LSCU eSignal Weekly
LSCU eNews Weekly January 28, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Congressional committees full of Alabama and Florida delegation members
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: the 2013 legislative session begins next week
This week in Florida politics: Foreclosure bill filed again, Gov. Scott tough to beat in 2014
Florida State GAC features governor's legislative director
Washington Update: In district meetings this week; Cordray nomination could be under fire
Compliance Corner
League InfoSight highlight: CFPB rule changes what mortgage lenders should provide
CUNA Regulatory Advocacy Report - Week of Jan. 28, 2013
Compliance calendar and training
Communications News
Call for entries for 2013 LSCU/CUNA Awards - new award category and online entry form!
Contribute today to the Cooperative Image Campaign
Education News
Save the date for these upcoming educational events!
Cooperative Initiatives News
Youth week coming April 21-27
Register today for LSCU's SAS Workshops coming in Feb. and March
LEVERAGE News
LEVERAGE launches HR Services
News from You
Army Aviation Center made Christmas special for many kids
CFE honors a hero in the community
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Congressional committees full of Alabama and Florida delegation members

Over the past couple of weeks Congress has appointed its members to various committees for the 113th Congress. There are many Alabama and Florida members on key committees that could have a potential impact on credit unions this year. This is a big reason that our grassroots advocacy efforts – both in Washington and back in the districts - need to be strong at the federal level. With the CUNA GAC right around the corner, we have a great opportunity to make a good first impression in the new Congress.

The House Financial Services Committee has five representatives from our states. Rep. Spencer Bachus (R-AL) was term limited as chairman, but will remain on the committee as chairman emeritus. Reps. Bill Posey (R-FL), Patrick Murphy (D-FL), Dennis Ross (R-FL) and Terri Sewell (D-AL) will also serve on the committee this Congress. While all 36 members of delegations are important to us, this committee is one of our top priorities. Rep. Patrick Murphy is a freshman legislator; he unseated Rep. Allen West back in November. We are already working to build a relationship with him and have a meeting scheduled this week in the district.

Staying in the House, Rep. Ander Crenshaw (R-FL) is the chairman of the Financial Services Subcommittee of House Appropriations. This is the subcommittee with oversight over the NCUA and sets lending limit to the Central Liquidity Fund (CLF). Our staff has been in contact with Rep. Crenshaw’s office to set up meetings to discuss his role on this committee. This is a very important relationship that we need to foster this year. Rep. Vern Buchanan (R-FL) sits on the House Ways and Means Committee, which is the tax writing committee of Congress. If the credit union tax exemption comes up for discussion, it would go through this committee.  

Rep. Martha Roby has been selected to chair the House Armed Services Committee's Subcommittee on Oversight and Investigations. While this isn't a credit union-sensitive subcommittee, it is a pretty big deal for a member in only her third term. For all of our military-related credit unions in Alabama and Florida, she will be an important ally.

On the Senate side, Sen. Richard Shelby (R-AL) is once again the ranking member of the Senate Banking Committee. For both banks and credit unions, this is a top priority committee in the Senate. Sen. Jeff Sessions (R-AL) also returns as the ranking member of the Senate Budget committee. Sen. Sessions is up for re-election in 2014. Sen. Bill Nelson (D-FL) is also on this committee, as well as the Senate Finance Committee. As the federal budget remains a hot button issue, this committee is on our radar for many reasons. The budget can change instantly and we need to ensure we preserve the credit union tax exemption and not allow it to be discussed as a source of revenue.

Sen. Marco Rubio is a member of the Senate Small Business and Entrepreneurship Committee. Credit unions play a big part in helping small businesses and as we know, we can play an even larger role if the member business lending cap was raised. This can be a key committee to helping more senators understand how this legislation will help small businesses.

As you can see, we have a lot of key committee members. It’s imperative that we collectively work to build relationships with them or to strengthen the ones we have. The CUNA GAC is the first opportunity to head to Washington, D.C. to discuss the issues and lay that foundation. We need you there. The CUNA GAC is beneficial in so many ways, but our meetings with lawmakers are the key to the whole week. A full room lets our representatives and senators know you care about the issues and that they should as well. During the CUNA GAC, we will also honor our Alabama and Florida Lawmakers of the Year. This is a great opportunity to get to know Reps. Bill Posey and Jo Bonner (R-AL) in a relaxed atmosphere. Check out our LSCU CUNA GAC Resources page to register and join us for this important grassroots event.   

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

LSCU Top Headlines
This week's top League headlines

President re-nominates Cordray 
President Obama has re-nominated Richard Cordray as the director of the Consumer Financial Protection Bureau. Cordray was a recess appointment in 2012. If the Senate does not confirm him, his term would run out at the end of this year. Click here to read more. 

Bankers pushing Congress on tax exemption
Bloomberg published a report that the bankers are making the credit union tax exemption a top priority this year. While it doesn't come as a surprise, it once again shows the need for credit unions to attend the CUNA GAC and help educate Congress on why credit unions are tax exempt. Preserving the tax exemption is the League and CUNA's top priority. Read more in CUNA News Now

NCUA to loan $9.5m to low-income credit unions
The NCUA is making available more than $9 million in loans for low-income designated credit unions. The Community Development Revolving Loan Fund carries a .4 percent-interest rate. The NCUA usually makes the loans for five years and in $300,000 increments. The loans are used to offer products and services to low-income members. Visit the NCUA's website for more information. 

NCUA post regulations to be reviewed
The NCUA has posted a list of regulations it will review this year. The agency is currently taking comments on the substance and clarity of each rule. Credit unions are encouraged to check out the list and send a comment letter to the League or the NCUA. Visit the NCUA's website for the list. 

  [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: the 2013 legislative session begins next week

Alabama Session Begins Next Week
The 2013 Session of the Alabama Legislature begins next Tuesday and depending on who you listen to, the state could be in for a rough ride. The House Republican Caucus recently released an aggressive agenda and has said that no legislation will pass before a promise to repay the transfer from Oil and Gas Trust Fund to the General Fund that took place late in 2012. There are also a number of proposed bills that will certainly cause problems for the Democratic Caucus, so there could be a significant slow down. In addition to the aggressive agenda from the Republican Caucus, there appears to be a growing faction of House and Senate Republican freshmen that are upset with how the budget process has been taking place. Typically, the legislature will not pass the Education Trust Fund and General Fund Budgets until late, usually the last day, in the session. A group of freshmen in both houses are threatening to bring the session to a standstill if this is not corrected. Normally freshmen legislators would not be able to achieve such a lofty goal, but with the large numbers that were elected in 2010, they may be able to do it if the numbers are there.

LSCU Prepares for Session
Since the end of the 2012 Legislative Session, the League GA staff has been working to position itself for the 2013 Session. The team has met with legislators in their districts; chapters have hosted legislative nights throughout the state, and the League feels that credit unions are well positioned heading into next week. The
LSCU will again look to introduce and pass legislation that will allow Alabama credit unions to accept public deposits from government entities in the state. The issue is a familiar one and the opposition is already preparing to fight. Passing a piece of legislation that will garner this much opposition will require 100-percent effort from the League and credit unions. The GA Team needs help in the form of calls to your legislators, letters to your legislators, and coming to Montgomery to meet with your legislators. Credit unions are encouraged to begin preparing for this fight and be ready to help when needed.

Additionally, the LSCU has been working with the Alabama Credit Union Administration on updating the state credit union act.  A piece of legislation is being finalized now and a bill introduced within the first few weeks of the session. 

Special Election is Tuesday
The Republican Primary for the special election for the Senate District 35 seat is Tuesday. Rep. Jim Barton is facing Mobile Businessman Bill Hightower and retired Marine Colonel Nick Matranga. Rep. Barton has raised the most money to date and is the favorite to win the seat, however it could end up in a runoff if no one receives a majority of the vote. Hightower is the most likely candidate to make that happen and the race could be very interesting if a Barton/Hightower runoff occurs.

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: Foreclosure bill filed again, Gov. Scott tough to beat in 2014

Rep. Passidomo to try again with bill to speed up foreclosures
Last year, when the average foreclosure took 676 days to move through Florida’s court system, Rep. Kathleen Passidomo’s (R-Naples) bill to speed up the foreclosure process failed to get through the legislature. Now, the typical foreclosure takes 858 days to maneuver through the courts and back into the housing market. Rep. Passidomo’s HB 87 would allow third-party lien holders to start the foreclosure process, and reduce mediation between homeowners and lenders. The bill also includes provisions touted as devices to ensure consumer protection, such as decreasing the amount of time for a lender to seek a deficiency judgment from five years to one year and imposing stricter provisions requiring banks and mortgage servicers to prove ownership of the loan before beginning foreclosure proceedings. You can read more in the Tampa Bay Times.

State budget in focus
Gov. Rick Scott will send the legislature a proposed budget this week that's a blueprint for spending and a road map to his re-election campaign — complete with potholes. For the first time in three years, a slow but steady economic recovery means Gov. Scott will have more tax money to spend, not less. But Scott, who ran as a small-government conservative, has rankled state lawmakers by calling for a $2,500 pay raise for every full-time teacher at a cost of $480 million, in effect sweeping much of a modest projected surplus, and declaring teacher pay a higher priority than other needs. For three days, the governor toured schools in Tampa, St. Petersburg, Gainesville and Orlando to amplify his call for higher teacher pay. For more information, click here.

Scott will be tough to beat in 2014
Gov. Scott’s poll numbers look dismal, but his finances don’t. "One number should worry you: $70 million. That’s how much Rick Scott spent in 2010," Annette Taddeo-Goldstein, Miami-Dade’s new Democratic chairwoman, told Democrats this weekend. To be clear, she was referring to Scott’s personal money and it was actually closer to $75.1 million. Include the Republican Party, and Gov. Scott probably spent just under $100 million in his race to become Florida’s Governor. He was worth at least $218 million at the time, but reports he lost net worth after becoming governor. The governor is prepared to spend as much or even more in 2014. The money race is on and Democrats are losing, but they know it. Read more in the Miami Herald.

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 ]

Florida State GAC features governor's legislative director

The 2013 LSCU Florida State Governmental Affairs Conference (GAC), in Tallahassee on March 19-20, offers credit unions an opportunity to go deeper into the issues facing credit unions while also building relationships with state lawmakers.

One of the GAC's featured speakers is Darrick McGhee, director of Legislative Affairs for the Executive Office of the Governor. Darrick will give an update on the pressing issues facing the state of Florida during the 2013 Legislative Session. This is a closer look at the state from inside the governor's office. Along with CFO Jeff Atwater, McGhee will provide credit unions with an opportunity to really understand the top issues in the state.

Among the other sessions included in the GAC will be a look at regulatory and legislative priorities, the state legislative outlook, and PAC fundraising. There will be a legislative reception on March 19. This is a great opportunity to build relationships with your lawmakers in a relaxed atmosphere before heading to the state capitol the next day for lawmaker office visits.

The State GAC will be at the Governor's Club in downtown Tallahassee. Rooms are available at the DoubleTree Hotel which is one block from the Governor's Club. Visit the LSCU Events Calendar for more information and to register for the State GAC.

If you have any questions, contact LSCU VP, Governmental Affairs Jared Ross at 866.231.0545 ext. 1012.

Legislative reception sponsored by Print Resources. [ Return to Top ]

Washington Update: In district meetings this week; Cordray nomination could be under fire

Court Rejects Obama Recess Appointments
Last week, a federal appeals court ruled that Pres. Obama had violated the U.S. Constitution when he installed three officials on the National Labor Relations Board a year ago. The ruling, which some legal scholars say could eliminate the use of recess appointments in the future, could have a direct effect on the appointment of Richard Cordray as director of the CFPB. Cordray, who was a recess appointment, has been re-nominated for the position and is likely to face an uphill battle in confirmation from the Senate. You can read more in the New York Times.

CUNA/League Washington Update
Members of the House are home this week on a district work period, but the Senate is in Washington beginning Monday.  The Senate will consider H.R. 152, the Super storm Sandy Disaster Relief Appropriations Act. Later this week, the Senate is expected to vote on the nomination of John Kerry to be Secretary of State and begin consideration of debt ceiling legislation approved last week by the House.

The League doesn't expect any hearings relevant to credit unions to take place this week. Media reports late last week suggest that the Senate Banking Committee would hold its organizational meeting on Feb. 14 and also conduct an oversight hearing on the implementation of the Dodd-Frank Act on the same day.  However, the Banking Committee has not released an official schedule.

The League, along with credit union advocates, will be meeting with Rep. Patrick Murphy (D-FL) and Rep. Terri Sewell (D-AL) this week in their districts. Both are new members to the House Financial Services Committee.

Finally, the League expects CUNA GAC briefing materials to be available next Monday, Feb. 4.  Look for more information to be available in next week’s eSignal.  

Contact LSCU VP, Governmental Affairs Jared Ross at 866.231.0545 ext. 1012 with any questions. [ Return to Top ]

Compliance Corner
League InfoSight highlight: CFPB rule changes what mortgage lenders should provide

The Consumer Financial Protection Bureau (CFPB) adopted a new rule on Jan. 18, 2013, that requires mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates.

The rule was required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. It is intended to ensure that consumers receive information prior to a loan closing about how the property's value was determined.

The creditors are now required to:

  • Inform consumers within three days of receiving an application for a loan of their right to receive copies of all appraisals
  • Provide the copies of appraisal reports and other written home-value estimates to consumers promptly, or three days before closing

The requirements go into effect in January 2014 and will apply to first-lien mortgages.

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 ]

CUNA Regulatory Advocacy Report - Week of Jan. 28, 2013

Each week CUNA provides credit unions a wealth of information through its Advocacy Report. The report for the week of Jan. 28 looks at delay in the International Remittance Regulation by the CFPB. No exact date has been released. CUNA takes a look at why it's being held up. The report also goes more in-depth on a new proposed guidance on social media and the risks involved. 

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 ]

Communications News
Call for entries for 2013 LSCU/CUNA Awards - new award category and online entry form!

New award added this year!
In addition to the current award categories (CEO of the Year, Volunteer of the Year, CU of the Year, Distinguished Service, and Brother's Keeper, the LSCU has added the Young Professional of the Year Award. Young professionals are the future of the credit union industry so LSCU will be recognizing a professional, age 40 or younger, that has shown proven dedication and enthusiasm for the credit union movement.

Three ways to enter a submission!

In addition, the LSCU and the CUNA sponsor three recognition programs below that show how credit unions and chapters are helping their community and their members AND showing lawmakers that credit unions are something special.

  • Dora Maxwell Award
  • Louise Herring Award
  • Desjardins Award

Information and submission forms for these three awards may also be found on the LSCU CU Awards Program web page.

Visit the LSCU CU Awards Program web page for more information and entry/nomination forms on all listed awards. Questions? Contact LSCU Director, Information Services Amy Jowers at 866.231.0545 ext. 1020. [ Return to Top ]

Contribute today to the Cooperative Image Campaign

Last week, the LSCU wrapped up the final results webinars of the most recent run (Summer 2012) of the Cooperative Image Campaign to all Alabama and Florida chapters. The main message of the webinars is that the Image Campaign is working; it's getting consumers' attention and it's persuasive. 

Overall, the post campaign survey results showed an increase of 27 percent in credit union awareness. In Alabama, pre-campaign awareness grew from 29 percent (September, 2011) to 59 percent following Wave 2 (August, 2012); in Florida, from 19 percent and to 41 percent. In the five quarters since the campaign has run, Alabama and Florida credit unions have added 250,000 new members and $3.6 billion in assets. Both states currently have a record number of members and assets. 

Fundraising is going strong in 2013. The LSCU, Scout Branding, and the Image Campaign Task Force are working on a plan to sustain the next run over a longer time period in the most cost-effective way. With greater participation, the campaign can run longer and reach more consumers.  

If you missed the results presentation, it can be found on the Cooperative Image Campaign webpage. This page also shows the media buys for 2012, as well as the creative elements. Also visit the betternameforbanking website to see the credit union difference and the campaign's consumer website. If you have any questions or comments about the image campaign, contact LSCU VP, Marketing & Communications Mike Bridges, or LSCU Director, Communications Amy Jowers. [ Return to Top ]

Education News
Save the date for these upcoming educational events!

IRA Essentials & Beyond Essentials, March 13-14, Birmingham, AL

IRA Essentials gives attendees a solid foundation of IRA knowledge. Beyond Essentials builds on the attendees’ knowledge of IRA basics to address some of the more complex IRA issues their credit unions may handle.

Instructing is Paul Kern, IRA training consultant, Ascensus, Inc.

Comments from attendees:

  • Paul is a great teacher.  I learn something new each time I attend this conference.  He makes IRAs fun.
  • Paul is very respectful when answering questions.  Very knowledgeable.
  • Paul is so interesting. IRAs can be very boring. He keeps your attention and I learn something each year. Great teacher. Training was great and it seemed to be even more informative this year.

Asset Liability Management Essentials & Implementation, March 26-27, Miami, FL

ALM Essentials gives attendees a better understanding of the basic asset/liability management process. ALM Implementation gives an overview to assist in understanding and implementing an effective asset liability management process.

Instructing is Deborah L. Rightmire, vice president, Asset/Liability Management, Texas Credit Union League. 

Comments from attendees:

  • This was the most informative workshop and easy to understand so that you can apply immediately to operations.
  • Excellent explanation of how balance sheet and income statement impact the value and future income. Presentation made it easy to understand the buttons that make the wheels turn.
  • Loved the ratio’s discussion, liked going over call reports, liquidity reviews. CD penalty review was excellent.

Click on the links above or visit the LSCU Events Calendar on www.lscu.coop. [ Return to Top ]

Cooperative Initiatives News
Youth week coming April 21-27

Credit unions should begin preparing now for National Credit Union Youth Week coming up April 21-27. “Savings Sleuth—Solve the Mystery™” is the theme of the week this year. It will present youth with the mystery of how to save money to purchase the things they want. By visiting credit unions, they’ll be able to find clues toward solving that mystery and learn about managing money and credit unions in the process.

The goal of Youth Week is to start children on the path to lifelong credit union membership by educating them about their money, setting up savings accounts and rewarding them with topical prizes, all the while putting in the effort that increases loyalty in the parents of those youth.

Campaign materials include financial education content, fun items to reward young members and bright, neon-colored apparel to dress the part in April. Several popular items from last year’s campaign are included in the 2013 line-up, including the magic color-changing mood cup and the Quarter Saver Folder, which holds $5 in quarters and boasts a positive message on saving.

[ Return to Top ]

Register today for LSCU's SAS Workshops coming in Feb. and March

The LSCU invites credit unions with up to $50 million in assets to the 2013 Small Credit Union Workshops on Feb. 12 in Orlando and March 26 in Birmingham. There will be an exciting line-up of speakers and topics that deal with most pressing issues our member credit unions face every day. For more information on the workshop agenda and to register online click below.

Birmingham Small Asset Size Workshop – March 26

Registration is only $89 and SAS credit unions can use their SAS Initiatives Account to cover the registration fee.

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

LEVERAGE News
LEVERAGE launches HR Services

LEVERAGE has a history of working with credit unions to provide HR solutions, and in 2013 it has launched HR Services. Anita Fumaria will return to a familiar role as director for the new service. Anita has been with LEVERAGE for more than 12 years, most recently serving as a business development consultant in the Florida and Alabama markets. 

LEVERAGE HR Services helps to fill the growing needs that credit unions are currently experiencing with human resources. Credit unions are beginning to see an increase in hiring activity as the economic climate begins to repair. Depending on the credit union, position, or scope of the search, LEVERAGE has an answer for recruiting challenges. 

LEVERAGE partners with several national companies to help credit unions improve efficiencies and adequately help credit unions of all asset sizes. Service includes:

  • Executive Recruiting
  • Assistance with Compensation and Employee Evaluations
  • PEO/ASO Services
  • Software/Web Services
For more information, contact a LEVERAGE Business Development Consultant.

  [ Return to Top ]

News from You
Army Aviation Center made Christmas special for many kids

Army Aviation Center FCU (AACFCU), based in Daleville, AL, donated Christmas gifts to more than 150 people on behalf of its members and employees. Through partnerships with local organizations, AACFCU provided gifts to 25 senior citizens and over 125 children in need. 

Members and employees brought in gifts to AACFCU branches in early December while AACFCU's marketing team coordinated with nine organizations such as Salvation Army and Toys for Tots to distribute the gifts.

  [ Return to Top ]

CFE honors a hero in the community

CFE FCU, based in Lake Mary, FL, presented Dr. Thomas J. Dorsey, D.D.S. (pictured above, center), with the CFE Hero Award for 2012, along with a reward of $500. Dr. Dorsey received the award for his vision and successful implementation of a program in Orlando with a focus on exposing and teaching minority and inner city youth the game of golf. 

Dr. Dorsey founded the Orlando Minority Youth Golf Association (OMYGA) in 1991 as a resource for minority youth, as well as for any child desiring to learn the game of golf. 

The CFE Hero Award was established to give members a chance to recognize a hero based on the credit union philosophy of “people helping people.”  Dr. Dorsey’s entry was submitted by Edward C. Everett, who received a reward of $150 for his winning hero. [ 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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