LSCU eSignal Weekly
LSCU eNews Weekly December 19, 2011
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LSCU eNews Weekly
In This Issue
President's Point
Southeastern Credit Union Foundation excited about 2012
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Budgets still dominate, redistricting will wait until 2013
This week in Florida politics: Tough decision on budget, former Congressman to head business lobby
News from the Hill: Congress closes in on end of First Session, League meets with legislators in D.C.
Compliance Corner
League InfoSight highlight: SAFE Act Annual Audit Requirement
Compliance calendar and training
Cooperative Initiatives News
Credit unions help to fund Biz Kid$
Last week to take advantage of Free Kindle Fire when you pay your dues!
Education News
2012 LSCU State GAC in Florida coming up Jan. 24-25
Two education events to plan to attend in 2012
Education Calendar
LEVERAGE News
CUNA Mutual Group announces 2012 credit union protection webinars
News from You
UCF's Murray retires
Two Florida credit unions continue 5-star rating streaks
Southeast Corporate offers Virtual Town Hall meeting
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Southeastern Credit Union Foundation excited about 2012

One of the projects I am most proud of this year is the quick response of the Southeastern Credit Union Foundation (SECUF) to the wrath of the deadly tornadoes that hit Alabama back in April. The old Alabama and Florida Leagues had three foundations that the boards voted to combine into one to create the SECUF. The League had literally just begun the legal and structural process of putting the SECUF consolidation plan together when the tornadoes struck. New SECUF Executive Director Amber R. Tynan did a great job working with credit unions, credit union staff and members to get them disaster relief assistance as soon as possible. The more than $200,000 raised for the victims, in conjunction with the National Credit Union Foundation (NCUF), provided instant relief for some credit union staff that lost everything.

As we enter 2012, the League, working in conjunction with the new SECUF board of directors, has some ambitious plans. A couple weeks ago, the SECUF board met in Birmingham and approved the strategic plan and budget for next year. The foundation’s strategic plan revolves around the mission statement, “To serve as a catalyst for credit unions to collectively effect change through charitable giving and education” and the vision statement, “To enrich and elevate our communities by applying the credit union philosophy of ‘People Helping People.’”

Alabama and Florida credit unions will see a SECUF that is much more visible and proactive. One of the new initiatives for next year is the establishment of a paid college internship program at Small Asset Size (SAS) Credit Unions. The foundation will focus heavily on raising awareness of its various fundraising programs like the Community Investment Fund (CIF) as well as important core functions such as Disaster Relief, Financial Education, CMN Fundraising, and scholarships to benefit qualified credit unions. This will be important because the foundation has a lofty fundraising goal for next year and has a variety of events and programs including the CIF, CU4Kids events, and chapter fundraising to help us fund the various programs and initiatives of the foundation.

In January the foundation will kick-off a major project in conjunction with the Republican National Convention in Tampa in August. Each presidential election year CUNA works with the states that host the Democratic and Republican conventions on a “leave-behind” service project. This year CUNA, the SECUF, and the North Carolina League Foundation, the Democratic National Convention is in Charlotte in September, will work together to build handicap accessible playgrounds in each host city at its local CMN designated children’s hospital. It will take $300,000 in each city to complete the project and is scheduled to be completed by the summer conventions. We will be sending out more information about this project at the first of the year. However, it’s a great opportunity to show how credit unions are embedded in their community and work to make them better.

I hope your credit union will embrace working with the SECUF this year. The foundation is working to effect change across Alabama and Florida and looking to work closer with each and every credit union. You can learn more about the foundation by visiting its new website

I welcome your thoughts and feedback.

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LSCU Top Headlines
This week's top League headlines

Credit union satisfaction at an all-time high
According to ASCI, customer satisfaction at credit unions was 87 percent, the highest rating ever for any industry polled by ASCI. The credit union number improved 8.7 percent from a year ago and more than tripled the satisfaction growth of banks. To read more, click here

Southeastern credit unions add members, assets in third quarter
Following the LSCU Statewide Image Campaign and the beginning of the backlash against debit card fees, the third quarter numbers for credit unions in Alabama and Florida saw 48,000 new members in the quarter and $1.4 million in new assets. The membership numbers are more than double the normal quarterly average. To read more, click here

NCUA Board looks at many Issues in December meeting
The NCUA board covered a number of issues, including a proposed rule on loan participations, a proposal regarding RegFlex, and a request for comments on credit unions’ sources of emergency liquidity. NCUA board Chairman Debbie Matz  said the health of the credit union system continues to be strong. CUNA has concerns about some of the proposals. To read a summary that includes CUNA's concerns, visit the LSCU Regulatory Resources web page.

NEW: 2012 Florida Legislative Session Preview audio podcast
The League recently talked with LSCU Director, Legislative Affairs Jared Ross about the upcoming 2012 Legislative Session, what to expect from the League, and what issues to look out for. To listen to the Session Preview podcast, click here. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: Budgets still dominate, redistricting will wait until 2013

Alabama Legislative Update

Budgets Still Dominate
Another week closer to the 2012 Legislative Session and the state’s two budgets are still dominating the discussions about what will be the focus as legislators return to Montgomery. Rep. Jim Barton (R-Mobile) is the House Ways and Means General Fund Committee Chairman, and at this point he is not ruling anything out as a fix to Alabama’s continuing budget shortfalls. Rep. Barton also wants to begin budget hearings the first day of the session, Feb. 7, in order to prepare other legislators for the cuts that are most certainly to come in their respective districts.

One measure that is known to be on the table is transferring dollars from the Education Trust Fund to the General Fund. That idea, presented by Gov. Bentley, is being met with a great deal of criticism and at this point the chairman of the Senate Education Finance and Taxation Committee, Sen. Trip Pittman (R-Montrose) is not on board. LSCU Governmental Affairs staff will be very watchful of any proposals presented to the legislature this Session that may increase revenue for the state. At this point, it is very unlikely that a tax bill would make it through but there is always the possibility.

Redistricting to Wait Until 2013
LSCU Governmental Affairs staff have had several conversations with legislative leaders and staff over the past few weeks; and all are saying that the original plans to address state house and senate redistricting during the 2012 Legislative Session have been scratched and moved to 2013. Of course plans can change again, but all signs are pointing to 2013. This would still give the legislature enough time to pass the proposed new districts and have them approved by the Justice Department for the elections in 2014.

For questions regarding legislative affairs issues in Alabama, contact LSCU Director, Legislative Affairs Jason Cochran at 866.231.0545, ext. 2159. [ Return to Top ]

This week in Florida politics: Tough decision on budget, former Congressman to head business lobby

Florida Politics Week in Review:

With the legislature on hiatus until the beginning of the 2012 Legislative Session, there is not much to update on the League’s top priorities. As reported last week, LSCU’s top legislative priority, obtaining the ability of credit unions to serve as public depositories has bills filed in both chambers, with the House version, HB 669 by Rep. Jason Brodeur (R-Sanford) currently in the Insurance and Banking subcommittee. The Senate version of the bill, SB 936 by Sen. Chris Smith (D-Ft. Lauderdale), referred to three committees last week, the Governmental Oversight and Accountability Committee, the Banking and Insurance Committee and the overall Budget Committee. All indications are the House bill will be heard early in the 2012 Legislative Session and the Senate bill should follow shortly after. The 60-day 2012 Legislative Session begins on Jan. 10 and is scheduled to run through March 9. Please mark your calendars for Jan. 24-25, 2012 and plan to attend the Florida State Government Affairs Conference in Tallahassee. Reservations for the hotel block at Hotel Duval closes on Dec. 30, 2011.

Florida Political News:

To Appropriate or Not to Appropriate…That is the Question
While Senate President Mike Haridopolos (R-Melbourne) believes the Legislature should wait until more accurate revenue numbers are released in March before tackling the state’s budget, his counterpart in the House, Speaker Dean Cannon (R-Winter Park) believes there is no reason to delay a vote on the budget. Cannon believes they should get to work immediately confronting the state’s $1.2 billion or more shortfall. If conditions change later, that can be dealt with at that time. Cannon is quoted in an interview on Tuesday as saying, “Tough decisions are best made early. They don’t get easier with time. Absent an indication of volatility in the numbers, there’s no reason not to have those debates early, so if you hit points of contention, you can iron them out with more thoughtfulness.”

Former Congressman to Head Business Lobby
Associated Industries of Florida has hired former Florida Congressman, and Florida House Speaker, Tom Feeney as its next president and CEO. The business lobbying firm has thrown its weight behind the effort to bring “destination” casino resorts to South Florida, and announced the decision after a vote by its board. The League of Southeastern Credit Unions is a member of Associated Industries of Florida.

The read the complete Florida Politics Week in Review including information on PAC fundraising and grassroots advocacy, click here.

Should you have any questions on any of the legislative issues mentioned in the Florida Politics Week in Review contact LSCU Director, Legislative Affairs Jared Ross at 866.231.0545 ext.1012.

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News from the Hill: Congress closes in on end of First Session, League meets with legislators in D.C.

News from the Hill Update

The 112th Congress is inching towards adjournment of its First Session. In these closing days, the League has been working on several issues of importance to credit unions, including member business lending, appropriations, flood insurance, and interchange fees. The LSCU wanted to provide you with a brief update on its efforts on these issues. LSCU SVP, Governmental Affairs Will McCarty, and the League’s contract lobbyist in Washington John McKechnie were on the Hill Dec. 15-16, meeting with members and staff of the Alabama and Florida Congressional delegations, continuing the push on these issues and strengthening its position for next year. The League held meetings with members of Congress and staff from 16 offices over two very busy days, including very productive meetings with House Financial Services Chairman Spencer Bachus (R-AL), the legal counsel to the Senate Banking Committee, and staff of DNC Chairwoman Debbie Wasserman Shultz (D-FL).

Member Business Lending
Member Business Lending continues to be the League’s major focus in Washington, and was the main point of meetings last week for those members who have not co-sponsored the bill. Over the last few weeks, CUNA and the League have been focused on trying to attach the MBL bill to the omnibus appropriations bill or moving it in concert with community bank legislation pending in the Senate. To this end, the League sought to draw a line in the sand with respect to the consideration of community bank bills, telling Congress that the League would be significantly troubled if the bank bills moved in the absence of movement on the MBL bill. During meetings with non-MBL co-sponsors, the LSCU was very clear that it opposes any support for or movement of continued legislative improvements for banks without comparable support and movement of MBL for credit unions.

While CUNA and the League were not able to attach the MBL bill to the omnibus appropriations bill, the good news is that the bankers were not able to advance their priorities through the appropriations process either. CUNA and the League have put increased pressure on the Senate Banking Committee to scrutinize the legislation for which they are advocating. In response to these concerns, two hearings were held on the various bank bills.

As a result of these hearings, and based on conversations that the LSCU have had with key Senate staff, it does not expect these bills to move through the Senate before adjournment; however, it should be noted that strange things can happen at the end of the session, and the League is closely monitoring these bills.

To read the complete News from the Hill Update including updates on the CFPB, appropriations, National Flood Insurance Program, interchange fees, and an outlook for the remainder of the Session, click here

For questions regarding this News from the Hill update, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545, ext. 2137. [ Return to Top ]

Compliance Corner
League InfoSight highlight: SAFE Act Annual Audit Requirement

The current edition of the League InfoSight newsletter covers requirements by the SAFE Act for residential mortgage loan originators who are employees of agency-regulated institutions  to be registered with the Nationwide Mortgage Licensing System and Registry (Registry). 

As part of this registration process, residential mortgage loan originators must furnish to the registry information and fingerprints for background checks. The SAFE Act generally prohibits employees of agency-regulated institutions from originating residential mortgage loans unless they register with the registry. 

To read more about the annual audit requirement, visit the latest edition of 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 ]

Compliance calendar and training

December 2011

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

      *Note: To view InfoSight content, it is required to log in to www.lscu.coop for access.

      [ Return to Top ]

      Cooperative Initiatives News
      Credit unions help to fund Biz Kid$

      Three credit unions collectively donated $1 million to help nationally underwrite Biz Kid$. These unprecedented large donations were made by BECU in Tukwila, WA., State Employees’ Credit Union (SECU) in Raleigh, N.C., and SchoolsFirst Federal Credit Union in Santa Ana, CA. Biz Kid$ is the Emmy Award winning and credit union funded public television series that teaches kids about money management and entrepreneurship.

      The National Credit Union Foundation (NCUF) oversees fundraising, outreach and administrative responsibilities of Biz Kid$ and is currently fundraising to achieve full funding for the fifth season, which will also put Biz Kid$ into syndication.  

      “Biz Kid$ is a natural fit for credit unions and BECU to get behind,” said Gary Oakland, president/CEO of BECU and NCUF chairman. “Financial education, and particularly youth financial literacy, is critically important to our movement and society at large. Thanks to Biz Kid$ unique style of ‘edutainment,’ kids of all ages are learning about money, credit, taxes, business, and becoming young entrepreneurs.”

      To learn more about Biz Kid$, contact Southeastern Credit Union Foundation Executive Director Amber R. Tynan at 866.231.0545 ext. 1154. [ Return to Top ]

      Last week to take advantage of Free Kindle Fire when you pay your dues!

      Send back the dues authorization form today to receive your FREE Kindle Fire! The League sent the 2012 dues packet to credit unions in mid November, and many credit unions have already taken advantage of the automatic dues payment system. The program streamlines the accounting processes for your credit union, and ensures that your LSCU membership continues without interruption. Sign up for the program by Dec. 23, 2011 to be eligible for a Kindle Fire courtesy of the LSCU Service Corporation (LEVERAGE).

      Check out the LSCU Membership Relations page for more on how the LSCU delivered for credit unions. The page includes a testimonial video and "The Power of Cooperation" brochure.

      [ Return to Top ]

      Education News
      2012 LSCU State GAC in Florida coming up Jan. 24-25

      The LSCU State Governmental Affairs Conference (GAC), to be held at Hotel Duval in Tallahassee, FL on Jan. 24-25, will immerse credit unions in state credit union issues.The agenda is highlighted by  the League's federal lobbyist John McKechnie talking about federal issues facing credit unions. There will also be a roundtable discussion with OFR and NCUA Region III Director Herb Yolles as well as a regulatory and legislative issues update. 

      The GAC features two opportunities for credit unions to interact with their lawmaker. Attendees have an opportunity to talk about credit unions in-depth with their lawmakers when they visit the capitol. There will also be a lawmaker reception where credit unions can visit with their lawmaker in a relaxed environment. Two Public Deposits bills have been filed for 2012. High attendance at the GAC will ensure that lawmakers hear how important the issue is to credit unions.

      Register for your spot now to gain face-to-face access to legislators. Click here for more information or to register. The hotel cut-off date is Dec. 30. [ Return to Top ]

      Two education events to plan to attend in 2012

      The 2012 Education calendar is chocked full of great educational opportunities. Two of the bigger ones to start the year are BSA Training in Jacksonville in February, and Asset Liability Essentials and Implementation Training in March. Each gives credit unions high-level training on the basics and implementation.

      The BSA Training will be held at Healthcare's Cooperative CU on Feb. 22. The training includes a morning and afternoon session. The classes are appropriate for frontline staff, lenders, officials, managers and compliance officers. To learn more, visit the LSCU Education Calendar.

      Credit unions wanting to learn more about Asset Liability Management should consider attending the workshop at CFE FCU in Orlando March 27-28. The workshop will give credit unions the essentials of the program and how to implement it. 

      To get a complete look at the 2012 Education calendar and to download your copy, visit the LSCU Education web page.
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      Education Calendar

      Upcoming Events:

      Tuesday, December 20
      Paper Checks, Remote Capture, ACH & Electronic Transfers: Who is Liable?
      3:00pm – 4:30pm EST – webinar

      To view the 2012 LSCU Education Calendar of Events, click here.

      [ Return to Top ]

      LEVERAGE News
      CUNA Mutual Group announces 2012 credit union protection webinars

      CUNA Mutual Group fidelity bond policyholders can learn about risk trends and exposures they need to prepare for next year by participating in the insurer’s popular Credit Union Protection 2012 Webinar Series.

      “Topics provide valuable insights and recommend effective tools to reduce losses and help protect against a wide variety of risks,” said Brad Mundine, CUNA Mutual Group senior manager of Credit Union Protection Risk Management. “The one-hour webinars are provided as a no-cost, value-added benefit for policyholders, who can participate without stepping away from their desk.”

      In the past 10 years, CUNA Mutual Group has delivered in excess of 120 webinars to more than 25,000 credit union professionals. According to 2011 webinar participant surveys, more than 95 percent of attendees reported they were “Very Likely/Likely” to recommend the series to a colleague, Mundine said.

      To read the complete story about the CUNA Mutual Group webinars and how to register, click here. [ Return to Top ]

      News from You
      UCF's Murray retires

      (l to r) UCF FCU President/CEO Mike Murray accepts a retirement plaque from CFE FCU President/CEO Joe Melbourne.

      Murray retired after 19 years of leading UCF FCU.  Before coming to UCF, Murray worked for the Florida Guaranty Corporation which provided private insurance for state chartered credit unions in Florida.

      [ Return to Top ]

      Two Florida credit unions continue 5-star rating streaks

      Bauer Financial, the nation’s leading independent bank and credit union rating and research firm, has awarded JetStream Federal Credit Union, based in Miami, for 86 consecutive quarters a 5-Star rating for strength and stability.

      “We have officially made our mark in the even more exclusive category of Exceptional Performance Credit Unions” stated Jeanne Kucey, JetStream president/CEO.“ JetStream Federal recognizes that we could not have reached this height without the support and continued patronage of our loyal members, proving once again that together we can achieve excellence.”

      Pen Air Federal Credit Union, based in Pensacola, has once again been recognized as a Superior 5-Star Rated Credit Union by Bauer Financial. It marks the 84th consecutive quarter that Pen Air FCU has received this distinction, putting the credit union in an even more elite group of “Sustained Superiority Institutions.” Only five percent of the nation’s financial institutions can claim this honor.
                 
      “Not only has Pen Air Federal Credit Union proven its efficacy yesterday and today, it is also primed for whatever tomorrow may bring,” said Bauer Financial President Karen Dorway. “The past three years have put a considerable amount of pressure on our nation’s financial system and we are pleased to see credit unions, like Pen Air Federal Credit Union, still able to shine.”

      [ Return to Top ]

      Southeast Corporate offers Virtual Town Hall meeting

      Southeast Corporate has been communicating to its membership that the number one goal of its proposed merger with Corporate One is to preserve the members collective $63 million in existing capital shares (MCS).  Southeast believes the merger is the best and only option to preserve members’ capital, and the support of all members is crucial. 

      For the merger to work and preserve members’ existing capital at Southeast, while maintaining Corporate One’s strong and well capitalized position, $75 million in total perpetual contributed capital (PCC) is necessary.  As part of the merger, members will be asked to convert existing MCS to PCC and also become a Partner Member at Corporate One based on Corporate One’s capital methodology of 90 basis points of assets, capped at $900,000.  Partner Members enjoy preferential pricing and rates, access to the balance sheet, sufficient lines of credit, and other benefits not afforded to non-Partner Members.

      Southeast and Corporate One have produced a Virtual Town Hall meeting to help credit unions have a greater understanding of the merger. The presentation should be viewed and used in consideration of the Non-Binding Letter of Commitment recently mailed to Southeast Corporate members. The Non-Binding Letter of Commitment is critical to their merger application and their ability to demonstrate strong member support for the merger to the NCUA. Southeast Corporate will continue to update members on the merger progress and next steps as they become available.

      Click here to register and view the Virtual Town Hall meeting.

      [ 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 ]

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