LSCU eSignal Weekly
LSCU eNews Weekly April 30, 2012
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LSCU eNews Weekly
In This Issue
President's Point
LSCU, Corporate America to work closer together
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: 2012 Legislative Session close to ending, public deposits news
This week in Florida politics: Court approves Senate maps, PAC fundraising more important than ever
Compliance Corner
League InfoSight highlight: Fiduciary Accounts
FinCEN starts e-filing of new CTR, SAR forms
CUNA Regulatory Advocacy Report - Week of April 30, 2012
Compliance calendar and training
Cooperative Initiatives News
SECUF launches college internship program
NCUF opens 2013 Wegner Award nominations
LSCU AC&E News
New, innovative educational sessions, tracks aim to enhance educational experience at 2012 LSCU AC&E
Education News
Register for ALM Essentials & Implementation Training in Birmingham on May 15-16
LSCU Disaster Preparedness Workshops in Miami, Montgomery give crucial CU guidance
Education Calendar
LEVERAGE News
Family Security CU touts Ventelligence in new video
News from You
CFE FCU helps build inventory for local charitable organizations
Army Aviation Center has successful volunteer month
Suncoast Schools Service Manager among new CUDE's
EMPLOYMENT
View available credit union jobs
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President's Point

LSCU, Corporate America to work closer together

Last week I had the opportunity to visit with Dan Buckley, acting CEO of Corporate America Credit Union. As you may know, Thomas Bonds requested and was granted a personal leave of absence by the board. Dan is Corporate America’s SVP of Risk Management and joined Corporate America in September 2010 following a 25-year career at the NCUA. Corporate America has grown from a mostly Alabama centric $500 million corporate to almost $4 billion in assets with members in 39 states. Corporate America received an unqualified opinion on its year-end financial statements from Dixon Hughes Goodman, LLP. Its 2011 annual report, which includes audited financial statements, will be distributed this week at its annual meeting in Sandestin, FL.

I met with Dan for almost two hours discussing a range of topics and issues. But one common theme we kept coming back to was, “How can the League and Corporate America work closer together for the betterment of our member credit unions?” It’s no secret that the League and Corporate America have not worked as closely and cooperatively as we otherwise could have. This dates back decades, well before the consolidation of the Alabama and Florida Credit Union Leagues. My position has never changed with respect to our Alabama and Florida based corporates: We want to work with our corporates if they want to be our partners, not our competitors. Corporate America, Southeast Corporate and Corporate One have some product and service offerings that compete directly against the League and LEVERAGE. We are not afraid of competition. However, I think it’s important, as we move forward, to look for overall gaps in products and service offerings to see where we can collaborate instead of trying to compete against one another. I think that’s what credit unions expect from us.

Where do we go from here? Corporate America recently re-affiliated with the League, which I think is a sign of its willingness to work closer with the LSCU. Dan and I are committed to working to improve the communication flow between the two organizations and look for ways to help each other succeed. Dan and I have agreed we will do everything within our power to forge a productive and cooperative relationship between our two organizations to the betterment of our member credit unions.

I welcome your thoughts and feedback. [ Return to Top ]

LSCU Top Headlines
This week's top League headlines

American Banker survey shows MBL support
A recent survey by the American Banker publication shows that 70 percent of its readers support increasing the member business lending (MBL) cap for credit unions. What is interesting about the survey is that it was conducted right in the middle of the fight over increasing the MBL cap, which banks are appear to be strongly against. To read the full story, visit CUNA News Now.

The Hill blog refutes bankers claims
Steve Pociask, president of the American Consumer Institute Center for Citizen Research, posted to The Hill blog about how bankers arguments about member business lending is off base and "credit unions increased loans by 40% during the last recession, but their lending has been capped by an outdated law that suppresses small business access to capital and deters smaller credit unions from serving these businesses." You can read more by clicking here.

NCUA economic update video available
The NCUA has released its latest economic update YouTube video. The video looks at an improving economy and its effects on credit unions, as well as how to access useful economic data on the NCUA website. Visit the NCUA's YouTube channel to view the video.

Southeast Corporate capital subscription deadline May 31
Credit unions have until May 31 to let Southeast Corporate know if they will subscribe to Corporate One Perpetual Contributed Capital (PCC) by converting members' existing $62 million in Southeast Corporate Member Capital Shares (MCS) or by purchasing and subscribing to new PCC. If Southeast is not able to raise the necessary capital, $62 million and the continued viability of Southeast is at serious jeopardy. You can read more by clicking here

Home sales improving in Florida and Alabama
The March home sales numbers are in and parts of Florida continue to see positive numbers. The Sarasota Times reports that southwest Florida home sales hit a two-year high in March. You can read the full story here. In Alabama, home sales and prices continue to rise. March numbers show a nine-percent rise year over year. Also, the price of a new home rose four percent. You can read the full story at al.com

  [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: 2012 Legislative Session close to ending, public deposits news

Alabama Legislative Update

Seven Legislative Days Left
The final stretch of the 2012 Legislative Session is upon us. The Alabama Legislature is packing in as much work as possible before the final day on May 21. Over the next two weeks the legislature will meet on Tuesday, Wednesday, and Thursday, setting them up for the 30th legislative day on May 21. Traditionally the legislature takes a week off between the 29th and 30th legislative days in order to avoid a pocket veto by the sitting governor on any bills passed before the last day. While the legislature is taking a week off from the regular session, they plan to meet for a five day special session during that time in order to address the redistricting of all of Alabama’s 140 state House and Senate seats.

Much is left to do and there is little time left. Neither of the two budgets has been passed, immigration reform has not been passed, insurance reform is still on the table, and there are still several bills from the “jobs package” that need final approval.  Expect an action-packed final seven days.

Public Deposits Update
As you are all aware, the League introduced and pushed legislation that would allow credit unions to accept public deposits for the first time in Alabama. The Senate Banking & Insurance Committee recently held a hearing on the legislation, and that there would be some movement following the hearing. At this point in the session, it appears as if there will not be a committee vote on the public deposits legislation in either house. With such a controversial piece of legislation, there was always the possibility that public deposits would be a multi-year endeavor and, unless things change by Tuesday, that is the direction things are heading.

Grassroots support from credit unions was great, and the League will need that support again as it heads into the off-season on this and other issues that will be a focus. A special thank you goes to both bill sponsors, Sen. Bill Holtzclaw (R-Madison) and Rep. Mike Ball (R-Huntsville). Both legislators worked tirelessly on this legislation and the League looks forward to working with them again.

PAC Update
As the end of the month nears, here's an update on PAC Fundraising. Since January, there have been several credit unions start or expand payroll deductions for the FEDPAC. The League has also started selling Six Flags consignment tickets that benefit the state PAC. As of today, the League has raised 25 percent of its goal for the LSCU FEDPAC and 17 percent for its state PAC. Though very happy with its fundraising efforts, the League still has a long way to go in reaching its goals and credit union help is needed. Fundraising is not difficult, and the League can help you. Credit unions can always participate in PAC fundraising by signing up for the PAC Lapel Pin Program, selling Six Flags consignment tickets, or participating in deduct-a-buck.  

For more information on LSCU PAC Fundraising programs contact LSCU Grassroots & PAC Coordinator Blake Westbrook at 866.231.0545, ext. 2164.

Follow the GA team updates on Twitter throughout the session 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: Court approves Senate maps, PAC fundraising more important than ever

Florida Politics Week in Review

Florida Supreme Court Approves Senate Map
The Florida Supreme Court last Friday upheld the redrawn Senate redistricting map by a 7-to-0 vote. The court rejected challenges by the Florida Democratic Party and a coalition of voter groups, concluding that the challengers had “failed to present new facts demonstrating the Legislature redrew the plan with an improper intent.” While the map was upheld, the court took the opportunity to call for a change to the redistricting process. Justice Barbara Pariente called on the legislature and the Constitutional Revision Commission, which is slated to meet in 2018, to look at procedural changes that would allow the justices to examine more evidence in redistricting review, and allow them to look at factors such as the partisan balance and competitiveness of the districts. With both the House and Senate maps now receiving Supreme Court approval, campaigning is well underway. The League’s Governmental Affairs (GA) team will continue to monitor the situation with the Congressional map as final approval is still pending.

PAC Fundraising
With the second quarter well underway the League’s Political Action Committee (PAC) fundraising efforts are in full swing. While it had a successful first quarter, it is imperative that it keeps the momentum going forward in order to meet and surpass its goals. PAC fundraising is more important than ever with the news that the Bankers have formed a SuperPAC to target “industry enemies.” LSCU Grassroots and Political Action Coordinator Andy Gonzalez has been on the road and will continue to be there to help each credit union advance their fundraising efforts. The 2012 Fundraising Guide, along with your 2012 CUPAC and FEDPAC goals has been sent out on a compact disc, however, if you need another copy; please do not hesitate to let GA know.
 
Special thanks go out to credit unions that have started and continued the payroll deduction program in 2012 in Florida. The League has more credit unions signing up each week. The payroll deduction program is designed to be a simple and convenient way for credit union employees to contribute to the LSCU FEDPAC. A few dollars from each employee’s paycheck goes a long way towards reaching your credit union’s goal and helping the League reach its Fed PAC goal. Consider enrolling your credit union in the payroll deduction program today.

If you have any questions about VOCUS, Grassroots Activities, or PAC Fundraising, please contact LSCU Grassroots and Political Action Coordinator Andy Gonzalez at 866.231.0545, ext. 1010.

To read the complete Florida Politics Week in Review including important information on grassroots advocacy, click here.

Don't forget to follow developing news and legislation updates from GA on Twitter.
 

For questions regarding this update or credit union legislation in Florida, contact LSCU, Director Legislative Affairs Jared Ross at 866.231.0545, ext. 1012. [ Return to Top ]

Compliance Corner
League InfoSight highlight: Fiduciary Accounts
Persons under a legal disability may have the Probate Court appoint a fiduciary to handle financial affairs. A legal disability could arise in connection with a minor child or with an adult who has been deemed incompetent by the court to handle financial matters.

Terms used by the court for a fiduciary relationship include a guardian, a custodian, or a conservator. Any of these fiduciary relationships must be court appointed and the court will issue a certificate of appointment.

To help your credit union remain in compliance, the Fiduciary Accounts topic was recently added to the Accounts channel.

To find out more about what's included in the Fiduciary Accounts topic in the Accounts Channel, visit League InfoSight.

For more helpful reminders and tips, view the League InfoSight newsletter. Members must login to the League website (www.lscu.coop) with username and password. If you do not have access to the League website, click here to sign up. After you are logged in to www.lscu.coop, locate the InfoSight block (see graphic below) in the upper right of any of the LSCU web pages, choose your state, and click "GO."


  [ Return to Top ]

FinCEN starts e-filing of new CTR, SAR forms

The Financial Crimes Enforcement Network (FinCEN) is now accepting the new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) forms for filing on the BSA E-Filing System. Credit unions may continue to use existing forms until July 1, 2012, at which point all CTR and SAR reports must be filed electronically. Though the newly released CTR and SAR forms contain new and expanded lists of data elements, the new forms do not change existing statutory and regulatory obligations.

New features and data elements in the recently released CTR and SAR forms include:

  • Fields related to the subject’s Internet presence, such as “e-mail address” and “website (URL) address”
  • A more limited number of characters to create a SAR Narrative, though this is somewhat offset by the added ability to attach spreadsheets that the credit union  believes would be useful to law enforcement
  • A North American Industry Classification System (NAICS) code field
  • An “auto-populate” feature that allows a credit union to avoid the time of re-entering duplicative information

FinCEN strongly recommends that credit unions begin filing electronically before the July 1 mandate takes effect. The new CTR and SAR forms are available through the BSA E-Filing System and must be submitted electronically.

To read the complete article, click here.

  [ Return to Top ]

CUNA Regulatory Advocacy Report - Week of April 30, 2012

Take a look at the most recent edition of the CUNA Regulatory Advocacy Report, which covers important issues such as: CFPB’s inquiry into overdraft protection continues, CUNA reminds credit unions of due diligence resources, government accountability office releases the results of its audit of the FDIC's 2010 and 2011 financial statements, and more.

To read the latest CUNA Regulatory Advocacy Report, click here.

[ Return to Top ]

Compliance calendar and training

May 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
          SECUF launches college internship program

          The pilot internship program will fund 10 paid internships at selected credit unions. The selected applicants will work a minimum of 20 hours per week for the duration of 12 weeks, and will receive up to $3,500 in pay for the internship. Internships are available for funding from June 1, 2012 through Dec. 31, 2012.

          “Through the college internship program, students will have an opportunity to explore employment at a credit union as a possible profession while gaining valuable skills and experience to enhance their classroom learning,” said LSCU VP, Cooperative Initiatives Laura Vann. “Credit unions will benefit from the fresh perspectives offered by the students and gain valuable assistance in their day-to-day operations.”

          Students need to meet basic eligibility requirements:

          • Attend a college or university in Alabama or Florida
          • Be a junior or senior
          • Have a 3.0 overall GPA
          • Major in finance/accounting, business, economics, marketing, communications or a related field

          Students must complete the SECUF internship application form along with at least one recommendation from a faculty member at their college or university.

          For consideration of internship placement, a credit union must establish and submit a job description for the internship position as well as submit written goals and objectives for the internship position.

          Guidelines for students and credit unions are available on the SECUF website. If you have questions about the internship program, contact Laura Vann at 866.231.0545, ext. 2181.

          [ Return to Top ]

          NCUF opens 2013 Wegner Award nominations

          Credit union supporters are encouraged to nominate individuals and organizations for the 25th Annual Herb Wegner Memorial Awards to be presented by the National Credit Union Foundation (NCUF). Winners will be honored at NCUF’s awards dinner on Feb. 25, 2013 in conjunction with the CUNA GAC in Washington, D.C.

          Nominations are due by June 29 for the following awards: The Individual Achievement Award, The Outstanding Organization/Program Award and The Lifetime Achievement Award. 

            To find out more about the Herb Wegner Award and how to make nominations, click here.

              [ Return to Top ]

            LSCU AC&E News
            New, innovative educational sessions, tracks aim to enhance educational experience at 2012 LSCU AC&E

            The AC&E brings meaningful education sessions that are taught by experts in the field on current topics relevant to the credit union industry. The 2012 AC&E is providing the educational line-up credit union leaders are looking for as well as some new and innovative topics! Look for these sessions and more:

            And, to enhance the educational experience, breakout sessions are divided into suggested tracks for CEOs, credit union executives, and directors. These tracks provide attendees with a wealth of information that complements individual roles at the credit union. While session content is developed for the track audience listed, attendees are welcome to attend sessions from any track.

            This is one of the best conferences for credit union executives to attend with comprehensive educational sessions you can take back with you and apply immediately in your credit union.

            Look for the available education sessions by visiting the 2012 AC&E website.

            Like LSCU AC&E on Facebook! [ Return to Top ]

            Education News
            Register for ALM Essentials & Implementation Training in Birmingham on May 15-16

            Texas Credit Union League VP, Asset and Liability Management Deborah Rightmire.

            Join the LSCU and Deborah L. Rightmire, vice president of asset/liability management at the Texas Credit Union League, for asset/liability management training. It is a set of comprehensive workshops comprised of two days; the first day addresses essential ALM issues, while the second day addresses implementing an effective ALM process.

            Essentials – Day 1
            The ALM Essentials Workshop is a full day session of benefit to all credit union employees, board and ALCO members who desire a better understanding of the basic asset liability management process. Topics include:

            • Identifying primary goals of the asset liability management process
            • Establishing sources and uses of cash 
            • Reviewing NCUA’s Rules and Regulations and their implications
            • Understanding  NCUA’s Financial Performance Report  (FPR)
            • Reviewing your credit union’s key financial ratios
            • Reviewing an expense analysis and its implications 
            • Using market indicators to price loans and deposits 
            • Addressing changes in the Risk Focused Examination process

            Implementation – Day 2
            The ALM Implementation Workshop is a five hour session providing a checklist for organizing and implementing an effective asset liability management process in your credit union. Topics include:

            • Tips for organizing a successful ALM process
            • Guidelines for developing effective ALM and Investment policies 
            • Conducting broker/dealer due diligence
            • Developing a consistent ALCO agenda 
            • Monitoring, measuring, maximizing yield on liquidity 
            • Discussion of interest rate risk and analyzing rate sensitivity using a GAP calculation

            These workshops are an excellent opportunity for management, staff, ALCO members, and Board members to enhance their knowledge of asset/liability management.

            The registration fee is $199 per person per day or $349 per person for both days. Visit the LSCU Events Calendar to register.

            [ Return to Top ]

            LSCU Disaster Preparedness Workshops in Miami, Montgomery give crucial CU guidance

            Ongoing Operations LLC Director of Professional Services Don Stewart addresses attendees at the LSCU Disaster Preparedness Conference in Miami, FL.

            Stewart discusses disaster preparedness in Montgomery, AL.
             

            The League of Southeastern Credit Unions held a valuable Disaster Preparedness Workshop, Tuesday April 24, in Miami, FL and Thursday, April 26 in Montgomery, AL. The workshops were held at two of our member credit union locations, South Florida Educational FCU, in Kendall, Florida and Guardian CU in Montgomery, AL.

            Attendees included IT and management professionals from several credit unions throughout both states. Don Stewart, Director of Professional Services for Ongoing Operations LLC, presented a well-organized and comprehensive overview of Disaster Preparation, Recovery and Business Continuity Planning. The attendees were encouraged to share their own plans and were able to discuss ways to improve upon them.

             The workshop provided an open forum where everyone in attendance was able to interact and learn from one another as well. Participants left with a better idea of what is needed for comprehensive planning, ongoing monitoring of plans and proper execution of the plans during and after a disaster.

              [ Return to Top ]

            Education Calendar

            Upcoming Events:

            Wednesday, May 2
            Regulatory Reform: Top 5 Ways Operations & IT Can Ease the Sting
            3 to 4:30 p.m. EST - Webinar

            Tuesday, May 8
            Building the Perfect Bond Claim: Coverage, Filing & What to Do If Your Claim is Denied
            3 to 4:30 p.m. EST - Webinar

            Wednesday, May 9
            The New SAR & Your AML Program: Joint Filings, Suspects & Detailed Transaction Requirements
            3 to 4:30 p.m. EST - Webinar

            To view the complete LSCU Events Calendar, click here.

              [ Return to Top ]

            LEVERAGE News
            Family Security CU touts Ventelligence in new video

            Family Security CU, based in Decatur, AL, went looking for a more efficient way to manage all of its contracts. The credit union did an extensive search and settled on LEVERAGE's Ventelligence Contract Lifecycle Management.

            In a new LEVERAGE video, Zac Howell, vice president of  administration and marketing at Family Security, talks about how Family Security settled on Ventelligence and more importantly how easy it was to implement. Howell says that within a day of implementation, Ventelligence was up and running. 

            To view the video, visit the LSCU Video Room. To learn how Ventelligence can manage your credit union's contract more efficiently, contact a LEVERAGE Business Consultant.

            [ Return to Top ]

            News from You
            CFE FCU helps build inventory for local charitable organizations

            From left to right: Lila Romero, OCPS social worker; Karen O’Brien, Kids Closet coordinator; Cassie Roach, CFE public relations specialist.

            CFE Federal Credit Union members and employees recently responded to the simple needs of local students by collecting new socks, undergarments and books for donation to several school district organizations. These organizations, Kids Closet, Families in Transition program and A Gift for Teaching, provide free clothing and basic school items to eligible children in Central Florida. They constantly need and appreciate support of businesses in the community.

            To help stock the shelves at the Kids Closet and Families in Transition store, CFE donated a total of 1,170 clothing items, consisting of 561 pairs of socks and 609 undergarment pieces in several size options.  Additional funds were collected during a corporate-wide Jeans Day, whereby employees who contributed $5 to support the drive were allowed to wear jeans to work.

            In support of AGFT’s Annual Book Drive, CFE opened all 19 of their branches as designated drop off locations.  Plus, CFE members and employees stepped up to the plate and donated close to 1,000 new and gently used children’s books along with $300, enabling AGFT to buy even more books at a discounted rate for kids.

            [ Return to Top ]

            Army Aviation Center has successful volunteer month

            Army Aviation Center Federal Credit Union (AACFCU), based in Daleville, AL, designated the month of March as a volunteer month. Employees were encouraged to find an organization to which they would donate their time. More than 100 AACFCU employees volunteered 29 hours at 10 community organizations each weekend in March.

            Employees wanted a chance to help parts of the community in an individual way instead of what AACFCU does each month. Volunteers spent their weekends planting flower beds, clearing land for a dog park, serving dinner, sorting food at a food bank, playing bingo with nursing home residents, cleaning animal shelters and walking and interacting with pets at shelters.

            In all, AACFCU employees impacted the lives of over 3,000 people and 175 pets in approximately 40 counties in Alabama.

            “We’re proud of the time our employees have given,” said Lisa Hales, AACFCU vice president of marketing. “Giving back to our communities is part of our Credit Union philosophy and these employees have taken that to heart.”

            AACFCU employees working on a project at Enterprise State Community College.


            [ Return to Top ]

            Suncoast Schools Service Manager among new CUDE's

            The latest graduating class from the National Credit Union Foundation's (NCUF) Credit Union Development Educator's (CUDE) program has been announced. There are 40 new graduates including Jeff Kunberger, Service Center Manager at Suncoast Schools FCU, based in Tampa. 

            During the week-long program, participants were involved in group exercises, field trips, encouraged to ask questions of visiting speakers, and are required to complete team projects proposing solutions for credit unions to help alleviate or eliminate challenging situations in any given area.

            “The Poverty Simulation (or Life Simulation) on its own, is worth the price of attendance,” said Kunberger of  Suncoast Schools.  “Being able to put yourself in your member’s shoes as they live week to week and day to day, and the frustration of all the obstacles placed in front of them opens your eyes to all the potential products, services and solutions we as a credit union can offer to improve the quality of our member’s lives.”

            The next DE Training will be held at the Lowell Center in Madison, Wis. on September 6-13, 2012. Click here to learn more about registration. [ 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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