LSCU eSignal Weekly
LSCU eNews Weekly September 12, 2011
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LSCU eNews Weekly
In This Issue
LSCU Headlines
President's Point
Udall, Royce, McCarthy push President Obama on MBL
Sen. Schumer publicly backs MBL cap lift
Southeastern Credit Unions add members, assets and business loans in 2nd quarter
Trades cover the debut of the LSCU Image Campaign
LSCU's Development Conference offers select group of exhibitors
SCUMA honors Cobb, Turner with yearly awards
Governmental Affairs News
This week in Alabama politics: Muscle Shoals Chapter hosts Legislative Night
This week in Florida politics: Sad week in Fla. politics, state takes spotlight in 2012 elections
News from the Hill: Committee schedule at-a-glance, news on Patent bill legislation
Compliance Corner
League InfoSight highlight: Model Policies Updated
Compliance calendar and training
Cooperative Initiatives News
SECUF donates $5,000 to CUAid for New England disaster relief
NCUF Biz Kid$ Starter Kits now available
Education News
LSCU Councils to hold webinars in October
Prepare for Bank Secrecy Act Training in October
Education Calendar
LEVERAGE News
CUNA Mutual Group policyholders approve mutual holding company structure
LEVERAGE, CU-ACE can help you plan for your ACH audit
News from You
Registration open for 7th Annual MCCU Charity Golf Tournament
EMPLOYMENT
View available credit union jobs
In This Issue
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LSCU Headlines

President's Point

Over the past two weeks, CUNA and the League have been making a strong push for raising the member business lending (MBL) cap to our federal lawmakers. In Alabama, ads aired in seven radio markets asking credit union members to call 877.547.7159, and ask their member of Congress to support legislation to raise the cap. The League issued an Action Alert for credit unions, boards, staff, and members to call as well.

Last Thursday night President Obama addressed the nation to lay out his jobs plan to jumpstart the economy, which included tax cuts and new spending. The president’s  American Jobs Act speech included two proposals that could influence the financial services industry. First, the legislation will include a national infrastructure. Though President Obama called for a national infrastructure bank, the idea has not been supported by Republicans in Congress. Banks oppose the idea, arguing that it would either subsidize projects that would otherwise be financed with private funds, or pay for economically unsound projects. The president also vowed to take steps that would allow more Americans to refinance their mortgages. Although the speech included no specifics about the refinancing plan, President Obama said it "could put more than $2,000 a year in a family's pocket.”

The timing of the president’s speech could not come at a better time for credit unions. Sen. Mark Udall (D-CO), the sponsor of S. 509 “The Small Business Enhancement Act of 2011,” asked the president to include lifting the MBL cap as part of his jobs creation package. Reps. Ed Royce (R-CA) and Carolyn McCarthy (D-NY), sponsors of HR 1418, also reached out to the president before his address. CUNA President/CEO Bill Cheney authored a column on the Daily Caller website urging the president to include “big” and “small” ideas in his jobs plan. Cheney writes that raising the credit union MBL cap comes at a time with zero job growth in the United States.

Credit unions can make a difference in this economy. A quick look at the call report data for the second quarter and you can see membership growth for credit unions in Alabama and Florida – 28,000 total members added. Consumers are seeking us out. MBL loans in are up in Alabama by 80 percent over the past four years, while Florida has seen a 25 percent growth over the same time period. You have to strike while the iron is hot. Jobs are on the minds of our lawmakers right now.

A group of credit union officials from Alabama and Florida will be in Washington, D.C. next week for our annual Hike the Hill. We will be coordinating our Hill visits with NAFCU credit unions in town for the Congressional Caucus. Member business lending will be one our main topics of conversations up on the Hill. On the heels of the president’s speech, it’s imperative that we make a strong push for MBLs. We need as many credit unions in our lawmakers’ offices as possible. We hear from lawmakers all the time that when they get a lot of calls, letters or visits from constituents, it shows them that the issue is important. If you can’t make it to Washington, consider calling 877.547.7159 and ask your lawmaker to support the House or Senate version of the MBL bill.

As credit unions, we can help jumpstart this economy by lending more to our small businesses. Many of you have had to turn away loans because you are close to your cap. While jobs remain a hot topic, let members of Congress know that a solution to infuse much-needed capital into the economy is as simple as raising an arbitrary cap. One that never existed before 1998 and historically has not been a detriment to the way credit unions do business. While the president didn’t mention credit unions in his jobs plan, we know the White House supports raising the cap. We need to let our lawmakers know that raising the cap will not cost taxpayers money or add to the deficit. A simple five minute phone call or a short trip to visit a lawmaker can have a lasting effect on the credit union movement.

I welcome your thoughts and feedback.

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Udall, Royce, McCarthy push President Obama on MBL

The day before President Obama addressed the nation to lay out his $447 billion jobs plan, Reps. Ed Royce (R-CA) and Carolyn Murphy (D-NY) sent him a letter asking that he include HR 1418 in his plan. The House legislation would raise the credit union member business lending (MBL) cap.

Reps. Royce and Murphy wrote,  "At no cost to the taxpayer, raising the member business lending cap will provide America’s small businesses with the capital they need to stay afloat, remain competitive, and ramp-up hiring. This legislation takes an important step in shifting our current economic path and putting Americans back to work."  

On the same day, Sen. Mark Udall (D-CO) also urged the president to include legislation to raise the MBL cap. Sen. Udall, sponsor of S. 509, wrote that lifting the cap would, "...ease government restrictions on credit unions and helps entrepreneurs start or grow their businesses – at no cost to taxpayers. This should be a no-brainer."

The president did not include a mention of either piece of legislation in his speech, but he did say that his plan will not include all of the answers. To read the full letter from Sen. Udall, click here. To read the full letter from Reps. Royce and Murphy, click here

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Sen. Schumer publicly backs MBL cap lift

Credit unions received major public support last week when Sen. Charles Schumer (D-NY) publicly backed raising the member business lending (MBL) cap. 

Through a statement, Sen. Schumer said that lifting the "job-killing" lending cap "would be a win" for small businesses. "In these difficult economic times, we must ensure that they have access to the credit they need to grow and create jobs," he added.

Sen. Schumer, one of 20 co-sponsors of S. 509, released the statement ahead of President Obama's address to the naton Thursday evening. Sen. Bill Nelson (D-FL) is also a co-sponsor.

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Southeastern Credit Unions add members, assets and business loans in 2nd quarter

Each quarter, the LSCU analyzes the Call Report data to give credit unions a snapshot of how they are doing in the current economy. LSCU VP, Regulatory Affairs Bill Berg will have the second-quarter State Economic  Profiles out this week.

Here's a quick snapshot of some of the major themes by state:

Alabama

  • $1 billion in assets were added or a 7 percent growth
  • MBL loans are up 80 percent over the past four years
  • 16,000 members were added
  • Used auto loans rose 15 percent or $269 million
  • Delinquent loans and net charge offs are below national average
Florida
  • $1.1 billion in assets were added or a 2.8 percent growth
  • MBL loans are up 24 percent over the past four years
  • 12,000 members were added
  • Net worth ratio improved 31 basis points to 9.74 percent
  • Net charge off dropped 119 basis points

Look for a more comprehensive analysis of the Alabama and Florida State Economic profiles this week in your inbox. If you have any questions, contact Bill Berg at 866.231.0545 ext. 1028.

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Trades cover the debut of the LSCU Image Campaign

The LSCU Statewide Image Campaign debuted Sept. 7 across 14 media markets in Alabama and Florida. The Credit Union Times, Credit Union Journal, and CUNA News Now each had a story about the campaign.

The CU Journal wrote how consumers in the two states will have the opportunity to learn more about credit unions. A larger story is planned for the next print edition of the magazine. Read the online story here.

The CU Times wrote a story showing how the campaign is geared toward Gen X, and asks consumers to "switch to a credit union." The Times also states that the campaign is voluntary and how mandatory campaigns for other leagues has forced them to turn to voluntary. To read the Times story, click here.

CUNA News Now showcased that credit unions from Alabama and Florida launched a $1.3 million campaign aimed at educating consumers about the credit union difference. The News Now story included the billboard from the campaign. To read the News Now story, click here. [ Return to Top ]

LSCU's Development Conference offers select group of exhibitors

A little over a month and a half away, the LSCU Development Conference promises to bring its attendees expert-led education sessions, engaging keynote speakers, and outstanding networking opportunities. In addition, this conference brings a select group of exhibitors with five hours of exhibit time. 

Exhibit Hall Grand Opening

Enjoy a little entertainment, drinks from the bar, and hors d’ oeuvres during the Exhibit Hall Grand Opening. This is the perfect opportunity for you to visit with a select group of vendors that offer products and services to assist in optimizing your credit union’s operations.

Exhibit Hall Jazz Fest!

Head to the Exhibit Hall for a Jazz Fest, featuring the Larry Keating Jazz Duo. You won’t want to miss this final opportunity to visit with a select group of vendors to learn more about their products and services. This fun event will feature games and prizes, a bar, and snacks. 

To see a more complete agenda and to register, visit the LSCU Development Conference webpage

Questions? Contact LSCU Association Services Support Specialist Becki Payne at 866.231.0545 ext. 2129.  [ Return to Top ]

SCUMA honors Cobb, Turner with yearly awards

Each year the Southeastern Credit Union Managers Association (SCUMA) gathers in Destin, FL for its annual meeting. Credit union officials network and attend educational sessions. The meeting has a heavy emphasis on interaction about issues and best practices at each credit unions' shop.

The SCUMA annual awards are also handed out at the meeting. This year, Tuscaloosa CU CEO Tommy Cobb was award the CEO of the Year. Cobb was nominated by his staff. They cited how he's grown the credit union, overseen the building of two branches, for his work following April's tornadoes, and his dedication to various charities. Many times Cobb uses his lunch hour to serve these charities. 

Alabama Teachers CU Assistant Vice President Gina Turner was awarded the SCUMA Professional of the Year. Turner, nominated by her CEO Ron Summerall, was cited for her dedication to the credit union movement. She is the vice chairman of the Cheaha Chapter, secretary of SCUMA and a memberof the LSCU Councils Advisory Committee. Turner also takes part in many of Alabama Teachers efforts in grassroots lobbying. 

SCUMA Chairman Mark Johnson presents Tuscaloosa CU CEO
Tommy Cobb the CEO of the Year award.

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Governmental Affairs News
This week in Alabama politics: Muscle Shoals Chapter hosts Legislative Night

State Rep. Greg Burdine addresses the audience during the chapter meeting

Muscle Shoals Chapter Hosts Legislative Night

On Sept. 8, the Muscle Shoals Chapter of Credit unions hosted its 2011 Legislative Night in Florence, Alabama. Joining the LSCU staff, guests, and board members from chapter credit unions were State Sen. Tammy Irons (D-Dist. 1), Rep. Greg Burdine (D-Dist. 1), and Rep. Dan Williams (R-Dist. 5). Sen. Irons is a Freshman Senator, having previously served as a member of the House of Representatives, and has been a strong friend of credit unions throughout her time in the Legislature. Reps. Burdine and Williams are both Freshman House members and the Legislative night was a great opportunity to expose both lawmakers to the people and mission of the credit unions in their districts.

During his remarks, Rep. Burdine spoke of the positive impact credit unions have on people and the community, noting that banks are restricting service, while credit unions continue to seek opportunities to serve people. Rep. Williams explained the challenges of being a new member of the Legislature, and encouraged the group to keep in contact with their elected officials in Montgomery.  He especially encouraged them to come to Montgomery during the Legislative session for the 2012 Alabama State Government Affairs Conference. For more information, click here.

The next chapter legislative night in Alabama will be the Northeast Chapter on Sept. 27 at the Holiday Inn Conference Center in Madison.

For more information on Legislative Nights, or 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: Sad week in Fla. politics, state takes spotlight in 2012 elections

LSCU Legislative Issues:

The LSCU Governmental Affairs (GA) team continues to work with legislative leaders in order to help advance the credit union movement in Florida, and is preparing for a busy session. Bills should be filed shortly in both the House and Senate in hopes to secure the ability for credit unions to become qualified public depositories in Florida. The GA team will continue to keep you informed of their efforts.

Grassroots Activity
As we move closer to the 2012 Legislative Session, it is increasingly important for our grassroots advocates to do their part in help 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 Governmental Affairs team is here to 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:

Sad Week in Florida Politics
Two well-known political figures passed away last week. Republican Party of Florida Chairman David Bitner, 62, died after a brief battle with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s Disease. Bitner died at his home in Monticello, FL, roughly a week after he announced he would step down as party chair following the upcoming Presidency 5 Presidential Straw Poll in Orlando. Bitner was named party chair in January 2011, succeeding Sen. John Thrasher and shortly after announced he was battling Lou Gehrig’s Disease. Bitner served in the Florida House of Representatives from 1992-2000. Also passing last week was E. Thomas Rumberger, general counsel of the Everglades Foundation and a key player in Florida election issues. Rumberger, 79, died of complications from diabetes. Rumberger was a partner and founding member of Rumberger, Kirk, & Caldwell.

Citizens Property Insurance Proposes Rate Increase
The Office of Insurance Regulation on Tuesday will hold a public hearing in Tampa on a rate hike proposed by Citizens Property Insurance Corporation, the state-created property insurer. Citizens has proposed an overall rate hike of 12 percent for coastal accounts, and 25 percent for personal lines accounts but the hikes are much higher for sinkhole coverage. The 4 p.m. hearing will be held in Ballroom D of the Tampa Convention Center, 333 S. Franklin St.

Florida Takes Spotlight in 2012 Elections
Florida is about to step into the spotlight as the biggest battleground state in the 2012 presidential election. Tonight (Sept. 12), the eight leading Republican candidates for president will hold a nationally televised debate in Tampa and in 10 days they will do it again in Orlando. On Sept. 23, the GOP candidates will attempt to woo state and national conservatives at the big Conservative Political Action Conference (CPAC) in Orlando, followed a day later by the Presidential 5 straw poll. Florida is the largest swing state in the country, with 29 electoral votes, and one of the most diverse of the early primary states. Democrats and Republicans alike agree that it is nearly impossible to win the White House without Florida.

For questions on any legislative issues, contact LSCU Director, Legislative Affairs Jared Ross at 866.231.0545, ext.1012.
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News from the Hill: Committee schedule at-a-glance, news on Patent bill legislation

The House is back Monday and will consider legislation under suspension of the rules. On Tuesday, the House will consider additional legislation under suspension of the rules as well as the FAA Authorization bill and a surface transportation reauthorization bill. Later in the week, the House is expected to complete consideration of H.R. 2218, the Empowering Parents Through Quality Charter Schools Act. The House is also expected to consider a resolution disapproving of the debt ceiling increase andH.R. 2587, the Protecting Jobs from Government Interference Act.

Committee Schedule
On Tuesday, the Joint Select Committee of Deficit Reduction will hold its first hearing. The Committee will hear testimony from Douglas Elmendorf, the director of the Congressional Budget Office, regarding “the History and Drivers of Our Nation’s Debt and Its Threats.”

Also on Tuesday, the Senate Banking Committee will hold a hearing entitled, “Housing Finance Reform: Should There be a Government Guarantee?”  Peter Wallison, fellow in financial policy studies at the American Enterprise Institute; Dwight Jaffee, professor of banking, finance and real estate at the University of California, Berkeley; and Adam Levitin, professor of law at the Georgetown Law Center, are expected to testify.

Also on Tuesday, the Senate Finance Committee Subcommittee on Fiscal Responsibility and Economic Growth will hold a hearing entitled, “Whether There is a Role for Tax Reform in Comprehensive Deficit Reduction and U.S. Fiscal Policy.” Former Federal Reserve Board Chairman Alan Greenspan, president of Greenspan Associates LLC; John Taylor, professor of economics and senior fellow in economics in Stanford University's Hoover Institution, Stanford, Calif.; Martin Feldstein, professor of economics at Harvard University, Cambridge, Mass.; John Engler, president of the Business Roundtable; and Edward Kleinbard, professor of law in the USC Gould School of Law, Los Angeles, Calif., are expected to testify.

On Wednesday, the Senate Banking Committee Subcommittee on Housing, Transportation and Community Development will hold a hearing entitled, “New Ideas for Refinancing and Restructuring Mortgage Loans.” David Stevens, president and CEO of the Mortgage Bankers Association, is expected to testify.

Also on Wednesday, the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on “Cybersecurity: Threats to the Financial Sector.” The House Budget Committee will hold a hearing on “the Need for Pro-Growth Tax Reform.”

On Thursday, the Senate Budget Committee will hold a hearing on “Policy Prescriptions for the Economy.” Chand Stone, chief economist at the Center on Budget and Policy Priorities; Mark Zandi, chief economist at Moody's Analytics; and Kevin Hassett, senior fellow and director of the American Enterprise Institute for Public Policy Research, are expected to testify.

Also on Thursday, the Senate Judiciary Committee is expected to meet to consider pending legislation, including two data security bills. It is important to note that the Judiciary Committee regularly schedules legislation on its docket only to hold it over for several weeks. We continue to monitor this legislation.

Note: A hearing in the Financial Services Committee regarding the housing finance system in the global context, which had been previously scheduled for Thursday, has been postponed.

Last Week
Last week, the Senate passed the patent bill H.R. 1249, and also defeated the Cantwell amendment 85-13. This is the amendment that would have weakened Section 18 of the bill, the section that established a fair process for reviewing broad and baseless "business patent methods." CUNA supported the patent bill and opposed amendments weakening Section 18. This is big victory for credit unions and vendors that have computer systems and services that others argue impinge upon these broad business patent methods. With Senate passage, the bill is cleared for the president’s signature. The president is expected to sign the legislation.

Upcoming Schedule
The House and the Senate will be in session this week and next week. Then, they will be in recess the week of Sept. 26.

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

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Compliance Corner
League InfoSight highlight: Model Policies Updated

The current edition of the League InfoSight newsletter has an article about updates to the Model Policy page. The following seven of InfoSight’s model policies were recently updated:

  1. Policy 1520: Succession Planning
  2. Policy 2110: BSA
  3. Policy 2220: E-Commerce
  4. Policy 2400: Funds Availability
  5. Policy 6100: General Investment Policy
  6. Policy 7420: Member Business Loans
  7. Policy 10011: Table 11 (Member Account Records)

Visit the Model Policy page for a description of the changes, and other model policies.

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

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.

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Cooperative Initiatives News
SECUF donates $5,000 to CUAid for New England disaster relief

The Southeastern CU Foundation submitted a $5,000 contribution to CUAid to aid the disaster victims following Hurricane Irene in the northeastern region of the United States. “It’s important for us to give back to the credit union system, especially following the wrath of deadly tornadoes Alabama experienced earlier this year,” said SECUF Executive Director, Amber R. Tynan. “The support we received nationally was tremendous, and this is just a small way for us to give back to those now in need,” Tynan said.

Credit union supporters in every state can now make donations through the CUAid website, that is secure and accepts credit cards and wire transfers. CUAid is the only program of its kind that enables credit union employees, volunteers, and members, as well as credit unions and credit union organizations across the U.S., to contribute directly to support other credit union people.

For more information, contact SECUF Executive Director, Amber R. Tynan at 866.231.0545, ext. 1154.

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NCUF Biz Kid$ Starter Kits now available

Biz Kid$ is the Emmy Award winning and credit union funded public television series that teaches kids about money management and entrepreneurship.

“The new kits make it easy for credit unions to leverage Biz Kid$ to teach financial literacy concepts in a fun and engaging way,” said Danielle Brown, who is the National Credit Union Foundation’s new national coordinator for Biz Kid$. “Everything a volunteer needs is there – all you need are the students!”

Each Biz Kid$ starter kit includes:

  • DVDs with five core Biz Kid$ episodes plus one 4-minute promotional DVD to introduce the series
  • CD with PowerPoint training document and PDFs of the curriculum for the five episodes included
  • "Guide for Success in the Classroom" training & tips document
  • One stapled package of curriculum for one episode
  • 40 Biz Kid$ pencils
  • 40 Biz Kid$ stickers

The kits are available for a donation to the National Credit Union Foundation (NCUF) at a suggested level. Click here for the suggested donation levels and/or to make a donation to support Biz Kid$.

NCUF recently took ownership of fundraising, outreach and administrative responsibilities of Biz Kid$ from the Washington Credit Union Foundation to ensure the program gains the maximum support from the credit union system. NCUF is currently fundraising to achieve full funding for the fifth season, which will also put Biz Kid$ into syndication.

Biz Kid$, which premiered in January 2008, quickly grew into a national phenomenon. It has aired on more than 340 public television stations in all 50 states with a viewership reach of 271 million people. Biz Kid$ has the highest recorded carriage of any children’s program have ever released by American Public Television, with a viewing audience of more than 1.2 million per episode. The website is currently receiving more than 100,000 unique visitors a month hailing from close to 140 countries.

Many credit unions leverage Biz Kid$ to teach financial education in schools in their community. In addition to NCUF’s starter kits, companion materials and other resources for teachers and parents are available at no cost on the Biz Kid$ website. The site also features clips from the series and invites kids to appear on the show.

For more information about Biz Kid$, click here. [ 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 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 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:

 

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Prepare for Bank Secrecy Act Training in October

This workshop will train staff using completed forms of required BSA reports based on several common scenarios. Attendees will also hear about Bank Secrecy Act Program Oversight, Creation and Maintenance, Risk Assessment, Review of Currency Transaction Reports, Currency Transaction Report Exemptions, Filing Requirements, Technology and the Bank Secrecy Act plus much more.

This BSA Training class is appropriate for frontline staff, lenders, officials, managers, and compliance officers. The two and one half hour class incorporates a Currency Transaction Report workshop as well as a Suspicious Activity Report workshop in which completed forms are studied based on several common scenarios (focusing on narrative preparation).

October 13         
Tallahassee, FL
League of Southeastern Credit Unions, Annex
3773 Commonwealth Blvd.
Tallahassee, FL 32303

October 18         
Muscle Shoals, AL
Listerhill Credit Union
4790 East Second Street
Muscle Shoals, AL 35661

October 26         
Tuscaloosa, AL
Tuscaloosa VA Credit Union
3701 Loop Road East
Tuscaloosa, AL 35404

The registration fee for BSA is $75 per person, per session.

For more information or to register, visit the LSCU Education Events Calendar. [ Return to Top ]

Education Calendar

Upcoming Events:

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

Wednesday, September 14
Strategic Planning for the Board & Senior Management
3 to 4 p.m. EST - Webinar

Wednesday, September 21
Surviving Your FACTA Risk-Based Pricing Audit
3 to 4 p.m. EST - Webinar

Click here to view complete calendar of events.

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LEVERAGE News
CUNA Mutual Group policyholders approve mutual holding company structure

More than 93 percent of policyholders who voted approved the plan to reorganize CUNA Mutual Insurance Society (CMIS) from a mutual insurance company into a mutual insurance holding company structure. As a mutual insurance holding company, CUNA Mutual Group will continue to be mutually owned with policyholders having full ownership of the new parent mutual holding company entity. A two-thirds majority was needed for approval. More than 80,000 policyholders voted.

The new structure requires regulatory approval from the Insurance Commissioner in Iowa, where CUNA Mutual Insurance Society is domiciled. The commissioner will consider the Plan of Reorganization at a public hearing Sept. 8, and will issue her final order in the coming weeks. If the commissioner approves the Plan of Reorganization, the new structure could become effective by Jan. 31, 2012. 

“The conversion to a mutual holding company structure will maintain policyholders’ rights and significantly enhance our ability to compete and serve,” said Jeff Post, president/CEO of CUNA Mutual Group. “This is a natural and positive next step in our continuing commitment to credit unions and to the successful and proven strategy we have been pursuing in recent years.”

In asking policyholders for approval, the CUNA Mutual Group Board of Directors determined the MHC structure would enhance the company’s ability to access capital and provide much greater flexibility to diversify in a way that not only keeps its focus on credit unions and ultimately strengthens its support of the credit union system and all policyholders.

Insurance policies and annuity contracts would remain the same and policyholder benefits and rights would not be reduced or altered in any way. Nor will premiums increase as a result of the MHC reorganization.
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LEVERAGE, CU-ACE can help you plan for your ACH audit

The National Automated Clearing House Association (NACHA) requires all credit unions that process ACH transactions to perform an annual compliance audit of those operations. These audits must be completed by Dec. 1 of each year. It’s not too early to reserve your spot to have CU-ACE perform your ACH compliance audit.

Why CU-ACE?

  • Accredited ACH Professionals
  • RDFI (receiving depository financial institutions) and ODFI (originating depository financial institutions) Audit Services
  • Credit Union System Company; Owned & Operated by LEVERAGE
  • Performing Audits for More than 35 Years
  • Competitive Pricing, Most Often Less than Other ACH Associations or Audit Firms

For more information, contact a LEVERAGE Business Development Consultant.

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News from You
Registration open for 7th Annual MCCU Charity Golf Tournament

Registration is now open for the 7th Annual Montgomery Chapter of Credit Unions (MCCU) Charity Golf Tournament. For the past six years MCCU has supported their local children’s charities with funds raised from this golf tournament thanks to everyone that has participated. They are looking to continue to do the same this year.

To download this year’s MCCU Charity Golf Tournament brochure and registration form, click here.

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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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