LSCU eSignal Weekly
LSCU eNews Weekly December 3, 2012
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LSCU eNews Weekly
In This Issue
President's Point
A successful National Hike the Hill
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Bonner not seeking chair spot, McCutheon named Rules chairman
This week in Florida politics: First committee week of 2013, Gov. Scott new job announcements
News from the Hill: MBL, 113th Congress updates
Compliance Corner
League InfoSight highlight: Risk Assessment
CFPB proposes changes to remittance rule and an extension of effective date
CUNA Regulatory Advocacy Report - Week of Dec. 3
Compliance calendar and training
Education News
LSCU Webinars: Series and Cheaper by the Dozen savings
Education Calendar
Cooperative Initiatives News
League quarterly update coming Dec. 18
LEVERAGE News
Mobile banking discount available through December
Hurry, get tax discounts for your members
News from You
ACIPCO FCU pays 20th consecutive rebate
Corporate America signs investment relationship
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

A successful National Hike the Hill

This past Tuesday the League’s lobbying team and I were in Washington, D.C. for the National Hike the Hill when we noticed familiar faces on the plane. The Florida Bankers Association’s President/CEO and his governmental affairs team were also on the flight heading to D.C. to oppose MBL and to promote TAG and credit union taxation. Ironically, I made my way back to my seat in coach while Mr. Sanchez  flew first class. According to his staff, they were planning to stay at the Willard Hotel, one of the most exclusive hotel’s in Washington, D.C. I guess things are not so bad for Florida banks after all!

The Hill meetings went very well. We made 14 visits in just about eight hours. It was a lot of moving through the Congressional office buildings, but it was well worth it. Rep. Vern Buchanan (R-FL) hadn’t really indicated his stance to us in previous visits. While he still didn’t say he was a yes vote, his staff indicated he was leaning to support increasing the business lending cap because of its job creating capabilities. The meeting with outgoing House Financial Services Committee Chairman Spencer Bachus (R-AL) went well, and we feel he supports the legislation if it can pass the Senate. CUNA held a reception on Tuesday night and Rep. Bachus attended which is a good sign.

The big question is: Can we get the 60 votes necessary to bring S. 2231/S. 509 to the floor for a vote before the holidays? Senate Majority Leader Harry Reid (D-NV) continues to say he will bring member business lending up for a vote. Last week he brought forward legislation for the banks expiring TAG program, and there is still the possibility that MBL and TAG could end up in a package piece of legislation. The banks don’t have their 60 votes necessary to pass TAG as a standalone bill, and Sen. Reid could package them together to ensure both get passed. The bank lobby has been adamant against pairing this legislation with anything that could benefit credit unions, however, this could actually be the only way TAG passes for them.

Also during our meetings, Rep. Dennis Ross (R-FL) apologized again for inadvertently not putting credit unions in the correct portion of his Simpson-Bowles Tax bill. He said he would never vote to tax credit unions and wished he had sent us the draft legislation before it was filed. On the trip we also found out that Rep. Ross has been named to the House Financial Services Committee next year. Rep. Bachus will give up his chairman seat to Rep. Jeb Hensarling (R-TX) next year. Rep. Bill Posey (R-FL) was on the committee last year and our hope, and his, is that he will continue to serve next year.

The LSCU appreciates all of the credit unions and their small business members that made the trip. Our federal delegation engaged the small businesses throughout the meetings. It was very beneficial to have them there. I would like to see more Florida credit unions make the trip with us. We only had four Florida credit unions represented. With 27 representatives and two senators, we have a lot of ground to cover and having good Florida credit union representation on these trips makes a huge difference. We had a good group of folks from our Alabama credit unions, including five small business owners from Listerhill FCU who came to tell their stories. Each offered a unique perspective into why this legislation is important to them and their personal touch certainly had an impact on lawmakers, especially our meetings with Sens. Richard Shelby (R-AL) and Jeff Sessions (R-AL) offices.

The next lobbying opportunity for Alabama and Florida credit unions is the CUNA GAC Feb. 24-28, 2013 in Washington, D.C. I hope you will consider attending. We do have need-based scholarships available, so apply today. Watch your email and eSignal on updates on the status of MBL legislation. The bankers are feeling the pressure of our momentum. Let’s keep pushing the Action Alert out to our staff and volunteers. 

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LSCU Top Headlines
This week's top League headlines

Small business owner lobbies for MBLs
In a Huffington Post article, small business owner Erica Schoder and small business advocate John Arensmeyer lay out the case for raising the member business lending cap (MBL). The article asks Congress to "change the outdated regulations that limit credit unions." The authors write that there is "no reason for Congress to delay action." Read the full post on the Huffington Post. 

CU membership growth accelerates in third quarter
According to the NCUA, total loans expanded for the sixth straight quarter, net-worth ratio saw gains and more than 700,000 members joined credit unions during the quarter. To read more, click here.

NCUA posts more budget information on website
As part of its 2013 budget, the NCUA said it would make a portion of its website open to allow greater transparency for its budget. Credit unions now have access to the page. They can view six different documents that go more in-depth into the NCUA's budget. Last month the agency announced a budget increase. 

Florida metros record some of the biggest unemployment drops nationwide
Tampa Bay and a dozen other Florida metros have posted among the largest drops in unemployment nationwide over the past year. To read the complete story from Tampa Bay Times, click here.

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Governmental Affairs News
This week in Alabama politics: Bonner not seeking chair spot, McCutheon named Rules chairman

Bonner Won’t Seek Chair of House Ethics Committee
Last week, Rep. Joe Bonner (R-AL) said that he's not looking to return as the chairman of the House Ethics Committee in 2013. Most chairmen of committees do not serve more than six years and Rep. Bonner is at that limit. A waiver from the Speaker of the House can be requested, but Rep. Bonner is not planning on doing so. With Rep. Spencer Bachus (R-AL) being replaced as chairman of the House Financial Services Committee and Rep. Mike Rogers (R-AL) losing his bid to become chairman of the House Homeland Security Committee, Alabama will not have a member of Congress serving as the chair of any committee beginning in 2013.

McCutcheon Named House Rules Chairman
State Rep. Mac McCutcheon (R-Monrovia) was named by House Speaker Mike Hubbard (R-Auburn) as the House Rules Committee Chairman. The Rules Committee chair is a very powerful and influential position in Montgomery, the committee sets the daily agenda for the House of Representatives. McCutcheon is replacing former Rep. Blaine Galliher who was appointed by Gov. Robert Bentley to serve as his legislative director. McCutcheon’s district includes parts of Huntsville, the city of Madison, Monrovia, and East Limestone.

Mobile Chapter Hosts Successful Legislative Night
On Nov. 13, the Mobile Chapter of Credit Unions hosted a very successful legislative night. Attended by more than 30 area credit union presidents/CEOs, staff, and board members, legislators were able to meet and listen to the concerns of credit unions. Legislators that attended were Sen. Rusty Glover (R-Semmes), Rep. John McMillan (R-Bay Minette), Rep. Harry Shiver (R-Bay Minette), Rep. Alan Baker (R-Brewton), Rep. Randy Davis (R-Daphne), and Rep. Joe Faust (R-Fairhope). Thank you to the Mobile Chapter for hosting the Legislative Night and to the credit union leaders and legislators that attended.



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 ]

This week in Florida politics: First committee week of 2013, Gov. Scott new job announcements

The First Committee Week of the 2013 Session
Lawmakers come to town this week for their first round of committee meetings leading up to the 2013 Legislative Session, which commences March 5. The Senate's committee calendar can be found here, and the House of Representatives' schedule for this week can be found here. The Senate Banking and Insurance Committee, chaired by Sen. David Simmons (R-Altamonte Springs) will meet for the first time on Wednesday, Dec. 5, from 2 to 4 p.m. The House Banking and Insurance Committee, chaired by Rep. Bryan Nelson (R-Apopka) will hold their first meeting Tuesday, Dec. 4, from 3 to 6 p.m.

Gov. Scott Unveils New Job Announcements
Gov. Rick Scott had a very busy November. During the past month he rallied with Mitt Romney, dealt with the national fallout from seven-hour voting lines in Miami-Dade County and late election results, pivoted his stance on the federal health care law after President Obama defeated Romney, and challenged state colleges to hold four-year degrees under $10,000. He also found time to crisscross the state unveiling jobs announcements where companies either moved to Florida or expanded existing operations, promising new jobs and investment in exchange for taxpayer incentives. To read more, click here.

Florida Legislature Turns Focus to the Budget
It’s the one bill that lawmakers have to pass every year. With the state emerging slowly from a multi-year economic slump, lawmakers should have a little more funding this year, although new fiscal challenges may await them. One of the biggest unknowns is a pending Florida Supreme Court decision on the legislature’s 2011 decision to require public employees to contribute three percent of their salaries to the state pension fund. An adverse ruling could cause a budget shortfall of $860 million or more. Senate President Don Gaetz (R-Niceville) asked his chamber to conduct an “intensive budget review,” particularly targeting projects and initiatives that have been inserted into the budget over the years as well as reviewing major state contracts. Democrats said they will continue to press to restore education cuts that have occurred in the last few years because of the recession.

CUPAC and Fed PAC Contribution Deadline Quickly Approaching
The year is quickly coming to an end, and Political Action Committee (PAC) fundraising remains a priority for the League. The League is getting closer to its CUPAC goal of $280,000 for the year; however, it is still short of its FEDPAC goal of $125,000. A corporate check can be accepted for CUPAC, whereas all donations to the Fed PAC must be individually contributed.

As a reminder all CUPAC and Fed PAC contributions must be submitted by Dec. 15 in order to get credit towards your 2012 goals. It is recommended not to wait until the last minute to send your CUPAC and FEDPAC contributions in. If you would like to make a personal donation to Fed PAC simply click on this link.

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 ]

News from the Hill: MBL, 113th Congress updates

Floor Schedule
The House convenes Monday and will consider one bill under suspension of the rules – H.R. 5817, the Eliminate Privacy Notice Confusion Act. The League and CUNA strongly support this bill. CUNA sent a letter of support to the legislation’s sponsors, Reps. Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA), on Friday. An update email with information on how to contact your member of Congress was sent out from the League on Monday. No votes are expected in the House Monday, however, a House source indicated to the League that the vote will likely occur on Tuesday.

Also on Tuesday, and the balance of the week, the House is expected to consider additional bills under suspension of the rules. No further schedule for the House has been made available except that no votes are expected in the House on Thursday or Friday.

The Senate also returns Monday and is expected to complete consideration of the “National Defense Authorization Act for Fiscal Year 2013” (S. 3254). Also on Monday, the Senate is expected to take action on a judicial nomination. On Tuesday, the Senate is expected to consider the Ratification of the Convention on Rights of Persons with Disabilities. No further schedule for the Senate has been announced.
 
Committee Meetings
On Wednesday, the Capital Markets and Government Sponsored Enterprises subcommittee (Chairman Scott Garrett, R-NJ) of House Financial Services Committee will hold a hearing on the economic impact of the derivatives provisions contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

On Thursday, the Senate Banking, Housing and Urban Affairs Committee (Chairman Tim Johnson (D-SD), will hold an oversight hearing titled "Oversight of FHA [Federal Housing Administration]: Examining HUD's [Department of Housing and Urban Development] Response to Fiscal Challenges."

Also on Thursday, the Joint Economic Committee (Chairman Bob Casey, D-PA) will hold a hearing on the fiscal cliff, focusing on how to protect the middle class, sustain long-term economic growth, and reduce the federal deficit.

MBL Update
The League and CUNA are still working with Senate leadership to bring S. 2231 to the floor for a vote, likely packaged with other language. There have been some rumblings that this would occur this week, though nothing is certain as of yet. The League will continue to keep you informed of what it hears and it strongly encourages you to continue to utilize the Action Alert sent last week to contact your senators on the importance of this legislation.
 
113th Congress
The 113th Congress will convene on Jan. 3, 2013. Copies of the House and Senate schedules for next year are available on the League’s website. For the most part, the House and the Senate are expected to be in session at the same time throughout the year.

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: Risk Assessment

The Risk Assessment is a necessary first step to developing adequate policies and procedures. There are two steps to developing a risk assessment:

  • The creation of a risk profile by reviewing the risks inherent in the credit union’s products, services, members and geographic location
  • Conducting a detailed analysis of data identified during the development of the risk profile

The analysis should assist your credit union in identifying vulnerabilities and developing processes to manage those vulnerabilities.

A credit union's risk assessment should be well documented and should be reassessed at least every 12 to 18 months. Regulators suggest that a credit union's risk assessment be considered a living document.

To find out more about Risk Assessments, 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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CFPB proposes changes to remittance rule and an extension of effective date

The CFPB issued a bulletin explaining a soon to be released proposal limiting adjustments to the rule on international money transfers, as well as a brief extension of the date the rule would become effective.

The LSCU identified issues that make implementing the new law problematic at best during a meeting with the CFPB in September. To address these issues, the CFPB will propose a narrow set of changes to the remittance rule in the next several weeks. The changes will be expedited in order to finalize the revised rule as soon as possible. The revisions would aid in implementing the new law while retaining important new protections for consumers.

The proposed changes seek to address procedures to follow if an incorrect account number for a transfer is provided by the consumer and how credit unions providing remittance transfers must disclose certain third-party fees and foreign taxes. For more information about the proposal, see the CFPB’s bulletin.

The proposed changes to the remittance rule are being offered to assist credit unions and other companies successfully implement the rule’s new protections for consumers. It is expected that the effective date of the rule will be extended to 90 days after a final rule on these issues is adopted. CFPB recognizes that remittance providers will likely need time to make sure they’re policies and procedures are in compliance with the rule and any additional training has been completed.  Industry sources expect the new implementation date is likely to be sometime in the spring of 2013.

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CUNA Regulatory Advocacy Report - Week of Dec. 3

This week's edition of the CUNA Regulatory Advocacy Report covers issues such as: CFPB to issue new Remittance Transfers Proposal and extends Effective Date, Mortgage issues meeting with CFPB Director Cordray, NCUA reports to CUNA on agency’s budget, and more.

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

Compliance calendar and training

December 2012

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
LSCU Webinars: Series and Cheaper by the Dozen savings

Webinar Series

Plan now to participate in one or more of the LSCU's webinar series in 2013. These webinars are beneficial training options that are designed to enhance credit union staff's skills, knowledge, and insight for their specific area of responsibility. Each series contains six webinars on the following subjects:

  • Consumer Debt Resolutions Series
  • Director Series
  • Frontline Excellence Series
  • Mandatory Compliance Series

Click here to view a listing of  webinar series and dates.

Receive reduced pricing* when you sign up for the entire series in advance: 

  • For webinar or on-demand link registrations, buy entire series and  get one free (a savings of $200).
  • For “both” webinar and on-demand link registrations, buy entire series and get one free (a savings of $250).

*This offer is only available to those credit unions that register for an entire series by June 30, 2013. Otherwise regular pricing will apply.

Cheaper by the Dozen*

Also in 2013, the virtual “punch card” will once again be offered to member credit unions. Each time a credit union attends a webinar, it receives one punch.

After a credit union has attended 12 webinars (including archived programs) in a calendar year, the LSCU will automatically issue a complimentary certificate for your 13th “Baker’s Dozen.”  The LSCU will do all the tracking and send the certificates to you.

*This promotion will not include webinars already purchased at a discount through the “series promotions” listed above. For example, if someone purchases the six webinars in the compliance series, those do not count toward the “Cheaper by the Dozen” promotion. 

To view a complete listing of upcoming webinars and to register, click here.

If you have any questions about these or other education events, contact Becki Payne, 866.231.0545, ext. 2129.
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Education Calendar

Upcoming Events:

Tuesday, Dec. 4
Escrow Account Compliance
3 to 4:30 p.m. EST - Webinar

Wednesday, Dec. 5
Opening Trust Accounts: Documentation, Authority, Liability
3 to 4:30 p.m. EST - Webinar

Thursday, Dec. 6
The Last Frontier: Risks & Opportunities for Business Loans
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.

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Cooperative Initiatives News
League quarterly update coming Dec. 18

Each quarter the LSCU updates credit unions with a webinar on the activities it has been working on for member credit unions. The updates last about an hour and cover topics such as advocacy, education, communications, and LEVERAGE. The next quarterly webinar update is Dec. 18 at 3pm EST/2pm CDT.

The quarterly webinars are a good way for credit  unions to stay connected to the League and what it has been working on. It's also a great opportunity to ask questions of the League, as well as pass along feedback. There is time built in throughout the webinar for interaction. 

Webinar login instructions will be sent to credit unions a week before the webinar. For questions or to RSVP, contact LSCU VP, Cooperative Initiatives Laura Vann at 866.231.0545 ext. 2181.

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LEVERAGE News
Mobile banking discount available through December

Mobile banking is a must for today's credit union member. Remote deposit capture is mandatory. CO-OP Mobile, My Deposit Mobile puts you in a position to compete with the big banks…and win! With My Deposit Mobile, members can snap a picture of each side of their checks and submit them for secure processing, in real time, over CO-OP’s secure Shared Branching Network. A receipt is available and your members’ accounts are instantly updated. Each check is assessed for risk using an array of automated assessment tools, configurable for your credit union.

Hurry to take advantage of the almost $3,000 in savings through this special offer when you add all three products: CO-OP Mobile, My Deposit Mobile, and My Deposit Home/Small Business. Offer ends Dec. 31, 2012! For more information, contact a LEVERAGE Business Development Consultant. [ Return to Top ]

Hurry, get tax discounts for your members

Invest In America has partnered with two of the largest and most trusted names in consumer tax services, Turbo Tax and Jackson Hewitt, to provide your credit union members with valuable tax discounts whether they prefer to do their taxes themselves or work with a tax professional.

Depending on your credit union’s participation level, your members could receive the following discounts:

  • TurboTax:  Discounts on the most popular Federal products ($5 off Deluxe, $10 off Premier, $15 off Home & Business)*
  • Jackson Hewitt: $30 coupon or $50 less than last year** when members switch from a competing tax preparer

To help make these discounts a success at your credit union, Invest in America and CU Solutions Group have created free marketing materials that will be available for you to promote these discounts to your members.

Click here for more details and to enroll online.

*$5/$10/$15 discount applies to “Promoter” participation level. Credit unions selecting the “Participant” level will receive a discount of $5 off Federal Deluxe Online only.

**Offer valid for tax prep fees paid of $150 or more. Proof of last year’s tax prep fee required.
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News from You
ACIPCO FCU pays 20th consecutive rebate

ACIPCO FCU, based in Birmingham, AL, recently announced that its 7,300 members will receive a rebate for the 20th consecutive year. The board of directors for the $130 million credit union approved the interest rebate/bonus dividend for 2012 at 35 percent. This equates to more than $1.7 million; the largest rebate ever offered by ACIPCO FCU.

“We’re extremely fortunate to be able to offer such a large rebate with the economy in such an unstable state,” said ACIPCO FCU CEO Mike Harrell. “The credit union doesn’t take credit for this rebate; we owe our success to our loyal members.”

The 2012 interest rebate/bonus dividend is distributed to members based on interest earned and dividends received between Jan.1 and Sept. 30, 2012. The rebate will be deposited to members’ accounts by Dec. 15, just in time for Christmas. [ Return to Top ]

Corporate America signs investment relationship

Corporate Investment Services, Inc., a wholly-owned CUSO subsidiary of Corporate America Credit Union; and Multi-Bank Securities, Inc., a Southfield, MI, broker-dealer announced a strategic relationship to provide investment products and additional securities-related services such as negotiable certificates of deposit and funding resources to its credit unions.

Corporate Investment Services customers can now take advantage of free safekeeping through an independent third party, free portfolio analysis reports through BondEdge™, and access to a portfolio accounting tool called SunGard™, as well as an expanded lineup of fixed-income investment products all through the partnership with Multi-Bank Securities, Inc. 

“By partnering with Multi-Bank Securities, Inc., it allows us to offer an additional set of products and services to our customers.  We anticipate our customers finding enormous value in eConnectDirect® and the other services they provide.” said Ben Hayley, President of Corporate Investment Services and General Counsel of Corporate America Credit Union.

You can read more by visiting Corporate America's website

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EMPLOYMENT
View available credit union jobs

To view available jobs posted by credit unions on the LSCU website, 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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