LSCU eSignal Weekly
LSCU eNews Weekly February 11, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Developments from the LSCU & Affiliates board meeting including dues rebate
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: New credit union legislation coming
This week in Florida politics: Public deposits bill gains co-sponsors
Florida State GAC room cut-off date is Friday
Washington Update: Credit union enhancement bills could be introduced this week
CUNA GAC webinar coming Feb. 20
Compliance Corner
League InfoSight highlight: New regulations for high-priced mortgages
CUNA Regulatory Advocacy Report - Week of Feb. 11, 2013
Compliance calendar and training
Communications News
NEW! Young Professional of the Year category added to LSCU Awards
Education News
Wondering what educational opportunities are coming up? Check them out below.
Cooperative Initiatives News
LSCU's SAS Workshops designed specifically for CUs under $50 million in assets
LEVERAGE News
Lytle named VP, Innovation and Business Development
News from You
WinSouth partners with CUNA for training
CFE honors employee and manager of the year
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Developments from the LSCU & Affiliates board meeting including dues rebate

This past week the LSCU & Affiliates boards held their first meetings of 2013. After each meeting, I will use this column to highlight major issues developments from those meetings. The LSCU is committed to keeping our member credit unions updated with what we’re doing at the League and LEVERAGE and how we continually work to streamline our operations, save money, and offer member credit unions the best value of affiliation possible.

The LSCU & Affiliates once again closed the year ahead of budget. The League had year-end net income of $219,746 as compared to budgeted net income of $69,848. A good portion of this variance can be contributed to the superior performance of our education and training department fueled in part by increased attendance by credit union officials. LEVERAGE's 2012 net income was $376,749  versus a budgeted net income of $30,600.  

Last fall we communicated to all of you to expect a dues rebate in 2013. At last week’s meetings, the LSCU board approved a 10-percent dues rebate for member credit unions. The LEVERAGE board approved a $110,000 dividend to the League to help fund the rebate. The League will provide this rebate in the form of a paper check after the end of the first quarter. There are a few minor restrictions: 1) Dues must be paid by March 31 to qualify; 2) Credit unions on a dues waiver or dues reduction are not eligible for a rebate; and 3) If a credit union is a new affiliate, it is eligible for the dues rebate as long as it hasn't been on a waiver or reduction and have paid by March 31. This is the first dues rebate ever offered by either state and we’re excited to share our success with our member credit unions. Additionally, this is a great example of how doing business with LEVERAGE helps to supplement what we do on the association side of the organization.

The League is also very conscious of how we run our operation. I am always challenging our staff to look for ways to be more efficient. Last week, the LEVERAGE board authorized the selling of our Tallahassee facility, based on certain parameters and their final approval of sale price. If and when we’re able to sell this existing space, the LSCU & Affiliates will move its Tallahassee operation across town to Corporate One FCU’s building, previously occupied by Southeast Corporate FCU. Over seven years this move will save the LSCU & Affiliates approximately $1.2 million in operating cost. Additionally, the League recently signed a renegotiated lease to remain in our current Birmingham office through 2018. This new lease will result in an estimated $812,000 savings over six years. Couple this with the Tallahassee move and over seven years the LSCU & Affiliates will save in excess of $2 million.

The other significant piece from the LSCU board meeting you will see later this year. The LSCU & Affiliates has grown exponentially over the past three years. In 2010, we merged the previous league service corporations and rebranded it LEVERAGE. We also combined our three foundations and renamed it the Southeastern Credit Union Foundation (SECUF).  We currently manage CUSC of Alabama (shared branching) and LEVERAGE recently purchased Credit Union Vendor Management (CUVM), a Denver-based CUSO, along with two other League Service Corporations. LEVERAGE is managing CUVM and has absorbed its staff. The LSCU & Affiliates family of “brands” is growing, so management is working closely with our boards  to look at how we should be presenting the LSCU & Affiliates internally to our member credit unions as well as externally as we eye future regional expansion opportunities. Stay tuned for more information on this in the coming months.

The LSCU & Affiliates is working hard on your behalf. As you’ve seen over the past three years, we aren’t resting on any of our accomplishments since consolidation. We continually look for ways to improve the service we provide and the manner in which we provide it. Your continued support of the League and LEVERAGE plays a big part. Thank you for working with us to keep credit unions moving forward.

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

LSCU Top Headlines
This week's top League headlines

CU bills to be filed in Washington
CUNA announced last week that member business lending and supplemental capital bills will be filed in Washington in the coming weeks. Both bills have sponsors. CUNA has been talking to federal lawmakers ahead of the bills being introduced. Both bills, along with the credit union tax exemption will be topics at the CUNA GAC. Read more by visiting the LSCU Top Stories

Ways and Means Committee looking at tax reform
The House Ways and Means Committee is expected to look at tax reform this week. Charitable deductions are the main focal point of the hearing, but the committee is committed to looking at comprehensive tax reform this year. The credit union tax exemption is not expected to be discussed, but CUNA and the League are watching the meeting closely. Read more by visiting the LSCU Top Stories

Judge puts a stay on Space Coast lawsuit
A federal judge in Ft. Lauderdale issued a stay in the Space Coast FCU lawsuit against Wall Street big banks and ratings agencies. U.S. District Judge James I. Cohn granted the motion for a stay discovery on all written discovery, depositions and obligations to produce documents, pending a ruling on the defendants' motion to dismiss the case. Read more in CUNA News Now.

Help members to Go Direct by March 1
The U.S. Treasury will discontinue paper checks on March 1. Credit unions are encouraged to have their members sign up to get any government issued checks electronically. Members can sign up at the credit union, by phone or online at Go Direct.   [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: New credit union legislation coming

Last Week in the Legislature
The Alabama Legislature convened last week in Montgomery to begin the 2013 regular session of the Alabama Legislature. The week began with the governor’s annual State-of-the-State address. his speech was highlighted by pointing out the accomplishments his administration has made over the past year. He talked about achieving the lowest unemployment rate in two years and the creation of 26,000 new jobs while also touting his administration’s efforts to trim budgets by eliminating 4,000 state jobs. Gov. Bentley called for a 2.5-percent pay raise for teachers who have not received a raise since 2008.  He made no mention of a pay raise for state employees. The governor also endorsed a bill that would give school systems more flexibility in complying with state education law. This sets Gov. Bentley up for a fight with the Alabama Education Association, which opposes the bill.

The legislature wasted no time forging ahead with the republican leadership’s legislative agenda.  On Wednesday, the House passed legislation in committees that would require the government to pay back millions of dollars borrowed from the state’s trust fund as well as legislation giving local education boards more flexibility in complying with state education funding and regulations, while the Senate focused on legislation consolidating various state law enforcement agencies. On Thursday the House passed the payback bill on the floor and it will now go to the Senate for consideration. The Senate passed one piece of legislation on Thursday, a bill to allow motorcycles to have distinctive license plates.

The House and Senate will return to the State House on Feb. 12 where they will reconvene the legislative session.

State Act Bill Receiving Final Touches, Public Deposits on the Horizon
The League is working with the Alabama Credit Union Administration to finalize a piece of legislation that will help to modernize the State Credit Union Act. After several meetings last week in Montgomery, the bill is very close to being ready to introduce. As soon as that happens, the League will let all credit unions know the bill numbers and the specifics of the legislation.

Additionally, the League is working the halls of the legislature garnering support of legislation that would allow Alabama credit unions to accept public deposits. Just like last year, this bill will meet serious opposition from banks throughout the state. It is important that this legislation have support from both sides of the aisle and support from leadership of both houses of the legislature. As with the modernization legislation, new information will be available soon regarding public deposits and bill numbers

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 bill gains co-sponsors

Public Deposits Bill Sees Action in the House
One of the League’s top priorities for the 2013 Session has seen activity in the past week. Sponsored by Rep. Bill Hager (R-Boca Raton), HB 251 would allow credit unions to become qualified public depositories. HB 251 picked up two co-sponsors; Rep. Jason Brodeur (R-Orlando), who carried the bill last year, was the first to sign on as a co-sponsor this year, followed by Rep. Travis Cummings (R-Jacksonville). The League's Government Affairs team is working to secure more co-sponsors for this important legislation. The bill has been referenced to only two House committees, the Insurance and Banking Subcommittee and the Regulatory Affairs Committee.

Expedited Foreclosure Bill Begins House Trek
A bill designed to speed up the foreclosure process in Florida passed through the House Civil Justice Subcommittee on Thursday on a 10-3 vote. Rep. Kathleen Passidomo’s (R-Naples) HB 87 allows third-party lienholders to start foreclosure proceedings and rushes the final judgment of foreclosure if a homeowner doesn’t file a legitimate defense. The measure includes consumer protection provisions, though, such as forcing banks and lenders to show proof of ownership of a mortgage before filing suit, and reducing the time for a sufficiency judgment from five years to one year. Rep. Passidomo touted the bill as a way to speed up the foreclosure process while ensuring due process and protection for homeowners against being foreclosed upon unfairly. The League’s Government Affairs staff is meeting with Rep. Passidomo this week to discuss the details of the bill.

Should you have any questions on any of the legislative issues mentioned above contact LSCU Director, Legislative 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 ]

Florida State GAC room cut-off date is Friday

The 2013 LSCU Florida State Governmental Affairs Conference (GAC), in Tallahassee on March 19-20, is quickly approaching. For those that are planning to attend and need a room, the cut-off date to secure a room at the State GAC price is Feb. 15. The rate is $199 at the DoubleTree Hotel. Call today and ask for the League of Southeastern Credit Unions' rate.  

The State GAC features speakers such as CFO Jeff Awater and the governor's Director of Legislative Affairs Darrick McGhee. These two speakers will provide credit unions with a  closer look at the state from inside the governor's office.

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. 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: Credit union enhancement bills could be introduced this week

The House and the Senate are back in session this week with many committee meetings.

Floor Schedule
The House will meet at noon on Tuesday and then recess by 5:30 p.m. to allow a security sweep of the House Chamber prior to the president's State of the Union address. The House will meet again at approximately 8:35 p.m. for the purpose of receiving, in a joint session with the Senate, the President of the United States. For the balance of the week, the House is expected to consider three bills under suspension of the rules. In addition, the House will consider H.R. 592, a bill to amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to clarify that houses of worship are eligible for certain disaster relief and emergency assistance on terms equal to other eligible private nonprofit facilities. The House is also expected to vote on H.R. 273, a bill to eliminate the 2013 statutory pay adjustment for Federal employees.

The Senate will convene at 2 p.m. Monday to resume consideration of the “Violence Against Women Act” (S. 47).

Committee Meetings
On Tuesday, t
he Senate Budget Committee will hold a hearing on "The CBO's (Congressional Budget Office) Budget and Economic Outlook."

On Wednesday, the Senate Finance Committee has a scheduled a hearing on the nomination of Jacob "Jack" Lew to be Treasury secretary. 

The House Financial Services Committee will hold a hearing titled, "Bailout, Bust, or Much Ado About Nothing?: A Look at the Federal Housing Administration's 2012 Actuarial Report."  The hearing will examine the FHA's financial status and HUD's Nov. 16, 2012 actuarial review of the FY 2012 FHA Mutual Mortgage Insurance Fund (MMIF). 

The House Budget Committee will have a hearing on "The Congressional Budget Office's (CBO) Budget and Economic Outlook." Finally, the House Small Business Committee is scheduled to examine the "State of the Small Business Economy."

On Thursday, the House Ways and Means Committee will conduct a hearing on itemized deduction for charitable contributions as part of comprehensive tax reform. Credit unions are not expected to be discussed, but CUNA will monitor the hearing for any discussion of our tax preference and the general line of questioning from members of the committee. 

The Senate Banking, Housing and Urban Affairs Committee will hold a full committee hearing on "Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections."  Federal banking regulators have been invited to testify.

Charter Enhancement Legislation
CUNA and the League are working closely with the House sponsors of the Member Business Lending legislation and the Supplemental Capital legislation in an effort to get these bills introduced this week.

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

CUNA GAC webinar coming Feb. 20

The CUNA GAC is two weeks away in Washington, D.C. The LSCU wants to make sure that you, as credit union advocates, have all the necessary information you need to have a successful and enjoyable trip. The GAC is a great opportunity to bring the credit union message to the forefront of federal lawmakers’ minds. It is also a great opportunity for credit union advocates to hear from industry experts, great political figures, and to interact and network with other advocates from our two states and around the country.

Before you head to Washington, the League will host a short webinar with some helpful information. The webinar will be held on Wednesday, Feb. 20 at 2:30PM EST/1:30PM CST. The webinar will include a brief update on legislative issues, schedule of events, and also allow time to answer any questions or concerns you may have.

If you are attending the CUNA GAC join the League for the pre-GAC webinar. To join the webinar use this link. Call-in information will be shown when you join the webinar. [ Return to Top ]

Compliance Corner
League InfoSight highlight: New regulations for high-priced mortgages

The NCUA, along with other financial regulators, approved new regulations for high priced mortgages. The new regulations went into effect in January of this year. CUNA recently provided credit unions with an analysis of the final rule. This analysis is highlighted in the latest edition of League InfoSight.  

Under the terms of the new regulations, mortgage lenders will need to hire licensed appraisers to perform a physical inspection of a home's interior before making a loan that falls within the definition of a higher-priced mortgage loan. Lenders will need to provide homebuyers with a free copy of the resulting home appraisal report.

High-priced mortgages will be considered non-qualified residential mortgages that are secured by a principal dwelling with annual percentage rates that exceed the average prime offer rate by 1.5 percent for first-lien loans, 2.5 percent for first-lien jumbo loans, and 3.5 percent for junior lien loans.

The rule provides a safe harbor for compliance purposes, as well as exemptions for several types of transactions, including "qualified mortgages" and reverse 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 Feb. 11, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report for the week of Feb. 11 looks at the CFPB responding to CUNA on qualified mortgages and how its not meant to limit the creditor. The report also links to a Federal Trade Commission report on Mobile Privacy Disclosures. The FTC report helps financial institutions to better inform their customers about their mobile privacy 

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

Compliance calendar and training

February 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
NEW! Young Professional of the Year category added to LSCU Awards

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.

Don't forget the three ways to enter a submission:

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 ]

Education News
Wondering what educational opportunities are coming up? Check them out below.

Upcoming Events:

February 12:
LSCU Small Asset Size CU Conference
, Orlando, FL

February 20:
LSCU Bank Secrecy Act Training Workshop, (morning session, afternoon session), Jacksonville, FL

February 24-28:
CUNA GAC
, Washington, D.C.

March 12-13:
IRA Essentials & Beyond Essentials Training
, Birmingham, AL

March 14-15:
LSCU/CUES CU Executive Dialogue (Large Asset Size CU), Miami, FL

March 19-20:
Florida State GAC, Tallahassee, FL

March 26:
LSCU Small Asset Size CU Conference
, Birmingham, AL

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

Visit the LSCU Events Calendar for more events.

 


Upcoming Webinars in February:

All webinars are scheduled from 3 p.m. - 4:30 p.m. EST. 

February 5: ACH Death Notification Entries (DNEs) & Reclamations: Your Credit Union’s Liability

February 6:Frontline Excellence Series: Dissecting Regulation CC: Holds, Substitute Checks & Check Clearing

February 12: Tax Refunds: ACH Exceptions, Posting & Credit Union Liability

February 13: Facebook 101 Getting Started: Policies, Risk Assessment & Next Steps

February 14: CFPB Guidance on Handling Consumer Complaints & Inquiries: Collecting, Investigating & Responding

February 19:New BSA Officer Training

February 20: Qualifying Borrowers Using Personal Tax Returns Part 2: Income from Rentals, Royalties, Partnerships, S Corps & Farms

February 26: Guidelines for OREO

February 27: Consumer Debt Resolution Series: Advanced Collection Techniques That Reduce Delinquency & Loss


For a complete listing of webinars for 2013, click here. [ Return to Top ]

Cooperative Initiatives News
LSCU's SAS Workshops designed specifically for CUs under $50 million in assets

Register today for 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 the 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
Lytle named VP, Innovation and Business Development

LEVERAGE, the League Service Corp, hired Kevin Lytle as its new vice president of innovation and business development. Lytle comes to LEVERAGE with more than 22 years of experience in marketing, product development, product management and business development. He has spent nearly his entire career in the credit union industry. 

Prior to coming to LEVERAGE, Lytle was the VP, marketing and product  management, at West Corp FCU. His main duties included all marketing strategies at West Corp, developing new products that reduced operating costs for credit unions, and public relations. For 14 years Lytle worked at CUNA, first with the CUNA Service Corporation and later as VP of national marketing for CUNA out of its Madison office.

"We're excited to get a person of Kevin's knowledge and expertise at LEVERAGE," said LEVERAGE CEO Patrick La Pine. "His vast credit union experience will help us develop relevant products and get them to market quicker, while also ensuring that they are exactly what credit unions are looking to utilize." 

Lytle is overseeing LEVERAGE's product development, marketing and sales. He was awarded a marketing management degree from Upper Iowa University and a masters in management, cooperatives, and credit unions from St. Mary's University of Nova Scotia. He began his duties at LEVERAGE on Feb. 11. [ Return to Top ]

News from You
WinSouth partners with CUNA for training

WinSouth CU, based in Gadsden, AL, has chosen CUNA CPDOnline, a state-of-the-art online credit union training service, to provide training for its staff. CUNA CPDOnline includes everything a credit union needs to manage its training program from start to finish. It combines the ease of an on-demand learning management system with expertly-designed, self-study credit union courses, and personal assistance whenever it’s needed.

“The greatest resource that we have, in terms of ensuring our organization’s success, is our employees and our efforts to make them as effective as possible,” said Nathan Clough, director of Compliance and Training with WinSouth. “We are committed to building a broadly informed, well-rounded credit union staff and investing in CUNA CPDOnline is one of the best ways that we have found to do that.” [ Return to Top ]

CFE honors employee and manager of the year

Kevin Wright, VP of Information Technology, was named Manager of the Year based on his outstanding ability to assimilate his professional experience into the day-to-day operations at CFE in a highly successful manner. Kevin has been employed with CFE since March 2007.

William McNeil, Jr., facilities assistant, is the Employee of the Year for his dedication, hard work, and overall positive attitude. Bill has been employed with CFE since November 2007.

[ 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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