the proposed prepayment plan was discussed. You will also find links to make a comment on the NCUA prepayment proposal. To register for this webinar, visit the NCUA's registration page.

For those already registered for the webinar immediately preceding, “Current Allowance for Loan and Lease Losses Exam Issues and Practical Ways to Factor Q&E Adjustments into the Methodology,” you will not need to re-register. Just stay online at 4 p.m. and do not close your browser. Those only interested in the voluntary prepaid assessments proposal should log in at 4 p.m.

The webinar will be archived on the NCUA website two weeks after the event for those who cannot attend live. [ Return to Top ]

Sen. Tester modifies interchange delay timeline by nine months

Sen. Jon Tester (D-MT) took to the Senate floor last week and offered to shorten the implementation phase of his interchange delay legislation, S. 575, from 24 months to 15 months. He says the 15 months would be broken into three phases, six months to study the impact, six months for the Federal Reserve to write the new rule and then three months to implement the rule. 

While on the Senate floor, Sen. Tester again stated that more time is needed to study the unintended consequences the bill may have. Senate Majority Leader Harry Reid (D-NV) has told Sen. Tester he will allow a vote on his interchange legislation. Sen. Richard Durbin (D-IL) has stated that he intends to filibuster the legislation if Sen. Tester doesn't have the necessary 60 votes required to block a filibuster. No timetable for a vote has been given.

The Wall Street Journal is reporting that over the next two months the National Retail Federation will spend  "well into the seven figure range" on ads in six or more states, while also implementing a major writing campaign and a retail Washington D.C. fly in this June. You can read the full Wall Street Journal story here

The Fed is working toward its July 21 date of implementation while all of the political discussions continue.   [ Return to Top ]

SECUF Chapter Rebuilding Project Match Program initiated

The Southeastern Credit Union Foundation (SECUF) is initiating its Chapter Rebuilding program which is a $60,000 philanthropic matching program for the six affected areas of the LSCU Chapter of Credit Unions in Alabama. By applying and participating in the program, the money raised for a specific community project in the chapter area is matched, dollar-for-dollar up to $10,000 by the SECUF. This allows chapters to double their power to rebuild and re-establish the lives affected within the chapter’s community.

The SECUF Chapter Rebuilding Match Program encourages Alabama chapters, credit unions and community partners to create and participate in local volunteer projects to assist with rebuilding Alabama following April’s tornadoes. Each Chapter can receive one match. 

Also, with recent tornadoes and floods in other states, credit unions that would like to donate to CUAid and be part of the SECUF's $100,000 matching program with the National Credit Union Foundation (NCUF) should designate those funds to CUAid as being for "AL Disaster." This will ensure the funds go to the Alabama tornado victims and become part of the SECUF match. 

For more information about the match program or CUAid, visit the LSCU Foundations page or contact SECUF Executive Director Amber Tynan at  800.342.1266, ext. 1154.

Southeastern Credit Union Foundation Executive Director Amber Tynan, Red Cross Deputy Director of AL Tornadoes Disaster Relief Operations James Tittle and Joe McGee, Chairman of the Southeastern Credit Union Foundation with the $25,000 check from the SECUF to the Red Cross of Alabama.

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NCUA OKs Southeast Corporate capital subscription plan

This past Friday the NCUA approved Southeast Corporate's capital subscription process based on its Strategic Business and Recapitalization Plan. Beginning on May 25, Southeast Corporate will embark on a 90-day capital subscription period to raise a minimum of $80 Million in Perpetual Contributed Capital (PCC).

Southeast Corporate plans to communicate this process through a direct mail piece to each of its credit union member/owners. The mailing will include the capital offering documents, which consist of the Private Offering Memorandum and the final Plan. Southeast member/owners will have 90 days to respond with their support by returning the commitment letter by Aug. 23, 2011, which will be included in the information mailing.

Credit unions will also have the opportunity to understand the process better through an informational webinar. The date of the webinar has not been set yet. However, credit unions that take part in the webinar will learn more about the capital subscription process outlined in the mailing. Details of Southeast's new business model and recapitalization plans will continue to be communicated to credit unions through a number of individual meetings including board presentations, chapter meetings, conventions and other opportunities.

Southeast Corporate also announced that it will keep credit unions abreast of the recapitalization process and the feedback it receives.


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Credit Unions for Kids launches new website

The new CU4Kids website is a great tool for our credit unions. It will help credit unions as they get involved with the Chidren's Miracle Network. The new website has tabs to get to know the impact in each state, how to get started in fundraising and the mission of CU4Kids.

Other highlights include:

  • Meet your state’s Champion patient
  • Share your personal miracle story
  • Learn about CU4Kids national campaigns
  • Download fundraising ideas and materials
  • Discover best practices
  • Find your local CMNHospital
  • Reveal your CU4Kids success stories

Check it out today by visiting www.CU4Kids.org. [ Return to Top ]

LEVERAGE introduces ComplyTrac, an automated compliance solution

LEVERAGE is introducing a new resource that understands the speed at which new regulations are being adopted and how they have dramatically increased the costs associated with maintaining a compliance program. LEVERAGE’s Automated Compliance Solution, ComplyTrac, is not just an information resource. It streamlines compliance procedures and reduces costs for credit unions.

ComplyTrac has procedural controls to meet compliance requirements on a single platform and helps credit unions effectively execute regulations through an automated software. The system reduces time spent on compliance management, reduces the expenses and need for outside consultants, eliminates the risk of unforeseen expenses responding to regulatory changes, and guarantees exam compliance.

All routine controls and audits are completed online, allowing your staff to quickly complete necessary tasks and get back to serving your members. Most importantly, ComplyTrac provides a peace-of-mind when implementing compliance-related decisions.

For credit unions that want to know more about ComplyTrac, contact a LEVERAGE Business Development Consultant.

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LEVERAGE and Mid-America Service Corp collaborate on Ventelligence

LEVERAGE and the Mid-America Service Corporation, a subsidiary of the Credit Union Association of the Dakotas, entered into a marketing agreement for Ventelligence. This collaboration will broaden the scope of Ventelligence while making its power available to more credit unions.

Ventelligence offers an automated system that provides a web-based contract database, third party vendor risk assessments, due diligence templates, and an innovative ePurchasing platform. Ventelligence’s ePurchasing platform encourages vendors to more aggressively bid against each other for the credit union’s business. The savings through ePurchasing average more than 25 percent for the first year. Mid-America Service Corporation will have exclusive rights in the Dakotas to market Ventelligence. 

“Ventelligence is a product that revolutionizes the way a credit union manages and signs its contracts,” said LEVERAGE President/CEO Patrick La Pine. “It makes good business sense to work with other Leagues and associations to bring this unique product to them. The ePurchasing component of Ventelligence provides so much value that we think the credit unions in Mid America will see a dramatic improvement in efficiencies in contract management.”

The Mid-America Service Corporation is excited to offer the innovative Ventelligence product and the many solutions it offers credit unions. The impact on credit unions should be immediate.

“This presented a great opportunity for us to collaborate with another state association on a product that can benefit our members,” said Mid-America Services Corporation President/CEO Robbie Thompson. “Credit unions are under severe pressure to decrease costs without sacrificing their future or their service to members. We have seen the significant savings that credit unions in the southeast achieved through past ePurchasing events and we hope that by bringing this solution to the Dakotas, that our credit unions will see similar savings.”

For more information on Ventelligence and ePurchasing, contact a LEVERAGE Business Consultant.

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2011 LSCU Annual Convention & Exposition
Fun, interactive events available for attendees and guests at LSCU's AC&E

Looking for fun and interactive events for you or your guest at the AC&E? Look no more! During convention, the LSCU offers several options at this year's convention in Orlando, June 16-18.

If you have already registered for convention, it is not too late to participate in any of these events. Contact Angie Moyer or Angie Meisenheimer at the League to register for these events. You can click their name to email or call 866.231.0545.

Interactive Cooking Class with J.W. Marriott Chef Moore
Golf alternative session

Thursday, June 16, 2011, 4 p.m. - 6 p.m.
Cost: $65/person

Back by popular demand! This fun session features a cooking lesson with Chef Marya Moore at the J.W. Marriott. Participants will learn how to make a three-course meal and then eat their self-made meal at the end. Space is limited, so sign up early to ensure participation. All extra food will be donated to Second Harvest.

Dolphin & Manatee Encounters by Pontoon Boat
Friday, June 17, 2011 8 a.m. - 12:30 p.m.
Cost: $77/person

On this fascinating, educational journey, participants will experience unique eco-systems and wildlife on the backwaters of the Banana River. The Banana River is America’s largest estuary, and, as a part of The Indian River Lagoon system, contains more than 5,000 species of plants and animals. A virtual nursery of wildlife that is endangered, you will learn of its significance as the group explores the smooth, inland waters around the wild, uninhabited Thousand Islands. For more information, click here.

Leu Gardens Tour AND Farris & Foster's Famous Chocolate Factory Party
Saturday, June 18, 2011 9 a.m. - 2 p.m.
Cost: $75/person

Leu Gardens Tour

Harry P. Leu Botanical Gardens is located in the Central Florida area and was established in 1961. The beautifully serene 57 acres of gardens border on Lake Rowena and feature plants collected from many parts of the world. Enjoy a walking tour to see the conservatory, camellia garden, rose garden and herb and butterfly gardens - lush tropical plants and small waterfalls highlighting an abundance of orchids.

Farris and Foster's Famous Chocolate Factory Party

Enter the glorious world of chocolate! You are invited into Farris and Foster’s Famous Chocolate Factory and become a chocolatier. If ever you've wanted to play in rivers, waterfalls, and bubbling vats of creamy, rich, dark, and milk chocolate, this is your chance. Participants will design and create their own chocolate delights!

For  more information about this offsite event, click here.

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Play a world class golf course at the LSCU AC&E

The LSCU Annual Golf Tournament will be held on the property of the JW Marriott Orlando Grande Lakes at the Ritz Carlton Golf Course which is a Greg Norman signature course. The golf tournament features a continental breakfast, a scramble format with a shotgun start and an awards lunch after the tournament. Proceeds from this event benefit the Children’s Miracle Network.

The Ritz Carlton's 18-hole, par-72 golf course is set in a natural setting and secluded. It is set within the pristine Headwaters of the Florida Everglades and surrounded by large pines, palmettos, and live oaks. For players, there are a number of other perks that come along with the LSCU golf tournament including the Caddie Concierge. The Caddie Concierge offers a host of convenient services, including:

  • Tips for playing the course
  • Location of each player's ball
  • Accurate yardage
  • Repair of ball marks
  • Bunker raking
  • Cleaning of golf clubs
  • Course strategy tips
  • Golf course education
  • Food and beverage service

This year’s LSCU golf tournament features a first ever awards luncheon immediately following the conclusion of play. The luncheon is included with a golf registration  The tournament offers a premier networking opportunity among credit union participants and trade show partners. If you would like more information on the AC&E or to register, visit the LSCU AC&E website.

If you are already registered for the AC&E, but would now like to add golf to your itenerary, contact LSCU Director, Accounting Angie Moyer at 866.231.0545 ext. 1116 or Staff Accountant Angie Meisenheimer at ext. 1114.

The golf tournament is made possible by our sponsors:

Beverage Cart Sponsor

Breakfast Sponsor

Hole Sponsors



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Governmental Affairs News
News from the Hill: Important legislation discussion, committee meetings this week

House and Senate Back to Work

The House comes back Monday and will consider bills under suspension of the rules. On Tuesday, the House and the Senate will meet in joint session to receive an address from the Prime Minister of Israel. Later in the week, the House will consider legislation related to funding for graduate medical education and H.R. 1540, the National Defense Authorization Act. The House schedule also mentions that the chamber could possibly consider legislation reauthorizing the USA Patriot Act and the Intelligence Reauthorization bill, if those bills are sent back over from the Senate. No votes are scheduled in the House on Friday.

The Senate comes back Monday and will consider a motion to proceed on the USA Patriot Act Reauthorization. Last week, Senate Majority Leader Harry Reid (D-NV) and House Speaker John Boehner (R-OH) agreed to extend the Patriot Act through 2015. The Senate is expected to consider this legislation on Tuesday before a final passage vote on Wednesday. The League does not expect amendments to be permitted to the Patriot Act legislation. Later in the week, the Senate is expected to consider budget resolutions, including possibly competing votes on the House budget plan, the President’s budget plan, and possibly other budget proposals. It is not clear at this time how the Majority Leader will structure this debate or whether it would provide an opportunity for amendments on other issues, like interchange. In any case, the conventional wisdom is that it is unlikely that the Senate will agree to a budget for the current fiscal year.

When the Senate recesses at the end of the week, they will next meet the week of June 6. The House is expected to be in session next week following Memorial Day, and then recess the week of June 6. Both chambers will be in session during the week of June 13.

Committee Meetings This Week

The League and CUNA are following several committee hearings on both sides of the Capitol.

On Tuesday, the House Financial Services Committee will mark-up H.R. 1573, related to the derivatives section of the Dodd-Frank Act.

On Wednesday, the Senate Banking Committee Subcommittee on Securities, Insurance and Investment will hold a hearing on “Derivatives Clearinghouses: Opportunities and Challenges.” Also on Wednesday, the House Financial Services Committee Subcommittee on Insurance, Housing and Community Opportunity will hold a hearing on “Legislative Proposals to Determine the Future Role of FHA, RHS (Rural Housing Service), and GNMA (Government National Mortgage Association) in the Single and Multi-family Markets.” Also on Wednesday, the House Financial Services Committee Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on “Transparency, Transition, and Taxpayer Protection: More Steps to End the GSE Bailout.”

On Thursday, the Senate Banking Committee will hold a full committee hearing on “Public Proposals for the Future of Housing Finance – Part II.” Witnesses from the National Association of Realtors, the National Multi-Housing Council and National Apartment Association, and the National Association of Home Builders will testify. Also on Thursday, the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on “FDIC Oversight: Examining and Evaluating the Role of the Regulator During the Financial Crisis and Today.”

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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This week in Alabama politics: Reapportionment could affect AL CUs, LSCU legislative update

Alabama Legislative Update

This week the Alabama Legislature reconvenes from a two week break in order to finish out the 2011 Regular Session. For the past two weeks, the Joint Committee on Reapportionment has been hard at work redrawing Alabama’s Congressional and State Board of Education Districts. This past Thursday, the committee voted to recommend two plans to the House and Senate for their final approval. While not very contentious, there are some changes to the Congressional districts that could affect some credit unions and their immediate representation in Washington D.C. Click here to see the proposed Congressional Districts as reported out by the Joint Committee on Reapportionment.

There are six legislative days left in the 2011 Regular Session and while the passage of the reapportionment will be a top priority for the remainder of the time legislators have, there are still other pressing matters at hand.  Both the Education Trust Fund and General Fund Budgets need to be reported out of conference committee and sent to Gov. Bentley as well as a few of the “handshake with Alabama” bills that have stayed on top of the agenda for the House and Senate Republicans. Time is running out so the League expects to see movement on these as early as this week; the budgets could come as soon as Tuesday.

LSCU Legislative Update

As far as credit union specific legislation, the LSCU, along with other representatives from the financial industry, will be meeting with the Senate Republican Caucus Tuesday morning in an attempt to gain some traction on the right of redemption legislation introduced earlier this session. What once seemed like a slam dunk has lost some momentum in the past few weeks, but the League is doing everything it can in order to see this bill passed this session. It is the hope that by next week the Senate version of this legislation will have passed and in the House of Representatives.

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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Rep. Allen West visits Palm Beach Chapter of CUs

The Palm Beach Chapter took the opportunity to thank the Congressman for his co-sponsorship of the Interchange legislation H.R.1081, Consumers Payment System Protection Act. The Congressman told the group how important it was for him to hear from his local credit unions on the issue, because of the strong opposition from merchants.

West is one of the five Florida Congressional members that has signed on in support of the legislation that would delay the new Interchange regulation. Credit unions in both Alabama and Florida continue to meet with their members of Congress to ask for their support. The League continues to work with Chapters and credit unions to meet with legislators “in-district”.

Visit the LSCU Governmental Affairs webpage to find out how you can get involved in League advocacy efforts. [ Return to Top ]

Alabama amusement park consignment tickets are available

Alabama Adventure and Six Flags consignment tickets are on sale now! This is a great way for credit unions to meet their state PAC goals and give their members a way to have family fun over the summer. The tickets are significantly lower than gate prices when purchased through the credit unions.  For questions on consignment ticket sales, contact LSCU Grassroots and Political Action Coordinator Robbie Gordon at 866.231.0545 ext. 2164, or fax order forms to 205.437.2264.


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Compliance Corner
League InfoSight highlight: Frequently asked questions added to Accounts, Bankruptcy and Collections channels

The current edition of the League InfoSight newsletter has an article about a new topic—Garnishment of Federal Benefit Payments—which was recently added to the Accounts channel and the Bankruptcy and Collections channel of InfoSight.

To help credit unions easily stay in compliance, a Frequently Asked Questions section has been added to this new topic. Some of the current questions include:

  • Which federal benefit payments are protected from garnishment?
  • How will we know if the direct deposits are considered exempt Federal benefits?
  • Are there exceptions to when a Federal benefit can be garnished?
  • Is there a model notice that we can use when notifying the member?
  • Are we required to retain records relating to the garnishment?
Read more at League InfoSight.

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 hereto 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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Quarterly Compliance Call on Legal Issues in Collections set for June 2

The speaker for the second LSCU Quarterly Compliance call is Chad D. Heckman, who is a lawyer and partner with the statewide law firm of Thrasher & Heckman, P.A., based in Tallahassee, FL. In this position, Heckman regularly speaks and writes on topics relating to creditor rights, bankruptcy, foreclosure law and related litigation. He represents primarily corporate and credit union clients and devotes his practice to creditors' rights, bankruptcy law, commercial litigation, real property litigation and the defense of consumer protection lawsuits filed against his credit union and corporate clients.

Mr. Heckman will be discussing:

  • Collection Strategies to Avoid Pitfalls & Get Better Results

These audio calls are going to operate similarly to the last one:

  • They will still be free and will run for one hour
  • However, you will need to send an email to LSCU Association Support Specialist Tracy Shimansky indicating your intention to participate. This email should include the names of participants, their emails, and your credit union.  After we get your request, we will email you call in instructions
  • Handouts will be posted on our website a few days before the June 2 call date
  • The call with start at 3:00 pm EST, 2:00 pm CST
  • The audio calls will be recorded for future use in case you cannot participate or wish to play them back for yourself or other staff in the future

If you have questions, email LSCU VP, Regulatory Affairs, Bill Berg at bill.berg@lscu.coop or call 866.231.0545, ext. 1028.

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Compliance calendar and training

Compliance Calendar

May 24
EEOC Final Rule to implement ADA requirements – Effective Date

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
Youth deposit record savings in April

In the strongest year yet, credit unions saw $28,545,722.81 collectively deposited into 146,002 youth accounts. Also, youth opened 9,058 new accounts at the 305 participating credit unions that reported results for the 8th National Youth Saving Challenge.

Credit unions had the option to run the Challenge for any week or the entire month of April. The majority (60 percent) ran Challenges for the entire month. The rest opted to run Challenges in conjunction with Youth Week.

How does this year compare? Fewer credit unions participated, but average deposits were higher. Take a look at the eight-year results history. You can see a list of all the credit unions that reported results. [ Return to Top ]

Education News
BSA Training Workshop providing essential CU resources

LEVERAGE's CU/ACE Director, Management Consulting Services Angelic Pritchett presented the BSA workshop with rave reviews. The workshop also included special guest Tameka Dukes, shared branching manager, CUSC Alabama. Dukes gave great insight on how the Bank Secrecy Act applies to shared branching transactions and members.

“Presentation was precise and professional," said one workshop attendee. "I found the examples and case studies very helpful”

Be sure to register for one of the next LSCU BSA Training Workshops.

Upcoming BSA Trainings:

Oct. 13      Tallahassee, FL

Oct. 18      Muscle Shoals, AL

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Education Calendar

Upcoming Events:

Tuesday, May 25
Connecting the Dots: Regulation E & TISA Compliance 
3 pm – 4:30 pm EST – webinar

Thursday, June 2
Cash Flow on Commercial Loans: Emphasis on Small Businesses  
3 pm – 4:30 pm EST – webinar

Click here to view complete calendar of events. [ Return to Top ]

LEVERAGE News
LEVERAGE adds new Business Development Consultant to team

LEVERAGE has added Michael Baswell as a new Business Consultant to its Birmingham office. Michael’s responsibilities include keeping the credit unions in Central and North Alabama up-to-date on cost effective products and services as well as assessing credit union needs. Michael will utilize his extensive knowledge in client development, strategic planning, and consulting to help credit unions achieve their long-term goals.

Prior to joining LEVERAGE in May of 2011, Michael spent more than 20 years serving financial institutions with payment, software, and marketing solutions. He has extensive experience working with credit unions to coordinate and implement creative solutions that help credit unions reach their objectives and provide a positive member experience.

Michael is a graduate of The University of Alabama with a Bachelor of Science Degree in Corporate Finance and Investment Management. He is a native of Alabama and lives in Birmingham.

Credit unions can reach Michael by email or at 866.231.0545 ext. 2151. [ Return to Top ]

New $15 savings from Office Depot

As you’re restocking the supply cabinet and ordering furniture, be sure to take advantage of Office Depot’s June savings. Save $15 off your qualifying purchase of $125 or more. Redeem this offer by logging into www.business.officedepot.com and enter coupon code 587313943 at checkout.  Offer valid through June 31, 2011.Click here to view complete offer.

For more information, contact LEVERAGE Product Support Manager Deirdre Rhodes at 866.231.0545. [ Return to Top ]

News from You
Tampa Chapter of CUs raises $45,000 for local children's charities

Pictured left to right:  Carolyn Parslow, Suncoast Schools FCU; Sharmon Lenth, Service 1st;  and Cheryl Baggett, Tampa Bay FCU.

On Sunday, May 1, a group of 350 big-hearted bikers hit the roads throughout the Tampa Bay area to raise money for local children’s charities. The bikers succeeded in this venture, raising $45,000 as they participated in the 7th Annual Credit Union Cruise for Kids Motorcycle Poker Run, sponsored by the Tampa Chapter of Credit Unions.

The bikers revved up their motorcycles at 9:30 a.m. that morning, making four “poker stops” at Tampa Harley, Bahama Breeze, Fletcher’s Harley and Jim’s Harley, before ending the ride at the Quaker Steak & Lube Restaurant in Clearwater, FL. There, people turned out for a post-cruise celebration featuring live music by the Bobby Friss Band, 50/50, bike contest, live auction and other giveaways.

Over seven years, the annual Credit Union Cruise for Kids has raised a total of $340,000 for donation to organizations which nurture children, such as The Children’s Home, Clothes to Kids, the Boys and Girls Club, The Ronald McDonald House, as well as All Children’s Hospital and the Pediatric Cancer Center.  “I want to thank our sponsors and everyone for their support,” said Tampa Chapter of Credit Union Board Member Sharmon Lenth. “The money we raised is no easy task in this economy. To me, that demonstrates the commitment our participants have toward this event, and the good causes it supports.” [ Return to Top ]

Pen Air FCU sponsors Military Essay Contest for students

Twelve students and four teachers from Escambia County were recently recognized for their achievements in the Military Appreciation Month Student Essay Contest at the National Museum of Naval Aviation. Pen Air Federal Credit Union was a sponsor of the event and awarded each student winner a $50 savings bond.

The students were the winners of the Military Appreciation Month Student Essay Contest.

Four categories of winners were divided by grade level and three Escambia County winners were chosen in each category by a panel of judges. Essay topics focused on military, patriotism, and the 100th anniversary of naval aviation. Each winner received a savings bond ranging in value from $50 to $500, depending on grade level category, from Pen Air FCU. Four local teachers were also recognized.

“Pen Air FCU is very proud of each and every one of the participants in the 2011 Military Appreciation Month Essay Contest,” said Pen Air FCU Military Liaison Officer, John Ochs. “We are committed to the education of our young men and women in the community. A student must realize early that in order to be successful in life, you must not only learn, but be able to communicate your knowledge. The Military Appreciation Essay Contest helps to cultivate communication which is an important key to success.”
[ Return to Top ]

EMPLOYMENT
View available credit union jobs

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

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