LSCU eSignal Weekly
LSCU eNews Weekly February 6, 2012
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LSCU eNews Weekly
In This Issue
President's Point
LSCU/CUES Executive Dialogue provides open discussions
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: 2012 Legislative Session starts this week
This week in Florida politics: Romney wins Florida, gambling not coming, redistricting almost done
News from the Hill: Both houses back considering legislation, floor, committee schedules
LSCU taking part in National Small Business 'Hike the Hill'
Register for the CUNA GAC coming up March 18-22
Compliance Corner
League InfoSight highlight: Servicemembers Civil Relief Act
CUNA Regulatory Advocacy Report - Week of Feb. 6
Compliance calendar and training
Cooperative Initiatives News
AFI Region IV Summit coming soon
Florida CFO Atwater to launch Bank On Florida through two events
Communications News
New video and audio podcast available from the LSCU
LSCU Press Room has letters to the editor; Riverdale CU with a strong 4Q
Education News
Next LSCU Council meeting: April 3 in Montgomery
IRA Essentials & Advanced Training taking place March 13-14 in Birmingham
Save the Date: 2012 Alabama State GAC
Education Calendar
LEVERAGE News
CMG steps up litigation against individuals responsible for internal fraud
Office Depot's 'Small Business Makeover' Contest will provide $2,500 in products
News from You
Local governments proclaim CFE Federal Credit Union Day
Alabama Telco CU gives two lucky members beach vacations
Alabama Teachers Credit Union caters to the classroom
EMPLOYMENT
View available credit union jobs
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President's Point

LSCU/CUES Executive Dialogue provides open discussions

The LSCU and CUES partnered for its inaugural Credit Union Executive Dialogue last week in Bonita, Springs, FL. The Dialogue was geared toward CEOs and executives at credit unions with $500 million plus in assets.  The CU Executive Dialogue brought together these LAS CUs because traditionally the League has not done a good enough job of engaging these credit unions in open discussions about their needs.  The League continues to work closely with our Small Asset Sized credit unions on a variety of events including our SAS Workshops going on this week in Tampa and Birmingham.

This event in Bonita Springs was a great opportunity to engage our largest credit unions as well as enlist the thoughts of other large asset size credit unions from around the country. Nineteen executives attended this inaugural event from Alabama, Florida, six other states and Canada.  A quick look at some statistics for the credit unions over $500 million in assets and you see that these 29 Alabama and Florida credit unions represent 69 percent of assets and 63 percent of members in the two states.


Gregory Smith, CEO of PSECU, and Rich Helber, CEO of Tropical Financial, speak during the CU Executive Dialogue. 

Trends were one of the hot topics during the two days. With so many credit unions attending from different areas of the country, it gave us great conversation on identifying these trends in the financial world and how CUNA and the leagues can better assist credit unions in succeeding.  “Innovation through greater collaboration” was a hot phrase used throughout the two-day Dialogue. More credit unions, leagues and system partners need to be willing to work together to move our industry forward. Technology is exploding in the financial sector, but not every credit union can keep up with the cost of innovation.

One other topic that arose from the conversations was the need for the trade associations to be more aggressive in going after the bankers and also holding our lawmakers accountable. We know that many elected officials fear the bankers, but do they fear us? More often than not the answer is no. The LSCU is working hard to change our approach to let our lawmakers know we will not sit by and watch them vote against our issues, but then ask us to support them. Our letters to the editor campaign toward those lawmakers that voted on public deposits in Florida is yielding results. The letters letting the public know that their representative voted to continue a bank monopoly is getting those lawmakers’ attention. That is exactly what we want.

The credit unions left the Dialogue with many new contacts and hopefully some new approaches to think about implementing at their credit unions. I left Bonita Springs with many ideas on how the League can better serve all of our credit unions, not just the $500 million plus credit unions. The CU Executive Dialogue is just another example of how the League is working with all asset size credit unions to engage in conversations on how we can work together to keep pushing our movement forward.

Click here to read a summary of the CU Executive Dialogue. I welcome your thoughts and feedback.

The attendees to the first LSCU/CUES Credit Union Executive Dialogue.



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LSCU Top Headlines
This week's top League headlines

Registration is open for LSCU AC&E
The 3rd annual LSCU Annual Convention and Exposition (AC&E) is coming up June 13-16 at the JW Marriott in Orlando. It's back to its traditional Wednesday through Saturday schedule and the price for a room has dropped. The AC&E features Game Change authors Mark Halperin and John Heilemann and NCUA Chairman Debbie Matz. More speakers will be announced closer to the AC&E. Plus, credit unions will learn more about "The Power of One." To learn more about the education sessions and to register, visit the LSCU AC&E website. 

Summary of President Obama's housing market plan
The Obama Administration issued more detailed proposals to help underwater homeowners and address the ongoing difficulties in the housing market. None of these initiatives is addressed specifically to credit unions, but, as active mortgage lenders and servicers, credit unions will undoubtedly be affected by these programs. To read the president's plan, click here.

JetStream CEO testifies before House subcommittee
The House subcommittee on Financial Institutions and Consumer Credit met to discuss H.R. 3461, the Financial Institutions Examination Fairness and Reform Act. JetStream FCU CEO Jeanne Kucey and West Virginia Credit Union League CEO Ken Watts testified on behalf of credit unions. Click here to read more and to watch the testimony. 

NCUA webinar with CFPB's Cordray coming up Wednesday
The NCUA will hold a free information webinar with Consumer Financial Protection Bureau Director Richard Cordray on Wednesday Feb. 8. NCUA Chairman Debbie Matz will host the webinar that will also feature an update for credit unions on the corporate credit union resolution, among other topics. Click here to register.

CUNA's 2012 Regulatory Compliance Schools, eSchools
CUNA has recently announced its 2012 Regulatory Compliance Schools and eSchools dates and locations. Click here for more information.

2012 LSCU and CUNA Awards call for nominations/entries
Nominations and entries for the 2012 LSCU and CUNA Awards are due by March 27, 2012. Click here for details. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: 2012 Legislative Session starts this week

Grassroots Support
The 2012 Alabama Legislative Session begins this week and as you may know, passing legislation to allow credit unions to take public deposits is the League’s top legislative priority. The League has developed an extensive grassroots plan that will give it the best chance to see significant movement and passage of credit union legislation, but it is going to require the involvement of credit union professionals such as you on multiple levels. Beginning today and in the weeks to come, the League will be asking you to help by meeting in person with your local legislators in the district, identifying potential allies that work in the public sector in your areas, holding meetings between your credit union, key members of the legislature that the League identifies and officials representing public entities who want to do business with your credit union, and coming to Montgomery to personally lobby on behalf of this bill. There will be significant pushback from banks in the state, even challenging our tax exemption, and your dedication and support for this effort is a crucial component. The League simply cannot move this bill forward without the involvement of credit unions across the state.

Before the session begins, the League is asking that you do a few things: a) there needs to be a commitment from each credit union to provide grassroots support. Grassroots support is essential to this legislation. b) the League needs to know what you are willing to do in order to support the legislation. Are you willing to call legislators in your area to discuss public deposits, and have your staff and board do the same? Will you host a legislator for a meeting on the issue, send a letter to the editor of your local newspapers, or even come to Montgomery when needed? c) the League must know of local public officials in your area that may be potential allies in the fight and show that demand exists. Have you been approached by municipalities, school boards, county commissioners, etc. wanting to do business with your credit union?

Contact LSCU Grassroots and PAC Coordinator Blake Westbrook at 866.231.0545 ext.  2164 and let him know which of the following grassroots activities we can count on you to do in the fight for public deposit fairness for credit unions:

  • Will you have your credit union staff and board members call your targeted list of legislators when asked by the League?
  • Will you hold a meeting between yourself, legislators identified by the League, and municipal officials who support credit unions being allowed to accept public deposits?
  • Will you host lawmakers in your office with other credit union CEOs and/or attend a meeting of credit union officials and lawmakers?
  • Will you be willing to submit a letter to the editor of your hometown newspaper supporting the Credit Union Public Deposit bill (the League Communications Department will assist you with this)
  • Will you come to Montgomery to go the Capitol and visit with key lawmakers in support of this bill?

Of course, the League Governmental Affairs team will coordinate all of these activities, and let you know who you need to contact and when, and we will help facilitate any legislator meetings in the district or in Montgomery.

Don't forget to follow the GA team updates on twitter throughout the sessio by clicking here.

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: Romney wins Florida, gambling not coming, redistricting almost done

Florida Politics Week in Review:

Among many other issues, the House Business & Consumer Affairs subcommittee took up gaming, while the full House took up the redistricting maps. The House Appropriations Committee also met this week and passed its plan for the Fiscal Year 2012-13 budget.

The House last Tuesday also took up a bill that dealt with residential properties, HB 319 by Rep. George Moraitis, in the Civil Justice Committee. While the bill mostly deals with issues relating to condominiums, such as their election procedures, building code issues, and the like, there were some amendments that were offered in committee that would have affected lending practices on condominiums. The amendments would have removed a cap on the amount a lender has to pay to pursue a foreclosure within a community association on past-due assessments owed the association. While there was little chance the amendments were going to pass, the Governmental Affairs (GA) team worked with the chairman of the committee to prevent them from being added to this bill. After a little bit of debate, the amendments were all withdrawn. The GA team will continue to work with all interested parties, including the Florida Bankers, to ensure that bad legislation affecting the mortgage and foreclosure process is defeated.

The GA team also continues to meet with legislative leaders in order to ensure that interest in the public deposits issue does not die. Recently, there have been several letters to the editor published in papers around the state pointing out our disappointment with the members of the House Insurance and Banking subcommittee who voted against HB 669. Most recently, a letter was printed in the Miami Herald directed at Rep. Evan Jenne (D-Ft. Lauderdale). We have received quite a bit of feedback that these letters are being noticed by the members they are directed at, which is a good sign that they are working. This is another example of grassroots advocacy at its best. It is important that the League and its affiliates let their elected officials know they will be held accountable for their votes. With that said, the League wants to make sure it is getting the proper message across to legislators. One legislator in particular has received quite a bit of feedback from his constituents stating their disappointment in his switching his vote. Rep. Doug Broxson (R-Pensacola) has contacted the GA team in this regard, and the League wants to make it clear that Rep. Broxson indicated ahead of time of his intention to vote “no” on HB 669. While the League knew he would be voting “no,” it still disagreed with his reasons for voting “no.” It is completely acceptable to let Rep. Broxson know how displeased with his vote credit unions are, however, it is necessary to make sure not to mischaracterize his actions.

Romney Wins Florida Presidential Primary
Last Tuesday, former Massachusetts Gov. Mitt Romney took home one of the biggest prizes of the primary season, a win in Florida. Romney received 46 percent of the Florida vote while former Speaker of the House Newt Gingrich received 32 percent of the vote. Romney also went on to win the Nevada caucuses this week, giving him back-to-back wins and a lot of momentum moving into the stretch run.

Know When to Fold ‘Em
The effort to bring destination resorts to South Florida and revamp the state’s gambling regulations died in the House Business and Consumer Affairs subcommittee on Friday. Sensing he didn’t have the votes on the 15-member committee, Rep. Erik Fresen (R-Miami), moved to temporarily postpone the vote. With the subcommittee not meeting again this session, the gaming issue is all but dead for the 2012 Session. Fresen attempted to frame the issue as a restricting of gambling in Florida, touting the creation of a gaming commission to oversee all aspects of non-Lottery gambling in the state, a ban on internet casinos which have popped up all over the state, and restricting the destination casinos to Miami-Dade and Broward counties. With this bill now dead, an issue remains on how lawmakers will address internet cafes and the state’s pari-mutuel regulations.

Maps Move to the Senate
New districts for the Florida House, Senate, and Congressional delegation passed the Florida House on party-line votes Friday. The maps for the Legislature and Congress passed 80-37, sending them to the Senate for final approval. After that, the Legislative maps will move on for Florida Supreme Court approval while the Congressional map goes to Gov. Rick Scott for his signature. All maps are expected to receive a legal challenge, though most believe the Florida House of Representatives map is the least likely to be changed. The Senate is expected to take up the maps as soon as Tuesday of this week. The Congressional map can be viewed here. The state Senate map can be viewed here and the state House map can viewed here. As soon as an analysis is completed showing which incumbents will be facing each other, the League will be sure to share that information.

To read the complete Florida Politics Week in Review including important information on Florida Congressmen moving districts, grassroots advocacy, and PAC fundraising, click here.

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

News from the Hill: Both houses back considering legislation, floor, committee schedules

Floor Schedule
The House comes back Monday and will consider bills under suspension of the rules. The House will also begin debate on H.R. 1734, the Civilian Property Realignment Act.  On Tuesday, the House will continue consideration of H.R. 1734 . The remainder of the week, the House will debate H.R. 3521, the Expedited Legislative Line-Item Veto and Rescissions Act; H.R. 3581, the Budget and Accounting Transparency Act; and S. 2038, the STOCK Act. It is possible the House will consider a motion to instruct conferees to H.R. 3630, the Temporary Payroll Tax Cut Continuation Act.

The Senate also comes back today and will consider the conference report on H.R. 658, the FAA Reauthorization Act.

Committee Schedule
The League is following several committee meetings on both sides of the Capitol. 

On Tuesday, the House Financial Services Committee Subcommittee on Insurance, Housing and Community Opportunity will markup the "Affordable Housing and Self-Sufficiency Improvement Act of 2012"; the "Emergency Fiscal Solvency Act of 2012"; and H.R. 32, the "Homeless Children and Youth Act of 2011."

Also on Tuesday, the Senate Budget Committee will hold a hearing on “The Outlook for US Monetary and Fiscal Policy.”  Federal Reserve Board Chairman Ben Bernanke will testify.

To read the complete News from the Hill Update including the full committee schedule for the House and Senate, click here.

For questions about the News from the Hill Update, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545, ext. 2137.

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LSCU taking part in National Small Business 'Hike the Hill'

This Wednesday the League will join small business owners, small business trade groups, and business think tanks from around the country to press Congress to approve the Small Business Lending Enhancement Act (HR 1418 / S.509). The legislation will increase the current arbitrary cap on the amount of loans credit unions can make to small businesses from 12.25 percent of assets to 27.5 percent. This important bill is a top legislative priority for the League and CUNA.

The League is bringing Mike McMullen, a realty executive from Birmingham, and Richard McBee, a Birmingham small business owner to Washington for the meetings. Both are members of Alabama credit unions that are currently against the member business lending cap, and they are both located in the district of House Financial Service Committee Chairman Spencer Bachus.

The meetings with the LSCU federal delegation and its staff will show how these Alabama entrepreneurs are challenged as small business owners, that they need available credit, how banks have reacted to their needs and how credit unions have helped them to succeed.  

“Banks have been telling Congress that credit unions aren’t suited to help small businesses and that there is no real need to increase the lending capacity for member business loans. We know both of these arguments are false, and having small business owners tell their story to key members of Congress is the best way to refute these statements,” said LSCU President/CEO Patrick La Pine.

The meetings on Wednesday will focus on committee leadership including Chairman Bachus and Senate Banking Committee Ranking Member Richard Shelby. In addition, the group will be meeting with other key members of Congress and members who have co-sponsored the Communities First Act (a bank regulatory relief bill), but not the credit union member business lending bill.

In addition to the Alabama meetings, the League will be scheduling in-district meetings with targeted Florida Congressional members along with credit unions and their member business clients to continue to press home the need for this important bill.

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Register for the CUNA GAC coming up March 18-22

Former U.S. Secretary of State Condoleezza Rice and America’s most famous journalistic duo, Bob Woodward and Carl Bernstein, will headline the Credit Union National Association’s 2012 Governmental Affairs Conference, March 18 – 22 at the Washington Convention Center in Washington, D.C.

Other speakers and guests include: 

  • Charlie Cook, Cook Political Report
  • Sen. Mark Udall (D-CO),
  • Rep. Ed Royce (R-CA)
  • Rep. Carolyn McCarthy (D-NY)
  • Rep. Barney Frank (D-MA)
  • House Majority Whip Kevin McCarthy (R-CA)
  • Assistant House Democratic Leader James Clyburn (D-SC)
  • Sen. Jon Tester (D-Mont.)
  • Sen. Rand Paul (R-KY)
  • Rep. Jeb Hensarling (R-TX)

For more information or to register, click here. [ Return to Top ]

Compliance Corner
League InfoSight highlight: Servicemembers Civil Relief Act

The current edition of the League InfoSight newsletter covers the Servicemembers Civil Relief Act, which provides protection to individuals who are on full-time active military service of the United States.

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

In addition, the Housing and Economic Recovery Act of 2008 (HERA) provides additional protections to service members provided under the SCRA. The relevant provisions of this Act were set to expire on December 31, 2010. The Helping Heroes Keep Their Homes Act (Public Law No. 111-346) that was enacted in late December 2010 amended HERA to extend foreclosure protection for returning servicemembers through December 31, 2012. The law maintains HERA’s stay of proceedings period of nine months.

To read more about the Servicemembers Civil Relief Act topic, 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 ]

CUNA Regulatory Advocacy Report - Week of Feb. 6

This week, the CUNA Regulatory and Advocacy Report covers stories on CUNA Subcommittee’s review of NCUA’s TDR Proposal, guidance issued on allowance for loan and lease loss estimation practices for loans secured by Junior Liens, CFPB Director Richard Cordray Testifying before the House and Senate, and more.

Click here to read the complete CUNA Regulatory and Advocacy Report. [ Return to Top ]

Compliance calendar and training

February 2012

        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
        AFI Region IV Summit coming soon

        The Administration for Children and Families Office of Community Services and Region IV Office invite early childhood and asset building leaders to a summit launching its initiative on financial stability for families with young children to provide effective Individual Development Account (IDA) and other asset building services.

        Participants will include: Hispanic families with young children, Asset-Building Practitioners, representatives from Head Start and Child Care Agencies, Faith-based and Community Organizations, Financial Institutions and VITA Sites. Please feel free to circulate this invitation among your networks.

         Click here for more information. [ Return to Top ]

        Florida CFO Atwater to launch Bank On Florida through two events

        Florida’s Chief Financial Officer, Jeff Atwater, will hold two press conferences to announce the launch of Bank On Florida. This new initiative brings together local financial institutions and community partners to help residents access mainstream financial services and financial education.

        The first event will be held at St. Petersburg City Hall located at 175 Fifth Street North, St. Petersburg. The press conference will start promptly at 2:30 p.m. on Thursday, Feb. 9.

        The second event will be held at the Heart of Florida United Way Dr. Nelson Ying Center located at 1940 Traylor Boulevard in Orlando. The press conference will start promptly at 9:30 a.m. on Friday, Feb. 10.

        Bank On Florida is an asset building and asset preservation initiative of the Florida Prosperity Partnership, a statewide coalition of approximately 150 organizations from all sectors of the community. The goal of this initiative is to create local Bank On programs in all 67 counties within the State of Florida.

        For more information on Bank On Florida, click here.

        [ Return to Top ]

        Communications News
        New video and audio podcast available from the LSCU

        The League has two multimedia opportunities for credit unions to learn more about the upcoming 2012 Alabama Legislative Session and the importance of advocacy from the State Governmental Affairs Conference in Tallahassee.

        The State GAC wrap-up video looks closer at the issues facing Florida credit unions and the importance of advocating to lawmakers. LSCU President/CEO Patrick La Pine, First Florida CEO Brent Lister, Tallahassee-Leon FCU CEO Lisa Brown and Total Spectrum's John McKechnie are interviewed in the video that also shows the visits with lawmakers. La Pine explains that the most important part of the GAC is the interaction with lawmakers. 

        In the new audio podcast, LSCU Communications Coordinator Joseph Davis talks with LSCU Director, Legislative Affairs Jason Cochran to get a flavor of the upcoming Alabama Legislative Session. Cochran says the Legislature's focus will be on the state's budget and that the League's top priority this session is public deposits legislation.

        If you have trouble accessing the audio or video, contact Davis at 866.231.0545 ext. 1014. [ Return to Top ]

        LSCU Press Room has letters to the editor; Riverdale CU with a strong 4Q

        The LSCU sent a message to credit unions letting them know that the defeat of public deposits in Florida was not the end of the line. The League developed letters to the editor in the districts of those state representatives that voted no and also letters supporting those lawmakers that voted in favor of allowing credit unions to accept public deposits.

        The letters for those that voted no were printed in Jacksonville, Miami, Lakeland and Bradenton. The supporting letter to the editor was printed in Tampa and we expect more to be printed. As expected, the bankers are also submitting letters refuting the League's letter, however the online comments following those letters shows that their strategy is not working. You can view the letters in the LSCU Press Room

        The Press Room also has many local credit union stories like the student-run branches in Tampa for Suncoast Schools and in Pensacola for Pen Air. Creditunions.com printed a story last week showing the great fourth quarter by Riverdale CU of Montgomery. The article pointed out that Riverdale saw significant loan growth. Riverdale CEO Linda Walker is also quoted as saying the credit union doesn't publish rates, but that they speak for themselves. You can read the full story in the LSCU Press Room

        If your credit union is in the news, the League would like to know. Send your story to submissions@lscu.coop.  [ Return to Top ]

        Education News
        Next LSCU Council meeting: April 3 in Montgomery

        Join your peers at the next LSCU Council meeting in Montgomery on April 3. The councils offer the best regional opportunity for you to stay abreast of trends in your profession, hear the timeliest topics from top speakers and stay connected with your industry peers in Alabama and Florida.

        The LSCU Councils are designed for CFOs, HR Professionals, Lending Professionals, Marketing and Business Development, Operations, Sales & Service Professionals, as well as Technology Professionals.

        Price: $199/person and includes continental breakfast and lunch.

        Council Sessions:

        CFO: Strategic Considerations for Credit Unions: Navigating the Economic Regulatory Maelstorm, Paul Leavell, Strategic Consultant with Raddon Financial Group

        HR/Training and Development: 5 Ways to Elevate Your HR Game By Thinking Like a Money-Hungry VP of Sales, Kris Dunn, SPHR, Chief Human Resources Officer for Kinetix

        Marketing & Business Development: What’s Next? Emerging Trends in Social Media, Ryan Cohn, CEO, What’s Next Marketing

        Lending: True Grit: How analytics Can Help You Automate Lending Decisions With Confidence, Kristin Corts, Statistical Analyst and Kathy Kieffer, Director of Business Development for Decision Services with CRIF

        Operations, Sales & Service: Dialog Banking in “The New Normal”, morning session, Extreme Makeover: From ‘Old School’ to ‘New School’ – The Evolution of Innovations, afternoon session David Southall, CEO Innovations Federal Credit Union

        Technology: Payments Innovation through Technology, Suzanne Savage, President Savage Consulting Group

        To register, click here. For more information, contact LEVERAGE Director, Product Management/Executive Recruiter Lisa Hammock at 866.231.0545, ext. 1146.

        Don't forget to like LSCU Councils on facebook for updated information and topic details!
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        IRA Essentials & Advanced Training taking place March 13-14 in Birmingham

        Workshop Overview:

        Wednesday, March 13, 2012
        The IRA Essentials Workshop gives attendees a solid foundation of IRA knowledge. Attendees will leave this session able to work with IRA  owners and process basic IRA transactions with confidence. This is a beginner’s session; no previous IRA knowledge is assumed.

        • Essentials Topics: IRA fundamentals, IRA distributions, IRA transfer & rollover contributions, IRA tax reporting overview

        Thursday, March 14, 2012
        The IRA Advanced Workshop builds on the learners’ knowledge of IRA basics to help them address some of the more complex IRA issues they handle at the credit union. This is an advanced session; previous IRA knowledge is assumed.

        • Advanced Topics: IRA benefits, IRA Tax reporting, IRA Transactions, required minimum distributions, processing an IRA death claim

        Instructor: Paul Kern, CIS, CIP, CISP, training consultant with Ascensus, Inc.

        Registration fee: $199/person/day or $349/person for both days and includes lunch.

        Visit the LSCU Education Calendar for more workshop details or to register. [ Return to Top ]

        Save the Date: 2012 Alabama State GAC

        The Alabama State GAC will kickoff on Wednesday, April 4 at 12:30pm. The Renaissance Montgomery Hotel and Spa will be the guest hotel for this meeting.

        Registration Fee: $99/person

        Renaissance Montgomery Hotel & Spa
        201 Tallapoosa Street
        Montgomery, AL 36104

        For questions contact LSCU Associational Services Support Specialist Becki Payne at 866.231.0545 ext. 2129. To register, visit the LSCU Education Calendar. [ Return to Top ]

        Education Calendar

        Upcoming Events:

        Thursday, February 9
        SAS Credit Union Workshop - Alabama
        9:30 a.m. to 5:30 p.m. EST

        Wednesday, February 22
        BSA Training Workshop - Jacksonville
        9 a.m. to 11:30 a.m. EST (Morning)
        1 p.m. to 3:30 p.m. EST (Afternoon)

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

          [ Return to Top ]

        LEVERAGE News
        CMG steps up litigation against individuals responsible for internal fraud

        CUNA Mutual Group Claims Director Tresa Loose

        The dollars CUNA Mutual Group pays in bond claims covering fraud losses by dishonest credit union employees has increased steadily since 2006, prompting the insurer to step up recovery efforts against those responsible for the losses.

        The number of employee dishonesty claims has gone down, but the dollars paid for these types of losses has increased, said Tresa Loose, CUNA Mutual Group claims director.

        “In 2006, CUNA Mutual paid roughly 250 bond claims due to employee dishonesty. In 2010, that number was about 200. However, claim dollars paid more than tripled, jumping from $12 million in 2006 to $38 million in 2010,” Loose said.

        The increase in dollars paid is significantly outpacing the reduction in the number of claims filed. The average cost per claim increased from $50,000 in 2006 to roughly $190,000 in 2010. “Employee dishonesty claims account for 13 percent of the total number of bond claims paid by CUNA Mutual Group, but represent 45 percent of the total dollars paid.”

        To recoup those payments on behalf of policyowners, CUNA Mutual Group is aggressively pursuing recovery through civil litigation against the individuals responsible for causing the losses.

        To read the complete CUNA Mutual Group release, click here.

        [ Return to Top ]

        Office Depot's 'Small Business Makeover' Contest will provide $2,500 in products

        As a part of the Small Business Makeover contest, three small businesses will receive a makeover, including a one-on-one financial coaching session with Jean Chatzky.

        The Small Business Makeover contest is designed to help small business owners augment or adjust their business in order to save time, grow and prosper in 2012 and beyond. The contest will award three small businesses a makeover from Office Depot, which includes a one-on-one financial coaching session with Jean Chatzky, office furniture, and supplies featuring Jean's line of Mead financial organization products, available exclusively at Office Depot.

        Small businesses can enter the contest by visiting Office Depot's Facebook page and submitting, in 100 words or less, why their small business is in need of a makeover.

        "Small businesses are essential to our economy, and the start of the new year is a great time to prepare for growth," said Jean Chatzky, financial expert, journalist and motivational speaker. "Office Depot's Small Business Makeover program will help invigorate small businesses and provide them with assistance to help make 2012 a successful year."

        Click here to read the complete Office Depot release about the Small Business Makeover Contest.

        [ Return to Top ]

        News from You
        Local governments proclaim CFE Federal Credit Union Day

        CFE receives proclamation from Orlando Mayor Buddy Dyer.  From left: Suzanne Dusch, CFE VP, marketing; Joseph A. Melbourne, CFE president/CEO; Mayor Dyer; Mary Lynn Williams, CFE chair; Kevin Dougherty, CFE SVP.

        The Board of County Commissioners from Orange, Osceola and Lake Counties, the City of Lake Mary and Orlando, as well as the Orange County School Board delivered proclamations to CFE FCU personnel during recent public meetings or their official chambers.

        “CFE is truly honored to receive this recognition from our public officials,” saidCFE President/CEO Joseph A. Melbourne, Jr. “Central Florida has been our home for 75 years and we will continue in our partnership endeavors to benefit education and the community we serve for the next 75 years and beyond.”  

        For its 75th anniversary celebration, CFE has planned activities throughout the year to benefit their membership, education and the community. In addition, a special Annual Meeting, featuring CFE’s 75-year history, will be held at the Orlando Science Center on April 10, 2012. 

        Planned activities include membership sweepstakes with monthly drawings for $1,000, quarterly drawings for dream vacations, Dash for Diamonds parties held at CFE branches, an art contest for students in area schools, Facebook Fan of the Month, essay contest for the public to nominate a local hero who exemplifies the credit union motto of people helping people, plus quarterly loan promotions with a 75th anniversary theme and very competitive interest rates. [ Return to Top ]

        Alabama Telco CU gives two lucky members beach vacations

        Throughout the months of November and December, Alabama Telco Credit Union held their annual Trade’N Days auto promotion. Anyone who financed an auto loan with Alabama Telco during this time was automatically entered to win a five-night stay at Perdido Beach Resort. Will Aderholt and Zachary Mackey, both of Birmingham, were the big winners.

        “We take pride in offering our members some of the lowest auto rates around, but we especially enjoy giving them extra perks like a beach vacation," states Stanton Davis, Alabama Telco’s Vice President of Marketing. "We want consumers to know it really does pay to finance your auto loan with Alabama Telco.” [ Return to Top ]

        Alabama Teachers Credit Union caters to the classroom

        Alabama Teachers Credit Union’s “Cater to my Classroom” promotion helps local classrooms in need.  The Cater to my Classroom promotion is for ATCU Gen Next members, ages 8-12 and the member submits items their classroom needs, such as pencils, paper, printer, etc.

        Within ATCU’s field of membership, five schools are chosen at random, and each class receives $200 worth of classroom supplies and are surprised with a pizza party.  ATCU is pleased to be able to offer this promotion and help its local schools and students. [ 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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