LSCU eSignal Weekly
LSCU eNews Weekly June 11, 2012
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LSCU eNews Weekly
In This Issue
President's Point
League offering free rate mapping tool for credit unions
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Gov. Bentley campaigns for vote, grassroots update
This week in Florida politics: AC&E GA luncheon, silent auction update, grassroots involvement
Compliance Corner
CUNA Regulatory Advocacy Report - Week of June 11, 2012
League InfoSight highlight: Permissible and Impermissible Investments
Compliance calendar and training
Cooperative Initiatives News
NCUA grant application deadline June 29
LSCU AC&E News
AC&E offsite events you won't want to miss! Registration available onsite
Last chance to register for LSCU Council Meetings at the AC&E
Education News
Supervisory Committee Conference Aug. 5-8
Education Calendar
LEVERAGE News
LEVERAGE partner shows why robust technology is key in effective overdraft programs
News from You
Insight CU executives 'fore' education
Wiregrass FCU opens new branch in Marianna, FL
EMPLOYMENT
View available credit union jobs
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President's Point

League offering free rate mapping tool for credit unions

Over the past couple of weeks, the LSCU has been rolling out a great new tool to help credit unions stay competitive with interest rates. Rate Map, a “value of affiliation” product added to the League InfoSight suite of products, allows credit unions to stay competitive with their rate-based products by knowing what the competition’s rates are in any given geographical area. League InfoSight was formed in 2003 and is owned by 11 state leagues, including the LSCU. The compliance product is currently being used by 39 state leagues and is dedicated to delivering indispensable compliance solutions to member credit unions. Its features are only available to League and CUNA affiliated credit unions.

Using Rate Map is very simple and unique. It’s a mapping tool that provides visibility to key interest rates for a selection of the most commonly offered deposit and loan rates. You have the ability to search the immediate area around each of your branches. This is very helpful if you have branches in other cities or even other states. You can also rest assured that the rates are accurate because Rate Map draws from a database of more than 90,000 branches of financial institutions for deposit data and 40,000 branches for loan data. This includes credit unions and banks.

To give you an example of what Rate Map is similar to is Map Quest. When you search locations on the map, it comes up with a similar layout to Map Quest. You can drag the map to hone in on the exact location. When you do this, it brings up the financial institutions in that area, generally a 10-mile radius. You are able to filter data and view additional institution details. Customer/Member reviews are available from sites such as Yelp. There is also an icon on the bottom of the page to pull up Internet Bank rates. Plus, you have the ability to print deposit rate reports.

Right now we have a Rate Map information box on the front page of our website. Go to the LSCU website and find the Rate Map box below the Top Stories. This will take you to the Rate Map home on our website, League InfoSight, where you can login to Rate Map, see frequently asked questions or download the user manual. It’s all very simple and will become one of your most used tools.

The best part of Rate Map is that it’s free to all LSCU affiliated credit unions. We see this as just another example of the a value of membership with the League and CUNA. League InfoSight is one of our most visited web pages and Rate Map fits nicely with this free compliance tool. I hope you enjoy Rate Map and let us know what you think about it.  If you have any questions, contact LSCU VP, Compliance Training & Information Bill Berg or Director, Compliance Training & Information Scott Morris.  

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

LSCU Top Headlines
This week's top League headlines

Alabama and Florida credit unions have record growth
The League released cumulative first quarter data for Alabama and Florida credit unions last week. The release, which showed Alabama and Florida credit unions added $2.8 billion in assets and 68,000 new members in the quarter, was picked up by a number of media outlets including the Birmingham News, the South Florida Sun-Sentinel, Florida Trend and the Birmingham Business Journal. You can read these stories by visiting the LSCU Press Room. View the news release in the LSCU Press Release room

Southeast Corporate extends deadline
Southeast Corporate has extended its deadline for credit unions to contribute to Perpetual Contributed Capital (PCC). The extended deadline will allow credit unions to finish the paperwork on their contributions and have final meetings with their boards. Read more by clicking here. 

CUs outdo banks in small-biz loans according to Biz2Credit Small Business Lending Index
Credit unions in the U.S. have outdone banks in the past year when it comes to small-business loans, according to the Biz2Credit Small Business Lending Index, an analysis of 1,000 loan applications on Biz2Credit.com., the company said. Click here to read the full story.

LSCU/LEVERAGE wins Pro and Blockbuster Awards
Last week, CUNA handed out its Pro and Blockbuster Awards, and the League received two awards. The League won an award for its 2010 Annual Report in the Best Annual Report or Yearbook (print) category, and LEVERAGE won an award for its folder and product sheets in the Print Materials category. To read the complete list of winning credit unions, click here.

LSCU announces recipients of Maxwell, Herring, and Desjardin Awards
The League has announced the winners of this year's Maxwell, Herring, and Desjardin Awards. All were great projects and show your countless efforts in carrying out the "people helping people" philosophy. To find out who the award winners were, click here.

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Governmental Affairs News
This week in Alabama politics: Gov. Bentley campaigns for vote, grassroots update

Alabama Legislative Update

Gov. Bentley Campaigns for September Vote
On the last day of the 2012 Regular Session, the Alabama House of Representatives and Senate passed a General Fund Budget that relies on money transferred from the state’s Oil and Gas Trust Fund. The catch, however, is that the transfer of those monies requires your approval.  On Sept. 18 the polls will be opened for Alabamians to vote on a constitutional amendment that transfers $145.8 million from the Trust Fund to the General Fund, or see all state agencies cut an additional 10 percent

Gov. Bentley has been speaking in favor of the amendment during recent stops throughout the state, saying the implications would be severe if it is voted down in September.  He has also stated that if the amendment fails, he will not raise taxes, and cuts will take place. With the vote scheduled on a date where there is no other items on the ballot, turnout will be low. Groups on both sides are already lining up support to either pass or defeat the proposed amendment, so the outcome may be based solely on who gets the vote out on Sept. 18.

Grassroots Update
LSCU Grassroots and PAC Coordinators Andy Gonzalez and Blake Westbrook attended the annual American Association of Credit Union Leagues GAPS Conference in Washington, D.C. last week. There, they attended several sessions including an election outlook from the Democratic and Republican Congressional Committees, an economic outlook for credit unions, and a session on grassroots advocacy hosted by the National Rural Electric Cooperative Association.

On the final day in Washington, they were able to spend a large amount of time on Capitol Hill visiting the offices of both the Alabama and Florida delegations. Member Business Lending, Exam Fairness, ATM Disclosure, and Supplemental Capital were all part of the legislative discussions on the Hill. As the League has mentioned on several occasions, frequent contact with members of Congress are a key part of grassroots advocacy.

For more information on Alabama Grassroots and Political Action contact LSCU Grassroots & PAC Coordinator Blake Westbrook at 866.231.0545 ext. 2164.

Follow the GA team legislative updates on Twitter by clicking here.

For questions regarding legislative affairs issues in Alabama, contact Jason Cochran at 866.231.0545, ext. 2159.
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This week in Florida politics: AC&E GA luncheon, silent auction update, grassroots involvement

Florida Politics Week in Review

Governmental Affairs Luncheon to Feature Rep. Bill Posey
As a final reminder, the LSCU Annual Convention and Exposition (AC&E) is this week, and the League is expecting another great event in Orlando. The Governmental Affairs (GA) Luncheon has become an important part of our conference, enabling us to recognize and thank lawmakers who have championed credit unions and our issues. This year’s luncheon at the AC&E will feature Rep. Bill Posey (R-FL). Rep. Posey is the only Florida member who sits on the powerful House Financial Services Committee.  Rep. Posey has been a strong advocate for credit unions ever since his time in the Florida State Legislature. This friendship has continued through his tenure in the U.S. Congress, as he is currently a co-sponsor of several key pieces of legislation that would benefit credit unions.

Rep. Posey, a co-sponsor on Member Business Lending (H.R. 1418), Exam Fairness (H.R. 3461), Supplemental Capital (H.R. 3993), and ATM Disclosure (H.R. 4367) legislation, has gone above and beyond to help credit unions, not just in Florida, but nationwide. The League is excited to have Rep. Posey as an honored guest at this year’s Governmental Affairs Luncheon

The luncheon will take place on Thursday, June 14 in Mediterranean Rooms 6-7 on the Main Level of the JW Marriott Orlando Grand Lakes from noon to 1:30 p.m. Tickets to the luncheon are $100, and will benefit Rep. Posey’s re-election campaign. As this is a fundraiser for a federal candidate, only personal checks or credit card contributions can be accepted.

To register for the GA Luncheon you will need to make a contribution to the Bill Posey campaign. In order to do so online, click here. This is a unique link for the LSCU Governmental Affairs Luncheon and by contributing here you will automatically be registered for the luncheon. You can also contribute by filling out the Governmental Affairs Luncheon contribution form, and sending a check to the campaign address listed on the form. There will also be the option of purchasing tickets at the door the day of the luncheon.

If you have already made a contribution, plan to attend and make a contribution on the day of the event, or have any questions contact LSCU Director, Legislative Affairs Jared Ross, at 866.231.0545 ext. 1012.

The League is very excited to have Rep. Posey as a part of our AC&E this year, and it looks forward to packing the room in his honor.

Silent Auction Update
The League will still accept donations for the Silent Auction that will be held during the AC&E, however, if you have an item for the auction and have not yet sent it in, please bring the item with you to Orlando. Like last year, the winning bids will have the option to go to LSCU Political Action Committees with every dollar being matched by LEVERAGE for Children’s Miracle Network. This is a great way to become involved in political advocacy while raising money for charity.

To read the complete Florida Politics Week in Review including important information on qualifying ending for Florida politics, LSCU Action Center, Project Zip Code, LSCU PLAN to Win, and PAC fundraising, 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
CUNA Regulatory Advocacy Report - Week of June 11, 2012

This week's edition of the CUNA Regulatory Advocacy Report covers issues such as: CUNA to meet with top CFPB regulatory staff, NCUA holds another listening session, PEW Charitable Trusts releases report on checking accounts, and more.

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

League InfoSight highlight: Permissible and Impermissible Investments

Parts 703.13, 703.14, 703.15, 703.16, 703.17 and 703.18 of the NCUA Rules and Regulations contain specific permissible and impermissible investments and investment activities for Federal Credit Unions. However, Part 741.3 of the NCUA Rules and Regulations (Insurance Criteria) requires special investment reserves for state chartered, federally insured credit unions with non-conforming investments

Non-conforming investments are those allowed by respective state laws but are not permitted under federal law or regulation.  

To find out more about permissible and impermissible investments, visit League InfoSight.

The current issues of the InfoSight eNewsletter for Alabama and Florida are now available. 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, click on the InfoSight tab.
[ Return to Top ]

Compliance calendar and training

June 2012

  • June 30 (TBD): Electronic Filing of Bank Secrecy Act (BSA) Reports Required
  • June 30: Reports of Foreign Bank and Financial Accounts (FBARs) Due
  • June 30: Troubled Debt Restructuring (TDR) - Loan Contract Modification Effective Date

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
NCUA grant application deadline June 29

The NCUA is making $1.3 million available in grants and $11 million in low-cost loans at a record low rate of 0.4 percent.

NCUA's Office of Small Credit Union Initiatives administers both the CDRLF and the grant application process. Grants go up to $25,000 with an application deadline of June 29, 2012.

CDRLF Grants Streamlined, Prioritized
In 2012, credit unions will experience a streamlined CDRLF application program. Specific changes include:

  • An automated, online funding application
  • A single application for all funding initiatives
  • The ability to bundle reimbursement requests for multiple initiatives

As part of the 2012 CDRLF funding round, NCUA has prioritized grants for:

  • Financial literacy and education in school branches
  • New product and service development
  • Staff, official, and board member training
  • Student and job creation internships
  • Volunteer Income Tax Assistance

To read complete details on obtaining grants and low-rate loans from the Community Development Revolving Loan Fund, click here.
[ Return to Top ]

LSCU AC&E News
AC&E offsite events you won't want to miss! Registration available onsite

The offsite events at the AC&E provide attendees and guests opportunities to experience some of Orlando's historic gems. Transportation is provided to and from these destinations. Onsite registration is available.

The Charles Hosmer Morse Museum of American Art in Winter Park

Guests will enjoy The Charles Hosmer Morse Museum of American Art which recently came in at number eight on the “Best Things to Do in Orlando” listing compiled by U.S. News & World Report. “If you love 19th and 20th century American art — and the work of stained-glass guru Louis Comfort Tiffany in particular — you’re in for a rare treat at this Winter Park venue,” the magazine’s editors wrote. Following this, guests will enjoy lunch at Hannibal’s on Park Ave.

Orange County Regional History Center

Set in the historic 1927 Orange County Courthouse, the new downtown Orange County Regional History Center will inspire your guests to take a dynamic, interactive journey through Central Florida’s rich heritage.  This state-of-the-art venue, located in the “Heart of the Community,” brings history to life through audio and video presentations, hands-on exhibits, motion sensitive figures and costumed docents who tell the story that spans from 12,000 years ago through tomorrow.
[ Return to Top ]

Last chance to register for LSCU Council Meetings at the AC&E

The LSCU Councils, in collaboration with Alabama and Florida CUES, will be providing stimulating sessions in the CFO, HR/training & development, lending, marketing & business development, operations, sales, & service, and technology disciplines led by dynamic speakers at the 2012 LSCU Annual Convention & Exposition.

The registration fee, $195/person, ALSO includes the Compliance Forum that begins at 9:30 a.m. should you wish to attend the forum in addition to the sessions listed below!  Registration is open until the day of the council meeting. If you are interested in registering before Wednesday, contact Lisa Hammock at the information listed below.

Individual Council Sessions:

CFO: Credit Unions Are Increasing the Use of Alternative Delivery Channels to Meet Member Demands: What You Need to Also Look at for Required Investments to Maintain Profitability

HR/Training & Development: The Bleeding Edge & the Leading Edge: Using Innovation to Move Your Credit Union Ahead of the Curve

Lending: Finding & Maximizing Loan Opportunities

Marketing & Business Development: Organic Marketing:  Good Purpose, Good Will and Good Ideas

Operations, Sales & Service: Member Loyalty: Guaranteed – How to Out-Smart, Out- Market, Out-Serve, Out-Sell, & Flat Out-Do What Your Competitors Can’t

Technology: Creating Exceptional Member & Employee Experiences through Seamless Data Integration

Questions? Contact LEVERAGE Director, Product Management/Executive Recruiter Lisa Hammock at 866.231.0545, ext. 1146. [ Return to Top ]

Education News
Supervisory Committee Conference Aug. 5-8

This year’s LSCU Supervisory Committee Conference is scheduled for August 5 - 8, at the Hilton Sandestin Beach Golf Resort & Spa.

The conference agenda will include the latest information and updates regarding credit union auditing, compliance, and fraud. With a wide variety of speakers and topics, you’ll better your knowledge to help keep your credit union secure and strong.

Check the LSCU Supervisory Committee Conference webpage for updates on topics and speakers.The agenda, location, and pricing are all available there as well . Registration for the conference and hotel accommodations are available now. Questions? Contact LSCU Event Coordinator Brandy Norvell at 866.231.0545 ext. 2172.

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Education Calendar

Upcoming Events:

Wednesday, June 13-15
2012 Annual Convention & Exposition
JW Marriott Grande Lakes Resort

Wednesday, June 13
Lending Series: Denied Loan Requirements: Consumer, Commercial & Residential
3 to 4:30 p.m. EST - Webinar

Wednesday, June 20
A Penny Saved is More Than a Penny Earned: Leveraging Technology to Improve Efficiency, Profitability & Member Service
3 to 4:30 p.m. - Webinar

To view the complete LSCU Events Calendar, click here.

  [ Return to Top ]

LEVERAGE News
LEVERAGE partner shows why robust technology is key in effective overdraft programs

As regulators continue to scrutinize rules affecting overdraft programs, having robust software that provides more efficient program management can give you a much greater return in increased revenue, regulatory compliance and human resource utilization.

John M. Floyd & Associates (JMFA) Privilege Manager CRM software was developed based on more than 30 years of experience helping financial institutions develop high performing overdraft programs. It is designed to:

  • automate account monitoring, allowing staff to focus more time on member services
  • manage risk for all negative balance accounts, not just those in your overdraft program
  • reduce risk associated with charge offs
  • monitor accounts and alert you to excessive overdraft activity
  • streamline the collection process
  • house all policies and procedures electronically, which is helpful during compliance exams
  • support account holder communication and automatically generate overdraft notifications

These benefits, along with a compliance guarantee and a proven track record of providing a substantial boost to your non-interest income, can make a tremendous difference in your performance and your members’ financial well-being. [ Return to Top ]

News from You
Insight CU executives 'fore' education

Photo: (from left to right)  Kristy Moist, Chief Communications Officer; Mindy Butler, Branch Manager; Jennifer Mendez, Regional Manager; Jennifer Rivera, Business Development Executive.

The Education Foundation directly supports the public school district of Lake County, its programs, students and teachers. The golf tournament is geared toward novice female golfers and offers a prize for highest score (rather than lowest score), best costume, and best golf cart decoration.

Insight Credit Union’s foursome, themed in 80s attire, represented the credit union as it sponsored the event. The tournament was a huge success and netted more than $10,000 for the teachers and students in Lake County. The funds will be used to sustain programs such as Grants for Great Ideas, Back to School Fair, and Apple-Mart, where teachers shop for free. [ Return to Top ]

Wiregrass FCU opens new branch in Marianna, FL

 

Wiregrass Federal Credit Union celebrated the ribbon cutting and grand opening of its new Marianna branch located at 4695 Hwy 90 (at the intersection of Hwy 90 and Hwy 71 N.). It was previously located in the post office building in downtown Marianna, and has been serving the Marianna community for 23 years. The new facility offers four drive-thru lanes, a drive-up ATM, as well as a drive-up night drop depository. The main branch is located in Dothan Alabama where they have been serving members for 53 years.

The Jackson County Chamber of Commerce Board of Directors and the 2012-2013 Springtime Princesses also participated in the opening celebration.

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EMPLOYMENT
View available credit union jobs

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

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