LSCU eSignal Weekly
LSCU eNews Weekly May 31, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
LSCU comment call available on the corporate prepayment proposal
Action Alert initiated for final interchange push
Fox News opinion column focuses on the interchange debate
Deadline to request a ballot for the LSCU board elections extended
LSCU and CUNA comment on NCUA proposal on interest rate risk
CUAid donations reach $100k; SECUF doubles that with match
LEVERAGE signs joint marketing agreement with CU Solutions Group
Hurricane season is here; are you prepared?
2011 LSCU Annual Convention & Exposition
Visit the LSCU Information Lab at AC&E: check out what the League has been working on the past year
Transport into stronger business performance by visiting LSCU Annual Convention's Exhibit Hall
Governmental Affairs News
News from the Hill: Debt ceiling debate will continue in Washington
This week in Alabama politics: Session nearing the end
Florida roundup: Gov. Scott signs Florida budget
CUNA hosts fundraiser at Credit Union House for Rep. Bill Posey
Compliance Corner
League InfoSight highlight: Dodd-Frank effective dates added to Compliance Calendar
LSCU Quarterly Compliance Call on legal issues in collections set for June 2
Compliance calendar and training
Cooperative Initiatives News
Tampa Chapter presents SECUF high school scholarships
NCUA offering SAS initiative workshops in June
Education News
Coming soon: BSA Training Workshop in Tuscaloosa
Education Calendar
LEVERAGE News
New $15 savings from Office Depot
News from You
Army Aviation Center FCU raises more than $13,000 for Cystic Fibrosis
Redstone FCU sets aside $70,000 for tornado relief
Legacy for Good Foundation awards four grants
Area high school students awarded Guardian CU scholarships
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

President's Point

This past week, the LSCU Service Corporation, LEVERAGE, announced a joint marketing agreement with CU Solutions Group (CUSG). CUSG is a marketing, technology, and human resources company that is majority-owned by the Michigan Credit Union League & Affiliates (See story below). This agreement makes sense for both associations and their credit unions. For the LSCU credit unions, this relationship will bring a number of membership enhancement products to Alabama and Florida. Among them, the “Invest in America” discounts along with HRN performance solutions like Compease, Policy Pro, and Performance Pro. For LEVERAGE, this joint marketing agreement will raise the profile of Ventelligence and Auto Remarketing by having CUSG market these very successful products outside its core Southeastern market.

This is the second joint collaboration that LEVERAGE has signed with another state league in the past few weeks. Last week, we announced a marketing agreement with the Mid-America Service Corp, a subsidiary of the Credit Union Association of the Dakotas. This agreement will again market Ventelligence to a larger audience by giving Mid-America exclusive rights to offer it and the powerful ePurchasing platform to credit unions in North and South Dakota.

As I’ve written in past President’s Point columns, the LSCU & Affiliates continue to look for opportunities to collaborate with system partners to provide best-in-class products and services to its credit unions. It’s time we begin breaking down our old way of territorial thinking. 

As for the latest LEVERAGE joint marketing agreement, CUSG has a number of membership enhancement discounts from General Motors, Sprint mobile services, FTD, DirecTV, and TurboTax, to name a few. CUSG also offers full website design, content, security, and applications solutions plus a full-service marketing support. The agreement makes sense for Alabama and Florida credit unions because it offers a company that understands the needs of credit unions and has a wide array of solutions that do not overlap with what LEVERAGE is already offering.

For LEVERAGE, the CUSG agreement, much like the collaboration with Mid-America, gets two of our best products, Ventelligence and Auto Remarketing, in front of many more credit unions. For those credit unions that have utilized Ventelligence vendor management and the ePurchasing platform, it has revolutionized the way they approach managing their contracts. The ePurchasing platform brings together credit unions that are purchasing the same type of services, like armored car, janitorial, and ATMs, and then holds a live bid with vendors. Credit unions are seeing an average savings of more than 25 percent from their old contracts. This is a great product, and we feel the more credit unions that utilize its power, the greater the savings.

These latest collaborations by LEVERAGE are great examples of the future of our industry. The League and LEVERAGE are exploring more collaborative opportunities and we’ll talk about those soon. Let’s keep working together to move our industry forward.

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LSCU comment call available on the corporate prepayment proposal

At its May 19 board meeting, the NCUA proposed a plan where credit unions could deposit money with the NCUA that would, in effect, prepay some of the assessments they owe to the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund). The agency is seeking comments on the proposed plan through June 20, 2011. 

If the NCUA's plan is adopted by enough credit unions, it would reduce assessments for 2011 and 2012 and assessments in 2013 and beyond will be increased. The assessments would be smoothed out. Since the assessments come straight from the bottom line, smoothing out the assessment levels would greatly help credit unions that are struggling with earnings as the economy continues its slow but steady recovery from the “Great Recession.” 

In today’s extremely low interest rate environment, at least for this year, the opportunity cost for most credit unions is not very great. If economic growth improves and interest rates rise, opportunity costs will rise. However, it seems that Federal Reserve Chairman Ben Bernanke and the other Fed governors are committed to a low interest rate environment for at least a year and possibly longer since growth in the economy has been slow.

Visit the LSCU Regulatory Resources website for a summary of the May 19 NCUA board meeting and how to comment on the proposal. You can read the LSCU's Comment Call on the prepayment proposal by visiting the LSCU Regulatory Action Calls and Comments website. For questions on the prepayment proposal, contact LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165.


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Action Alert initiated for final interchange push

Momentum continues for credit unions on the interchange debate in Washington D.C. CUNA estimates that more than 500,000 credit union contacts have been made on Capitol Hill and that has made the issue more radioactive for members of Congress. The National Retail Federation is embarking on a 60-day blitz that will include ads, letter writing and a Washington D.C. fly-in this June. Credit unions cannot take their foot off the accelerator.

An Action Alert has been issued that is specifically asking credit unions to contact their senator and ask him to support Sen. Jon Tester's (D-MT) bill to delay the Federal Reserve on interchange, S. 575. Sens. Bill Nelson (D-FL) and Jeff Sessions (R-AL) have signed on as co-sponsors. The CUNA hotline, 877.422.3525, is active and ready for credit unions to call their senators and let them know the importance of delaying the implementation of the Durbin amendment. The Action Alert contains talking points that will be useful for the call.

The League and CUNA have resources available to help credit unions have their membership call. Visit the LSCU MBL and Interchange Resource page for a downloadable poster or card with the CUNA hotline number  or a sticker directing your members to "Ask me how to Save my Free Checking." There is also a document that shows how a breach, like the recent one at Michael's, impacts a credit union.

CUNA to meet with Fed General Counsel

CUNA has a meeting on June 3 with the Fed’s General Counsel to continue pressing for major improvements to its debit interchange regulation, just in case the congressional delay is not approved. This is the second meeting CUNA has had with the Fed’s General Counsel and one of a number of CUNA contacts and communications to the Fed on the interchange proposal. Points the CUNA group will press for to include:

  • The Fed should make the exemption for small issuers actually work
  • It should raise the cap on the interchange fee limits from the arbitrarily low 12 cents and include all allowable costs associated with debit card programs
  • It should also provide relief for all credit union issuers from the exclusivity and routing provisions that give the merchants too much leeway to route the processing of debit transactions in order to take advantage of the fee caps on large issuers. Also, all credit union issuers would be required to participate on multiple networks (the Fed proposed requiring issuers to participate in up to four independent networks)

As far as the timing of the Fed’s final rule, the next meeting of the Federal Reserve Board may be June 21, at which time the final rule could be on the agenda, if Congress has not acted by then.  

If you have any questions about the Action Alert or the collateral material, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137.

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Fox News opinion column focuses on the interchange debate

The Fox News website has an opinion column from Phil Kerpen, vice president for policy at Americans for Prosperity, that looks at the Durbin amendment and the problems that could occur by setting a limit on interchange fees. The column states right away "The Senate will have its first opportunity to undo – or at least delay – one of the most outrageous elements of the disastrous Dodd-Frank financial takeover legislation soon, perhaps as soon as this week." Kerpen makes the argument that free checking is going away from many financial institutions before the Durbin amendment or other parts of the Dodd-Frank bill are implemented. He writes that the amendment "was a giveaway to big box retailers who wanted to cut their debit card transaction costs not through negotiations in a free market, or choosing not to accept certain cards, but rather by turning to the federal government to shred their contracts with the payment networks and create a new price control regime."

The column lays out the situation and really aligns with the credit union point of view. Kerpen states that he feels the Durbin amendment and the entire Dodd-Frank bill should be repealed. He tells readers "Nevertheless, the Tester amendment vote will be Congress’s first chance to revisit one of Dodd-Frank’s most outrageous provisions. If you like your debit card and your free checking account, this is an important vote to watch."

To read the entire column, visit the LSCU Press Room and look under the National Stories. 

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Deadline to request a ballot for the LSCU board elections extended

The ballot request deadline has been extended to June 1 for those credit unions that wish to request a ballot to vote in the LSCU board elections for one open director position in Florida. Different from previous years for some credit unions, ballots will not be mailed. Credit unions have until Wednesday, June 1 by 6 p.m. EST/5 p.m CDT make a request. Once a ballot is requested and the credit union is certified, a ballot will be sent. The deadline to vote is Friday, June 3.

Three credit union executives are seeking election for the one position in the Class C category (between 15,000 and 40,000 members) for Florida. The nomination packets that were mailed a couple of weeks ago included candidate bio sheets. The candidates are:

  • Paul Numbers, CEO of State Employees Credit Union in Jacksonville
  • Anice Prosser, SVP of Human Resources of Envision Credit Union in Tallahassee
  • David Southall, CEO of Innovations Federal Credit Union in Panama City

As a reminder, Alabama credit unions will not be voting as the Alabama directors are in place.

Credit unions should contact LSCU Executive Assistant to the CEO Teresa Gray, LSCU at 866.231.0545, ext. 2110, by June 1 (6 p.m. EST/5 p.m. CDT) to request a ballot

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LSCU and CUNA comment on NCUA proposal on interest rate risk

This past Monday, CUNA and the LSCU filed comment letters with the NCUA on the agency’s proposal regarding interest rate risk, Part 741. You can read the League's and CUNA's letter by visiting the LSCU Regulatory Action Calls and Comments Letter website.

CUNA and the League strongly oppose the interest rate risk (IRR) proposal. While both support strong yet appropriate safety and soundness regulation, the agency has not presented evidence that a new rule on IRR management and policies is needed at this time.

Moreover, the proposal would make compliance with the rule, if adopted, a condition of receiving and maintaining National Credit Union Share Insurance Fund coverage for a credit union’s accounts. The proposal includes an appendix which would provide guidance on IRR policies and management. However, there is a real concern that examiners would implement the guidance as if it were a rule. Already credit unions are expected to have interest rate risk policies and management programs that are consistent with guidance NCUA and other federal financial regulators issued in January 2010; without evidence from NCUA that more regulations in the area are needed, the agency should not adopt the proposal.

Visit the NCUA's website to read more about the proposal.

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CUAid donations reach $100k; SECUF doubles that with match

The National Credit Union Foundation (NCUF) has now received more than $110,000 in donations through CUAid to help credit union people affected by the devastating storms across Alabama on April 27. The Southeastern Credit Union Foundation (SECUF) is matching all CUAid donations up to $100,000 of donations to further community reinvestment projects in the affected areas of Alabama.

“We can’t thank the credit union community enough for their generous giving in the wake of the tornadoes in Alabama,” said SECUF Executive Director Amber Tynan. “With the foundation’s $100,000 match, we have doubled the money that has come in and it’s making a difference. For many credit union staff, this money has given them a road back to normalcy. With the outbreak of tornadoes in Missouri and Oklahoma, we know that the needs of credit unions are great right now across the country. I know the credit unions in Alabama are thankful for the generosity of their peers.”  

The SECUF has handed out more than $35,000 in grants to credit union staff affected by the tornadoes. The CUAid money and the SECUF match will help many more credit union staff that have applied for grants. The SECUF is also working with six Alabama chapters on a "rebuilding Alabama" initiative where the foundation will match the chapter project request up to $10,000. Currently the SECUF is working with two chapters on projects.   

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

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LEVERAGE signs joint marketing agreement with CU Solutions Group

LEVERAGE and CU Solutions Group, a marketing, technology and human resources company based in Livonia, Michigan, signed a joint marketing agreement which expands support and access to a full suite of products for credit unions in Alabama, Florida and nationally. The agreement brings the power of two strong service corporations together to offer credit unions solutions such as marketing, technology, membership enhancements, HR solutions, vendor management and auto remarketing. The alliance shows the collaborative spirit among leagues to market products across the country.

“This alliance broadens and enhances the existing great services of LEVERAGE,” says LEVERAGE President/CEO Patrick La Pine. “Our credit unions in Alabama and Florida will benefit from this opportunity to utilize CU Solutions Group’s great line of products. It’s also exciting for credit unions across the country to streamline their vendor management and procurement with Ventelligence. With economies of scale, collaborations like this are much needed to help credit unions across the country focus on the needs of their members.”

The agreement runs for three years. Credit unions in Alabama and Florida will have access to CU Solutions Group products including “Invest in America” member enhancement solutions with Sprint, General Motors, Turbotax and others; website design, content, security and applications solutions; full-service marketing support; and HRN performance solutions such as Performance Pro, Compease and Policy Pro. CU Solutions Group will market nationally LEVERAGE’s innovative Ventelligence vendor management product and its Auto Remarketing solution.

“The League of Southeastern Credit Unions has been a trailblazer when it comes to innovative alliances,” says David Adams, chief executive officer of CU Solutions Group. “We hope that this new partnership will further build on that vision of collaboration and partnering synergies to bring great solutions to credit unions in the Southeast to help them serve their members and grow their business.”
 
For more information on the new products and services, as well as Ventelligence and Auto Remarketing, contact a LEVERAGE Business Development Consultant.

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Hurricane season is here; are you prepared?

Hurricane season opens on June 1 and forecasters are warning of another active year. The NCUA recently communicated to credit unions to make sure they had a disaster plan that was updated. The NCUA encourages credit unions to have basic steps in place in case a disaster strikes.

Those steps include:

  • Ensure a constant state of readiness for your credit union
  • Communicate disaster preparedness before, during, and after the disaster
  • Ensure back ups are available for people, communications, data, and electricity
  • Make sure your disaster plan is a "living document"

The League has resources available for credit unions regarding this topic. Visit the LSCU Disaster Recovery Resources website for LSCU and NCUA disaster tips. Also, the LSCU Disaster Recover Conference is scheduled for July 12-13 in Pensacola. Click here to view a downloadable conference flyer.

If you have a question about your disaster plan, contact LSCU VP, Regulatory Affairs Bill Berg at  866.231.0545 ext. 1028.


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2011 LSCU Annual Convention & Exposition
Visit the LSCU Information Lab at AC&E: check out what the League has been working on the past year

Visit the LSCU’s Information Lab at the AC&E to learn what the League has been developing and enhancing over the past year! The lab will be open throughout the AC&E and will be located across from the registration area.

LSCU Image Campaign:

You’ve been hearing about it, a lot of you’ve contributed to it, now come view it! The LSCU is excited to share the finished creative for the 2011 LSCU Image Campaign, including a special viewing of the newly completed TV commercial! Scheduled to launch this year around Labor Day, the campaign creative includes a logo and tagline, television and radio commercials, website, outdoor (billboard), online banner ads, and customizable collateral. All will be available for viewing at the Image Campaign Information Lab. Come check it out!

LSCU PACs

Do you ever feel like you really want to help make a difference in the credit union movement? Stop by the LSCU PAC Lab to learn more about how you can support creating a “credit union friendly” political environment through the LSCU's three Political Action Committees (PAC). By contributing to any of the non-partisan LSCU PACs, you can help credit unions have a voice in the legislative process by helping to support political candidates, on both sides of the aisle, who are supportive of credit union issues. Remember, any amount is helpful!

LSCU Councils:

Do you know what the LSCU Councils offer? The councils offer one of the best educational opportunities for credit union executive staff. The League councils provide access to dynamic speakers and discipline-specific presentations, as well as a forum to share ideas and best practices with your credit union peers. If you are a credit union professional, visit the LSCU Council Lab to find out what the councils are all about, offer meeting topic suggestions, AND enter to win a $100.00 Visa gift card.

Southeastern Credit Union Foundation/CMN:

The Southeastern Credit Union Foundation is dedicated to furthering Alabama and Florida credit unions’ social mission through charity, community and cooperation. Our focus starts from a collaborative approach including charitable organizations and our alliance with CMN, community groups to assist credit union members’ with asset-building, disaster relief activities, financial education programs for youth and adults, and creating valuable resources for our member credit unions and the communities they serve. Stop by the SECUF Lab to find out more how you can be a part of the foundation's mission.

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Transport into stronger business performance by visiting LSCU Annual Convention's Exhibit Hall

In space time, a wormhole transports a traveler between different universes. In a world filled with unknown parallels and opportunities, the Exhibit Hall wormhole will transport you from the present to a future of proven business solutions where you will find more than 120 innovative business solutions that can help revolutionize the way you do business in the future. Be sure to stop in during any (or all) of the Exhibit Hall's three sessions, totaling six exclusive hours!

CEO Exhibit Hall Preview (Invitation Only)

June, 16, 4pm – 5:30pm

PRESENTED BY: 

The Exhibit Hall CEO Invitation Only event provides you with the opportunity to network with your peers and more than 120 exhibitors to learn about products, services, and best practices. Enjoy an open bar and hors d’oeuvres during this event. This is also an excellent time to secure your hot spot to meet one-on-one with an exhibitor of your choice on Friday between 10am and 3pm. These 15-minute time slots are the perfect time to review a contract, discuss goals, view a short product demonstration, or conduct other business during the Convention.

Exhibit Hall Open

5:30pm – 7pm

The Exhibit Hall opens to all participants at 5:30pm to visit and network with peers and more than 120 companies  featured in the Exhibit Hall. Exhibiting companies offer products and services that can be taken back to the credit union and implemented for streamlined processes and efficiencies. Identify the companies you want to see, and make sure you stop by their booth for more information.

Exhibit Hall Happy Hour

Friday, June 17, 3pm – 6pm

OFFICIAL SPONSORS:

 

During this parallel event, the three-hour exhibit session will transport and engage participants to a destination that includes afternoon snacks, a cash bar, and entertainment with the opportunity for all convention participants to network with exhibiting companies. Also, if attendees participated in a prize drawing at an exhibitor's booth, this will be the time for them to check back with them to see if they won. Rather than prize drawing winners being verbally announced, winners will be posted at individual exhibitor booths beginning at 5pm during this session. Note: LSCU will not record winner information and a list will not be posted after the Exhibit Hall Happy Hour.

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Governmental Affairs News
News from the Hill: Debt ceiling debate will continue in Washington

The House returns to Washington Monday and will consider legislation under suspension of the rules. Among the bills to be considered under suspension is legislation which would raise the debt ceiling. This bill is expected to fail. Later in the week, the House will consider the Homeland Security Appropriations bill for fiscal year 2012 and the Military Construction Appropriations bill for fiscal year 2012. The House may also consider a resolution related to the use of force in Libya. When the House completes its business for the week, they will be out of session until June 13.

While no legislative business will be conducted in the Senate this week, the Senate will convene in pro forma session Monday and Friday. The Senate returns to Washington for legislative business next Tuesday. It is possible that there will be a vote on the Tester-Corker amendment next week, though it is not clear what legislation the Senate will consider when it returns. 

The following is a handful of hearings in the House this week including the following:

On Wednesday, the House Small Business Committee will hold a hearing on “Access to Capital:  Can Small Businesses Access the Credit Necessary to Grow and Create Jobs?” Also on Wednesday, the House Financial Services Committee Subcommittee on Domestic and Monetary Policy and Technology will hold a hearing entitled, “Federal Reserve Lending Disclosure:  FOIA, Dodd-Frank and the Data Dump.”  

On Thursday, the House Budget Committee will hold a hearing on “Fannie Mae, Freddie Mac and FHA:  Taxpayer Exposure in the Housing Markets.”  On Friday, the House Financial Services Committee will hold a hearing on allegations of mismanagement and waste in the HOME Investment Partnership Program administered by the Housing and Urban Development Department.

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: Session nearing the end

As the final days of the 2011 Legislative Session approach, the fate of two LSCU-supported pieces of legislation is coming down to the wire. For two days in a row last week, both House versions of credit union legislation were placed on the House Special Order Calendar only to see them not receive a vote due to controversial bills that were sitting on top of those same calendars.

On Wednesday, HB 448, the used motor vehicle dealer legislation, was set to come up for a vote before the entire House of Representatives. With no opposition to this bill, had it been given a chance, there is no doubt that it would have passed and been sent to the Senate that evening. Unfortunately for it and many other important pieces of legislation on the calendar, the revision of Alabama’s teacher tenure law was number one on the agenda. The House spent the majority of the day debating teacher tenure and adjourned shortly after the passage of this bill, leaving all of the others to dropped and available for passage another day.

On Thursday, HB 343, the right of redemption legislation, met a similar fate. The League and other financial institutions were able to place this much needed legislation on the House Special Order Calendar so that it, too, could receive a vote by House. As with HB 448 on the previous day, controversial legislation flooded the top of the House agenda. It started early with over four pieces of local legislation that dealt with taxation in Jefferson County.  While the beginning of most legislative days is spent on the quick passing of non-controversial local legislation, these bills were anything but non-controversial, and legislators spent nearly three hours to do something that would have normally taken 10 minutes. The reapportionment of Alabama’s State Board of Education Districts and tort reform were the first general bills up for Thursday. Reapportionment is never fast and easy and the same can be said for tort reform. The House worked until 6 p.m. that night, and while there was a glimmer of hope due to the late hour, the House adjourned without taking up over half of the Special Order Calendar. HB 343 did not receive a vote.

The LSCU is confident that had these bills been brought up for a vote, today’s update would be reading much different. There is still time and the LSCU will continue to work over the next few days in the hopes that these bills will be give one more chance.

If you have any questions on the Alabama Legislature, contact LSCU Director, Legislative Affairs Jason Cochran at 866.231.054, ext. 2159.

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Florida roundup: Gov. Scott signs Florida budget

Governor Signs the Budget

After about a two week build-up, Gov. Rick Scott finally signed the State’s budget, using his veto pen to eliminate about $615 million in spending. In a scripted event -- which was bankrolled by the Republican Party of Florida -- Gov. Scott said the budget met his priorities, but then he said it also included wasteful spending that he eliminated. The governor said those savings should be taken and instead spent on education. The small crowd loved the spectacle, which included children from a nearby charter school who held up signs that said "No to earmarks. Yes to education."

Not everyone agreed with the governor’s view on the budget. House Speaker Dean Cannon was especially blunt and said he was surprised by the "governor's sudden emphasis" on public schools. Cannon pointed out that the final budget approved by lawmakers actually funded schools higher than what Gov. Scott himself had recommended.

"The governor communicated numerous priorities during session, and we did our best to accommodate him," said Cannon. "It would have been helpful if the governor had shared this new-found emphasis with us before the budget was finalized."

The actual savings that would come from Gov. Scott's actions are less than advertised especially since his largest veto existed primarily on paper. He vetoed $305 million for Florida Forever, the state's land-buying program. But lawmakers made the money contingent on sales of surplus land and it was highly unlikely that much money would have materialized in the coming year. The governor's budget vetoes also hit hard at university and community college construction projects. Gov. Scott said he vetoed the construction projects because they relied on borrowing money. He also hit many of the items pushed by legislative leaders, including a $400,000 study on the Supreme Court pushed by Cannon.

The Week Ahead

HURRICANE SEASON…Wednesday marks the official start of the 2011 hurricane season. Florida has not been hit by a hurricane since Hurricane Wilma in 2005, which capped off an incredible two-year period where the state was hit by eight hurricanes. Forecasters have already projected an active hurricane season for this year.

MINIMUM WAGE…The minimum wage in Florida rises to $7.31 per hour and $4.29 an hour for tipped employees. The change is coming mid-year after a lawsuit was filed that challenged the way the Agency for Workforce Innovation had calculated the wage. A judge ruled against the state and the agency opted against appealing the ruling.

For questions on any of the legislative issues mentioned above, contact LSCU, Director Legislative Affairs Jared Ross at 866.231.0545, ext.1012.
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CUNA hosts fundraiser at Credit Union House for Rep. Bill Posey

Rep. Bill Posey (R-FL), former Rep. Mike Ferguson (R-NJ) and Rep. Tom Cole (R-OK) pose for a picture outside Credit Union House in Washington D.C. CUNA recently hosted a fundraiser  for Rep. Posey that included a number of industries including credit unions. 

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Compliance Corner
League InfoSight highlight: Dodd-Frank effective dates added to Compliance Calendar

The current edition of the League InfoSight newsletter has an article about the addition of the Dodd-Frank effective dates to the Compliance Calendar. The Dodd-Frank Wall Street Reform and Consumer Protection Act includes several provisions that are applicable to credit unions.

To assist credit unions in their efforts to comply with these new mandates, CUNA has compiled the effective dates into one chart for easy reference. The chart lists the regulation, the agency, and the effective date. You can read more at League InfoSight.

The newsletter also has an article about the NCUA approving a final rule addressing so-called "golden parachute" compensation arrangements and indemnification payments, along with several clarifications. The rule does not apply to "bona fide" deferred compensation plans or severance pay plans that are not just for certain employees.

One key clarification from the agency's initial proposal, which was released in September, is language that ensures that current contracts held by credit union executives would not be impacted by the new rules, unless they are revised. The new rules would apply to new contracts. The golden parachute provisions would apply if the credit union is insolvent, in conservatorship, has a CAMEL 4 or 5 rating or is otherwise in "troubled condition." Severance packages and other assorted employee benefits will not be impacted.

To read more, including the official NCUA release, visit 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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LSCU Quarterly Compliance Call on legal issues in collections set for June 2

This year's second LSCU Quarterly Compliance call will feature speaker Chad D. Heckman, lawyer/partner with Thrasher & Heckman, P.A., based in Tallahassee, FL. 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.

Heckman will be discussing "Collection Strategies to Avoid Pitfalls & Get Better Results."

To participate, send an email to LSCU Association Support Specialist Tracy Shimansky indicating your intention to participate. Include in the email: names of participants, their emails, and credit union name. Once your request is received, call in instructions will be sent.

This audio call will operate similarly to the previous one:

  • Free and an hour in length, beginning at 3:00pm EST/2:00pm CST
  • Handouts will be posted on www.lscu.coop a few days before the June 2 call date
  • Audio calls will be recorded for future use

If you have questions, email LSCU VP, Regulatory Affairs, Bill Berg at 866.231.0545, ext. 1028.

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Compliance calendar and training

Compliance Calendar

June 25
Social Security Number Randomization Implementation 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
Tampa Chapter presents SECUF high school scholarships

From L to R: Patty Sarne, Tampa Chapter board member, Teresa Christmas and Teresa McDougall, Tampa Chapter board member.

The Tampa Chapter of Credit Unions presented two scholarships from the Southeastern Credit Union Foundation to two local high school students. The ceremonies were held at the schools during the month of May. The $1,500 scholarships may be used to assist with the tuition, room and board, or books at any Florida four-year university or community college.

Scholarships were awarded to two students from select Hillsborough and Pasco County schools:

  • Natalia Mica Torres - Dr. Earl J. Lennard High School
  • Teresa Christmas - Pasco High School

The Southeastern Credit Union Foundation Scholarship Program was developed to promote academic achievement, support community involvement, and enhance community awareness to students in Florida. For more information about the Foundation, visit www.lscu.coop.

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NCUA offering SAS initiative workshops in June

The NCUA's Office of Small Credit Union Initiatives is offering three credit union workshops in June.The workshops will focus on:

  • Issues facing credit unions;
  • NCUA--Consumer Protection Office--What It Means To You;
  • Duties of federal credit union boards of directors (NCUA Regulations 701.4);
  • Basic financial literacy requirements;
  • Due diligence and evaluating payment system service providers; and
  • Examination issues.

SAS credit unions in Alabama and Florida have the best chance to take part by attending the workshop in Atlanta on June 23. Portland, Maine will host a credit union roundtable on June 2, while Salt Lake City, Utah will host a workshop on June 11.

Additional roundtables and workshops are scheduled through November. To sign up for the Atlanta workshop, visit the NCUA events page.

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Education News
Coming soon: BSA Training Workshop in Tuscaloosa

Credit unions in Alabama have an opportunity this summer to acquire BSA Training in Tuscaloosa. The LSCU will hold a BSA Workshop in Tuscaloosa July 27. Details have not been put online yet, so registration is not open. However, the League expects to open registration later this week.  

Save the date for more LSCU BSA Training Workshops this fall.

Upcoming BSA Trainings:

Oct. 13 - Tallahassee, FL

Oct. 18 - Muscle Shoals, AL

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Education Calendar

Upcoming Events:

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

Thursday, June 7
Five Secrets to Successful Online Account Opening & Online Lending  
3 pm – 4:30 pm EST – webinar

Click here to view complete calendar of events.

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LEVERAGE News
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 ext. 1104.

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News from You
Army Aviation Center FCU raises more than $13,000 for Cystic Fibrosis

From L to R: Emily Jenkins, Cystic Fibrosis Foundation; Lisa Hales, Army Aviation Center Federal Credit Union

Because of the generosity of AACFCU employees and members, $10,278 was raised in donations while the credit union donated an additional $3,000 to the foundation.

Lisa Hales, AACFCU vice president of marketing, presented a check to Emily Jenkins, CFF volunteer, at the Great Strides Walk in Dothan, Ala. where AACFCU was recognized as the top corporate fundraiser for the area.

“We would like to thank our members and employees for supporting this organization,” said Hales. “Being involved in the community is very important to the Credit Union, and we’re grateful for the opportunity and support that allows us to be here."

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Redstone FCU sets aside $70,000 for tornado relief

Redstone Federal Credit Union, based in Huntsville, is partnering with its members to provide assistance to the Red Cross, Salvation Army, credit unions, and other organizations to provide relief from Alabama’s deadly tornadoes in April. Redstone set aside $70,000 for these donations, making it the largest relief donation in the credit union’s 60-year history.

Redstone will match donations made by members and non-members to the special accounts set up for the Red Cross or Salvation Army, up to $25,000 for each agency. Donations can be made at any branch.

“So many Redstone members have asked how they can help in the recovery efforts. They really exemplify the People Helping People philosophy of credit unions,” said Joseph H. Newberry, president/CEO of Redstone FCU. “The funds raised in this effort will stay in the Tennessee Valley area, so we will truly be helping our neighbors in need.”

Redstone Federal Credit Union is also providing funds to help rebuild sister credit unions affected by the disaster.

“The credit union industry is such a close-knit group. We want to assist other credit unions so they can service their members. We know they would do the same for us,” said Newberry.

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Legacy for Good Foundation awards four grants

The Legacy For Good Foundation awarded  grants to four local Birmingham non-profits:

  • aTeam Ministries – aiding families of pediatric cancer patients

  • Magic City Good Harvest – feeding the hungry

  • Backpack Buddies of Shelby County – providing food to needy children after school, on weekends, and in the summer

  • In conjunction with the League of Southeastern Credit Unions, Faith Chapel Christian Church – supplying items to tornado victims in Pleasant Grove and McDonald Chapel. 

The grants varied from personal hygiene products, food, water, cleaning supplies, clothing, and towels, to bedding.

The Legacy For Good Foundation awards grants on a quarterly basis within the Greater Birmingham area. Grant proposals and individual nominations may be submitted at any time on the Foundation’s website. The Legacy For Good Foundation is funded by donations from Legacy Community Federal Credit Union employees, members, and the community. Donations to the Legacy For Good Foundation can be made at any Legacy Credit Union location.


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Area high school students awarded Guardian CU scholarships

The Credit Union Scholarships were awarded based upon academic achievements and community involvement.

The recipients were as follows:

  • Alexandra Leigh Haynes from Robert E. Lee High School, and plans to attend Judson College
  • Lyndsay Elizabeth Ewing from Trinity Presbyterian School, and plans to attend Auburn University
  • Taylor Kaitlin Reeves from Hooper Academy, and plans to attend Auburn University
  • Wesley C. LaBarge from Wetumpka High School, and plans to attend Auburn University
  • Emily Katherine Duke from Prattville High School, and plans to attend the University of Alabama
  • Colleen Luchner from Enterprise High School, and plans to attend Troy University

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EMPLOYMENT
View available credit union jobs

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

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