LSCU eSignal Weekly
LSCU eNews Weekly April 8, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Notes from meeting with the NCUA
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: HB500, Credit Union Update Act, may be heard as soon as Wednesday.
This week in Florida politics: 2013 session passed halfway mark with biggest issues, including state budget, still to come
Washington Update: House and Senate return to Washington after two week spring district work period
Download Alabama State GAC app
Compliance Corner
League InfoSight highlight: BSA e-Filing news
CUNA Regulatory Advocacy Report - Week of April 8, 2013
Compliance calendar and training
Education News
Wondering what educational opportunities are coming up? Check them out below
Last chance to register for the upcoming Bank Secrecy Act training in Mobile, AL
Cooperative Initiatives News
Small asset size CU conference was a great "think tank" for attendees
LEVERAGE News
Credit unions save through ePurchasing
News from You
eCO Credit Union hosted another successful "Shamrocks Against Dystrophy" campaign
Brenda Miller, CEO of Seminole Schools FCU, retires
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Notes from meeting with the NCUA

Over the past couple of years the LSCU has worked to improve the lines of communication with our state and federal regulators. I feel that our relationship with the NCUA has greatly improved during this time. A good example is this past week when NCUA Region III Director Herb Yolles hosted his annual Region III League Presidents meeting in Atlanta.  

As some of you know, the NCUA has a full time economist and he has been putting out economic reports every month. Herb Yolles went over the forecast for Alabama and Florida for the next six months. The NCUA expects fast growth in Alabama, while still seeing somewhat flat growth in Florida. We saw great numbers for 2012 from our Alabama credit unions including record assets and membership growth, plus good member business lending growth. In Florida, assets continue to grow, but membership was flat for the year. However, loans are making a comeback as the real estate market continues to see improvements.

A subject Herb re-iterated was interest rate risk. Not surprising for most credit unions, this remains the number one priority issue for the agency. The NCUA believes we need an interest rate risk measurement for credit unions. The Office of National Examination and Supervision will be coming out with guidance this summer.  

Throughout the recession, credit unions have been very conservative the way they run their operations. However, some have tried to venture into areas they did not have the proper expertise in search of income. The agency is quite aware of this and will be requiring more detailed business plans from credit unions. Keep this in mind if you are considering a new product offering.

If you have followed national credit union news, you have noticed that we have seen increased internal fraud.  The NCUA may begin looking closer at credit unions internal operations in search of early indicators, as well as the work of your auditors. According to NCUA, credit unions in the 20-50 million in asset size range appear to see most of this type of activity.  

Finally, a few things the NCUA has on the horizon. New Document of Resolution guidance will be coming for examiners. As the economy improves and credit union camel ratings inch higher, the agency wants to see examiners use DORs less. The NCUA will be sending out letters soon on private student loans and enterprise risk management. A proposed rule is coming on liquidity. I hope you know that the Central Liquidity Fund is no longer free. Credit unions need a solution for a systemic liquidity crisis. Historically, the Federal Home Loan Bank cannot be counted on in a crisis. A proposed rule on derivatives for hedging purposes is also coming soon.

Finally, I want to let you know I spent a Friday through Sunday in Washington, D.C. I was one of 15,000 runners in the Cherry Blossom Run. Credit Union Miracle Day Inc. is the sponsor for the eleventh year. This year Credit Union Miracle Day donated over $480,000 to the Children’s Miracle Network. I agreed to participate in this year’s race as part of CU Miracle Day Inc.'s donation to our Leave Behind Project last year in Tampa/St. Pete. The sponsorship has seen more than $6 million donated over the years to CMN. It was an honor to represent Alabama and Florida credit unions in the 5K race (versus the 10 mile!).

Where’s Patrick: On Monday, I will be in the Birmingham office. Tuesday and Wednesday I will be in Montgomery for the State GAC. On Thursday and Friday I will be in the Tallahassee office. You can see my schedule for the next two weeks by clicking on “Where’s Patrick?” 

Visit the LSCU Video Room to see the first quarter President's Report video. Send me any feedback to this column.
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LSCU Top Headlines
This week's top League headlines

LSCU debuts Credit Union Certified Financial Counselor Training (FiCEP)
Credit unions have until April 29 to register for this unique certification program that provides a member benefit. An informational webinar about the program will be held next Thursday, April 11, at 9 a.m. EDT/10 a.m. CDT. For more information on FiCEP click here

Public deposit issue gets air time
Over the past couple of weeks, LSCU's Vice President of Governmental Affairs, Jared Ross, has been a guest on Florida radio talk shows discussing the public deposit issue and explaining why municipalities deserve a choice. To listen to Jared's appearance on WMNF in Tampa and the Preston Scott Show in Tallahassee click here. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: HB500, Credit Union Update Act, may be heard as soon as Wednesday.

Alabama Credit Union Act Update Introduced
On Tuesday and Thursday of last week HB 500 by Rep. Greg Wren (R-Montgomery) and SB 371 by Senator Slade Blackwell (R-Birmingham), the Alabama Credit Union Act Update, were introduced in the Alabama Legislature. These bills, a collaboration of the League of Southeastern Credit Unions and the Alabama Credit Union Administration, aim to help state-chartered credit unions operate more effectively and efficiently in today’s markets. They are also an important first step to shaping the Alabama State Credit Union Act to where additional innovations for credit unions are more easily reachable in the future. There are a few changes that will be made to the bills in committee. One of particular importance to credit unions is the language the ACUA asked for with regards to petition elections. We have heard from numerous credit unions on this issue and an amendment will be offered to delete this additional language from the Act.

HB 500 was assigned to the House Financial Services Committee and may be heard as early as Wednesday of this week. SB 371 is currently in the Senate Banking & Insurance Committee and we are working with the chairman, also our Senate sponsor, to have it placed on his committee’s agenda as soon as possible. Please contact your Senators and Representatives and ask them for their support of HB 500 and SB 371.

Last Week in the Legislature
Among other issues, the Senate also passed a bill that creates a free, lifetime permit to carry a concealed firearm in your vehicle. This is not the controversial legislation allowing employees of businesses to carry firearms in their cars regardless of company policies already in place. That legislation is still highly contested and it’s anybody’s guess on who will that battle, the National Rifle Association or the Business Council of Alabama.

This Week in the Legislature
Additionally this week The House is expected to take up the Education Trust Fund when they return on Tuesday, April 9. The Senate calendar has yet to be determined for this week but they reconvene Tuesday as well.

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.
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This week in Florida politics: 2013 session passed halfway mark with biggest issues, including state budget, still to come

Florida Legislature Passes the Session Midpoint
A legislative session moves like a roller coaster, chugging slowly to a peak in its first month and then crashing to a dizzying finish that leaves everyone glad it is over. As the 2013 legislative session passed its halfway mark this week, lawmakers teed up some of their biggest issues for floor debate and votes in the next four weeks. The biggest bill of every session, a state budget that this year tops $74 billion, emerged in differing forms on Wednesday from House and Senate committees. Click here to read more. 

Governor Expected to Sign Bill Outlawing Internet Cafes
Last week, the Senate passed HB 155 by a vote of 36-4, to outlaw Internet sweepstakes cafés. The bill now heads to Gov. Rick Scott's desk and a spokeswoman for Scott stated he will sign 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.

If you have any questions on any of the legislative issues mentioned above contact LSCU Director, Legislative Affairs, Jennifer Martin, 866.231.0545 ext. 1150. Get in on the conversation and get developing news and legislation updates from GA on Twitter and Facebook. [ Return to Top ]

Washington Update: House and Senate return to Washington after two week spring district work period

The House and the Senate are back in Washington after a two week spring district work period. The House will meet tomorrow to consider legislation under suspension of the rules. It will also consider HR 678, the Bureau of Reclamation Small Conduit Hydropower Development and Rural Jobs Act and HR 1120, the Preventing Greater Uncertainty in Labor-Management Relations Act. The Senate will convene at 2 p.m., April 8 to consider Patty Shwartz to be United States Circuit Judge for the Third Circuit. The schedule for the remainder of the week has not been finalized; however, it has been speculated that the Senate will next move to consider gun control measures.

To view a complete list of hearings we are following this week on both sides of the Capital click here. [ Return to Top ]

Download Alabama State GAC app

The 2013 LSCU Alabama State Governmental Affairs Conference, in Montgomery on April 9-10 at the Embassy Suites Hotel, has a new mobile app to help attendees follow the conference easier. 

It is easy to download right to your Apple* or Android** smartphone or tablet. The app provides quick access to the agenda and speakers. There are many other features including a map of downtown Montgomery, tips for your visit to the capitol, and a way to contact the League in case you have a question.   

Download the app today. It takes just a few minutes. You will be asked to sign in and then you are ready to go. It is that easy. Check the app often for new information. For those not attending the State GAC, the app is available to download. It has links to social media, as well. 

*Apple users: make sure your operating system is up-to-date. You can check by going into the settings and clicking on software.
**Android users: Make sure your device is set to allow installation of non-market apps. Go to your phone's system settings, then security, then unknown sources and choose to "allow installation of non-market apps." Also, make sure your operating system is 2.0 or higher.

Visit the LSCU Events Calendar for more information on the State GAC and to register.  [ Return to Top ]

Compliance Corner
League InfoSight highlight: BSA e-Filing news

Early last year FinCEN issued a Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012. This new rule included Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs), and Designation of Exempt Person Reports (DOEPs). FinCEN also created new versions for each of these forms. As of April 1, 2013 the older versions of the FinCEN reports are no longer available and credit unions must now use the new forms.

If you are still using the older version of these forms, your forms may be rejected and returned to the institution that filed them. "Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties," FinCEN added.

The FinCEN BSA E-Filing User Test System website has been updated to allow for testing of all the reports now available for E-Filing.

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

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CUNA Regulatory Advocacy Report - Week of April 8, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report for the week of April 8 looks at the CFPB's plan to release mortgage compliance guides, the NCUA offers guidance on TDRs, and NCUA issues its first legal opinion of 2013.   

To read the most recent CUNA Regulatory Advocacy Report, click here.
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Compliance calendar and training

April 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
Wondering what educational opportunities are coming up? Check them out below

Events/Workshops:

April 9-10
Alabama State GAC
, Montgomery, AL

April 16
Bank Secrecy Act Training (morning session, afternoon session), Mobile, AL

April 23-24
Credit Union Philosophy in Action & LSCU/CUNA Orientation, Birmingham, AL

May 7-8
Asset Liability Management Essentials & Implementation Training, Birmingham, AL

May 16
Disaster Recovery Conference, Ft. Lauderdale, FL

May 21
Bank Secrecy Act Training, Birmingham, AL

May 23
Disaster Recovery Conference, Mobile, AL

June 12-15
LSCU Annual Convention & Exposition, Orlando, FL

Visit the LSCU Events Calendar for more events.

Upcoming Webinars in April:

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

 


Webinars:

April 8: Escrow Rule Changes for High-Priced Mortgages: Deadline June 1, 2013, Including January 2014 HOEPA Rules

April 9: Mandatory Compliance Series: Compliance Rules the Frontline Must Know

April 10: ACH Rules Update 2013

April 16: Consumer Debt Resolution Series: Maximizing Recoveries on Charged-Off Loans

April 17: UCC Article 9 Default Provisions: What Secured Creditors Need to Know

April 18: Duties of the Board Secretary: Fundamentals, Best Practices & E-Package Delivery

April 23: SBA Lending Update 2013: Trends, Regulations and a Look at SOP 50 10

April 24: Opening Personal Accounts: Membership, Ownership and Access

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

Last chance to register for the upcoming Bank Secrecy Act training in Mobile, AL

Register now for the upcoming BSA training workshops:

Mobile,  April 16:

Morning Session: 9 – 11:30 a.m. EST

Afternoon Session: 1 p.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.
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Cooperative Initiatives News
Small asset size CU conference was a great "think tank" for attendees

The 2013 Small Asset Size (SAS) Credit Union Workshop was held March 26 at America’s First Federal Credit Union in Birmingham. More than 25 credit union attendees had an opportunity to hear from speakers and collaborate on issues credit unions are with faced with every day.

Leo Math, attorney, at Chambless, Math & Carr, PC, based in Montgomery, provided insight and strategies regarding credit union collections, NCUA Supervisory Examiner Robert Parrish provided an update on NCUA activities and examination issues, and Secure First Credit Union CEO Jordan Sullivan shared his credit union’s disaster recovery lessons after a tornado in 2012 destroyed his main branch. 

Credit union attendees also had an opportunity to engage in a lending and credit union roundtable dialogue.  Attendees shared ideas and provided insights for solutions to common credit union challenges. The workshop also included regulatory and compliance updates, as well as an economic forecast and details on how to save money through ePurchasing. 

“This meeting provided great information on collections and regulatory issues,” said one attendee. “The speakers were on topic and I loved the open discussion where everyone [shared] ideas about what worked for them,” said another.

Materials from the workshop are available online in the Small Asset Size Toolkit. [ Return to Top ]

LEVERAGE News
Credit unions save through ePurchasing

Five credit unions recently saved up to 26 percent at Ventelligence's live ePurchasing event for computer equipment. The Ventelligence team held the event during which the credit unions accepted bids from eight different vendors for computer equipment. The results? A savings of up to 26 percent.

Among the participating credit unions were Miami Firefighters FCU, which realized a savings of 26 percent and Broward HealthCare which realized a savings of 15 percent. [ Return to Top ]

News from You
eCO Credit Union hosted another successful "Shamrocks Against Dystrophy" campaign


Through bake sales, branch contests, and shamrock sales, eCO was able to donate $7,771.55 to the Muscular Dystrophy Association. This is the seventh year in a row that eCO has supported MDA.

“Even in the midst of tough economic times, our members and employees still see the importance of giving back to the community,” said eCO Marketing Manager, Melissa Reeves. “eCO employees get enthusiastic about raising money to send kids living with muscular dystrophy and other diseases to camp, and in turn, our members and vendors get excited about supporting the cause.”

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Brenda Miller, CEO of Seminole Schools FCU, retires


Brenda Miller, CEO, Seminole Schools FCU, retires after more than 18 years of service. She is acknowledged at the credit union's 77th annual meeting.
Seminole Schools FCU is the oldest CU in Seminole County.

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

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