LSCU eSignal Weekly
LSCU eNews Weekly September 6, 2011
home button press room button contact us button
LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
2011 LSCU Development Conference features CUNA's Cheney
Alabama credit union MBL ad spurs bankers letter
Statewide Image Campaign hits the air across Alabama and Florida
Deficit reduction committee to hold first hearing Sept. 8
NEW: Podcast on Statewide Image Campaign with Scout Branding's Paul Crawford
Birmingham News points out credit unions not raising fees
CUNA's Cheney interviewed by CNNMoney.com
CUNA promotes Donovan to Sr. VP, Legislative Affairs
Governmental Affairs News
This week in Alabama politics: Immigration law put on hold, special elections held for Birmingham House seats
This week in Florida politics: New hope for state economy, DEO releases business plan
News from the Hill: Committee on Deficit Reduction will be busy
Compliance Corner
League InfoSight highlight: Bank Secrecy Act Channel Updated
League looking for comments on NCUA CUSO plan
Compliance calendar and training
Cooperative Initiatives News
SECUF to co-host Community Development Workshop Oct. 24
Co-op Month 2011 materials available
New shared branching outlets in Alabama and Florida
Education News
LSCU Councils to hold webinars in October
2011 LSCU Development Conference golf tournament to benefit LSCU PAC and CMN
LSCU Regulatory Compliance Updates one week away
Education Calendar
LEVERAGE News
LEVERAGE, Office Depot help CUs maximize quality, minimize cost
CUNA Mutual Group launches retirement guidance technology
News from You
Insight CU participates in ‘2011 Back-to-School Bash’
EMPLOYMENT
View available credit union jobs
In This Issue
spacer
eNews Links
Forward to a Friend
Print Version
Unsubscribe from
LSCU eSignal Weekly
Be sure to follow LSCU:
Social Networking Links
Patrick La Pine on Twitter
eNews Links
spacer
LSCU Headlines

President's Point

When the 2011 NCUA Temporary Corporate Credit Union Stabilization Fund assessment was announced last Monday, the 25 basis points (bp) was consistent with the estimates CUNA put forth earlier in the year. This equates to about $1.96 billion that will be paid into the fund. However, there was some good news to come out of the NCUA special board meeting. There will be no special assessment for the National Credit Union Share Insurance Fund (NCUSIF) this year. 

Additionally, NCUA Deputy Executive Director Larry Fazio estimates that the total remaining cost of the corporate resolution fund is less than expected. Fazio believes the remaining costs are between $3.9 billion and $8.2 billion. This is less than the $7 billion to $9 billion that had been previously estimated. Fazio told the CU Journal that the range is so large given the volatility of the economy. If estimates hold true, next year’s assessment should be more in the 9 bp range or $700 million.

To fully understand the assessment process is difficult. According to the NCUA, the 25 bp assessment for this year, along with borrowed funds from the U.S. Treasury, will pay the principal and interest on maturing Medium Term Notes issued by corporate credit unions and guaranteed by the Stabilization Fund, as well as the guaranteed notes issued to the bridge corporate credit unions. The near-term projected cash needs prior to 2013 have fallen from $2.94 billion to $2.7 billion. The 2011 assessment will cover the majority of this obligation so the projected requirement for 2012 cash needs will be around the 9 bp number.

CUNA Senior Economist Bill Hampel took a look at the assessments plan and believes the NCUA will need to raise about $1 billion every year until the cost for the corporate stabilization is paid off. CUNA is estimating that next year’s assessment will be around 12 bp. This year's assessments are due Sept. 27 and should be expensed on the Sept. 30 Call Report data.  

The latest assessments will most likely push some credit unions in Alabama and Florida into the red for the third quarter or even the negative for the year. However, judging by an early look at second quarter numbers, credit unions are seeing improvements in their financials, but the sluggish economy continues to be a challenge for most. Our credit unions are seeing a slightly higher return on assets and lower charge offs. In fact, CUNA Economist Mike Schenk says net charge offs are at their lowest levels since 2008.

Finding a silver lining on the assessments is difficult. I understand that. It’s been a long, hard road. But, I believe we are starting to see some positive signs. We’ve been through another year of assessments, which means we are only getting closer to final resolution of this difficult chapter in the history of our industry.  While the economy remains a challenge, we can see improvements in our operating environment. Plus, we continue to have real opportunities with so many banks beginning to levy new fees on checking, debit, and other services.       

I welcome your thoughts and feedback.

  [ Return to Top ]

2011 LSCU Development Conference features CUNA's Cheney

The 2011 LSCU Development Conference offers credit unions a rare opportunity to hear five speakers that could easily headline any other credit union conference. The conference agenda includes:

  • CUNA President/CEO Bill Cheney
  • Consumer Financial Protection Bureau Assistant Director, Community Banks and Credit Unions Elizabeth Vale
  • NCUA Region III Director Herb Yolles
  • Filene Research Institute CEO Mark Meyer
  • Former NCUA Deputy Chief John McKechnie 

Meyer and McKechnie will lead breakout sessions. Meyer is speaking on leveraging "The Difference," while McKechnie speaks on the "Importance of Advocacy." Other breakout session topics include Marketing Financial Services with Bruce Clapp, Strategic Issues Related to Growth with Patrick Adams and Risk and the New Responsibilities with Robin Hoag. There will be financial literacy training for any board members that need it and a Small Asset Sized Roundtable. Cheney, Vale, and Yolles will address all attendees, along with LSCU President/CEO Patrick La Pine. 

The LSCU Development Conference will be held Nov. 1-4 at the Grand Hotel Marriott Resort, Golf Club and Spa in Point Clear, AL. The conference also includes a full vendor show and golf outing to benefit the Children's Miracle Network and the PACs.

To see a more complete agenda and to register, visit the LSCU Development Conference webpage.  [ Return to Top ]

Alabama credit union MBL ad spurs bankers letter

On Sept. 1, the Community Bankers Association of Alabama (CBAA) sent a letter to the Alabama Congressional delegation questioning the credit union tax exemption and the push to increase credit union's ability to make member business loans. The letter offers no new arguments, but continues to bring out the same issues they always offer.

The bankers contend that credit unions are expanding beyond their original scope, and large credit unions no longer deserve their tax exempt status. This is the same argument made when credit unions began offering checking accounts, and it's the same argument they will make with anything credit unions ask Congress for to help better serve members. This is not an uncommon tactic by the bankers. Many state banking associations throughout the country continue to “turn up the volume” on credit unions.  

The League sent a response to the Alabama Congressional delegation. Each of the bankers' rhetoric was refuted. While the banks make the same old arguments without factual basis, the League's letter points out:

  • For the 12 months ending March 2011, the better deal offered at credit unions provided over $182 million in direct financial benefit to 1.7 million Alabamians
  • There are 44 Subchapter S banks in Alabama, with assets over $7 billion, which also do not pay corporate income tax
  • Alabama banks received $3.7 billion in TARP assistance. Just two years later, community banks asked for and received an additional $30 billion in taxpayer provided funds, $75 million of which has already been given to Alabama community banks
  • This $30 billion was supposed to go to small business loans, some banks are actually using to repay their TARP obligations, using one set of taxpayer money to repay another (but at a lower rate)
  • Increasing credit union member business lending under House Bill 1418 and Senate Bill 509 would put more than $200 million into the hands of small businesses in Alabama, and create more than 2,000 new jobs.  Nationally, it would mean an additional $13 billion in small business credit, creating 140,000 new jobs and cost the taxpayers nothing

The CBAA  letter to Congress is also likely due to the MBL radio ad that ran across Alabama the past week. The League issued a phone action alert urging credit unions to contact their member of Congress and ask them to support increased member business lending by credit unions. If you have not called, please have your staff and the small businesses you work with to call 877.547.7159 and ask Congress to raise the MBL cap.

For talking points when contacting a member of Congress or to download the radio ad, visit the LSCU MBL and Interchange Resources page. For questions, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137.


[ Return to Top ]

Statewide Image Campaign hits the air across Alabama and Florida

The profile for credit unions in Alabama and Florida will be raised over the next few weeks as the LSCU Statewide Image Campaign kicks off Sept. 7. The Statewide Image Campaign will be the largest voluntary credit union campaign in the country with $1.3 million raised and 100 credit unions from both states taking part. 

Depending on the amount of money raised in each media market, the campaign will utilize TV, radio, online, billboards, and public relations. The creative pushes potential members to betternameforbanking.com. The landing website shows the credit union difference through a variety of loan products and how much the consumer would save having their loans at a credit union. There is a page that shows where the credit union rates beat banks on nearly every type of loan, plus savings products. 

The website pushes consumers to search for a credit union near them. The site's credit union finder utilizes the data from the findacreditunion.com database. Participating credit unions' information, including branches, will populate the search results when a consumer searches by their city or zip code. Credit unions are strongly urged to update their records on findacreditunion.com to ensure all information is current when it's shown in  search results  If they have trouble, contact LSCU VP, Marketing and Communications Mike Bridges at 866.231.0545 ext. 1022 or Director, Information Services Amy Jowers at ext. 1020. The League will provide a username and password for those credit unions that don't already update their records on a regular basis. 

Last week participating credit unions received an email on how to print collateral that ties into the campaign. A few credit unions have already begun downloading and printing the materials. The collateral is housed on the Statewide Image Campaign Resources page. If a credit union has an idea for collateral that is not on the page, contact the League and it will try to meet your request. Only those credit unions participating have access to this page and only those that received the email can view it. If you don't know who received the email at your credit union, contact Amy Jowers.

To view the creative materials, visit the LSCU Statewide Image Campaign website. If your credit union is not participating in the campaign, but would like more information about it, contact Mike or Amy. The campaign will run again in the spring of 2012.

Example of the billboard that is running across both states.

  [ Return to Top ]

Deficit reduction committee to hold first hearing Sept. 8
The U.S. Joint Select Committee on Deficit Reduction will hold its first meeting Sept. 8. The meeting will be public, and held hours before President Obama speaks to the nation on his latest job creation initiative. The panel or "super committee" is comprised of six republicans and six democrats, as well as six senators and six representatives. The first meeting will be more procedural and allow each member of the committee to make an opening statement.

The panel's second meeting will also be a public hearing and will be held on Sept. 13. At that time a review of the history and causes of the U.S. debt will be held. The co-chairs of the committee, Sen. Patty Murray (D-WA) and Rep. Jeb Hensarling (R-TX), announced that Congressional Budget Office Director Douglas Elmendorf will testify at the Sept. 13 hearing. The subject of Elmendorf's testimony will be “The History and Drivers of Our Nation’s Debt and its Threats.’’

The panel has been charged with finding ways to reduce the U.S. deficit by $1.2 trillion dollars by Nov. 23, 2011. The proposed cuts would take place over a ten-year period. Congress will then hold a simple up or down vote on Dec. 23, 2011. If a majority of the new committee don't agree on a deficit-reduction package, automatic spending cuts of at least $1.2 trillion would be triggered in 2013. They would be divided equally between defense and domestic programs. [ Return to Top ]

NEW: Podcast on Statewide Image Campaign with Scout Branding's Paul Crawford

In anticipation of the largest voluntary credit union campaign in the country, the League took the opportunity to talk with Scout Branding's President/Creative Director, Paul Crawford about the development and direction of the creative aspect of the Statewide Image Campaign.

LSCU Communications Coordinator, Joseph Davis interviewed Crawford covering:

  • The initial creative development process;
  • Demographics associated with the campaign;
  • How the campaign serves to differentiate credit unions from banks;
  • Consumer takeaways from the creative;
  • and the meaning behind the tagline, "We're giving banking a better name"

To listen to the Podcast interview, visit the LSCU Audio Podcast page. [ Return to Top ]

Birmingham News points out credit unions not raising fees

The Birmingham News ran a story last week titled, "Bank expert predicts big banks will boost debit card fees." The article looks at the recent announcements by many bigger banks that their customers will soon be looking at a $3 charge to use their debit cards. Regions bank is quoted as saying its working to recover the costs of providing debit cards. Alabama Telco Credit Union is featured as a credit union letting consumers know its products are free. America's First is also featured saying that it will keep its debit cards free.

LSCU President/CEO Patrick La Pine is quoted twice in the article. La Pine points out that "It just illustrates that credit unions are looking for alternate ways to make up lost income instead of passing them along to members." La Pine also added that "Credit unions, by their nature, exist to serve their member owners and what's in their best interest. Adding fees to services is not one of them."

The comments for the article were also very pro credit union. 

  [ Return to Top ]

CUNA's Cheney interviewed by CNNMoney.com

The CNN Money.com interview titled, "Credit unions keep perks, banks won't," was part of CNN Money’s “Corner Office” series.

Cheney talked about credit union vs. bank distinctions on issues ranging from consumer fees, maintaining higher capital standards, offering higher rates on savings and lower rates on loans. He also commented on the regulatory burden facing credit unions, and why raising the member business lending cap would benefit the economy, without costing taxpayers. Bill concluded by emphasizing that “credit unions really are a better deal.”

A link to the five-and-a-half minute video clip can be found by clicking here.

  [ Return to Top ]

CUNA promotes Donovan to Sr. VP, Legislative Affairs

 Ryan Donovan speaking at the Florida State GAC in April.

CUNA President/CEO Bill Cheney announced recently that Ryan Donovan has been promoted to senior vice president, legislative affairs, effective Sept. 1.

Donovan joined CUNA in September 2007as vice president of legislative affairs. As the senior VP, he will lead CUNA’s on-the-ground lobbying team and manage CUNA’s legislative affairs department.

“Ryan is an outstanding lobbyist and advocate for credit unions, well known and highly regarded on Capitol Hill,” said Cheney.  “CUNA continues to benefit enormously from his experience, energy and insight.”

Donovan’s promotion comes after Cheney in July announced he was expanding the Washington office roles of John Magill, who was named executive vice president of government affairs and special assistant to the president, and Susan Newton, who became executive vice president of system relations. Magill and Newton also assume their new duties on Sept. 1.

Alabama and Florida credit unions may be familiar with Donovan after attending the CUNA GAC in Washington, D.C. He was also a featured speaker at the Alabama and Florida State GACs this past year. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: Immigration law put on hold, special elections held for Birmingham House seats

Immigration Law Put on Hold

Alabama’s much scrutinized immigration law has been temporarily blocked, and opponents to the new measure are pleased with the latest decision. Set to take effect last Thursday, U.S. Judge Sharon Lovelace Blackburn stated there was not enough time to address all of the legal arguments from all of the interested parties on the constitutionality of the recently passed law. However, she also made it clear that her order to put the law on hold does not at all reflect the merits of either side’s arguments.

Judge Blackburn has requested further legal briefs, and her injunction will last until Sept. 29 at the earliest.  Additionally, the case has now been broken up into three separate cases.

Special Elections Held for Birmingham House Seats

Two special elections were held in the Birmingham City, and Jefferson County areas last Tuesday to fill vacant seats in Alabama’s House of Representatives.  In District 48, formally held by Rep. Greg Canfield, Jim Carns (R), a former state representative and a Jefferson County Commissioner, will be heading back to the State Legislature. Carns defeated Craig Sanderson with more than 62 percent of the unofficial vote. Since there is no Democrat in the race, Carns begins to serve immediately and will complete the remaining three-year term.

In District 45, vacated by the death of Rep. Owen Drake (R), Irondale Mayor Tommy Joe Alexander, and Irondale businessman Dickie Drake will be in an Oct. 11 run-off to be the Republican Party’s candidate. The winner will face Democrat Paige Parnell on Nov. 29 in the General Election.

If you have legislative questions, contact LSCU Director, Legislative Affairs Jason Cochran at 866.231.0545, ext. 2159.

  [ Return to Top ]

This week in Florida politics: New hope for state economy, DEO releases business plan

LSCU Legislative Issues:

The LSCU Governmental Affairs (GA) team is tirelessly preparing for the upcoming Legislative Committee Weeks. The Legislature will return to Tallahassee on Sept. 19 for the first of several trips before the end of the year. The Legislature will be hearing bills in committees so that it will be ready to be heard on the floor of the House and Senate in January. The GA team is working with Senate and House leadership to ensure that our public deposits legislation is heard early in the committee process. Once a bill number is issued in both chambers, the League will begin ramping up grassroots activity.

Grassroots Activity
As the 2012 Legislative Session moves closer, it is increasingly important for grassroots advocates to do their part in helping the credit union movement go forward. Planning Chapter Legislative Nights, in-district meetings with your legislators, emails, and letters or phone calls all make a difference. The GA team can help you plan all grassroots activities, and any questions should be directed to LSCU Grassroots and Political Action Coordinator, Andy Gonzalez at 866.231.0545, ext. 1010.

Florida Political News:

Florida’s Budget Woes Over?
While it may only be a temporary glimmer of hope, Florida’s economists this week released a draft of the financial outlook that projects there may actually be a $274 million budget surplus in the coming year. But the same economists who projected the surplus warned that it will likely be wiped out in the next few months. According to a report released by the Office of Economic and Demographic Research, the surplus is dependent on growth that is “attributable to existing Florida residents spending more, rather than the effect of increased population. For this assumption to hold, consumer confidence has to remain strong.” Consumer confidence doesn’t appear to be remaining strong. A report released by the University of Florida this week found that consumer confidence among Floridians has dropped to near record lows. So while it’s too early to say that Florida’s budget woes are over, there’s certainly a little bit of light at the end of a long, long tunnel.

Business Incentives
The newly created Department of Economic Opportunity released its business plan last week. The plan calls for the use of financial incentives to out-of-state businesses willing to relocate to Florida. It is estimated that this plan could create up to 21,000 new jobs over the next two years. In addition to the 21,000 potential new jobs, the goals are to create more than 23,000 jobs through expanding existing businesses, and retaining nearly 6,400 jobs at businesses classified as “at risk” for relocating outside of Florida.

More Constitutional Amendments on the Way
Sen. Joe Negron (R-28th) filed two proposed constitutional amendments last week. The first would make the commissioner of education an elected position, and the second would abolish the Constitution Reform Commission and the Taxation and Budget Reform Commission. His first amendment, SJR 96, would dissolve the current State Board of Education – which hires the commissioner – and would make the governor and cabinet responsible for approving statewide education policy. The second amendment, SJR 108, aims to abolish what Sen. Negron described as “super citizen” boards that meet every 10 years and have the power to place proposed constitutional amendments directly on the ballot. If approved by 60 percent of voters, the measure would limit who could place future amendments on the ballot to either the Legislature, or to citizen groups that launch petition drives.

For questions on any legislative issues, contact LSCU Director, Legislative Affairs Jared Ross at 866.231.0545, ext.1012.


[ Return to Top ]

News from the Hill: Committee on Deficit Reduction will be busy

Both chambers return this week to begin a slow sprint to the end of the year. The Senate returns Monday and is expected to consider HR 1249, the Leahy-Smith America Invents Act. It passed the House in June by a vote of 304-117. A similar bill passed the Senate in March by a vote of 95-5. CUNA supports Section 18 of this legislation related to business method patents. A copy of their most recent letter related to this issue can be found by clicking here.

The House returns Tuesday to consider three bills under suspension of the rules. On Thursday, and the balance of the week, the House is expected to consider H.R. 2218, Empowering Parents through Quality Charter Schools Act; H.R. 1892, the Intelligence Authorization Act for Fiscal Year 2012; and a resolution related to the terrorist attacks against the United States on Sept. 11, 2001.

On Thursday, President Obama is expected to address a joint session of Congress to discuss his jobs creation initiative.  

Joint Select Committee on Deficit Reduction

The first meeting of the Joint Select Committee will be on Thursday.  The Committee will also make additional staff appointments this week.

Here are some key dates for the Joint Select Committee:

  • Oct. 14-House and Senate committees must submit recommendations to the committee
  • Nov. 23-Deadline for the committee to vote on a plan with $1.5 trillion in deficit reduction
  • Dec. 2-Deadline for the committee to submit report and legislative language to the president and Congress
  • Dec. 23-Deadline for both houses to vote on the committee bill

Other Committee Meetings

Monday, the Senate Banking Committee holds a full committee hearing on the nominations of Patricia Loui and Larry Walther to be members of the board of directors of the Export-Import Bank of the United States; and Richard Cordray to be director of the Consumer Financial Protection Bureau.

The House Financial Services Committee Subcommittee on Oversight and Investigation will hold a field hearing in New York City entitled, “Combating Terror Post-9/11: Oversight of the Office of Terrorism and Financial Intelligence.” 

On Wednesday, the House Financial Services Committee Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a field hearing in New York City on "Facilitating Continued Investor Demand in the U.S. Mortgage Market Without a Government Guarantee." 

On Thursday, the Senate Judiciary Committee has scheduled a full committee markup to consider several bills and nominations, including S.1151, the "Personal Data Privacy and Security Act of 2011"; S.1408, the "Data Breach Notification Act.”

The House Financial Services Committee Subcommittee on International Monetary Policy and Trade will hold a hearing on "The U.S. Housing Finance System in the Global Context: Structure, Capital Sources, and Housing Dynamics." The House Financial Services Committee Subcommittee on Insurance, Housing and Community Opportunity will hold a hearing on "Legislative Proposals to Determine the Future Role of FHA (Federal Housing Administration), RHS (Rural Housing Service) and GNMA (Government National Mortgage Association) in the Single- and Multi-Family Mortgage Markets."

The League and CUNA expect the Senate Banking Committee to markup a bill to reauthorize the National Flood Insurance Program on Thursday.  In the House of Representatives, The League and CUNA worked with other financial institution trade groups to secure language regarding force placed insurance. This language, which was sponsored by Rep. Frank Lucas (R-OK), maintains the status quo, which allows financial institutions to charge the borrower for the costs of premiums and fees when the financial institution is required to force place insurance on a property when the borrower allows the coverage to lapse. Similar language is not currently in the discussion drafts being circulated by the Senate Banking Committee; however, the League is working with others to add similar language to the Senate bill. While they have not yet sent a letter to the Committee regarding this issue, a copy of their letter to Rep. Lucas regarding his amendment can be found by clicking here. The League is also working with many of the same groups to modify Section 111 of the discussion draft, which would require all lenders to escrow for NFIP premiums even if they do not escrow for other items.  A copy of CUNA’s letter regarding Section 111 can be found by clicking here.  

Schedule for the Remainder of the Year

When the legislative schedule was released earlier this year, both chambers anticipated being in session until December. The deficit reduction process all but cements that plan. The following are weeks when the House and/or the Senate will be out of session:

  • House/Senate - Sept. 26
  • House -  Oct. 17
  • Senate - Oct. 24
  • House/Senate - Nov. 21
  • Target Adjournment:  House - Dec. 9; Senate – TBD. (Both chambers to most likely be in session through December 23)

For questions about any legislation, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137.


  [ Return to Top ]

Compliance Corner
League InfoSight highlight: Bank Secrecy Act Channel Updated

The current edition of the League InfoSight newsletter has an article about the update to the Bank Secrecy Act channel. Recently the Federal Deposit Insurance Corporation (FDIC), along with the Financial Crimes Enforcement Network and the State of Florida Office of Financial Regulation fined Miami-based Ocean Bank $10.9 million for violations of the Bank Secrecy Act. According to a statement issued by the FDIC, Ocean Bank failed to implement an effective BSA/AML Compliance Program, with internal controls reasonably designed to detect and report money laundering and other suspicious activity in a timely manner. News reports state that Ocean Bank consented to the penalty without admitting or denying the findings of FinCEN and the FDIC.

Perhaps if Ocean Bank had had access to—and took advantage of—a resource such as InfoSight those violations might not have occurred. We will never know. What we do know is that InfoSight is available to your credit union. We also know that just about the same time the news of Ocean Bank’s fine was hitting the news, we were busy updating the Bank Secrecy Act channel to make sure that this resource has the most current information.

Read more by visiting the Bank Secrecy Act channel on 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.

  [ Return to Top ]

League looking for comments on NCUA CUSO plan

The NCUA is moving toward the direct regulation of Credit Union Service Organizations (CUSOs). The NCUA's proposal to amend CUSO regulations is now in the comment period with credit unions having until Sept. 26 to make their concerns and opinions known. 

The proposal, if adopted, will expand reporting requirements for CUSOs and require state chartered federally insured credit unions to comply with requirements regarding CUSOs that federal credit unions currently must meet. Any CUSO subsidiary would also have to comply with the regulation if it is adopted. 

To read the full LSCU summary of the proposal or to submit a comment by Sept. 15, click here. For questions regarding regulating CUSOs, contact LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165. [ Return to Top ]

Compliance calendar and training

Compliance Calendar

September 16

For the complete list of calendar dates and compliance trainings, visit the LSCU Compliance Calendar

*Note - Compliance Calendar requires your League InfoSight login.

[ Return to Top ]

Cooperative Initiatives News
SECUF to co-host Community Development Workshop Oct. 24

Credit unions have ample opportunities to serve the underserved in their respective local communities. However, many credit unions don't know the steps to take to apply for a grant or to work with the NCUA on regulatory exemptions. The Southeastern Credit Union Foundation (SECUF), along with the National Federation of Community Development Credit Unions and CU Strategic Planning, Inc., will host a Community Development workshop in October in the Tampa area on Oct. 24. The workshop will cost just $20 and that fee will cover food for the day.

The workshop, which will run from 8:30 a.m. to 4:30 p.m., will cover a variety of topics including:

  • Steps to apply for a Community Development Financial Institution (CDFI) Grant
  • How to work with the NCUA on regulatory exemptions
  • What are the largest grants available to credit unions
  • The benefits of the NCUA Low Income Designation
  • The Power of the CDFI Certification
  • The bottom line impact to your credit union

The location of the conference will be sent to credit unions soon. However, those interested in learning more about the topics above are asked to save the Oct. 24 date. The workshop will inspire and equip credit unions to branch out more into the underserved parts of their community.

For questions about the workshop or any of the topics to be discussed, contact SECUF Executive Director Amber Tynan at 866.231.0545 ext. 1154.

[ Return to Top ]

Co-op Month 2011 materials available

This year’s Co-op Month uses the slogan that is the same as that of the International Year: “Cooperative enterprises build a better world.”  This slogan conveys the contributions that cooperatives make to social and economic development.

The 2011 Co-op Month logo and other materials incorporate the slogan and the seven cooperative principles that differentiate cooperatives from other businesses. Download web banners, bill stuffers, posters, ad slicks, and other materials incorporating the 2011 theme by clicking here. [ Return to Top ]

New shared branching outlets in Alabama and Florida

Shared branching is a unique feature of credit unions allowing members to make transactions from a number of locations nationwide. The new locations bring the Florida total of shared branches to 234 and Alabama to 122.

New shared branching outlets added:

Alabama State Employees CU
825 Wilson St
Wetumpka, AL 36092
Phone: 334-514-6050
Fax: 334-514-6567

Dade County FCU
11245 SW 211th St
Miami, FL 33189
Phone: 786-845-3251
Fax: 305-378-1632

For more information on shared branching, contact CUSC Shared Branching Manager, Tameka Dukes at 866.231.0545, ext. 2178.


[ Return to Top ]

Education News
LSCU Councils to hold webinars in October

The LSCU Councils will hold their next meetings Oct. 12-13 via webinar. Credit unions have a great opportunity to take part in the Councils or try them out through the Fall Webinars. By offering a webinar series, the Councils cut down on credit union expenses and provide extra opportunities for more staff within the credit unions to all take part. 

The LSCU Councils are perfect for CFOs, HR, Lending, Operations, Technology, Sales and Service Professionals, as well as for Marketing & Business Development. While the topics for each webinar has not been finalized, credit unions are asked to save the dates below:

October 12, 2011

  • CFO Council - 9:30 to 11:30 a.m.
  • Lending Council - 12:00 to 2:00 p.m.
  • Technology Council - 2:30 to 4:30 p.m.
October 13, 2011
  • Operations Sales and Service Council - 9:30 to 11:30 a.m.
  • HR/Training and Development Council - 12:00 to 2:00 p.m.
  • Marketing & Business Development Council - 2:30 to 4:30 p.m.
Each LSCU Council session is $99 or multiple LSCU Council sessions are $149. Join the discussion about the LSCU Councils on Facebook. For more information on the LSCU Councils, contact LEVERAGE Director, HR Services/Executive Recruiter Lisa Hammock at 866.231.0454 ext. 1146.

The LSCU Councils are sponsored by:

 

  [ Return to Top ]

2011 LSCU Development Conference golf tournament to benefit LSCU PAC and CMN

The LSCU's 2nd Annual Golf Tournament will kick off the 2011 Development Conference Wednesday, Nov. 2, at the Robert Trent Jones Golf Trail – Lakewood Golf Club, Azalea Course with a shotgun start at 8:30 a.m. CST.

The tournament will benefit the LSCU PACs and  the Children’s Miracle Network (CMN). 

  • Contributions to the PACs give credit unions a voice on the local and national government level. To continue to serve our members, we need elected officials that understand credit union issues and support the industry.  Building relationships with policy makers ensures that the credit union message is heard 
  • Donations made to CMN's CU4Kids program go towards hospital equipment, research, special patient needs, and health education for children. Today, more than 17 million children benefit annually from the donations raised by credit unions. Together we can help raise much needed funds to provide the life-saving care and crucial services the children need in our communities

If you're planning to register, or have already registered, for this year's LSCU Development Conference, make plans to participate in this tournament that will benefit two worthy causes.

 For more information, visit the Development Conference webpage.

  [ Return to Top ]

LSCU Regulatory Compliance Updates one week away

LSCU Regulatory Compliance Updates

Tuesday, Sept. 13
LSCU Annex, Tallahassee, FL
Registration: $259/person

Wednesday, Sept. 14
Birmingham Marriott, Birmingham, AL
Registration: $259/person
Room Rate: $139.00 night
Extended Room Rate Cutoff: Monday, September 5

Agenda:             
8:30 a.m. – 9 a.m.       Registration
9 a.m. – 4 p.m.             Regulatory Compliance Update
12 p.m. – 1 p.m.           Group lunch

Speaker: Todd Sherpy
R. Todd Sherpy is a founding partner with the law firm of Sherpy & Jones, P.A. The firm is dedicated to serving all legal needs of credit unions; and provides day-to-day compliance, compliance auditing, training, and consulting services to credit unions throughout the country. Todd serves as General Council to the South Carolina League, and consults with several other credit union leagues on a regular basis.

Some comments from last year’s Regulatory Compliance Update attendees:

  • “Todd’s knowledge is vast. Everything he spoke of was relevant to my credit union."
  • “Very well done! Comments were to the point and insight was very useful in the real world. Exceeded my expectations.”
  • “Todd’s presentation is very insightful and he reviews actual hot topics in terms everyone can understand.”

For questions, send an email to education@lscu.coop or call 866.231.0545, ext. 2129.

Cancellation Policy: All cancellations must be in writing and received five business days prior to the event. No refunds will be issued after this date. Substitutions are welcome. [ Return to Top ]

Education Calendar

Upcoming Events:

Wednesday, September 7
Understanding Endorsements: Authority, Restrictions, Minors & More
3 to 4:30 p.m. EST - webinar

Thursday, September 8
Consumer Lending Series: Developing Global Cash Flow from Personal Tax Returns
3 to 4:30 p.m. EST - webinar

Tuesday, September 13
2011 Regulatory Compliance Update
8:30 a.m. to 4:30 p.m. EST
League of Southeastern Credit Unions - Tallahassee, FL

Wednesday, September 14
2011 Regulatory Compliance Update
8:30 a.m. to 4 p.m. CST
Birmingham Marriott - Birmingham, AL

Click here to view complete calendar of events.

[ Return to Top ]

LEVERAGE News
LEVERAGE, Office Depot help CUs maximize quality, minimize cost

LEVERAGE and Office Depot have partnered to bring you more deals, and more savings on your office essentials. From ink, toner, paper, and printing services to break room snacks, cleaning supplies, furniture, and technology – Office Depot can help you save money.

To download the Office Depot discount flyer click here.

For more information, contact a LEVERAGE Business Consultant. [ Return to Top ]

CUNA Mutual Group launches retirement guidance technology

The CUNA Mutual RetireOnTarget tool will enable more than 140,000 credit union employees, whose 401(k)s are administered by CUNA Mutual, to better meet their retirement goals through a unique and easy-to-understand planning tool. To explore the new tool click here.

“Retirement planning tools have been available for many years to participants, but we believe RetireOnTarget is different and better,” said Kevin Thompson, senior vice president of asset accumulation for CUNA Mutual. “RetireOnTarget is proactively presented to participants. They don’t have to search for it and they can quickly edit it for their personal situation. We use an ‘easy button’ approach so they can make changes to get themselves back on target. Frankly, people want guidance, not just education.”

The technology employed by RetireOnTarget enhances CUNA Mutual’s outcome-based approach to retirement plans by helping participants make informed decisions leading to a financially secure retirement. A plan participant can determine if they’re investing enough, adjust the risk of their asset allocation and alter goals and their retirement dates.

“Our surveys show participants find this technology easy to use and they value the guidance,” Thompson added. “Participants aren’t portfolio managers or actuaries, yet they’re thrust into that position. Most people set aside what they can afford and hope for the best. Obviously, this is not a good plan. RetireOnTarget also provides plan sponsors relief in knowing their employees are getting guidance to make well-informed decisions.”

"RetireOnTarget is innovative and our employees find it user friendly," said Linda Petty, benefits manager at Kern Schools Federal Credit Union, Bakersfield, CA. "They have been very positive about how helpful this technology is in managing their portfolios and that it is a step-by-step process you could not go wrong with. It's especially helpful in determining how much someone should contribute." [ Return to Top ]

News from You
Insight CU participates in ‘2011 Back-to-School Bash’

Photo l to r: Insight Inspire Volunteers Tamra Harden, Marty Fontana, Donnie Adamczyk and Tim Whitefield at Back to School Bash.

This year’s Back-to-School Bash was the seventh year, and represented the largest turnout ever.

More than 30,000 people attended the event, to receive the 12,000 free backpacks that contained school supplies for elementary, middle, and high school children. Many of the children received free haircuts and immunizations, as well as health and dental screenings. The teachers were also treated to a special lounge were they received large boxes of school supplies and massages.

Hope Now International has been serving the Central Florida community and countries across the world for more than a decade. Their community outreach programs and youth initiatives are designed to help those in need. They do not require that you belong to any particular religious affiliation, or financially support the organization in any way.

Their meaningful community initiatives and the creation of what has officially become the charitable collaborative that they call “Hope Now” could not have happened without the care, love, and talent of many people and caring organizations. [ Return to Top ]

EMPLOYMENT
View available credit union jobs

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

footer
 
Twitter Facebook YouTube