LSCU eSignal Weekly
LSCU eNews Weekly January 22, 2013
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LSCU eNews Weekly
In This Issue
President's Point
CUNA Mutual Group in the trenches with credit unions
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: GOP agenda set; LSCU Quail hunt a success
This week in Florida politics: Public deposits legislation filed; unemployment drops
CUNA GAC audio podcast available
Compliance Corner
League InfoSight highlight: Facebook security topic
CFPB seeks comments on trial program
CUNA Regulatory Advocacy Report - Week of Jan. 21, 2013
Compliance calendar and training
Education News
Upcoming BSA training in Jacksonville
Cooperative Initiatives News
LSCU affiliation reminders in the mail
Two SAS Workshops available in 2013
LEVERAGE News
Remarketing autos through LEVERAGE
News from You
Florida CEOs attend inaugural events
eCo CU awards the Teacher of the Year
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

CUNA Mutual Group in the trenches with credit unions

For the weekly readers of the President’s Point, you know that I regularly talk about the importance of the cooperative spirit of credit unions and the movement. As a credit union trade association CEO whose job it is to promote the cooperative spirit among credit unions, at times it feels like we’ve moved away from our cooperative roots as the industry fights to regain its financial footing after the great recession. This is something that I, along with the LSCU & Affiliates staff, are constantly preaching and working to promote greater unity and cooperation among Alabama and Florida credit unions. However, it’s not just credit unions that have demonstrated the cooperative spirit; key system partners have become trusted partners in our battle to defend and promote the credit union difference. One example of note is CUNA Mutual Group (CMG).

CMG collaborates with credit unions on advocacy issues in Washington, D.C. like promoting member business lending or defending interchange fees. CMG and its staff take part in the Action Alerts and send emails and make phone calls to their legislators. This is something that CMG hardly ever talks about in its communications. It’s one thing to sell to credit unions, and it’s another thing to walk alongside us in the halls of Congress. CMG has also enriched the Madison, WI, community, where it's headquartered, by donating more than $1 million through the CUNA Mutual Foundation. They have also been strong supporters of our foundations, giving money to support the Republican Leave Behind project last year in St. Petersburg.

What many credit unions don’t realize is that over its 75 year history, CMG has given more than $35 million to state leagues, the National Credit Union Foundation, and Filene Research Institute. For the LSCU & Affiliates, we use this marketing reimbursement to subsidize our budget and fund important initiatives such as our planned dues rebate and SAS Credit Union voucher program. It’s important that our affiliated credit unions understand how much CMG gives back to the industry as you make your product decisions.

CMG has many products like an innovative 401(k) plan for credit unions which the League utilizes for its 80 employees. The company can now be a co-fiduciary with a credit union. That means that a credit union will benefit from fiduciary protection and top notch advice that helps employees achieve financial security at retirement. CMG also offers a number of loan products that have a history of delivering results. Smartphone loans and "loan generation marketing" are expected to help credit unions deliver $1 billion in loan volume in 2013.

The company is constantly innovating and helping the industry to move forward. Each year brings new challenges, and it’s nice to have organizations like CUNA Mutual on the journey with us as a trusted partner.

Send me any feedback to this column. [ Return to Top ]

LSCU Top Headlines
This week's top League headlines

CFO Atwater to headline State GAC in Florida
The speakers for the Florida State GAC, March 19-20 in Tallahassee, have been set. Florida Chief Financial Officer Jeff Atwater will be the keynote speaker. Atwater has been the CFO in the state since 2010, before that he was the Senate president. Credit unions are encouraged to attend the Florida State GAC to help build relationships with state lawmakers. Click here to read more. The Alabama State GAC is April 9-10.

floridacentral CU CEO named NCUF chairman
Laida Garcia, CEO of floridacentral CU in Tampa, was recently elected as chairman of the National Credit Union Foundation. Garcia took the gavel on Jan. 14 at the NCUF's planning session. Lee Butke, CEO of Corporate One FCU, was elected as treasurer. Read more by visiting the NCUF's website

NCUA to host low-income webinar
The NCUA's Office of Small Credit Union Initiative will host a free webinar "Strategic Issues for Serving Low-Income Members." The Jan. 23 webinar will help all low-income designate credit unions, but especially those newly designated on ways to increase and improve service to low-income members. Register through the NCUA's website

Charity resigns OFR position
Florida Office of Financial Regulation Director of Financial Institutions' Linda Charity resigned her position last week. Charity had been with OFR since 1979. No other details were made available. Robert Hayes will take over Charity's duties while also continuing as chief of the Bureau of Banking Regulation in District I. 

Credit Union House Newsletter
The Credit Union House 4Q newsletter highlights not only the quarter but the whole year. More than 2,700 people visited the house, that includes 23 state leagues that hosted events at the house. The LSCU and seven Alabama and Florida credit unions contribute to Credit Union House. LSCU President/CEO Patrick La Pine is on the Credit Union House board in the secretary role. Click here to read the latest issue of the newsletter. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: GOP agenda set; LSCU Quail hunt a success

House GOP Announces Legislative Agenda
Late last week the Alabama House Republican Caucus announced its legislative agenda for the 2013 session. The “We Dare Defend Our Rights” agenda is aggressive and is a shot across the bow of Washington, D.C. and Pres. Obama. It includes legislation that sets standards of care for women seeking abortions, protects gun-ownership rights of Alabamians, gives schools greater flexibility from state statutes and regulations, re-pays the $437 million transferred to the General Fund in 2012, and requires state agencies to report an economic analysis before regulations are adopted. The House GOP also said that the legislation requiring the state to pay back the $437 million transferred from the Oil and Gas Trust Fund to the General Fund will be the first to pass and no other legislation will come before it. 

2013 Credit Union Quail Hunt A Success

The LSCU held its first annual Credit Union Quail Hunt at Doublehead Resort this past weekend. More than 40 attendees hunted over two days to raise money for the LSCU FEDPAC. Hunters were treated to a cocktail hour and a steak dinner at the hunting lodge on Friday night. After the morning hunts on Saturday, participants competed in a trap shooting competition. Ken Long of Army Aviation Federal Credit Union took first prize, and Kendell Speed of Mutual Savings won second place. Steve Swofford of Alabama Credit Union won the Benilli Montefeltro 12 gauge shotgun raffle donated by Alabama Teachers Credit Union. Special thanks to LEVERAGE, CUNA Mutual, Listerhill Credit Union, New York Life, Vining Sparks, Barfield Murphy Shank & Smith, Print Resources, and Jefferson Credit Union. Credit unions can look forward to seeing this become an annual event.

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: Public deposits legislation filed; unemployment drops

Priority Legislation Filed in the House
One of the League's priority bills has been filed in the House. Rep. Bill Hager (R-Boca Raton) is the sponsor of HB 251, relating to Public Depositories. Rep. Hager is the vice-chairman of the Insurance and Banking Committee, which is a more friendly committee in general than it has been in past legislative sessions. The League staff will provide updates as this legislation moves through the process. In the meantime, take a moment to call, email, or tweet your thanks to Rep. Hager.

Budget Panel Signs Off On $60 Million in Foreclosure Settlement Funds
The Joint Legislative Budget Commission approved $60 million in foreclosure settlement funds last Thursday to aid the state’s troubled housing market. Most of the money, $35 million, will go to the Florida Housing Finance Corp. to help eligible homeowners with down payment assistance. FHFC will receive another $10 million to be used in housing counseling and $5 million will go to federal government-approved nonprofit legal aid organizations to give counseling to homeowners threatened with foreclosure. The State Court System will receive $5 million to compensate retired judges and help move foreclosure cases through the system more swiftly. Attorney General Pam Bondi’s office will receive $5 million in legal fees. Bondi’s office helped negotiate the $25 billion multi-state settlement with five of the nation’s largest banks - JP Morgan, Bank of America, Wells Fargo, Citigroup and Ally Financial - over suspicious foreclosure practices. Banks were accused of using “robo-signers” to rush foreclosure paperwork through the courts without properly establishing ownership of the mortgage.

Florida's Unemployment Rate Dips to Eight percent
Florida’s jobless rate fell eight percent in December, even as the state lost 15,300 jobs during the month, according to the Department of Economic Opportunity. Although the state added 54,900 jobs in 2012, December’s job losses pegged Florida’s job growth rate back to .7 percent for the year, half of the national job growth rate of 1.7 percent. The number of unemployed people dropped 12,000 to 749,000. A release from Gov. Rick Scott’s office focused on the state’s positive economic indicators - the improving housing sector, positive job growth over the year and high consumer confidence - despite the chunk of jobs lost.

"Florida’s unemployment rate is down to eight percent, its lowest in four years. Trends show that we are also experiencing growth in many different economic indicators that are key to job creation,” Gov. Scott said in a prepared statement.

For questions on any of the legislative issues mentioned above, contact LSCU VP, Governmental Affairs Jared Ross, 866.231.0545 ext.1012, or LSCU Director, Legislative Affairs - FL 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 ]

CUNA GAC audio podcast available

Credit unions are encouraged to listen to a new audio podcast from the LSCU about the upcoming CUNA GAC, Feb. 24-28 in Washington, D.C. LSCU VP, Marketing and Communications Mike Bridges talks with LSCU VP, Governmental Affairs Jared Ross about why it's important for credit unions to attend the CUNA GAC. Ross says that the credit union tax exemption will be a topic of conversation by bankers this year and Hill visits during the GAC will help set the stage to educating lawmakers on why credit unions are tax exempt. 

Visit the LSCU Audio Room to access the podcast. The CUNA GAC will feature former NBC News Anchor Tom Brokaw, financial expert Jean Chatzky, along with nine lawmakers including Rep. Spencer Bachus (R-AL). The LSCU will also be handing out the Federal Lawmaker of the Year awards to Reps. Bill Posey (R-FL) and Jo Bonner (R-AL) at a Feb. 26 reception. 

For more information on registering for the CUNA GAC or to reserve your hotel room, visit the LSCU CUNA GAC Resources page. [ Return to Top ]

Compliance Corner
League InfoSight highlight: Facebook security topic

Social networking sites are becoming more popular and an every day part of the business world. Twitter and Facebook are used as business tools as much as anything else. While many credit unions don't allow employees to use them at work, some do. That means having a security plan for social networking sites. An example would be if an employee identifies his or her workplace on Facebook, then his or her comments can be seen as a reflection on the organization.

Most people don't understand that Facebook is a business and its job is to make money. Web security experts believe most users of this social networking site have no idea how their activities on the site are being used in the marketplace. The Facebook Security topic on the Security channel of InfoSight examines the pitfalls of Facebook.

Credit unions are encouraged to review the Facebook Security topic to read about these and other pitfalls—and learn some actions you and your colleagues can take to keep your information safe.

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. [ Return to Top ]

CFPB seeks comments on trial program
The Consumer Financial Protection Bureau (CFPB) issued a proposal aimed at encouraging companies to conduct trial disclosure programs. Under the policy, the Bureau can deem the testing company’s disclosures to be in compliance with, or hold it exempt from, required federal disclosure requirements. The Dodd-Frank Act provides authority to the CFPB to assign certain legal protections to companies conducting approved trial disclosure programs.

The CFPB is seeking to enhance consumer protection through innovation in financial products and services. By enabling companies to research informative, cost-effective disclosures, the CFPB believes that live testing, involving companies and consumers in real world situations, offer valuable information for improving rules and model forms.

Comments are due to the LSCU by Friday  Feb. 8. By submitting to the League first, it ensures that a large number of comments are sent from Alabama and Florida credit unions. To read more about the trial program and to comment, click here. [ Return to Top ]

CUNA Regulatory Advocacy Report - Week of Jan. 21, 2013

Each week CUNA provides credit unions a wealth of information through its Advocacy Report. The report for the week of Jan. 21 looks at a number of items, mostly from the CFPB: the mortgage servicing rules, the Ability to Repay (QM) mortgage proposal, information on the final Reg. B appraisal rules and the NCUA final rules from the agency’s board meeting this month.

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

Compliance calendar and training

January 2013

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. [ Return to Top ]

Education News
Upcoming BSA training in Jacksonville

Register now for the upcoming BSA Training Workshops at Alive CU in Jacksonville, FL, Feb. 20.

Morning Session: 9 – 11:30 a.m. EST

Afternoon Session: 1p.m. – 3:30 p.m. EST

These identical BSA Training workshops are appropriate for frontline staff, lenders, managers, compliance officers, and volunteers. Attendees will hear about Bank Secrecy Act program oversight, creation and maintenance, risk assessment, filing requirements, technology and much more.

Each attendee will receive a workbook and certificate of completion. Click on the links above or visit the LSCU Events Calendar on www.lscu.coop. [ Return to Top ]

Cooperative Initiatives News
LSCU affiliation reminders in the mail

Every year seems to be a pivotal year for credit unions and 2013 is shaping up to be as important as ever. The financial industry continues to change with new regulations being debated, along with a renewed effort by bankers to discuss the credit union tax exemption. It's imperative that your credit union be a decision-maker in your own future – affiliate today with the LSCU! The collective power of credit unions is strong.

If you have not made arrangements already to remit your dues and the voluntary Cooperative Image Campaign contribution, please do so as soon as possible. A reminder invoice was mailed to member credit unions this week. If you have questions or would like to speak with a League representative regarding your dues, contact LSCU VP, Cooperative Initiatives Laura Vann at 866.231.0545, ext. 2181. [ Return to Top ]

Two SAS Workshops available in 2013

The LSCU has two Small Credit Union Workshops scheduled for 2013. The first is on Feb. 12 in Orlando and the second is March 26 in Birmingham. Each workshop offers an exciting lineup of speakers and topics which deal with the critical issues credit unions face every day. The SAS Workshops are open to all credit unions with assets $50 million and below. 

In addition to a compliance update from LSCU’s Bill Berg, and collections best practices from Attorneys Leo Math (Leo Math, Chambless, Math & Carr P.C.) and James E. Sorenson (Williams, Gautier, Gwynn, DeLoach & Sorenson, P.A.), attendees will hear from NCUA Supervising Examiners Bill Parrish and Paula Rothman, as well as a panel of their peers discussing lending programs that work.

Registration is only $89 and SAS credit unions can use their CU Initiatives Account to cover the registration fee. Click the highlighted link below to register online and for a complete Small Credit Union workshop agenda.

Birmingham Small Asset Size Workshop – March 26

Contact LSCU Director, Member Relations Adena Whitman at 866.231.0545 ext. 2134. [ Return to Top ]

LEVERAGE News
Remarketing autos through LEVERAGE

Credit unions have access to an easy solution that helps turn over their repossessed vehicles. LEVERAGE and GE Remarketing hold special events to show credit unions the process first hand.

On Dec. 7, LEVERAGE and GE Remarketing held a special event at Manheim Auto Auction in Ft Lauderdale. Credit unions were able to see how GE Remarketing runs the vehicles through the auction lane. Credit unions were also taken on a tour of the Manheim facility and shown how vehicles are prepared for the auction.

LEVERAGE has two more opportunities for credit unions to see the GE Remarketing process. Coming up on March 7 in Mobile and March 27 in Orlando, credit unions are invited to experience the auto auction in person. LEVERAGE will show the process from how the vehicles are processed, prepared, and then sold. This is a great way to try the program before you take part.   

For more information, contact a LEVERAGE Business Development Consultant. [ Return to Top ]

News from You
Florida CEOs attend inaugural events


McCoy FCU CEO A.C. Cowans poses with his wife, Shirley, before the Florida Inaugural Ball in Washington, D.C. The event was around the president's inauguration. 

Cowans and JetStream CEO Jeanne Kucey, far right, pose with Rep. Jeff Miller (R-FL). Cowans and Kucey met with Miller while each was in Washington, D.C. for events around the presidential inauguration.

[ Return to Top ]

eCo CU awards the Teacher of the Year


(pictured l to r) Riverchase Middle School Assistant Principal Susan Hyatt, Riverchase, Teacher of the Year winner Thomas Bailey and eCo Credit Union COO Kenny Minton.

eCo CU, based in Birmingham, sponsored a Teacher of the Month initiative in Birmingham. Twelve teachers were awarded $250 for winning the award. Of those 12, one Teacher of the Year was selected. Thomas Bailey from Riverchase Middle School won the award and $1,000. The money is to be used in Bailey's classroom. He said he will put it toward technology.

[ Return to Top ]

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 CU Jobs Center page to view jobs at the LSCU. [ Return to Top ]

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