LSCU eSignal Weekly
LSCU eNews Weekly November 13, 2012
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LSCU eNews Weekly
In This Issue
President's Point
Election yields some surprises and many credit union friendly winners
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Florida politics: A closer look at two unexpected election results
This week in Alabama politics: Closer look at Alabama elections
News from the Hill: the "lame duck" session begins
Compliance Corner
League InfoSight highlight: Information Sharing
CUNA Regulatory Advocacy Report - Week of Nov. 12
Compliance calendar and training
Education News
Leadership Development Conference sees record numbers
Education Calendar
Cooperative Initiatives News
Young professionals set to tour All Children's Hospital in St. Petersburg
Sign up for the Holiday Edition of Miracle Jeans Day
LEVERAGE News
CUNA Mutual Group looking to further serve small credit unions
Achieva Credit Union continues to save through ePurchasing
News from You
Redstone FCU offers alternative financial services solution
JetStream FCU, Mercy CU merger receives overwhelming membership approval
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Election yields some surprises and many credit union friendly winners

For every election cycle, the League works hard to get you as much information as possible before you vote. America went to the polls last week and elected a president and members of the House and Senate. In Florida, members of the state House and Senate were up for election. In Alabama there were no races on the state side that the League was directly involved in. I want to go over the results and show you how this affects our issues.

As you know, President Obama was re-elected over challenger Mitt Romney. On the Congressional side, Republicans remain in control of the U.S House of Representatives with 232 seats to the Democrats’ 191. One party needs 218 seats to have the majority. In the U.S. Senate, Democrats held on to the majority by a narrow margin with 51 seats to the Republicans’ 45. In other words, there will be some new faces in both chambers but the parties in control remain the same.

In races that the League was involved in, all five congressional candidates endorsed by the LSCU PAC Trustees won in their respective districts, marking a significant victory for Alabama and Florida’s credit union communities. In Florida, the League endorsed Sen. Bill Nelson (D) and he was elected for his third term by defeating Rep. Connie Mack (R) by a 10-percent margin. Sens. Richard Shelby (R-AL), Jeff Sessions (R-AL) and Marco Rubio (R-FL) were not up for re-election. On the House side, all seven Alabama representatives were re-elected with Rep. Jo Bonner having a walk in because he had no opponent.

Now the Florida side of the House was much more interesting. Of the 27 races, Reps. Cliff Stearns (R), David Rivera (R) and Allen West (R) were defeated; however Rep. West is challenging the results so this seat is still up in the air. Twenty incumbents were re-elected. But, the Florida delegation will have six new faces including Ron DeSantis (R) who won a District 6 seat, which was newly created, and Trey Radel (R) who picked up Connie Mack’s District 19 seat. A seventh new member, Alan Grayson (D), makes his return to Congress after being defeated in 2010. With new members of Congress, the League will begin working with the office of each new representative to begin building relationships. We have been in contact with each during the election process.

In the Florida state House and Senate, the LSCU PAC Trustees backed candidates were very successful. In the Senate, all three endorsed candidates won. In the House, 10 of the 11 endorsed candidates won. Republicans lost the supermajority in the Senate, but still hold a 26-14 seat advantage. On the House side, Republicans hold a 76 to 44 seat advantage. Democrats picked up some House seats so the Republicans no longer hold a veto-proof two thirds majority. One of the major surprises of the election is the loss by Rep. Chris Dorworth (R-Lake Mary). He was defeated by Mike Clelland. Rep. Dorworth was slated to be Majority Leader of the House this term and become the House Speaker in 2014. 

Each election cycle our LSCU PAC Trustees looks for credit union friendly candidates to endorse. This election cycle our endorsed candidates in both states won all but one race. This helps when our federal issues come before the House and Senate or state issues are brought up during legislative sessions. Our Governmental Affairs team is already working to set up meetings with new members of the state and federal delegations.

A National Hike the Hill is coming up Nov. 27-28 to talk to our federal delegation about member business lending (MBL). We have an opportunity to get MBL legislation passed in the “lame duck” session. It’s incumbent that you attend and bring a small business member with you. We need to continue to build our relationships with our lawmakers and every time we go to Washington, D.C., Montgomery or Tallahassee, these lawmakers want to hear from you. Get in touch with LSCU VP, Governmental Affairs Jared Ross or Director of Legislative Affairs Jason Cochran if you can attend. This legislation can’t get passed without your help.

Click here for a more in-depth analysis of the election results.


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LSCU Top Headlines
This week's top League headlines

LSCU member CUs expected to receive dues rebate in 2013
The League of Southeastern Credit Unions & Affiliates will offer affiliated credit unions in Alabama and Florida a dues rebate in 2013. It's another way that the League is showing credit unions that when its successful it wants member credit unions to share in that success. To find out more, click here.

CUNA's Cheney sends video to CUs urging action on MBL
CUNA President/CEO Bill Cheney released a video this week urging credit unions to take action and contact their representatives in Congress regarding Member Business Lending legislation. Click here for more.

Southeastern Credit Union Foundation donates $2,500
The Southeastern Credit Union Foundation (SECUF) made a $2,500 donation to CUAid to help those credit unions affected by Hurricane Sandy. The SECUF felt it was important to make the donation after so many credit unions across the country donated to help following the 2011 tornadoes in Alabama. To date, CUAid has gathered more than $100,000 in donations.

New Jersey League president to join CUNA
CUNA announced last week that New Jersey Credit Union League President/CEO Paul Gentile has accepted a postion as EVP, Strategic Communications and Engagement. Gentile leaves New Jersey after five years heading the New Jersey League. He will be tasked with developing and implementing an overarching, company-wide communications and marketing strategy for CUNA. A national search has begun for Gentile's successor in New Jersey. You can read more by clicking here.  

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Governmental Affairs News
This week in Florida politics: A closer look at two unexpected election results

Rep. Dorworth loses in stunner

Chris Dorworth (R-Lake Mary) was unseated on Election Day by Democratic Challenger Mike Clelland of Longwood. Dorworth, who was slated to be Majority Leader for 2013-14 and Speaker of the House 2015-16, initially lost by 37 votes. After all the provisional ballots were counted, a machine and manual recount, the final tally had Dorworth down 146 votes out of the nearly 74,000 cast – 50.1 percent to 49.9 percent. Replacing Dorworth as Speaker-Designate will be Steve Crisafulli (R-Merritt Island). No replacement has been named for Majority Leader as of yet.

West refuses to concede

Republican Congressman Allen West (FL-22) is refusing to concede his election in the newly drawn Congressional District 18 to Democrat Patrick Murphy. Rep. West was defeated by less than one percent of the vote. He trails Murphy by 1,907 votes following a partial recount on Sunday, but still less than the half of  one percent required to trigger a full recount. West plans legal action to ensure all votes are counted.

REMINDER: Sign up for LSCU Action Center

The LSCU Action Center is housed on the LSCU homepage and will make responding to action alerts as simple as 1-2-3. In order to use the action center's grassroots functions, an LSCU website log-in is required. If you do not currently have a log-in for the League website, make sure you register for one by clicking here. This is an important step in securing legislative victories now and in the future! Please encourage all staff (and members if you’re willing to do so) to sign up for an LSCU website account and to help in the fight to better the credit union industry. You can also join the advocacy conversation on Facebook

PAC fundraising

Political Action Committee (PAC) fundraising efforts are in the home stretch now that its the fourth quarter of the year. While it's been a successful year, it is more important than ever to keep the momentum going forward in order to meet and surpass this year's goals. Remember that in order to count towards your 2012 goal all contributions must be made by Dec. 15, 2012. LSCU Grassroots and Political Action Coordinator Andy Gonzalez continues to make visits to help credit unions advance their fundraising efforts. As the year begins to finish out and head into the new year, please be planning for 2013’s PAC fundraising. If you have any questions about the LSCU Action Center, grassroots activities, or PAC fundraising, contact Andy Gonzalez at 866.231.0545, ext. 1010.

Should you have any questions on any of the legislative issues mentioned above, contact LSCU VP, Governmental Affairs Jared Ross, 866.231.0545 ext.1012, or LSCU Director, Governmental Affairs Jennifer Martin, 866.231.0545 ext. 1150.

Don't forget to follow developing news and legislation updates from GA on Twitter and Facebook. [ Return to Top ]

This week in Alabama politics: Closer look at Alabama elections

There were really no surprises last Tuesday evening when election results started pouring in from the counties. All seven Congressional incumbents were returned to Washington, D.C. and the races were not close. Rep. Jo Bonner, R-District 1, Rep. Martha Roby, R-District 2, Rep. Mike Rogers, R-District 3, Rep. Robert Aderholt, R-District 4, Rep. Mo Brooks, R-District 5, Rep. Spencer Bachus, R-District 6, and Rep. Terri Sewell, D-District 7 will all represent Alabama once again

One statewide race that the League wrote about often was for Chief Justice of the Alabama Supreme Court. The result ended up mirroring what all of the polls were showing, Former Chief Justice Roy Moore was elected and will return to Montgomery to lead the state’s court system. Moore defeated Democrat and Jefferson County Circuit Judge Bob Vance. Between Judge Moore’s past and the controversial entrance of Judge Vance into the race, this election certainly was intriguing to watch.

In another statewide election, Public Service Commissioner Twinkle Cavanaugh defeated PSC President Lucy Baxley for that position. With the election of Cavanaugh, the Republican Party now controls every statewide elected office and the Alabama House and Senate. The Alabama Republican Party has now turned its attention to county elections in 2014.

Finally, Alabama voters approved 10 of the 11 statewide amendments that appeared on the ballot. Amendment 4, the only one not to pass, would have removed language mandating poll taxes and separate black and white schools. The amendment was opposed by the Alabama Education Association and many black legislators because they felt it removed a child’s right to a public education. 

Follow the GA team legislative updates on Twitter and Facebook.

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

News from the Hill: the "lame duck" session begins

The House and the Senate are back in Washington convening the first week of the post-election session, known as “lame duck” session. Both chambers are expected to be in town until Friday, and then return the week of Nov. 26 following the Thanksgiving holiday. The target adjournment date is Dec. 14, but don’t be surprised if that slips into the following week or even further as Congress considers how to address the fiscal cliff and other end of year measures.

Floor Schedule

Tuesday, the House convened to consider bills under suspension of the rules.  On Wednesday, the House will consider additional bills under suspension of the rules.  Later in the week, the House will consider H.R. 6156, the Russia and Moldova Jackson-Vanik Repeal Act of 2012.

The Senate also resumes consideration of S.3525, the "Sportsmen Act of 2012."  At 5:30 p.m. the Senate will conduct a roll call vote on the motion to proceed to S.3525. The Senate may also consider the “Cybersecurity Act of 2012” (S. 3414), a bill we will be following closely.

Behind the scenes, caucus meetings and leadership elections will be held, although the House Democrats have postponed their elections to the week of Nov. 26.  

Committee Meetings

On Wednesday, the Senate Banking Committee will hold a hearing titled, "Oversight of Basel III: Impact of Proposed Capital Rules." Slated to testify are Michael Gibson, director of the Federal Reserve Board of Governors Division of Banking Supervision and Regulation; John Lyons, chief national bank examiner in the Office of the Comptroller of the Currency; and George French, deputy director of the Federal Deposit Insurance Corporation, Policy, Division of Risk Management Supervision.

On Thursday, the Senate Select Committee on Aging will hold a hearing on "America's Invisible Epidemic: Preventing Elder Financial Abuse."  Slated to testify are Kay Brown, director of education, workforce and income security at the Government Accountability Office; Hubert "Skip" Humphrey III, assistant director of the Consumer Financial Protection Bureau's Office of Older Americans and member of the Elder Justice Coordinating Council, Washington, D.C.; Paul Smocer, president, BITS, Financial Services Roundtable, Washington, D.C.; Paul Greenwood, deputy district attorney, Head of Elder Abuse Unit, Family Protection Division, San Diego, Calif.

Also, remember that the League's Action Alert on Member Business Lending is still active. Credit unions are encouraged to join the League for the upcoming National Hike the Hill on Nov. 27-28, the week following Thanksgiving. Both the alert and the Hike are crucial grassroots activities that need your participation in order to be successful. Several of our Alabama and Florida credit unions have already expressed interest in going to Washington and bringing the MBL message of job creation to the Hill.

If you cannot make it to the Hike the Hill, another opportunity for grassroots involvement is to get your small business members to write letters to their senators in both states about the importance of access to capital and how raising the MBL cap for credit unions would help. This is a crucial activity that can help to tell the small business story while credit unions are in Washington in a few weeks. 

For questions regarding the News from the Hill Update, contact LSCU VP, Governmental Affairs Jared Ross at 866.231.0545 ext. 1012 or LSCU Director, Governmental Affairs Jason Cochran at ext. 2159. [ Return to Top ]

Compliance Corner
League InfoSight highlight: Information Sharing
Section 314(a) of the USA Patriot Act authorized law enforcement authorities to communicate with financial institutions about suspected money launderers and terrorists (§103.100). A request for information under section 314(a) (referred to as a “314(a) request”) will be made by the Financial Crimes Enforcement Network (FinCEN).

Credit unions are not required by a 314(a) request to close any account or take any other action with respect to an account or a transaction by virtue of a match with any named subject. Credit unions do not need to maintain the list of named subjects for the purpose of evaluating whether to open an account or to conduct a transaction, unless specific instructions accompanying a 314(a) request state otherwise.

A FinCEN 314(a) request is highly confidential, and a credit union may not disclose to any other person the fact that FinCEN has requested or obtained information, except to the extent necessary to comply with FinCEN’s request.

To find out more about information sharing, visit League InfoSight.

The current issues of the InfoSight eNewsletter for Alabama and Florida are now available on the InfoSight homepage in the left-hand column. Members must login to the League website with username and password in order to access InfoSight. After you are logged in to www.lscu.coop, click on the InfoSight tab. If you do not have access to the League website, click here to sign up.

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CUNA Regulatory Advocacy Report - Week of Nov. 12

This week's edition of the CUNA Regulatory Advocacy Report covers many issues related to the Consumer Financial Protection Bureau (CFPB) including CUNA asking the bureau to drop the expansion of the definition of "finance charge" and the first meeting of the CFPB's Credit Union Advisory Council. 

To read the most recent CUNA Regulatory Advocacy Report, click here. [ Return to Top ]

Compliance calendar and training

November 2012

  • Nov. 22: Thanksgiving Day - Federal Holiday

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

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

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Education News
Leadership Development Conference sees record numbers

Rep. Jo Bonner (R-AL) with LSCU President/CEO Patrick La Pine at the Governmental Affairs Luncheon.

On Nov. 6-9 in Point Clear, AL, more than 300 credit union CEOs, directors and executives attended the LSCU Leadership Development Conference. This was a record turnout for the conference. Attendees saw a rebranded conference that placed a greater emphasis on "leadership." The general sessions featured demographer Ken Gronbach challenging credit unions to look at their membership and to take hold of their opportunities. Jack Wolf took credit unions through simple steps to push them toward leadership based performance. CUNA Chief Economist Bill Hampel and NCUA Region III Director Herb Yolles also spoke.

Rep. Jo Bonner (R-AL) was the guest speaker at the Governmental Affairs luncheon. He challenged credit unions to work with Congress on issues. More than 11 educational breakout sessions were offered and many looked at making a better board, marketing to a younger demographic and lending. Directors were offered three workshops and roundtable discussions were held for credit unions of all asset sizes. 

The Leadership Development Conference exhibit hall was open for more than four hours giving credit unions ample opportunity to visit with vendors and find solutions. The week began with the Children's Miracle Network golf outing. You can read more by visiting the LSCU Top Stories.  You can see more pictures on the LSCU Facebook page. 

Check the LSCU Education Calendar for more webinars between now and the end of the year.  [ Return to Top ]

Education Calendar

Upcoming Events:

Wednesday, Nov. 14
10 Steps to Increased Loan Growth
3 to 4:30 p.m. EST - Webinar

Thursday, Nov. 15
Vendor Due Diligence & Effective Vendor Management Programs
3 to 4:30 p.m. EST - Webinar

Tuesday, Nov. 27
Debit Card Error Resolution & Regulation E Investigations
3 to 4:30 p.m. EST - Webinar

To view the complete LSCU Events Calendar, click here. To view LSCU's 2013 Education Calendar at-a-glance, click here.

  [ Return to Top ]

Cooperative Initiatives News
Young professionals set to tour All Children's Hospital in St. Petersburg

Members of the “Young Crashers” movement along with other young professionals in the credit union industry, have arranged to have a tour of All Children’s Hospital in St. Petersburg on Dec. 18 from 4 to 6 p.m.

Those attending will be able to see first-hand what the efforts of CU4Kids has on the communities credit unions serve. Along with the tour, the group will be given a meeting space to get together on ways that young professionals, as well as the League can make a difference.

There will also be a great opportunity to make a difference on this trip by providing gifts/toys to the All Children’s Hospital Wonderland Toy donation. There is a list of needed items. Please complete the “doodle” so that planning can begin on the details, and a donation list can be developed. For those individuals interested, take the time to talk with your supervisors so that you can attend. It will be a great event!

Contact LSCU Director, Member Relations Adena Whitman for more information. [ Return to Top ]

Sign up for the Holiday Edition of Miracle Jeans Day

Miracle Jeans Day was such a huge success for Children’s Miracle Network (CMN) Hospitals that a holiday edition has been put together. On Wednesday Dec. 5, credit unions can raise money by having staff trade in their business attire for jeans.

This holiday season, thousands of kids across North America will be spending their holidays in a children’s hospital fighting things like cancer, leukemia or one of many other illnesses or injuries. You can help make their holidays a little brighter and give them hope for a better future. 

It’s easy to sign up. Visit the Miracle Jeans Day webpage and register to participate in Miracle Jeans Day and receive downloadable stickers or icons. You can also order Miracle Jeans Day stickers or T-shirts to enhance your holiday event. 

Every dollar you raise or donate goes to help kids in your community.  Your support promises to create miracles for local kids and their families this holiday season. Contact LSCU VP, Cooperative Initiatives Laura Vann at 866.231.0545 ext. 2181 if you have questions or problems signing up.  [ Return to Top ]

LEVERAGE News
CUNA Mutual Group looking to further serve small credit unions

Many times, there are small credit unions that voice concerns about CUNA Mutual Group not looking out for them. Or, perhaps those credit unions are looking for resources or council specific to their unique needs. CUNA Mutual Group established a small, and mid-size credit union council in 2007 to address these very issues and concerns and have been working together ever since.

This group meets yearly and their most recent meeting was just this month. This article provides an overview of the meeting along with a link to the Select Council website. There, CEOs and staff can obtain contact information and more details regarding the council and the meeting. This is an excellent opportunity to reach out to a group of industry leaders and peers that are able and willing to help small credit unions. [ Return to Top ]

Achieva Credit Union continues to save through ePurchasing

Recently, Achieva Credit Union, based in Clearwater, FL, moved its corporate headquarters to a new facility. With a new building came many capital expenditures, including cabling services and equipment and the purchase and installation of new network servers. Achieva decided to utilize the ePurchasing services powered by LEVERAGE for these large purchases.

Achieva had specific requirements:
  • Needed to evaluate bids before Nov. 1
  • Purchase very specific equipment models, manufacturers, and configurations
  • Submission of bids by trusted vendor partners

LEVERAGE conducted three ePurchasing events to meet all of Achieva's needs. By utilizing the ePurchasing solution, Achieva realized more than $100,000 in immediate savings from its original quotes and continue to do business with vendors partners of their choice.

In today's business climate, companies are competing harder than ever to acquire business. By allowing these companies to participate in an ePurchasing event, credit unions can bring real savings back to the bottom line. What could your credit union do with $100,000 dollars?

The next time your credit union is looking to make a large purchase, contact a LEVERAGE Business Development Consultant to discuss how ePurchasing can bring real money back to your bottom line.


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News from You
Redstone FCU offers alternative financial services solution

With the addition of Redstone Federal Credit Union's new subsidiary Right Choice Money Services, credit unions now have a great alternative to traditional check cashing institutions.

“For the nearly 4 out of 10 Alabamians who do not use traditional banking organizations, Right Choice Money Services offers a welcome and competitive alternative,” said Joseph H. Newberry, president/CEO Redstone Federal Credit Union.  “Right Choice is not only good for the consumer; it’s good for the community. And Right Choice is the right thing to do.”

Redstone FCU identified a need in the market to serve those without traditional bank or credit union services.  Right Choice offers basic financial products, including check cashing, money orders, Western Union money transfers, bill pay, and reloadable prepaid cards in a safe, friendly and convenient environment. 

Right Choice Money Services is different from its competitors because it offers its customers a pathway to traditional savings and credit products through its partnership with Redstone.

To learn more about Right Choice Money Services, click here. [ Return to Top ]

JetStream FCU, Mercy CU merger receives overwhelming membership approval

Pictured: Jeanne Kucey (left) and Joe Lanteign

The JetStream FCU, based in Miami Lakes, (JFCU) and Mercy CU, based in Miami, (MCU) merger creates a credit union with more than $150 million in assets, eight branch locations, and more than 19,000 members throughout Miami Dade County and Puerto Rico.

The merger, which received regulatory approval in October, will become official on Dec. 31, 2012. JFCU will provide former MCU members with additional products and services including Saturday hours, more branch locations, a call center, free mobile banking, credit cards, and real estate and business loans.

JFCU President/CEO Jeanne Kucey will remain president/CEO of the newly combined organization, which will retain the JFCU name. MCU President Joe Lanteigne will retire after 20 years at the Mercy helm. The MCU branch will remain open with the same operating hours, and all employees of JFCU and MCU will continue to be employed following the merger.

"Culture is a critical component to the success of any partnership. We both share a commitment to building better lives for our members, employees and residents in the communities we serve. A combined credit union will also allow us to strengthen our commitment and provide more opportunities for the members and employees of both credit unions," said Kucey.

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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. Click the link at the top of the page to view jobs at the LSCU. [ Return to Top ]

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