LSCU eSignal Weekly
LSCU eNews Weekly June 13, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
Interchange delay legislation fails Senate vote
CUNA's Cheney, NCUA's Matz to testify at June 16 Senate MBL hearing
Sen. Reid signs onto MBL legislation
CUNA holds audio conference on Temporary Corporate Credit Union Stabilization Fund
Newest edition of Signal magazine and 2010 LSCU Annual Report available online now
Check out the brand new LSCU Director's Newsletter
LSCU Image Campaign TV ad completed; will debut at AC&E
2011 LSCU Annual Convention & Exposition
Attend entire LSCU AC&E and win a cruise
AC&E speaker presentations & handouts available online - Help promote a greener way of life by printing those you need and bringing them with you
Follow AC&E on Twitter, hotel channel 34, and mobile website
Governmental Affairs News
News from the Hill: Both chambers back to work, significant hearings for credit unions
Interchange litigation a topic of concern for credit unions
Compliance Corner
League InfoSight highlight: “Accuracy of Advertising and Notice of Insured Status” rule change
Compliance calendar and training
Cooperative Initiatives News
NCUA offering SAS initiative workshops in June
SECUF, Northeast AL Chapter continue work to 'Rebuild Alabama'
Education News
Coming soon: BSA Training Workshop in Tuscaloosa
Make sure to get your seat at the next LSCU Councils meeting on June 16 at AC&E
Your CU’s Disaster Preparedness Plan: Is it ready for the next disaster?
Education Calendar
LEVERAGE News
LEVERAGE introduces ComplyTrac, an automated compliance solution
News from You
Redstone FCU member wins grand prize electric guitar as part of 'Money Rocks' youth promotion
Florida Commerce receives Herring, Maxwell awards
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

President's Point

On June 8, despite a majority of votes, the Tester/Corker amendment to delay implementation of an interchange fee cap in Dodd-Frank, did not pass in the Senate. Sen. Dick Durbin (D-IL) invoked Senate rules meaning the amendment needed a super majority of 60 votes to pass or face a filibuster. With a 54-45 margin, the majority of senators voted for it, but the final tally was just not enough. All four of our senators – Shelby, Sessions, Nelson, and Rubio - voted in favor of the amendment. As an industry, we can be proud that we forced this issue to a vote and that 10 senators switched from supporting the Durbin amendment last fall to voting for Tester/Corker last week. However, we're not in this for moral victories. Many senators have said they want to see the final rule first and then will work with us to ensure smaller issuers aren't adversely affected. We'll hold them to that. We are hopeful the majority vote by the Senate to “Stop, Study, and Start Over” will give the Federal Reserve enough political cover to push the envelope on the final rule to safeguard small issuers. We will probably know on June 21 when the Fed Board meets next and is expected to issue a final rule.  

The LSCU has been working with our state and federal regulators to promote more open lines of communication. On Wednesday of last week, I spent the afternoon in Destin, Florida speaking with the NCUA Region III examiners for Alabama and Florida. There were approximately 40-50 examiners in attendance at this off-sight planning session. Region III Director Herb Yolles asked me to speak to the group about what the League has to offer credit unions in the area of regulatory and compliance assistance as well as discuss the challenges credit unions have been having with examiners.

We had a good, but frank, hour-long discussion on the frustration and challenges both sides have been feeling. As I told the examiners, it’s not necessarily what you are saying, but how you are saying it that is creating a confrontational situation. I told the group that it’s important that we talk about what goes on during our examinations, both positive and negative, so we can work cooperatively to improve the process. The League will continue to work with our state and federal regulators to make the examination process one that is based first and foremost on mutual respect. We also have a Credit Union Bill of Rights manual to help credit unions know their rights during the examination process.  

Additionally, we are setting up more opportunities for credit unions to speak directly with their state and federal examiners. We’ve had Herb Yolles at a number of our events. He will be part of the Regulator Roundtable this week at the LSCU Annual Convention and Exposition (AC&E) in Orlando. Larry Morgan, administrator for the Alabama Credit Union Administration will also attend, along with Florida Office of Financial Regulation’s Linda Charity and Bruce Ricca.

Feel free to email me if you have any feedback to my meeting with the NCUA. [ Return to Top ]

Interchange delay legislation fails Senate vote

In a bid to delay the implementation of the Durbin amendment limiting interchange fees, a vote on a compromised amendment put forth by Sens. Jon Tester (D-MT) and Bob Corker (R-TN) fell short by six votes. Sen. Richard Durbin (D-IL), the sponsor of the amendment to cap interchange fees, invoked Senate rules requiring at least 60 votes to pass or face a filibuster. The final vote was 54-45. All four of the senators from Alabama and Florida voted in favor of the Tester/Corker amendment. Credit unions are urged to write their senator and thank them for voting in favor of the amendment. 

Sen. Richard Shelby (R-AL) released a statement before the vote saying, “I strongly support the Tester/Corker legislation. Even though it does not eliminate the price controls established by the Durbin Amendment, it is a step in the right direction. I firmly opposed the Durbin Amendment to the Dodd-Frank Act because I do not believe that regulators should set prices. Price controls violate the fundamental principles of free markets. The Tester/Corker legislation will help alleviate the problems caused by the Durbin Amendment by requiring the Federal Reserve Board to consider all of the costs incurred in providing debit cards. In the future, I hope Congress will reconsider the Durbin Amendment and eliminate all price controls. Furthermore, we must continue to thoroughly examine all aspects of Dodd-Frank that produce similar adverse consequences for our economy and seek to eliminate them where possible.”

CUNA President/CEO Bill Cheney expressed his disappointment following the vote.

"We have emphasized repeatedly that the interchange rules the Fed has proposed, unless significant changes are made, will impose a severe hardship on credit unions with debit card programs, draining the revenue they need to offset the costs of providing card services. Much as they would prefer not to, credit unions will have no recourse but to make up these costs by imposing new fees or service restrictions on their members. How are consumers better off under this scenario? The plain fact is they are not."

The Federal Reserve has until July 21 to adopt a final rule. The proposed rule released earlier this year would cap the interchange fees at 12 cents per transaction.

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CUNA's Cheney, NCUA's Matz to testify at June 16 Senate MBL hearing

Credit union member business lending (MBL) will be in front of senators this week. CUNA President/CEO Bill Cheney is expected to urge the Senate to allow credit unions to help the economy grow and prosper through increased member business lending during a June 16 Senate Banking Committee hearing on a bill to increase the MBL cap. NCUA Chairman Debbie Matz is also scheduled to testify.

The hearing on Thursday will focus on S. 509, which would lift the current MBL cap to 27.5 percent of total assets. Senate Majority Leader Harry Reid (D-NV) this week declared his support for S. 509, adding his name to the list of 19 co-sponsors.

Sen. Mark Udall (D-Colo.) introduced S. 509 earlier this year. Similar legislation, introduced by Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.), is pending in the House.

Cheney sees the hearing as a "terrific opportunity" for CUNA to "tell the good news about credit unions and their business lending success." Cheney is expected to give real examples of credit unions that are turning away small businesses because they are close to their MBL cap.

An MBL cap increase is among CUNA's top legislative priorities, a list which also includes gaining authority for credit unions to have supplemental sources of capital beyond retained earnings.

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Sen. Reid signs onto MBL legislation

Credit union member business lending (MBL) will be on the front burner this week with a Senate Banking committee hearing on Thursday. Last week, Sen. Mark Udall (D-CO) picked up a high profile co-sponsor to his Small Business Lending Enhancement Act of 2011, S. 509. Senate Majority Leader Harry Reid (D-NV) signed on giving the MBL legislation 19 co-sponsors, including Sen. Bill Nelson (D-FL). 

Similar legislation is in the House. H.R. 1418, bearing the same name as S. 509. The House version has 34 co-sponsors, including Reps. Gus Bilirakis (R-FL), Jeff Miller (R-FL) and Bill Posey (R-FL). The House legislation is currently still in committee.

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CUNA holds audio conference on Temporary Corporate Credit Union Stabilization Fund

The NCUA proposed a voluntary prepayment plan for the Temporary Corporate Credit Union Stabilization Fund at its May open board meeting. Credit unions have until June 20 to send in a comment letter on the proposal. The NCUA pre-payment program could help reduce credit unions' assessment for 2011 substantially, depending on credit unions' participation, and it would help even out assessments for subsequent years, CUNA has noted.

CUNA offered an audio conference to credit union officials who continue to have questions about the proposal, to help address questions and facilitate credit unions' understanding of the proposal. Speakers on the call were CUNA President/CEO Bill Cheney, NCUA Deputy Director Larry Fazio, CUNA Chief Economist Bill Hampel and CUNA Deputy General Counsel Mary Dunn.

The call was about an hour and 45 minutes with many questions from credit unions. For those that could not participate in the live event, there will be an archived version to be available within 48 hours of the live event. to access the archive, visit the CUNA Archived Audio Events page. [ Return to Top ]

Newest edition of Signal magazine and 2010 LSCU Annual Report available online now

The second-quarter edition of Signal, LSCU's premier publication, focuses on credit unions making an educated decision for their future needs.You can access the latest issue of Signal by visiting the LSCU Publications page. 

Signal Magazine includes feature articles, CEO profiles, news, advocacy and regulatory information, and issues important to Alabama and Florida credit unions.

The 2010 LSCU Annual Report is also now available. You can read the annual report by visiting the LSCU Publications page. [ Return to Top ]

Check out the brand new LSCU Director's Newsletter

The new LSCU Director's Resource Newsletter has information about upcoming events specifically for volunteers, stories that will give them a greater understanding of what the League and CUNA is doing for credit unions, as well as stories that will enrich their job as a volunteer.

The League put together the newsletter in a simple, but informative way. It's three pages in PDF form. It can easily be printed off for the board packets or forwarded to them via email. To see the first edition of the LSCU Director's Resource, just click here. In this first edition, the highlights include the work of the Southeastern Credit Union Foundation following the Alabama tornadoes in April, the Statewide Image Campaign that is approaching $1 million raised, the CUNA legislative agenda for 2011, as well as the winner of the LSCU Volunteer of the Year award and the Volunteer Spotlight. This will be a good resource for volunteers to be able to grow in their role and also have a greater understanding of the League and CUNA.

The Director's Resource is being emailed directly to CEOs, if a director would prefer to get it directly, sign up at submissions@lscu.coop. For questions, comments or ideas about the newsletter, contact LSCU VP, Marketing and Communications Mike Bridges at 866.231.0545 ext. 1022.

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LSCU Image Campaign TV ad completed; will debut at AC&E

The League had its first look at the Statewide Image Campaign TV commercial and it's very impressive. The ad, which was shot last month in Birmingham, will debut at the 2nd LSCU Annual Convention and Exposition (AC&E) June 16-19 in Orlando. The League will have an Information Lab set up near registration where credit unions can see a behind the scenes video of the making of the ad, the new ad, and a billboard to be used in the campaign this fall. The lab will also feature Paul Crawford, president of Scout Branding, the League's ad agency.

The campaign has received a boost the past few weeks with more credit unions contributing. More than 80 credit unions have now contributed money to the campaign, bringing the total money raised to nearly $1 million. Right now the makeup of credit unions is vast. Nearly 70 percent of the billion dollar credit unions in Alabama and Florida have contributed, while 60 percent of the 500 million plus credit unions are taking part. In the 100 to 500 million asset range, just about half of the credit unions are participating.

The smallest percentage of participants is the small asset sized credit unions. Just about 22 percent have contributed. The SAS credit unions have a real opportunity with the Statewide Image Campaign. By contributing, a credit union has access to collateral material. For the SAS credit unions, this means an instant marketing campaign. By utilizing the collateral in the credit union, in communications with members and non members and out in the community, a credit union can tie back to the campaign. For those SAS credit unions with limited marketing help, this campaign can go a long way for them for a small piece of their marketing budget. 

For questions about the Image Campaign, contact LSCU VP, Communications and Marketing Mike Bridges at 866.231.0545 ext. 1022 or Director, Information Services Amy Jowers at ext. 1020. [ Return to Top ]

2011 LSCU Annual Convention & Exposition
Attend entire LSCU AC&E and win a cruise

Attending the entire LSCU Annual Convention and Exposition (AC&E) this year will provide one lucky attendee a three-night cruise to the Caribbean. The grand prize will be given out at the Saturday night dinner/show. Attendees must be present to win.

Registration for the grand prize is easy. Every credit union official registered to attend the AC&E will be put in the drawing to win. However, only those present at the dinner/show will be eligible to win.

The three-day cruise for two on Carnival will sail out of Port Canaveral, Florida. The package includes ocean view stateroom, all on-board meals, snacks, complimentary 24-hour Room service, and a wide range of free entertainment and international destinations. Also included are all government fees and taxes as well as all shipboard gratuities. However, travel to Port Canaveral is not covered in the grand prize.

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AC&E speaker presentations & handouts available online - Help promote a greener way of life by printing those you need and bringing them with you

The presentations and handouts (received to date) provided by the Convention Education Session speakers are available online for review and printing. Click here to view and download the presentations/handouts from the 2011 AC&E speakers. You can also go to www.lscuconvention.com, click on AC&E Speaker Presentations/Handouts. You will need a valid username and password to access this page.

To promote a greener way of life, print presentations/handouts for those sessions you plan to attend and bring them with you to Convention. By printing only those you need, you will help the League reduce waste and save trees by not printing a surplus of copies for each session participants may not attend.

In addition, those with laptops and iPads will have easy access to session handouts just by visiting the LSCU AC&E website at www.lscuconvention.com and clicking on AC&E Speaker Presentations/Handouts. You will need a valid username and password to access this page.  [ Return to Top ]

Follow AC&E on Twitter, hotel channel 34, and mobile website

Credit unions officials attending the LSCU Annual Convention and Exposition (AC&E) this week have a number of ways to stay updated. The League will be using the Twitter hashtag #LSCUAC&E while "tweeting" from Orlando. If you are on Twitter, you can search the hashtag to read all of the posts. If you tweet from Orlando or in response to a "tweet," the League encourages you to use the hashtag. The League can be found on Twitter under @LeagueofSECUs and LSCU President/CEO Patrick La Pine "tweets" from his account, @patricklapine

For those attendees with a smartphone, the AC&E mobile website provides the convention notebook on your phone. Last minute updates, announcements or room changes will be uploaded onto the site. This is a good way to carry the convention with you. Plus, it will have a Twitter feed that will show what is being said about the convention.

New this year is channel 34 on the JW Marriott in-house cable. The League has taken over the channel and programmed it with a welcome message from Patrick La Pine, an inside look at the Statewide Image Campaign TV ad, as well as information about the exhibit hall, education sessions, and a surprise for attendees. Tune into channel 34 everyday and keep up with the AC&E. [ Return to Top ]

Governmental Affairs News
News from the Hill: Both chambers back to work, significant hearings for credit unions

The House returns Monday and will complete consideration of the Military Construction Appropriations bill for fiscal year 2012. On Tuesday, and for the balance of the week, the House will consider the Agriculture and Rural Development Appropriations bill. No votes are expected in the House on Friday.

The Senate comes back on Tuesday and will consider two judicial nominations before resuming consideration of the Economic Development Act.

Important Hearings the League is following this week:

The League is following several hearings in both chambers of Congress.

The most significant hearing for credit unions will be on Thursday when the Senate Banking Committee holds a hearing on credit union member business lending. This hearing is expected to feature two panels of witnesses. NCUA Chairman Debbie Matz is expected to testify on the first panel. CUNA President/CEO Bill Cheney will testify on behalf of CUNA on the second panel. Other witnesses on the second panel will include representatives from ABA, ICBA and NAFCU. As is CUNA's usual practice, written testimony will be on the CUNA Legislative Affairs website when it is transmitted to the Committee. This hearing will be webcast by the Senate Banking Committee. 

On Tuesday, the Senate Banking Committee will hold confirmation hearings for nominees to the Securities and Exchange Commission and the Securities Investor Protection Corporation.

Also on Tuesday, the House Financial Services Committee Subcommittee on Financial Institution and Consumer Credit will hold a hearing on "Does the Dodd-Frank Act End 'Too Big to Fail'?"

On Wednesday, the Senate Banking Committee Subcommittee on Financial Institutions and Consumer Protection will hold a hearing on "Enhancing Safety and Soundness: Lessons Learned and Opportunities for Continued Improvement."  Representatives from the Federal Reserve Board’s Banking Supervision and Regulation department, the Office of the Comptroller of the Currency and a banker from New York will testify.

On Thursday, the Senate Small Business Committee will hold a hearing on "An Examination of SBA (Small Business Administration) Programs: Eliminating Inefficiencies, Duplications, Fraud and Abuse."

Also on Thursday, the House Appropriations Committee Subcommittee on Financial Institutions will markup the fiscal year 2012 appropriations bills for agencies under its jurisdiction.

Finally, the House Small Business Committee Subcommittee on Economic Growth, Capital Access and Tax will hold a hearing on Thursday entitled, "The Dodd-Frank Act: Impact on Small Business Lending."

In addition to the hearings noted, the House Financial Services Committee is holding several hearings throughout the week on the international financial system.

For questions about the hearings, or other governmental affairs issues contact LSCU SVP, Governmental Affairs Will McCarty at 800.846.8374, ext. 2137.

  [ Return to Top ]

Interchange litigation a topic of concern for credit unions

Last October, TCF National Bank, which has $17 billion in assets, sued the Federal Reserve Board in the U.S. District Court for the District of South Dakota alleging that the Dodd-Frank Act’s debit interchange fee cap provisions were unconstitutional. In March, CUNA and other financial institution trade associations filed a joint amicus brief supporting some of the bank’s arguments. In April, the District Court denied the bank’s motion for a preliminary injunction on the grounds that the issue was not ripe for decision because the board had not yet issued final regulations on debit interchange. The District Court, however, also denied the board's motion to dismiss the case. 

On April 12, the bank filed an appeal of the preliminary injunction motion to the U.S. Court of Appeals for the 8th Circuit, and CUNA filed a second, joint amicus brief with the 8th Circuit in May. The next step in the 8th Circuit appeal will be an oral argument concerning whether a preliminary injunction is appropriate; it is scheduled for 1:30 p.m. on Thursday, June 16, in St. Louis before a three-judge panel. Meanwhile, the District Court case continues to proceed towards possible summary judgment or trial once the board issues a final debit interchange regulation, with a summary judgment decision or trial expected prior to November of this year.

The League will continue to keep you updated on this issue. Be sure to check the LSCU Governmental Affairs page for updates.

  [ Return to Top ]

Compliance Corner
League InfoSight highlight: “Accuracy of Advertising and Notice of Insured Status” rule change

The current edition of the League InfoSight newsletter has an article about changes to the Accuracy of Advertising and Notice of Insured Status rule. On May 19, 2011, the NCUA board approved the rule change. These changes are effective on June 27, 2011. However, to reduce the cost to credit unions, a mandatory compliance date of Jan. 1, 2012 was established.

The NCUA board is amending certain provisions of NCUA’s official advertising statement rule. Specifically, insured credit unions will be required to include the statement in a greater number of radio and television advertisements, annual reports, and statements of condition required to be published by law. The NCUA board also is defining the term ‘‘advertisement’’ and clarifying size requirements for the official advertising statement in print materials.

You can read more about the Accuracy of Advertising and Notice of Insured Status rule change, and other important topics 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 here to sign up for one. An active email account and a password are required. To log in to InfoSight, enter your email and password in the InfoSight login block (see graphic below) located in the upper right of any of the LSCU web pages.

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Compliance calendar and training

Compliance Calendar

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
NCUA offering SAS initiative workshops in June

The NCUA's Office of Small Credit Union Initiatives is offering one more credit union workshop in June.The workshop 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
  • 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.

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

SECUF, Northeast AL Chapter continue work to 'Rebuild Alabama'

The Northeast AL Chapter of Credit Unions has received a $2,500 match from the Southeastern Credit Union Foundation (SECUF) to work in cooperation with United Way, to create a “Debris Removal Assistance Fund,” for homeowners who do not have the financial resources to have heavy debris removed from their homes or yards for pick up.

“There is a huge issue in our area with some homeowners not having the financial resources to have their debris from the April 27, 2011 tornadoes, most of this debris including their entire homes,” said Greg Olmsted, CEO of North Alabama Educators Credit Union and Chapter president. “By partnering with a local agency like United Way, our Chapter will be able to give back to our communities on a much larger scale,” said Olmsted.

For questions on the SECUF or the Chapter matching program for Alabama, contact SECUF Executive Director Amber Tynan at 866.231.0545 ext. 1154. [ Return to Top ]

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.

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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Make sure to get your seat at the next LSCU Councils meeting on June 16 at AC&E

The date for the next Council meeting is June 16, and they are scheduled in conjunction with the LSCU Annual Convention & Exposition in Orlando. Below are the speakers and topics for the workshops. Don’t miss this great opportunity for you and your executive management teams to network, learn, and share best practices.

CFO: Innovation for Credit Unions: Part of an On-Going Planning Process

Tim Harrington, CPA

HR/Training & Development: Managing Benefit Costs in Today’s World and how to Transition to High Deductable Health Plans with the use of Health Savings Accounts

Todd Torgersen, president, Combined Insurance Services, Inc.

Lending: Maximizing Relationships

Julie R. Ferguson, owner, JRF Consulting Services, LLC

Marketing & Business Development: Charting the Course through Demographic Change

Kenneth Gronbach, president, KGC Direct, LLC

Operations, Sales, & Service: Strategies for Overcoming Lost Income from Regulatory Reform

Robert Rutowski, managing partner, Credit Union, Corporate & Financial Services Groups of Weltman, Weinberg & Reis Co., L.P.A. 

Technology Council: Cloud for Credit Unions

Tom Mackinson, regional manager, Ongoing Operations LLC

For an overview of topics, registration information, and more, visit the LSCU Events Calendar.

Questions? Contact LSCU Director, HR Services/Executive Recruiter, Lisa Hammock at 866.231.0545 x1146.

“Like” LSCU Councils on Facebook for updated information and topic details. [ Return to Top ]

Your CU’s Disaster Preparedness Plan: Is it ready for the next disaster?

Nearly every credit union in Alabama and Florida have been affected by “Mother Nature” in one way or another whether directly or indirectly. The safety of the physical building is important however it is the protection of what is housed internally that must be solid. Is your credit union system backed up? Also, a plan of action for staff must be in place. Is your credit union ready?

The LSCU Disaster Recovery Conference will touch all the points credit unions need to be prepared all year round. Attendees will learn how to safeguard their credit union and learn valuable tips on how to create a well-prepared disaster plan of action.

Date: July 12, 2011 - July 13, 2011
Time: 9:30am - 12 p.m. EST / 8:30 a.m. - 11 a.m. CST

The LSCU has scholarships available for the the Conference, click here to apply.

Click here for more information and to register for the next LSCU Disaster Recovery Conference.

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Education Calendar

Upcoming Events:

Wednesday, June 15
How to be a Notary without Being Sued
3 – 4:30 pm EST – webinar

Tuesday, June 21
Understanding the Differences Between Corporation & S Corporation Tax Returns
3 – 4:30 pm EST – webinar

Click here to view complete calendar of events.

  [ Return to Top ]

LEVERAGE News
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.

  [ Return to Top ]

News from You
Redstone FCU member wins grand prize electric guitar as part of 'Money Rocks' youth promotion

Redstone Federal Credit Union member Jasmine Jones is the proud owner of a brand new Les Paul electric guitar…a grand prize awarded by Redstone as part of a national credit union youth promotion.

The promotion was a part of the Credit Union National Association (CUNA) Money Rocks at my Credit Union campaign. Redstone’s Money Rocks at Redstone campaign increased its number of youth accounts by 41 percent over the same time last year.

Members – ages 18 and younger – who either opened a new Redstone account or deposited $25 into an existing account were eligible to win one of four prizes that included three VISA gift cards and the Les Paul guitar and starter kit.

“This was a great opportunity for Redstone Federal Credit Union to let our young people know how much we appreciate them and to share information with them about our products and services that are geared specifically for them,’’ said Joseph H. Newberry, president and CEO of Redstone Federal Credit Union. “The Money Rocks at Redstone promotion was very successful. In April, our branches opened 462 new youth accounts, compared to 327 that were opened in April 2010. This is an incredible demonstration of a true team effort.”

Jones, 12, an existing member who had made a qualifying deposit, said she is very excited to win.  Upon learning she was the winner, she asked her parents about guitar lessons. [ Return to Top ]

Florida Commerce receives Herring, Maxwell awards

L to R: LSCU Association Services Chief of Staff Cassandra Grayson, Florida Commerce CU CEO Cecilia Homison, Florida Commerce CU Communications Specialist Kristin Richardson and Florida Commerce Promotions Coordinator Nick Chiamardas.

Grayson presented Florida Commerce with a Louise Herring first-place award and a Dora Maxwell second-place award at the credit union's quarterly staff meeting.  


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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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