LSCU eSignal Weekly
LSCU eNews Weekly July 18, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
Update your credit union information at findacreditunion.com
New Consumer Financial Protection Bureau chief may not be Warren
Debit interchange exempt/non-exempt list released by the Fed
FREE NCUA Credit Union Workshop this month
TDR proposal could be on the way from NCUA
Northeast Alabama Chapter, SECUF present $5,000 check to United Way of Madison County
State GACs and CUNA GAC dates set for 2012
Governmental Affairs News
News from the Hill: A look at consumer financial protection, upcoming committee schedule
This week in Florida politics: Mike Haridopolis out of U.S. Senate race, Florida gets high credit marks
This week in Alabama politics: Special elections called, Alabama GOP denounce lawsuits
Compliance Corner
League InfoSight highlight: Servicemembers Civil Relief Act
Credit union comments sought on CFPB Non-Bank Oversight
Compliance calendar and training
Cooperative Initiatives News
NCUF video explains the Community Investment Fund program
Join LSCU in support of CMN Hospitals with Miracle Jeans Day
Education News
LSCU Disaster Recovery Conference provides preparation insight for CUs
Registration for LSCU Supervisory Committee Conference open until July 29
Education Calendar
LEVERAGE News
Follow LEVERAGE on Twitter
News from You
Insight CU pursues merging Florida Episcopal FCU into its membership
Redstone FCU appoints Charlie Miller to Board of Directors
EMPLOYMENT
View available credit union jobs
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LSCU Headlines

President's Point

The American Association of Credit Union Leagues (AACUL) Summer Conference was held last week in San Francisco. League presidents, association executives and Service Corporation executives were on hand.  There was a lot of great discussion between leagues and CUNA, the NCUA and the featured speakers. I want to highlight two of the more interesting discussions.

We heard from the Consumer Financial Protection Bureau (CFPB) Assistant Director for Community Banks and Credit Unions Elizabeth Vale. The CFPB was created by the Dodd-Frank Act which will mark its first anniversary on July 21. To date, the agency has hired about 425 folks and eventually expects to have about 1,000 on staff.  Vale talked about how the CFPB has been charged with consolidating financial consumer protection regulations under one agency as well as the streamlining and implementation of them. The process the CFPB is using on regulation is refreshing. Vale says the bureau is taking a collaborative, industry friendly approach by bringing ideas to the financial services trade groups prior to issues proposals to garner valuable feedback. This is a stark contrast to the way the NCUA works.

Vale also talked about how the bureau is not being formed to hurt consumer-friendly financial institutions, but to help them.  She said that the good players are looked upon as partners, namely credit unions and community banks.  Vale said she does not expect the CFPB to be in most credit unions since the bureau would only be examining credit unions over $10 billion in assets unless they hear about possible violations.  One of the CFPB’s top priorities will be regulating non-bank entities like payday lenders.

Another area the bureau will focus on is making financial decisions easier for consumers. The CFPB will make product risk and product cost clearer for consumers and then give them a way to compare these products between financial institutions. I spoke one-on-one with Elizabeth after her presentation and came away impressed. She’s very smart and you can tell she understands and appreciates credit unions and our place in the financial structure.

The NCUA Chairman Debbie Matz also addressed attendees as well as held a private meeting with AACUL’s Regulatory Advocacy Advisory Committee, which I am vice chairman. She brought with her a list of things she wanted to talk to us about. Among them, the NCUA is looking to reallocate some of its resources. An internal review showed that most NCUA resources go to small asset size credit unions that don’t pose any significant risk to the fund. The NCUA has formed an internal working group to come up with solutions to focus more of its time and attention on “Too Big to fail Credit Unions.”  Many of the smaller credit unions will probably see reduced hours the regulators will be in their shops going forward.  

At the next NCUA meeting, the board will look at the mid-session budget. Matz indicated that if everything stayed on track, the NCUA might return some money to credit unions. A couple of other areas the NCUA is looking at is how to define a small credit union. Currently that is $10 million or less in assets. The NCUA is looking into whether it should be changed. Matz says that a new proposal may come this fall asking credit unions to maintain higher levels of liquidity, meaning cash on hand.  Finally, we can expect to have Herb Yolles as Region III director well into next year if not longer.

The NCUA also just kicked off a new way to stay in touch with them. The NCUA Express allows credit unions to sign up for email alerts from a variety of topics including news, events, board meeting news and reports, just to name a few. To sign up, visit the NCUA Express website.

Our summer AACUL meetings were productive and I came away with a much clearer picture of the CFPB. NCUA Chairman Matz talked openly with us and our dialogue shows that the regulators are trying to have a more open line of communications with CUNA and the leagues.  Feel free to get in touch with me if you would like more information about these meetings.

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Update your credit union information at findacreditunion.com

The credit union search engine findacreditunion.com is one of the most used resources for consumers searching for a credit union. It is used on a variety of websites including the LSCU's, aSmarterChoice.org and through Lovemycreditunion.com (Invest in America).  It will also be the search engine for the LSCU Statewide Image Campaign this fall. 

It's important credit unions monitor the findacreditunion.com website to ensure their contact information and branch locations are up to date. With Alabama and Florida being states where people look to move for warmer weather or to be closer to the Gulf of Mexico or the Atlantic Ocean, credit unions can't afford to lose any prospective members because their information is outdated.

The LSCU Statewide Image Campaign will use the findacreditunion.com search function for consumers that want to learn more about  finding a credit union near them. This search function will highlight the credit unions that take part in the campaign with richer information and all of their branch locations. So, it's important over the next few weeks that credit unions search findacreditunion.com and update their information. 

The website is easy to update and can be done by credit unions. Contact LSCU VP, Marketing and Communications Mike Bridges at 866.231.0545 ext. 1022, if you need a password to update your information or need help.

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New Consumer Financial Protection Bureau chief may not be Warren

On Sunday, President Obama announced that he will bypass Elizabeth Warren to head the Consumer Financial Protection Bureau (CFPB) and go with former Ohio Attorney General Richard Cordray. The Wall Street Journal is reporting that the president is going with Cordray because he doesn't feel Warren will get confirmed. The Journal quotes sources as saying Warren wanted the job but a contentious nomination process might hurt the new bureau. 

Cordray, currently a top enforcement officer in the bureau, was known as a bank challenger in Ohio. He was a  leader among state regulators who challenged banks over their mortgage foreclosure practices. His nomination is expected to run into opposition from Senate Republicans and the financial services industry.

The Journal is reporting that Sen. Richard Shelby (R-AL) reiterated that position Sunday saying, "Until President Obama addresses our concerns by supporting a few reasonable structural changes, we will not confirm anyone to lead it. No accountability, no confirmation." 

To read the entire Wall Street Journal article, click here

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Debit interchange exempt/non-exempt list released by the Fed

The Federal Reserve released its list of exempt and non-exempt financial institutions to facilitate compliance with the debit card interchange fee standards. The Fed is publishing two lists of institutions using data available to the board. The lists will help payment card networks and others determine which issuers qualify for the statutory exemption from interchange fee standards. Financial institutions that are debit card issuer that, together with its affiliates, have assets of less than $10 billion. The lists were generated from Dec. 31, 2010 data.

The non-exempt list includes Navy FCU of Virginia, State Employees CU of North Carolina and Pentagon FCU of Virginia, along with U.S. Central Bridge Corporate FCU, Western Bridge Corporate FCU and Members United Bridge Corporate FCU. The exempt list contains the rest of the credit unions in the country. The exempt financial institutions are exempt from the interchange fee standards under the statute that was released two weeks ago. The new rule sets debit interchange fees at 21 cents plus 5 basis points for fraud prevention. The Fed issued an interim final rule to allow institutions to charge an additional penny if they meet certain fraud prevention requirements.

The Fed staff are required to report by April 2012 whether there is a two-tiered system and the impact of the rule on small issuers’ interchange fee income and a more comprehensive report by April 2013. The 2013 report is to include information on whether there has been a change in debit interchange fee income for small issuers, whether merchants are discriminating against small issuers and the impact of exclusivity provisions.

To see the entire list of exempt/non-exempt financial institutions, click here.

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FREE NCUA Credit Union Workshop this month

The NCUA Office of Small Credit Union Initiatives has an upcoming workshop for credit unions to engage and discuss topics affecting operations and membership.

The topics to be covered in the workshop include:

  • Issues Facing Credit Unions
  • Financial Education, Access, and Savings
  • NCUA Consumer Protection Office
  • Duties of FCU Board of Directors (NCUA Reg. 701.4 Basic Financial Literacy Requirement)
    (After completing the above session, you will receive a certificate of attendance)
  • Due Diligence - Evaluating Payment System Service Providers
  • Examination Issues

Be sure to save the date for the next NCUA Credit Union Workshop.

Friday, July 22, 2011
7:45 a.m. - 3 p.m. EST
Grand Hyatt Tampa Bay
(813) 874-1234

For more information about the workshop or to register, click here.

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TDR proposal could be on the way from NCUA

In the July edition of "The NCUA Report," NCUA board member Gigi Hyland writes that the regulator will possibly  release an Interpretive Ruling and Policy Statement (IRPS) addressing Troubled Debt Restructurings (TDR). Hyland writes that the proposal would recommend that credit unions adopt charge-off, loan grading and modification frequency standards that are similar to those currently used by banks.

TDR loans, which have very specific accounting and reporting requirements, sometimes occur as a result of loan modifications. Hyland writes that NCUA staff is considering a proposal where credit unions would be advised to create and implement their own limits on the number and frequency of loan extensions, loan deferrals, loan renewals and loan rewrites. She adds that the potential guidance "would emphasize the need for comprehensive and effective risk management, reporting and internal controls related to these types of loans."

The possible proposal comes from questions asked during the NCUA's TDR-related issues webinar earlier this year. For July's NCUA report, visit the NCUA's website. [ Return to Top ]

Northeast Alabama Chapter, SECUF present $5,000 check to United Way of Madison County

The $5,000 donation has been earmarked for debris removal efforts associated with the April 27, 2011 tornadoes. Presenting the check were Greg Olmsted, Marquetta Cantrell, June Landrum, and Selina Billions who all serve as officers of the Northeast Alabama Chapter of Credit Unions.

Members of the Northeast Alabama Chapter of Credit Unions include Alabama Credit Union, Alabama Telco Credit Union, Councill Federal Credit Union, Family Savings Credit Union, Family Security Credit Union, North Alabama Educators Credit Union, Redstone Federal Credit Union, Rocket City Federal Credit Union, Stevenson Credit Union, and Wolverine Employees Credit Union. Individual credit unions have also assisted disaster victims in a variety of ways since April.

A $2,500 donation from the credit union chapter had been matched by the Southeastern Credit Union Foundation for the debris removal efforts.

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State GACs and CUNA GAC dates set for 2012

The opportunity for credit unions to interact with their state and federal legislators is a must. The LSCU helps facilitate these meetings throughout the year. The State Governmental Affairs Conferences in Montgomery and Tallahassee offer credit unions a chance to get to know the issues better while spending time with their state lawmakers. You will note that the GAC dates are different for 2012, with the State GAC in Florida being moved up more than three months due to the different schedule for the state legislature. 

The CUNA GAC is a great opportunity for credit unions to become immersed in the issues from a national level while also visiting with federal lawmakers in Washington D.C. You will note that the CUNA GAC dates are also significantly different being moved three weeks later in the year. 

Credit unions are urged to put the following dates on their calendar for 2012. 

State GAC in Florida
Jan. 24-25, 2012
Tallahassee

State GAC in Alabama
April 4-5, 2012
Montgomery

CUNA GAC
March 18-22, 2012
Washington D.C.

If you have any questions about the GACs, contact LSCU SVP Governmental Affairs Will McCarty at 866.231.0545 ext. 2137. 

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Governmental Affairs News
News from the Hill: A look at consumer financial protection, upcoming committee schedule

The House returns Monday and will consider legislation under suspension of the rules. On Tuesday, the House will consider H.R. 2560, the Cut, Cap and Balance Act. On Wednesday and the balance of the week, the House will consider the H.R. 2553, the FAA Reauthorization Act; H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act; and H.R. 2551, the Legislative Branch Appropriations Act.

The Senate also comes back Monday to resume consideration of the Military Construction Appropriations Act. There is speculation that later this week the Senate will take up a proposal by Sens. Reid (D-NV) and McConnell (R-KY) related to the debt ceiling.

Consumer Financial Protection Safety and Soundness Improvement Act

H.R. 1315 is a bill on which CUNA testified in April. It reduces the threshold required for the Financial Stability Oversight Council (FSOC) to stay or set aside a Consumer Financial Protection Bureau (CFPB) rule from two-thirds of the Council, to a majority of the council excluding the bureau director. The legislation would also amend the conditions under which the FSOC could take this action to encompass regulations the FSOC determines are inconsistent with the safety and soundness of financial institutions. The League supports reducing the threshold to a majority. CUNA suggested, in testimony, that instead of expanding the conditions for FSOC to stay or set aside CFPB regulations as proposed by the bill, that the bill allow the FSOC to take action if a CFPB regulation would be unreasonably burdensome for financial institutions or the burden to financial institutions outweighs the benefit to consumers.

Committee Schedule

The LSCU and CUNA are following several committee meetings on both sides of Capitol Hill, including the following:

On Tuesday, the Senate Banking Committee will hold a full committee hearing entitled, “Enhanced Consumer Financial Protection After the Financial Crisis.” Marcus Schaefer, president/CEO of Truliant Federal Credit Union in North Carolina, will testify. Other witnesses include representatives of the U.S. Chamber of Commerce and the Center for Responsible Lending.

On Wednesday, the House Financial Services Committee will hold a full committee markup to consider the following legislation: H.R. 2527, the "Baseball Hall of Fame Commemorative Coin Act"; H.R.1751, the "CJ's Home Protection Act of 2011"; H.R. 2056, to instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution on failures; and H.R.1539, the "Asset-Backed Market Stabilization Act of 2011."

On Thursday, the Senate Banking Committee will hold a hearing entitled, “Enhanced Oversight After the Financial Crisis: The Wall Street Reform Act at One Year.”  Deputy Treasury Secretary Neal Wolin; Federal Reserve Board Chairman Ben Bernanke; Mary Schapiro, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corporation; and Acting Comptroller of the Currency John Walsh are expected to testify.

For questions about committee schedules, or other governmental affairs issues, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545, ext. 2137. [ Return to Top ]

This week in Florida politics: Mike Haridopolis out of U.S. Senate race, Florida gets high credit marks

One of the tasks the League's Governmental Affairs team has undertaken is to review the current Florida Credit Union Act and compare it to the Model Credit Union Act in order to find improvements in the Act. If there are any areas of Florida’s Credit Union Act you believe should be improved, please do not hesitate to bring it to the League’s attention.

Senate President Mike Haridopolos Out of U.S. Senate Race

Citing conflict with his duties as Senate President, Mike Haridopolos decided to drop his bid to become Florida’s next United States Senator. "In the early going I was encouraged with endorsements from state and national leaders, support from colleagues in the Senate and House, and donations big and small,'' Haridopolos said. "Yet it became increasingly clear to me, and those around me, that the responsibilities I was managing on both fronts are in conflict. I truly believed I could handle both jobs, but I was wrong. Now I am determined to make it right." Haridopolos, seen by many as the front-runner due to his position as Senate President, had already raised more than $3 million for the race. While Haridopolos’ decision to withdraw is certainly a surprise, the Republican primary field is still quite crowded. Former U.S. Sen. George LeMieux, former Florida House Majority Leader Adam Hasner, retired Col. Mike McAllister, and former Ruth’s Chris CEO Craig Miller, are all vying for the Republican nomination. The winner of next year’s primary will face incumbent Sen. Bill Nelson (D-Florida) in the November 2012 election.

Florida Receives High Credit Marks

Standard & Poor, a national credit rating agency, announced last week that it was revising its outlook for Florida from negative to stable. Citing a decision to slash spending while maintaining large reserves, S&P gave Florida good marks for the way it has handled its budget woes. The new outlook is being touted as a vindication for Republican elected officials, particularly those in the legislature who had expressed deep concerns about the state’s credit rating as they wrestled with a roughly $4 billion budget shortfall. Florida currently has excellent ratings from the nation’s three main credit agencies, which means the state gets better interest rates when it borrows money to pay for school and road construction. Former Gov. Jeb Bush is generally credited with building the state’s good credit ratings. Standard & Poor said that Florida has made "significant progress in restoring structural budget balance" in response to changes in the economy and the phase-out of the federal stimulus aid. The rating agency also noted that reserves are being replenished and "when coupled with trust fund reserves, continue to be at levels that we consider strong."

Foreclosure Drop May Be Short-lived

RealtyTrac, a California based company that tracks foreclosures, reported last week that there had been a 55  percent decrease in foreclosure activity from the previous six months and a 59 percent decline from the first six months of 2010. Florida had the eighth highest foreclosure rate in the nation during the first part of this year. But signs point to this being a temporary lull. New data shows that Florida still had the second highest overall total number of foreclosures in the nation. Additionally, RealtyTrac noted that there had been a jump in default notices in the month of June. RealtyTrac officials said it appears the controversy over the handling of foreclosures by banks and so-called “foreclosure mills” law firms may have been responsible for the slow down over the previous six months and that soon could change.

Republicans outraise Democrats by 3-to-1 Margin

Republicans seeking to pile up a cash advantage heading into the crucial 2012 elections reported last week that they had raised more than three times as much as their Democratic rivals for the second quarter of 2011. Special interests such as utilities, health care groups, and mining companies were among those who helped the Republican Party of Florida (RPOF) haul in almost $3.5 million. The Florida Democratic Party took in roughly $1.1 million during the same three-month period and nearly half of it came from a political committee set up to help in the Jacksonville city elections. While RPOF collected more than $3 million, it also managed to spend $2.23 million during the second quarter including roughly $500,000 on pollsters and consultants affiliated with Gov. Rick Scott as well as on automated phone calls.

Should you have any questions on any of the legislative issues mentioned above, contact LSCU Director, Legislative Affairs Jared Ross at 866.231.0545, ext.1012. [ Return to Top ]

This week in Alabama politics: Special elections called, Alabama GOP denounce lawsuits

Special Elections Called

Two special elections have been called to fill vacancies in the Alabama House of Representatives. House District 45, which covers parts of Jefferson County, was vacated earlier this month due to the death of Rep. Owen Drake (R). Drake’s brother, Dickie Drake, Irondale Mayor Tommy Joe Alexander, and Michael Summers of Irondale qualified on the Republican side; while former Ms. Alabama and Ms. America 1st runner-up Paige Parnell of Leeds qualified to run as a Democrat.

House District 48, vacated by the appointment of Rep. Greg Canfield (R) as director of the Alabama Development Office, covers portions of Jefferson and Shelby Counties. Former State Representative and current Jefferson County Commissioner Jim Carns, and retired government employee Craig Sanderson both qualified to run as Republicans to fill this seat.

Election dates have been set and are as follows:

  • Primary Elections - 8/30/2011
  • Primary Runoff, or general election if no runoff - 10/11/2011
  • General Election if a primary runoff is necessary - 11/29/2011

Alabama GOP Defends Bill, Denounces Lawsuits

Alabama House of Representatives Speaker Mike Hubbard and Senate President Del Marsh issued a joint statement regarding the recent lawsuit filed against the recent ban on PAC-to-PAC transfers. The lawsuit, filed by the Alabama Democratic Conference (ADC), claims the ban is a violation of ADC’s First Amendment Rights and the federal Voting Rights Act of 1965. Hubbard and Marsh say that the bill passed the legislature without one dissenting vote, and is an integral part of a number of reforms passed to end corruption in Montgomery.

“This has never been a partisan issue,” Hubbard said.

State Senator to Run for Judicial Seat?

Despite having yet to launch a formal campaign, Sen. Ben Brooks (R-Mobile) has been telling people in his hometown that he plans to run for a judicial seat on the Mobile County Circuit Court. Brooks expressed this in a letter to the members of the Mobile Bar Association and the letterhead lists Michael Druhan as the chairman of his campaign committee.

If you have any questions regarding current legislation in Alabama, contact LSCU Director, Legislative Affairs Jason Cochran at 866.231.0545, ext. 2159. [ Return to Top ]

Compliance Corner
League InfoSight highlight: Servicemembers Civil Relief Act

The current edition of the League InfoSight newsletter has an article about the Servicemembers Civil Relief Act in the Loans and Leasing channel. The Servicemembers Civil Relief Act provides protection to individuals who are on full-time active military service of the United States.

Under the SCRA, while a service member is on active duty, a credit union may charge no more than six percent (6 percent) simple interest on loan balances incurred prior to active duty status. The SCRA clarifies this requirement by extending that limitation to the service member and his or her spouse jointly. The SCRA also clarifies that any interest in excess of 6 percent that otherwise would have been incurred (while on active duty) is forgiven. The SCRA also extends protections to co-debtors who may also be obligated on loans with the active duty servicemember.

Read more about the Servicemembers Civil Relief Act update 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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Credit union comments sought on CFPB Non-Bank Oversight

In 2010, Congress created the Consumer Financial Protection Bureau (CFPB) and granted the bureau oversight authority that includes non-bank firms. The bureau now seeks comment regarding the “larger participant” definition present in the 2010 bill. CFPB is required under the Act to implement a risk-based program to supervise certain non-depository covered firms for compliance with Federal consumer financial laws.

Under Section 1024 of the Act, the scope of supervision coverage varies for different product markets. Section 1024 provides that the CFPB may supervise covered firms in the residential mortgage, private education lending, and payday lending markets. For other markets, the supervision program generally will apply only to “larger participants” of these markets. The CFPB must define and identify such “larger participants” by rule. The CFPB is required to issue an initial rule to define these covered persons that will be viewed as “larger participants” in other markets not later than one year from July 21, 2011.

To read the full CFPB article click here.  [ Return to Top ]

Compliance calendar and training

Compliance Calendar

July 21
Regulations Z and M - Increase to transactions covering up to $50k Effective Date

Bureau of Consumer Financial Protection Designated Transfer Date

Potential Regulation CC: Change from $100 to $200 immediate availability

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
NCUF video explains the Community Investment Fund program

The National Credit Union Foundation's (NCUF) Community Investment Fund (CIF) is an innovative program that provides a return to credit unions on their investment, as well as helping state foundations and the NCUF. The program is in its twelfth year, but many credit unions don't fully understand the power of the CIF program.

The NCUF recently posted a video where NCUF Resource Development and Donor Recognition Director Josie Collins explains the program. The four-minute video shows that a credit union's CIF account helps on a local, state, and national level. Getting started with an investment into the $360 million CIF is easy and credit unions have three options of where to place their money.

To watch the NCUF video, click here. To learn more about the CIF program, contact Southeastern Credit Union Foundation Executive Director Amber Tynan at 866.231.0545 ext. 1154. [ Return to Top ]

Join LSCU in support of CMN Hospitals with Miracle Jeans Day

The Miracle Jeans Day concept is simple, individuals or groups can participate in Miracle Jeans Day by supporting Children's Miracle Network Hospitals with a minimum donation of just $5. In return, participants can choose from memorable Miracle Jeans Day merchandise to wear with their jeans on Sept. 14. All funds raised go directly to the Children's Miracle Network Hospital in your community. Go casual for kids by wearing jeans to support your local Children's Miracle Network Hospital.

Together credit unions can make a difference with the nine combined Children's Miracle Network Hospitals in Alabama and Florida. There may even be someone in your company whose life has been touched by one of these amazing places—and they all need your help. Whether you're already raising funds for Children's Miracle Network Hospitals or this is your first fundraising campaign, Miracle Jeans Day is a terrific way to show your employees and your consumer base that your company supports children's health. For more information contact Southeastern Credit Union Foundation Executive Director Amber R. Tynan at 866.231.0545 ext. 1154 or visit the Miracle Jeans website. 

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Education News
LSCU Disaster Recovery Conference provides preparation insight for CUs

John Dosh from Escambia County Emergency Management, discusses the possible severity that natural disasters can have on credit unions, and the necessity of developing a robust disaster plan.
 

From left to right: Caryl Greene, Members First Credit Union of Florida, Bob Harrington, VyStar Credit Union, and Nelson Lapeiretta, Pinellas Federal Credit Union work at a break-out during the table top exercise.


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Registration for LSCU Supervisory Committee Conference open until July 29

Whether you are a new supervisory committee or board member, or you are a seasoned volunteer, attendance at this event will most definitely enrich your contributions to your credit union. This conference agenda includes the latest information and updates regarding credit union auditing, compliance, and fraud. With a wide variety of speakers and topics, attendees will better their knowledge to help keep your credit union secure and strong. 

Click here to view/download  the conference flyer.

Although designed with supervisory committee members and board members in mind, this conference is also a perfect fit for credit union managers and compliance officers.  If you are a CPA, Continuing Education Credits are also applicable.

LSCU Supervisory Committee Conference
Date: July 31 – August 3, 2011
Grand Hotel Marriott Resort, Golf Club & Spa, Point Clear, AL
Registration: $475/person and $150/guest
Questions:
education@lscu.coop or 866.231.0545 x 2129

Click here for more information and to register.

Sponsored by:

 

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Education Calendar

Upcoming Events:

Wednesday, July 20
Electronic Payment Systems: What Type of Transaction is This?
Webinar

Wednesday, July 21
Reg Z Requirements for Non-Mortgage Loans
Webinar

Wednesday, July 23
Best Practices for Board Package Preparation
Webinar

Click here to view complete calendar of events.

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LEVERAGE News
Follow LEVERAGE on Twitter

As more credit unions utilize the power of Twitter, LEVERAGE, the LSCU Service Corporation, has joined the twitterverse. Credit unions and League partners can follow LEVERAGE by going to twitter and following @MY_LEVERAGE.

LEVERAGE will provide credit unions with the latest information on products and services, upcoming ePurchasing events and new products that are being rolled out. Twitter is also a great source of information. LEVERAGE will be tweeting about industry news that matters most to the way credit unions do business.

For more information on LEVERAGE products, contact a LEVERAGE Business Development Consultant

Credit unions can also follow the LSCU, LSCU President/CEO Patrick La Pine and the LSCU Governmental Affairs team in Florida on Twitter.  [ Return to Top ]

News from You
Insight CU pursues merging Florida Episcopal FCU into its membership

The boards of directors of Insight Credit Union and Florida Episcopal Federal Credit Union are in the early stages of pursuing a merger of the two credit unions. Upon completion of due diligence, Insight will apply for approval from both the State of Florida and the National Credit Union Administration (NCUA). Additional information will be provided as talks proceed.

“We are excited to pursue this merger and welcome new members,” says George R. Davis, president/CEO of Insight Credit Union. “Our continued growth allows us to extend our exclusive member benefits to more Floridians and their families.”

Insight Credit Union offers its members checking accounts, debit cards, access to loans and credit cards with low rates, competitive mortgages, and automated services including online banking and bill payer.

Florida Episcopal Federal Credit Union is based in Orlando and has a branch located downtown. The credit union was established in 1974, and is dedicated to serving the Episcopal community in the Dioceses of Central Florida, Southeast Florida, Southwest Florida and Florida church members. Florida Episcopal FCU also serves the employees of parishes, missions, schools, conference centers and retirement homes of these dioceses; and family members. [ Return to Top ]

Redstone FCU appoints Charlie Miller to Board of Directors

The Charlie Miller appointment fills the vacancy created by the retirement of Mr. Benny Rogers, who served on the board for 11 years.

“I am honored to be selected to serve on the Redstone board of directors,” Mr. Miller said. “My vision for Redstone Federal Credit Union is to continue to be the frontrunner in developing services that will meet the needs of all our members.”

Mr. Miller has served as a Credit Union volunteer for more than 23 years, including as a director of the Credit Union Service Organization and as a Member of both the Supervisory Committee and the Credit Advisory Committee.

Serving others is a common thread in Mr. Miller’s career. He retired from the U.S. Army with more than 30 years of service, retiring as The Command Sergeant Major of The Ordnance Missile and Munitions Center and School. Mr. Miller holds a Bachelor of Arts in Business Administration as well as a Bachelor of Arts in Religion Education. He was inducted into The U.S. Army Ordnance Hall of Fame in 2000 and serves on the Board of the Rose of Sharon Soup Kitchen.

“Mr. Miller brings a strong sense of service to the board,” Dr. Dorothy W. Huston, Board Chair, said. “His passion to provide the membership with excellent products and services will certainly benefit the credit union. We look forward to working with him on the board.”
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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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