LSCU eSignal Weekly
LSCU eNews Weekly May 20, 2013
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LSCU eNews Weekly
In This Issue
President's Point
LSCU AC&E offers many advocacy opportunities
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: behind the scenes action in gear as last day of session approaches
This week in Florida politics: jobless rate drops and consumer group calls for vetoes
Washington Update: House and Senate return for final week before break
Compliance Corner
League InfoSight highlight: Bank Bribery Act
CUNA Regulatory Advocacy Report - week of May 20, 2013
CFPB clarifies final escrow rule
NCUA board announces plan for credit union derivatives program
Compliance calendar and training
AC&E News
LSCU Councils at the AC&E: new format for blended learning
Register today for AC&E Governmental Affairs Luncheon with Reid Wilson
Donate to the AC&E Silent Auction
History from out of this world! AC&E offsite guest tour of Kennedy Space Center
Education News
LSCU Supervisory Committee Conference provides proper tools
Webinar: When is an item payable? Stop payments, return items & more
Cooperative Initiatives News
Biz Kid$ receives three Emmy nominations
Credit Union Philosophy in Action Workshop wrap up
LEVERAGE News
LEVERAGE ePurchasing demonstration on May 22
News from You
Jax FCU has National Youth Saving Challenge winner
EMPLOYMENT
View available credit union jobs
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President's Point

LSCU AC&E offers many advocacy opportunities

The LSCU & Affiliates signature event is coming up in just under a month. Our Annual Convention and Exposition (AC&E) is June 12-14 in Orlando at the JW Marriott. It’s a wonderful venue that provides the space needed for 1,000 attendees to hear great general session and breakout speakers and mingle in an exhibit hall with more than 120 vendors. The JW Marriott is also just around the corner from many of the theme parks in the area and a short drive from the airport.

We chose this year’s AC&E theme, “Accelerate Your Performance,” to highlight the economic turnaround we are beginning to see in our national economy and specifically in our two states. Many Alabama and Florida credit unions are starting to see positive growth in membership, assets, and loans. When we put together the speakers for the AC&E, we chose those that will help not only inspire and educate, but those that will give you tangible ideas to bring back to your credit union. Our General Session speaker, John Foley, took high performance to a new level as the lead solo pilot with the Blue Angels. He will inspire you to go back to your credit union and implement high performance leadership.

We have CUNA President/CEO Bill Cheney speaking at the right time. He’ll be a featured speaker at our Annual Business meeting. Bill will have much more information about tax reform battle in Washington, D.C., as well as more about the “Don’t Tax My CU” program  We’re also putting together a session that will help all of you understand your role in this fight. These will be two must-attend sessions. Bill will talk more about the “Unite for Good” initiative, as well.

Our Governmental Affairs luncheon speaker is Reid Wilson. He’s a well-respected journalist who serves as editor of the National Journal’s Hotline. The Hotline is one of the most widely read tip sheets in Washington, D.C. Wilson will talk about politics, campaigns, and the 2014 elections. This is also a must attend luncheon because advocacy is a 52-weeks-a-year job, not just on election years. This is a separate ticketed event because it’s also a fundraiser for the LSCU’s FedPAC. We’d love to see you there.

Visit the LSCU AC&E webpage for our schedule of events. Please note that our charity golf tournament is back at its traditional place on the schedule, Wednesday morning. Our golf outing is not only an opportunity to hit the links in Orlando, but also benefits our industry’s charity of choice, Children’s Miracle Network (CMN). Our exhibit hall is open for more than six hours with extra time Friday morning. Many of the changes we’ve made to improve our AC&E this year is in response to the feedback we get from our attendees, so don’t be shy in telling us what you think.

I hope to see all of you in Orlando in a few weeks. There is still time to register!  It’s our hope that you also consider bringing more of your management team. We are happy to see all of our CEOs and directors, but I think many of your executive staff would benefit from our speakers and educational sessions, as well as understanding the value the League brings to your credit union. With what is going on in Washington, it’s important that credit unions get prepared for a busy summer and fall filled with grassroots advocacy.
 
Where's Patrick?
This week I will be in our Birmingham office. Midweek I fly to Lynchburg, Virginia to meet with the Virginia Credit Union League president. 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

Don't Tax My Credit Union webinar Wednesday
CUNA will hold a free webinar on Wednesday at 3pm EST that is hosted by  President/CEO Bill Cheney. The webinar will focus on the credit union tax status and features: a legislative briefing on the tax situation facing credit unions and valuable information on the tools CUNA and state leagues are providing to help credit unions join the tax status fight. Register on CUNA's website

NCUA annual report posted
The NCUA posted its annual report last week. The report covers five categories of initiatives and accomplishments. The report also provides an assessment of the agency’s performance in meeting its strategic goals and the audited financial statements for each of NCUA’s four permanent funds. Click here to view the annual report. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: behind the scenes action in gear as last day of session approaches

The Alabama Legislature took its normal ten day break before the last day of the legislative session. Even though they were not in session, plenty was going on behind the scenes between the legislators and the governor’s office in order to have things move smoothly to close out the 2013 session.

The Senate has more than 90 local bills and large number of confirmations to consider before the end of the day. At this point, expect plenty of delays and filibustering making the final day of the legislative session mirror the previous 29.

State Act Update
Unfortunately SB 371, the League sponsored legislation making significant updates to the Alabama Credit Union Act, died on the final day to pass Senate bills. While the legislation was non-controversial and had significant support from the Senate as a whole, the inability of the Senate to reach an agreement and work together stopped this legislation and great deal of other bills from even being brought to the floor for a vote. As the session went into the 26 and 27 days, there was a little hope for passage but as the Senate continued to fight, that light faded quickly.

The Government Affairs staff is already making plans to see this legislation introduced in 2014 and will fight for its passage.

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: jobless rate drops and consumer group calls for vetoes

Florida jobless rate dips to 7.2 percent in April
Florida's unemployment rate continues to fall, dipping from 7.5 percent in March to 7.2 percent in April — the lowest level in five years. Read more

Consumer group, decrying bad year, calls for batch of vetoes
Although some consumer advocate groups were pleased with watering down insurance bills and pulling down more funding for legal aid for homeowners in danger of foreclosure, other groups are bemoaning a bad legislative session for consumers and pushing Gov. Rick Scott to veto a slew of bills they say harm consumers. 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 return for final week before break

The House and the Senate are back in session this week for the final week of this work period. When the chambers complete their business for the week, they will recess until the week of June 3 for the Memorial Day holiday.

Floor Schedule
The House will convene on May 20 to consider bills on the suspension calendar. For the remainder of the week, the House is expected to consider H.R. 3, the Northern Route Approval Act (Keystone XL pipeline), as well as H.R. 1911, the Smarter Solutions for Students Act.

The Senate will also convene on May 20 to consider S. 954, the Farm bill. Later this week (probably Thursday), it is expected that the Senate will consider the nomination of Richard Cordray to be director of the consumer financial protection bureau.

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

Last Week
As you know, last Thursday, Senator Mark Udall, along with 14 original cosponsors, introduced the Senate MBL bill. The legislation is identical to the version of the bill that was introduced last year in the Senate. CUNA sent a letter of support to Senator Udall thanking him for re-introducing this legislation.

Governmental affairs wanted to also bring to your attention a couple of letters that have recently been sent to Congress, including a letter a letter in support of legislation to repeal the Foreign Account Tax Compliance Act, as well as a letter in support of legislation to permit privately insured credit unions to join Federal Home Loan Banks.   

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: Bank Bribery Act

In 1987, the National Credit Union Administration established guidelines to assist financial institution officials in complying with the Bank Bribery Amendments Act of 1985. These guidelines were released in an Interpretive Ruling and Policy Statement (IRPS) Number 87-1, and continue in effect today.

The Bank Bribery Act (BBA) is a federal law that encourages federally insured financial institutions to adopt code of conduct/written policy requirements that describe the prohibitions of the Bank Bribery Act. The BBA applies to all credit unions with accounts insured by the National Credit Union Share Insurance Fund (NCUSIF).

For detailed information that will help your credit union remain in compliance, visit the Bank Bribery Act topic on the Board Responsibilities channel.

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 May 20, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of May 20 include:

  • Proposed rule - derivatives to reduce interest rate risk
  • CFPB encourages credit unions to write non-QM mortgages, while SIFMA says there is no investor appetite for non-QM loans
  • FHA to propose qualified mortgage rule in June 

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

      CFPB clarifies final escrow rule

      The CFPB has issued a final rule clarifying and making amendments to its previously issued 2013 Escrows Final Rule. The amendments establish a temporary provision ensuring that current protections remain in place for higher-priced mortgage loans until the expanded provisions become effective in January 2014. The rule also explains how to determine if a county is considered "rural" or "underserved" when seeking to apply an exemption. The new final rule will be final unless further revisions are proposed. Use the following link to the CFPB’s website posting of clarifications to the escrow final rule. [ Return to Top ]

      NCUA board announces plan for credit union derivatives program

      The NCUA board has issued a proposal that provides limited authority to qualified credit unions enabling them to engage in derivatives activities for the purpose of mitigating their interest rate risk (IRR). There are drawbacks to the proposal however, with the sizable entry fee arrangement being one questionable aspect of the proposed rule. A comment call to address the proposal and its impact on credit unions is being prepared for distribution by the League’s governmental affairs staff. Use the following link to access the proposed rule from NCUA. For more information on NCUA board meeting activities, click here to view the agency’s Board Action Bulletin. [ Return to Top ]

      Compliance calendar and training
      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
      LSCU Councils at the AC&E: new format for blended learning
      The LSCU Councils, in collaboration with Alabama and Florida CUES, will debut a new format at the 2013 LSCU Annual Convention & Exposition. The councils will meet as one group and feature three top-industry speakers. The speakers are designing their presentations to build off of one another, providing information as it impacts the entire credit union unit. 

      The new format promises to deliver the best training possible for credit union staff with the following relevant topics and industry expert speakers:

      Click the links above to view descriptions of the speaker topics. The registration fee, $195/person, includes a networking lunch. You do not have to be registered for the conference to participate in a council or the Compliance Forum.  [ Return to Top ]

      Register today for AC&E Governmental Affairs Luncheon with Reid Wilson

      The LSCU Governmental Affairs luncheon will feature the editor-in-chief of the National Journal Hotline. Reid Wilson is considered one of the hot political analysts in Washington, D.C. The Hotline is Washington's premier daily tip sheet on campaigns and elections. Wilson not only monitors Washington politics, but every state's as well.

      The cost is $55. To register for the luncheon, follow this link. Proceeds will benefit the LSCU FedPAC. Contributions are not tax deductible and in order to comply with federal law, the credit card used to make contributions must be a personal credit card and be paid with personal funds permissible under federal law. Questions? Contact LSCU VP, Governmental Affairs Jared Ross, 866.231.0545 ext. 1012. [ Return to Top ]

      Donate to the AC&E Silent Auction

      One of the great ways to show the credit union collaborative spirit is taking part in the LSCU Silent Auction at the AC&E in June. Credit unions are encouraged to donate items to the Silent Auction which will be bid on by attendees to the AC&E. This is a great way for credit union staff to be able to take part in fundraising for the LSCU FedPAC and the Children's Miracle Network. 

      To donate, send an item to the Birmingham or Tallahassee offices or bring with you to Orlando. Make sure you fill out the donation form online before you send the item. You can see a suggested list of items if you need assistance in coming up with an idea. To see what has already been donated, "like" the LSCU Facebook page. The page is being updated as items are sent to the League. 

      If you have any questions, contact LSCU Grassroots and Political Action Coordinators Blake Westbrook at 866.231.0545 ext. 2164 or Andy Gonzalez at ext. 1010.  [ Return to Top ]

      History from out of this world! AC&E offsite guest tour of Kennedy Space Center

      Join other AC&E guests for a tour of the Kennedy Space Center, NASA’s launch headquarters, on Thursday, June 13. Tour NASA’s launch and landing facilities, experience live shows and jaw-dropping encounters with massive rockets.

      After traveling to KSC from the JW Marriott, guests will have free time to explore the Visitor Complex, from live action theatrical shows to an educational Astronaut Encounter briefing.

      This is a separate ticket event at the AC&E. For more information and to register, visit the AC&E website and click on Credit Union Attendees.
      [ Return to Top ]

      Education News
      LSCU Supervisory Committee Conference provides proper tools

      The Supervisory Committee Conference will help attendees develop the proper tools to do the job right with relevant education sessions and informal networking opportunities. This conference is also a perfect fit for credit union managers, compliance officers, and internal auditors.

      Attendees can earn up to 16 hours of CPE credit in Behavioral Ethics and Specialized Knowledge and Applications.

      For more information and to register, click on the link above or visit the LSCU Events Calendar and click on the appropriate event. [ Return to Top ]

      Webinar: When is an item payable? Stop payments, return items & more

      This is just one of the many webinars offered by the LSCU.

      Wednesday, May 29 - When is an item payable? Stop payments, return items & more

      The complexities of handling monetary instruments provide daily challenges. Determining when an item is payable and how best to protect the credit union requires in-depth knowledge. This webinar will provide essential legal information so you can make informed decisions about the majority of payment issues faced by financial institutions. It will cover when an instrument is properly payable, the right of a consumer to stop payment, when instruments may be returned, and the financial institution’s legal obligations. Most importantly, it will address financial institution liability when things go wrong.

      Attendance verification for CE credits upon request.

      For more information and to register, click here. [ Return to Top ]

      Cooperative Initiatives News
      Biz Kid$ receives three Emmy nominations

      Biz Kid$, the credit union funded public television series that teaches kids about money management and entrepreneurship, has received three Daytime Emmy® Award nominations from the National Academy of Television Arts & Science. The series was nominated in the following categories: Outstanding Achievement in a Single Camera Editing, Outstanding Achievement in Sound Mixing, and Outstanding Achievement in Sound Editing. Awards will be given on June 14, 2013 in Los Angeles, Calif. 

      Biz Kid$ has now received 13 Emmy nominations in the last five years, winning once in 2009.

      “These nominations are a testament to the quality of the show” said Danielle Brown, Biz Kid$ Program Coordinator for the National Credit Union Foundation (NCUF).

      In addition to Emmy Award recognition, Biz Kid$  has won the Environmental Media Award for Outstanding Children’s Television Series; a Silver Telly Award for Outstanding Children's Financial Literacy Programming, and most recently the Parent’s Choice Gold Award. In 2010, it also earned the credit union industry’s most prestigious honor, the Herb Wegner Award for Outstanding Program. [ Return to Top ]

      Credit Union Philosophy in Action Workshop wrap up

      The LSCU’s second Credit Union Philosophy in Action Workshop was held on May 14-15 at Alabama Telco Credit Union in Birmingham. Jennifer Kuhn from the National Credit Union Foundation facilitated the workshop.

      The participants gained a stronger foundation on the history of credit unions through the Not For Profit, But For Service learning map. They also learned about the nine operating principles governing credit unions: democratic control, open and voluntary membership, non-discrimination, service to members, distribution to members, building financial stability, cooperation among cooperatives, social responsibility, and ongoing education. Additionally participants discussed how to put the same nine principles into action in their daily work lives.

      The workshop is designed for people new to credit unions, young professionals on their way up the corporate ladder, and anyone who wants to be re-energized about what we do on a day to day basis. Participant Sarah McMillan, HR generalist at Alabama Telco CU, said “Love the ‘refreshed’ understanding of why credit unions are different (and awesome)…reignited a great feeling of the difference we really do make in our community.” 

      Make plans now to attend or send staff members to the next Credit Union Philosophy in Action Workshop, October 23-24 in the Orlando area. For more information, contact Laura Vann at 866.231.0545, ext. 2181. [ Return to Top ]

      LEVERAGE News
      LEVERAGE ePurchasing demonstration on May 22

      Credit unions are truly unique financial institutions because they are willing to collaborate; it is in their DNA. LEVERAGE has developed a solution, ePurchasing, that takes that collaborative spirit and turns it into significant savings for credit unions. The average savings a credit union realizes is more than 20 percent.

      ePurchasing is a simple process. Credit unions need many of the same products and services, so why not come together to purchase them? LEVERAGE is inviting you to sit in on an ePurchasing demonstration on May 22 at 2pm EST. The demonstration will illustrate how credit unions, large and small, have saved with collaborative purchasing power through ePurchasing. Not only does the credit union save money, but also staff time researching companies and dealing with sales calls. LEVERAGE does all of the due diligence work. Plus, the credit union approves every step and controls the process, right up to which bid they want to accept.  

      To attend the demo on May 22, RSVP to LEVERAGE ePurchasing Coordinator Brandt Vinson at 866.231.0545 ext. 1044. [ Return to Top ]

      News from You
      Jax FCU has National Youth Saving Challenge winner
      During Youth Week, 117,244 youth deposited more than $25.2 million at 224 participating credit unions. Out of the participants, 10 children were selected randomly to receive a $100 prize through the National Youth Saving Challenge. One of the winners was Sydney a two-year-old member of Jax FCU in Jacksonville, Fla.
      [ 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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