LSCU eSignal Weekly
LSCU eNews Weekly May 6, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Have a plan for tax-exemption fight
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: session winding down with flurry of activity
This week in Florida politics: session adjourns Sine Die, plus a wrap up on public deposits and expedited foreclosures
Washington Update: House and Senate back in session this week
Compliance Corner
League InfoSight highlight: CUNA eGuides
CUNA Regulatory Advocacy Report - week of May 6, 2013
Compliance calendar and training
AC&E News
AC&E discounted room rate ends May 10
Multimedia
Marketing loans audio podcast
Unite for Good video posted this week
Education News
Wondering what educational opportunities are coming up? Check them out below
Cooperative Initiatives News
Student Internship Grant Initiative now accepting applications!
NerdWallet announces a Gen Y Credit Union Contest
CU Philosophy in Action Workshop
LEVERAGE News
Banking Compliance Index
News from You
Senior Appreciation Day
eCO Credit Union's Savings Race
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Have a plan for tax-exemption fight

A couple of weeks ago I sent an email to all our affiliated credit unions updating them on the tax reform status in Washington, D.C. Sen. Max Baucus (D-MT), chairman of the Senate Finance Committee and Rep. Dave Camp (R-MI), chairman of the House Ways & Means Committee, are working closely together to write the tax code.

Rep. Camp was recently quoted in the Washington Post as saying "We're not going to take the current code and see what comes out. We're going to take a blank piece of paper and see what goes back in." Based on this theory, we've already lost our tax exemption and must now fight to regain it. However, CUNA and the leagues have been told by legislative leaders that our tax exemption is safe. As you know, in Washington, D.C., and based on Rep. Camp's statements, anything is possible and the situation is diffidently fluid. One thing is for sure, we can't take anything for granted.
 
If widespread tax reform catches hold, it could sweep through both chambers very quickly with just an up or down vote (no amendments) before going to the president to be signed into law. If our tax exemption is not preserved in a bi-partisan tax reform bill, this could be a worst-case scenario for credit unions. The point of my email is that we need to stand ready to act at a moments notice if our tax exemption is not carried forward by the congressional working groups studying the issue. CUNA and the League have a plan and it includes mobilizing not only credit unions, but staff and members.
 
The LSCU is asking credit unions to put together a plan for their credit unions, staff, and members. We have resources available to help you with this. CUNA has put together a Tax Advocacy Toolkit. Look at the kit and identify ways you can use it to communicate with your members. Something credit unions have that the banks don’t have is the strong support of our membership. We need to take advantage of this if our tax exemption is not maintained in whatever legislation comes out of the working group.

I want you to know that the LSCU is doing its part to educate lawmakers on the benefits of the tax exemption. Members of our governmental affairs staff will be in Washington this month to visit with our Alabama and Florida congressional delegations. We also have our contract lobbyist, John McKechnie, in Washington and he’s in constant contact with our lawmakers, as well as legislative leaders. CUNA also spends a majority of its time and efforts on the Hill advocating for the tax exemption.

I urge you to read the recent CU Insight post from CUNA EVP Paul Gentile. He writes about the credit union tax exemption and how we need our membership behind us. I hope we never have to put these plans in place, but we need to have them, just in case. I don’t have to tell you what it would mean if we lost our tax exemption, but I will. It would mean the demise of credit unions as we know them today.      

Where's Patrick? This week I wrap up the National Credit Union Foundation’s CUDE training in Madison, WI from Monday through Wednesday. I will spend Thursday and Friday back in the Tallahassee office, including lunch with Envision CEO Darrell Worrell on Friday. You can see my schedule for the next two weeks by clicking on Where's Patrick? [ Return to Top ]

LSCU Top Headlines
This week's top League headlines

BREAKING NEWS: Ways And Means working group tax reform report delivered
The credit union tax status is one of many issues discussed in the just-released report on tax policy reform created by the House Ways and Means working group.
Read more in LSCU Top Stories.

LSCU announces recipients of the 2013 LSCU Awards
The LSCU is proud to recognize professionals, volunteers, and credit unions that have made outstanding contributions to the development and growth of the credit union movement in Alabama and Florida. Congratulations to the recipients of the LSCU's prestigious awards!  Click here to view the recipients.

NCUA backs supplemental capital bill
NCUA Chairman Debbie Matz announced last week that the regulator supports a bill to allow well capitalized credit unions to have access to capital. As it stands now, the more deposits a credit union accepts, the more its capital ratio declines. When capital ratios decline, credit unions could face prompt statute regulated corrective action by their regulator. HR 719 would change this allowing credit unions access to supplemental capital. Read more on CUNA's website.  

CUs in Alabama report compromised cards
Credit unions in Alabama are reporting fraudulent activity related to compromised cards from breaches and skimming devices. Read more in the LSCU Top Stories.

2014 a "watershed" year for health care reform compliance
2014 will be a “watershed” year for employers to meet mandates and deadlines related to the Affordable Care Act, and credit unions still have plenty of work to do to ensure they are in compliance with the law. Stay informed about ACA requirements for 2013 and 2014 and learn how to best formulate an appropriate strategy by visiting www.cunamutual.com/HealthCareReform for timelines, legislative briefs, model notices, and forms.
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Governmental Affairs News
This week in Alabama politics: session winding down with flurry of activity

On days 26 and 27 of the 2013 legislative session House and Senate committees continued to work feverishly on key bills for presentation on the floor of both the House and Senate for final passage. Also, passage of local bills has taken on increased significance as lawmakers scrambled to pass bills important to their immediate constituency in these final days of the legislative session. Read more.

Alabama Credit Union Act update
As the session winds down, the LSCU Governmental Affairs team is working tirelessly to see this legislation passed and sent to the governor’s desk. At this time, movement of any legislation is at a standstill and it does not appear to be letting up any time soon. While non-controversial, the Alabama State Act legislation, along with many other important pieces of legislation, is slowly becoming a victim in a fight that has nothing to do with the merits of the bill. Watch your email and monitor the LSCU website for updates on any developments as the 2013 legislative session winds down.

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: session adjourns Sine Die, plus a wrap up on public deposits and expedited foreclosures

Session Adjourns Sine Die
The 2013 legislative session came to an end on May 3 when the legislature adjourned Sine Die. Legislators passed a record $74.5 billion budget which included a raise for teachers and state workers, but did not include an expansion of Medicaid. In recent years, Democrats have voted in block against the Republican-led budget, however, this year was much different. The appropriations bill passed unanimously in the Senate (40-0) and received only 11 “no” votes in the House.

Other major issues passed included a watered down texting while driving ban, campaign finance reform, ethics reform, and election reform. Only 259 total bills passed this year, down from 292 in 2012. For an interactive look at what passed and what failed during the 2013 legislative session, click here.

Public Deposits
HB 251 by Rep. Bill Hager (R-Boca Raton) and SB 918 by Sen. Rene Garcia (R-Hialeah) did not end up being heard during the 2013 Legislative Session. Read more

Expedited Foreclosures
HB 87 – sponsored by Rep. Kathleen Passidomo (R-Naples) and Sen. Jack Latvala (R-St. Petersburg) – which is intended to expedite the foreclosure process in Florida. While the bill is not perfect and we would still like to see the state of Florida move to a non-judicial foreclosure process, there are many provisions which will help speed up the process while still providing adequate consumer protections. Read more.

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 back in session this week

Both the House and Senate are in session this week after spending last week in their districts and states. The next scheduled district work period is schedule for the week of May 27.

Floor Schedule
The House returns May 6 and will consider bills under suspension of the rules. On Wednesday, May 8 the House and the Senate will meet in joint session for the purposes of receiving an address by the Honorable Park Geun-hye, president of the Republic of Korea. During legislative session this week, the House will consider debt prioritization legislation, the “Full Faith and Credit Act” (H.R. 807). The House will also consider the “Working Families Flexibility Act of 2013” (H.R. 1406). 

The Senate also returns May 6 and will resume consideration of the “Marketplace Fairness Act of 2013,” the on-line sale tax bill. After consideration of this legislation, the Senate is expected to consider legislation related to water infrastructure projects. 

Committee Schedule
To view a complete list of committee meetings being followed by governmental affairs this week click here.

For more information or questions on federal legislation, contact LSCU VP of Governmental Affairs Jared Ross at 866.231.0545 ext. 1012. [ Return to Top ]

Compliance Corner
League InfoSight highlight: CUNA eGuides

As part of the League InfoSight partnership with CUNA, the eGuides developed by CUNA staff are accessible by League InfoSight users. The eGuides cover a myriad of compliance topics and serve as a source of additional information and guidance.

Recently, CUNA developed a new website to enhance the service provided to affiliated credit unions and other credit union industry partners. As an additional security measure, the eGuides now require the user to sign-in to confirm their eligibility to access the eGuides. To minimize the impact on the users, the sign-in will only be required once every 90 days. If you do not have a CUNA login username and password, click on the "Sign up here" text. [ Return to Top ]

CUNA Regulatory Advocacy Report - week of May 6, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of May 6 include:

  • CFPB issues final remittance transfers rule with October 2013 effective date
  • CUNA weighs in on proposed amendments to CFPB’s Escrow Rule
  • Overview of primary issues and concerns CUNA plans to raise in FASB comment letter
  • CFPB releases three new small entity compliance guides on mortgage rules

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

Compliance calendar and training
May 2013

June 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 ]

AC&E News
AC&E discounted room rate ends May 10

Don’t miss the savings with the discounted group rate on hotel rooms for the 2013 AC&E. The group rate cut-off date is Friday, May 10. To receive the group rate, use the group code JUNJUNA when calling (800.266.9432) or reserving online with the JW Marriott Orlando Grande Lakes.

It is recommended that you reserve your room at least six weeks prior to the event, as it sells out quickly. If the room block is sold out prior to this date, check back frequently with the hotel as held rooms may be released and become available for reservation.

The LSCU delivers a top level conference, including a host of high profile and quality speakers from the credit union industry. With 29 relevant education sessions, 120+ exhibiting companies, and a host of select events and networking activities, you won’t want to miss this year’s AC&E.

Visit www.lscuconvention.com for a full listing of education topics, conference events, exhibiting companies, and to register today!


[ Return to Top ]

Multimedia
Marketing loans audio podcast

The LSCU has posted a new audio podcast to the Audio Room. Listerhill Credit Union, based in Muscle Shoals, has seen great success over the past few years by marketing its loans. Listerhill Director of Marketing Kristen Mashburn, also a CU Times Trailblazer winner, talks about how the credit union came up with the programs and then rolled them out to members. Mashburn says that many members appreciated the fact that Listerhill offered the loan products and they approved more than $90 million in new loans. 

Visit the LSCU Audio Room to access the Listerhill marketing loans and also hear how the credit union reacted to winning Diamond Awards from CUNA two years in a row. If you have problems accessing the podcast, contact LSCU VP, Communications Mike Bridges at 866.231.0545 ext. 1022. [ Return to Top ]

Unite for Good video posted this week

At this year's CUNA GAC, a new credit union initiative was rolled out - "Unite for Good." This was the culmination of more than a year of work between CUNA, leagues, and system partners. The thought behind the project is to bring all of the credit union messages together under one roof and push them out to lawmakers and the media.

To give credit unions a better idea of what to expect with "Unite for Good" and what is expected of them, CUNA produced a "Unite for Good" video. It can be viewed in the LSCU Video Room.  Credit unions should also visit the "Unite for Good" website to find a checklist of things they can do in the project. Credit unions are urged to do a few of them, not all of them. You might find that you are already doing some of them. 

If you have trouble viewing the video, contact LSCU VP, Communications Mike Bridges at 866.231.0545 ext. 1022. [ Return to Top ]

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

Events/Workshops:  

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

July 17
Bank Secrecy Act Training, Tuscaloosa, AL
AM session

PM session

July 24
Bank Secrecy Act Training, Ft. Lauderdale, FL
AM session
PM session

August 4-7
Supervisory Committee Conference, Destin, FL

August 21-23
SCUMA Annual Meeting, Destin, FL

Visit the LSCU Events Calendar for more events.


Upcoming Webinars in May:

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

May 2: Effective Contract Negotiation, Review and Management: 5 Things Vendors Don’t Want You to Know About Contracts

May 7: IT Crisis Management: Business Continuity, Disaster Recovery and Incident Response

May 8: Director Series: Understanding the ALLL for Directors

May 9: How to Properly Complete and File Financing Statements: Including UCC Article 9 Rule Changes Effective July 1, 2013

May 14: Legally Handling ATM and Debit Card Claims Under Regulation E

May 15: Line-by-Line Loan Review for Consumer, Commercials and Residential

May 16: Frontline Excellence Series: Compliance at Account Closing

May 21: FFIEC Guidance on Cloud Computing: Considerations for Credit Unions

May 22: The Branch of the Future: How Branches Will Serve Members Who Don’t Need Branches

May 29: When is an Item Payable? Stop Payments, Return Items & More

May 30: How NCUA’s New Fair Lending Exam Procedures Affect the Frontline

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

Cooperative Initiatives News
Student Internship Grant Initiative now accepting applications!
The National Credit Union Administration announced that it is offering up to $80,000 in grants to low-income credit unions to hire student interns during the summer internship season. The deadline to apply is May 20, 2013. See the official NCUA media release for additional information. [ Return to Top ]

NerdWallet announces a Gen Y Credit Union Contest

NerdWallet is holding a Gen Y Credit Union Contest to encourage credit unions to come up with innovative, far-reaching plans to engage Gen Y. We are offering four cash grants to help credit unions jumpstart new initiatives!

The contest will be open from May 1 to June 30. All credit unions, regardless of size, are eligible for the top overall prize of $2,000 and the runner-up prize of $1,000. Only smaller credit unions are eligible for the remaining two prizes. Click here to learn more. 

[ Return to Top ]

CU Philosophy in Action Workshop

It is not too late to register for the CU Philosophy in Action Workshop, on May 14 and 15 in Birmingham. Click here for registration information. Contact Laura Vann, 866.231.0545, ext. 2181 with any questions. [ Return to Top ]

LEVERAGE News
Banking Compliance Index

On April 10 Continuity Control, the engine behind LEVERAGE's ComplyTrac, launched the Banking Compliance Index (BCI), the industry’s first quarterly composite index that measures the regulatory burden on financial institutions. The BCI equips banking professionals, regulators, and legislators with detailed metrics analyzing the impact of regulations on institution resources – specifically budget and employee headcount. Click here to view the BCI report.

If your credit union is spending a significant amount of time making sure you are compliant, LEVERAGE has a solution to ease this burden. Check out ComplyTrac today and get started re-directing staff time back to member services. Contact a LEVERAGE Business Development Consultant today to get started.  [ Return to Top ]

News from You
Senior Appreciation Day

It was Senior Appreciation Day on April 30 at the CFE Federal Credit Union, Paw Print Branch. Paw Print is a school branch of CFE FCU located at Timber Creek High School in Orlando. Students of Timber Creek are not only members of Paw Print, some actually operate the branch. Students submit an application to CFE FCU and are interviewed by the CFE HR Department. If chosen, they are required to attend training at the CFE main branch. Once trained, the selected students serve the 300 student members by dispenses cash and opening new accounts. [ Return to Top ]

eCO Credit Union's Savings Race

Since September, eCO has worked with four individuals to improve their financial pictures through the eCO Savings Race. During the race, participants met with eCO coaches, completed Dave Ramsey’s Financial Peace University, attended eCO Savings Race University courses, and documented their progress with blog posts.

The participants worked very hard to set and meet goals throughout the race. From packing lunches to working side jobs, participants learned small changes can lead to big gains. On May 1, the first edition of the eCO Savings Race came to a close when Kristy Roy was selected as the winner and recipient of $10,000!  In total, savings race participants improved their financial pictures by more than $44,000!

eCO Credit Union is now accepting applications for families or individuals interested in participating in the second edition of the eCO Savings Race. Applications for the second edition are available in all eCO branches and at www.ecosavingsrace.org. [ 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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