LSCU eSignal Weekly
LSCU eNews Weekly May 28, 2013
home button press room button contact us button
LSCU eNews Weekly
In This Issue
President's Point
Oklahoma tornado reminds us to practice disaster plan
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: how new legislation will impact Alabama CUs
This week in Florida politics: texting while driving ban and record budget signed into law.
Washington Update: League asks CUs to participate in "Don't Tax My Credit Union" campaign
Compliance Corner
League InfoSight highlight: vender due diligence
CUNA Regulatory Advocacy Report - week of May 27, 2013
Escrow revisions take effect June 1
Compliance calendar and training
AC&E News
15 days and counting until AC&E...still time to register!
Education News
LSCU announces speakers/sessions for the 2013 Supervisory Committee Conference
Cooperative Initiatives News
SECUF sends donation for Oklahoma tornado relief
Free CDFI training available
LEVERAGE News
Human resources workshop on health care reform
News from You
CFE Federal Credit Union acquires naming rights for UCF Arena
JetStream Federal Credit Union sponsers Operation SAFEE Flight
EMPLOYMENT
View available credit union jobs
In This Issue
spacer
eNews Links
Forward to a Friend
Print Version
Unsubscribe from
LSCU eSignal Weekly
Be sure to follow LSCU:
Social Networking Links
Patrick La Pine on Twitter
eNews Links
spacer
President's Point

Oklahoma tornado reminds us to practice disaster plan

Last week’s tragic tornado in Moore, Okla. reminds us how quickly Mother Nature can strike. It also brought up many memories from the state of Alabama two years ago when tornadoes struck throughout the state. These types of events hit us as credit unions both professionally and personally. When a tornado hits a community we serve, our staff, friends and family could be affected and it is also important that our members continue to have access to their accounts. Additionally, we are about to enter hurricane season with forecasters predicting a severe season ahead of us. 

Credit unions are required by the NCUA to have a disaster plan in place and often times we think of them in cases of hurricanes, but recently tornadoes have put these plans to the test. Last week in Moore at a Tinker FCU branch, 22 employees and members were saved when they followed their disaster plan and hid in the credit union’s vault. The entire branch was wiped out except for the vault. The picture of just the vault standing on its own was shown around the world. More importantly, 22 people lived to walk out of the vault.

It’s one thing to have a disaster plan on paper, but it’s important to actually practice it. Ask yourselves as you read this, “If a tornado were bearing down on one of our branches, would the branch manager and all the employees know what to do? What should the staff do if the branch were to catch on fire or begin to flood?" This past week brought the worst possible scenario into action for one credit union. They followed the plan and saved lives.

Each year the LSCU & Affiliates puts on two Disaster Recovery Conferences; one in Alabama and one in Florida. The purpose of the conferences is to have someone from the NCUA talk to you about what is expected in your disaster plan and to also have someone from that state’s weather service there to talk about weather patterns and what is expected during the upcoming tornado and hurricane seasons. However, the most important part of each conference is the session on testing your plan. It needs to be a priority for those of you out there that don’t test your plan.

When the tornadoes hit Alabama two years ago, I toured the state with my staff stopping at credit unions to offer any assistance the League could. The devastation I saw was extraordinary and will always stay with me. The Southeastern Credit Union Foundation (SECUF) provided grants to many credit unions and their staff following the Alabama tornadoes. The Oklahoma Foundation is doing the same after last week in Moore. The SECUF made a donation to the Oklahoma Foundation just like they did for us back in 2011. If you’re interested in donating to Oklahoma, click here. Always remember in a time of need, the SECUF is here to help. Let’s hope we never have another event like they had last week in Oklahoma or in Alabama two years ago. However, we know there will be and my hope is that you will be fully prepared.

Where's Patrick? This week I will be working in our Tallahassee office. With the AC&E and our June board meetings coming up in Orlando, I’ll be spending most of the week working to prepare for these events. 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

LSCU board election results
Credit unions re-elected McCoy FCU CEO Alvin Cowans to a Florida Class D LSCU board seat, while Suncoast Schools FCU EVP Kevin Johnson was elected to a Florida Class D LSCU board seat. Johnson fills the seat previously held by Tropical Financial CU CEO Rich Helber. He decided to not run for re-election. In Alabama, Riverdale CU CEO Linda Walker and Alabama Teachers CU CEO Ron Summerall were unopposed and were re-elected to Alabama Class B and C seats. 

NCUA posts May economic update
In the latest installment of the series, NCUA Chief Economist John Worth provides a brief synopsis of recent economic trends that point to a moderately growing economy. View the May update for free on NCUA’s official YouTube channel.

CUNA CFO Council has League, Florida ties
The CUNA CFO executive committee and officers were seated last week during the CUNA CFO Council Conference in Phoenix. The executive committee includes Orlando FCU CFO Suzanne Weinstein as the vice chair, along with VyStar Credit Union VP of Accounting Joan Hill and LSCU & Affiliates SVP, Finance and Administration Scott Morgan as committee members.  

Filene Institute looking for innovators
Credit union executives have until June 1 to apply to become part of the Filene Research Institute's i3 group. This is an innovation group of credit unions officials. It's not just CEOs. To be a member of the group you have to make a two-year commitment. To learn more, visit the i3 webpage

CU House 2012 annual report is now available
Click here to view the Credit Union House 2012 annual report.

[ Return to Top ]

Governmental Affairs News
This week in Alabama politics: how new legislation will impact Alabama CUs
With the 2013 Alabama legislative session adjourned for over a week, governmental affairs wanted to take the opportunity to discuss two pieces of legislation that passed during the session and their impacts on credit unions operating in the state.

Omnibus Gun Bill
The Omnibus Gun Bill, sponsored by Sen. Scott Beason (R-Gardendale), was one of the more controversial pieces of legislation to appear in 2013. Read more.

Corporate Campaign Contributions
This legislation flew under the radar for majority of the session, but gained notoriety at the end. Read more.

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: texting while driving ban and record budget signed into law.

Texting while driving ban to be signed into law
Gov. Rick Scott will sign SB 52 on May 28, a bill that will make it a secondary offense if you are caught texting while driving. The fine is small, $30, and is mostly symbolic due to the difficulty of enforcement.

Record budget signed into law
Last week, Gov. Rick Scott signed SB 1500, the 2013-14 state budget into law. The budget was the largest in Florida’s history, $74.1 billion, even after the governor vetoed $368 million in member projects. The budget includes $480 million for teach raises, a raise for state employees – the first in 6 years – and put $2.8 billion into reserves. One thing not included in this budget is an expansion to Medicaid, something that was a priority of the governor. At this time there has been no indication whether the governor intends to call a special session to deal with Medicaid expansion, though Democrats are asking him to do so.

Attorneys pledge lawsuit if foreclosure bill is signed
A group of foreclosure attorneys say they will quickly file a lawsuit should Gov. Rick Scott sign HB 87, a bill designed to speed up the foreclosure process, which they claim is unconstitutional. 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: League asks CUs to participate in "Don't Tax My Credit Union" campaign

The House and Senate are on recess this week. It is expected that when they return next week, tax reform will heat up. The governmental affairs team recently made a trip to Capitol Hill to discuss the credit union tax exemption. Every office was clear that they had no interest in taxing credit unions, but felt that it was important for the League to be proactive and continue to educate lawmakers, particularly those on the committees of jurisdiction, about the benefits and relevance of the credit union tax exemption.

The League and CUNA have been working to make sure that our credit unions have all the necessary advocacy tools at their disposal. The League needs your help in several key areas:

1. Visit www.DontTaxMyCreditUnion.org and take action to contact your members of Congress. Resources are available through this site to acquaint you on the issue and keep you informed;

2. Download the new CUNA Advocacy App, which makes it even easier to take action (there are versions for Android and iPhone);

3. Direct members to www.DontTaxMyCreditUnion.org, where they can watch a special video created to explain the issue, and then take action;

4. Be prepared to attend Fall Hike the Hill, Sept. 10-11, 2013 in Washington, D.C. More details will be available soon. If you are unable to attend, please make sure someone from your credit union will be there. As many advocates as possible are needed in Washington to show our lawmakers how committed we are to the credit union movement;

5. Sign up as a key contact for your lawmaker. Governmental affairs is not asking much, except engaging with your respective member of Congress, share information, and participate in LSCU backed meetings. To register, please contact Andy Gonzalez, grassroots and political action coordinator, Florida or Blake Westbrook, grassroots and political action coordinator, Alabama.

Also, last week CUNA hosted a webinar that was very informative and helpful to guiding credit unions on what can be done to help our efforts. More than 2,500 people were on the webinar listening in. If you were unable to attend and would like to hear/view the webinar, an archived version is available on CUNA’s website by clicking 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: vender due diligence

Though partnering with third parties to provide products and services to members can be cost effective and provide expertise that is not available in-house, inadequately managed third-party relationships can result in unanticipated costs, legal disputes, and financial loss. Adequate due diligence is necessary to ensure that the various risks involved are acceptable in relation to the credit union’s risk profile, as well as safety and soundness requirements.

NCUA has issued several pieces of guidance on managing third-party risk and due diligence in recent years, including guidance on Evaluating Third-party Relationships.

To learn how the NCUA guidance affects credit unions and the actions a credit union should take to ensure compliance with the NCUA guidance, visit the Vendor Due Diligence topic on the Board Responsibilities channel of InfoSight.

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 27, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of May 27 include:

  • CUNA examination and supervision subcommittee meets with NCUA leadership
  • Proposed derivatives rule 
  • CUNA seeks input through new International Remittance Transfers Survey by June 10 
  • CUNA supports CFPB efforts to delay credit insurance prohibition

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

        Escrow revisions take effect June 1

        The first of many changes within the CFPB mortgage lending rules is scheduled to take effect on June 1. The initial change is the revision to Escrow Requirements found in Regulation Z. Details of the provisions include the expansion of the time period that escrow accounts must be maintained from one year to at least five years from the loan consummation date. The rule also creates an exemption from the escrow requirement for small credit unions that operate predominately in rural or under-served areas. This change applies to loan applications received on or after June 1 for closed-end “higher-priced” first-lien mortgage loans secured by a borrower’s principal dwelling.

        Read the Small Entity Compliance Guide to learn more about the rule change along with an FAQ that helps make simplify the content. To further assist credit unions in their implementation efforts, you can also watch the CFPB video on YouTube to learn more about the rule. [ Return to Top ]

        Compliance calendar and training
        June 2013

        July 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
        15 days and counting until AC&E...still time to register!

        This year's AC&E is going to be the best one yet, and the League doesn't want you to miss a thing! If you haven't registered yet, you still have time. Online registration can be done through the AC&E website.

        Plan out your days at the AC&E by taking a look at descriptions of the many different education sessions being offered. There is also a list of exhibiting companies so you can map out your visits to the exhibit hall. This year there is a total of six-and-half hours that the exhibit hall will be open over the three days of the conference.

        There are also special event sessions for directors, executives, and guests. Check the schedule-at-a-glance for more details. 

        Check the schedule-at-a-glance for more details. [ Return to Top ]

        Education News
        LSCU announces speakers/sessions for the 2013 Supervisory Committee Conference

        Make plans to to attend the Supervisory Committee Conference, August 4-7 in Destin FL to learn the latest information and updates regarding credit union auditing, compliance, and fraud.

        Some of the sessions offered include:

        • The Culture of Ethics
          Barry Thompson, CRCM, managing partner, Thompson Consulting Group, LLC
          Whether it is written as a formal document or merely assumed to exist as a collection of shared values, all organizations have a “Code of Ethics”.

        • The Economy
          Roger Tuttero, Ph.D., professor of economics, Mercer University
          A timely overview of the current national and regional economic environment including patterns of economic growth, the outlook for monetary and fiscal policy, and recent trends in the values of real and financial assets.

        • Do You Sizzle or Fizzle? A Recipe for Leadership Country Style
          Dr. Dale Henry, president/founder, Your Best Unlimited, Inc.
          The future belongs to the listeners, the communicators, and those passionate and dedicated leaders who not only have an enormous amount of energy, but who can energize those around them.
        To learn more visit the education events calendar at www.lscu.coop.
        [ Return to Top ]

        Cooperative Initiatives News
        SECUF sends donation for Oklahoma tornado relief

        The Southeastern Credit Union Foundation has sent a donation to the Oklahoma Credit Union Foundation to support the tornado relief efforts and encourages credit unions to support the ongoing relief efforts for the devastated communities.

        “Following the April 27, 2011 tornadoes in Alabama, we received overwhelming support from the credit union community,” said Leonard Parkhurst, director, Southeastern Credit Union Foundation. “The support we received was so important in helping credit union people rebuild their lives. It is our turn to give back and help our credit union colleagues in Oklahoma.”

        The Credit Union Association of Oklahoma reported that there is no loss of life or injury to credit union staff and thus will not to active the National Credit Union Foundation’s CUAid, the online disaster relief fundraising mechanism for credit unions. Instead, the Credit Union Association of Oklahoma is directing donors to the Oklahoma Credit Union Foundation.

        If you or your credit union would like to contribute to the Oklahoma Credit Union Foundation, you can make a donation by completing this form and sending it to the foundation.

        "We have had incredible amounts of outreach from around the nation from credit unions who have told us they want to help. It is humbling," Gary Jones, president/CEO of the Credit Union Association of Oklahoma told CUNA News Now. He also said, "We are still evaluating what is needed. Please convey our incredible gratitude for all the prayers and offers of help. We're prepared to get through this." [ Return to Top ]

        Free CDFI training available

        CDFIs with less than $25 million in assets and a strong ambition to serve their target market with greater impact can participate in the Strengthening Small and Emerging CDFIs CBI series. CDFIs serving specific regions of persistent poverty that are traditionally under-served by financial institutions—such as Appalachia, the Colonias along the U.S.-Mexico border, and the Mississippi Delta—are especially encouraged to participate.

        In-person workshops will provide intensive training for certified CDFIs and those organizations that are certifiable with a track record of lending. Class size is limited to 30 participants and three people per organization may attend the training workshops. Senior leadership staff and board members are encouraged to attend. The workshops are free and a limited number of travel scholarships are available.

        To register for one of the free, three-day training workshops, please visit www.opportunityfinance.net/SmallandEmerging.

        For more information about the Strengthening Small and Emerging CDFIs series, please visit www.cdfifund.gov/cbi or contact Tabitha Atkins at tatkins@opportunityfinance.net or 215.320.4323. [ Return to Top ]

        LEVERAGE News
        Human resources workshop on health care reform

        The Affordable Care Act contains over a thousand pages of reforms to the insurance industry and the health care industry in order to cut health care costs and provide affordable health insurance to all Americans.

        Join LEVERAGE on June 5 from 11:00 a.m. to 2:00 p.m. at the LSCU/LEVERAGE office in Birmingham for a lively, interactive workshop on the big issues facing employers and the future impact of health care reform on your credit union.

        The workshop will provide answers to the following questions:

        • How does health care reform impact your credit union? 
        • What requirements are already in place? 
        • What requirements will your credit union face in 2014 and beyond? 
        • What are the penalties if your credit union does not comply?

        Lunch provided. Sponsored by LEVERAGE HR Services. RSVP to LEVERAGE Business Development Consultant Anita Fumaria.  [ Return to Top ]

        News from You
        CFE Federal Credit Union acquires naming rights for UCF Arena

        A longstanding relationship between the University of Central Florida and CFE Federal Credit Union is expanding.

        The credit union has acquired the naming rights to the UCF Arena, and the 10,000-seat facility will now be known as the CFE Arena. UCF President John C. Hitt announced the agreement at the university’s board of trustees meeting.

        "We are pleased to strengthen our relationship with an outstanding organization that has served our campus and our community so well," Hitt said. "We can't think of a better partner for the naming rights for one of our campus' most prominent facilities."

        The CFE Arena hosts UCF men’s and women’s basketball games, concerts, UCF and high school commencement ceremonies, and other events.

        “We are pleased to be named the official sponsor of the CFE Arena on the UCF campus. We have been a consistent supporter of education in Central Florida since our founding in 1937 and recognize UCF’s unique presence as an ever-expanding community of students, staff and alumni,” said Joseph A. Melbourne Jr., president and chief executive officer of CFE Federal Credit Union. “Our partnership with UCF offers us an even greater opportunity to provide the next generation with lifelong financial management skills and the products and services they will need throughout their lives.” [ Return to Top ]

        JetStream Federal Credit Union sponsers Operation SAFEE Flight

        JetStream Federal Credit Union, based in Miami Lakes, sponsored the second annual Operation SAFEE Flight event on May 3-4 at the Orion Aviation Center in the Opa Locka Airport.

        SAFEE is a nonprofit organization that focuses on exposing middle and high school students to the world of aviation careers. Over 2,000 Miami-Dade and Broward County students attended the event. Due to the combined efforts of the FAA, National Air Traffic Controller Association, and the Miami-Dade County Aviation Department the two-day event was extremely successful. 

        Various dignitaries including Jeanne Kucey, president/CEO of JetStream Federal Credit Union and Douglas Murphy, FAA southern region administrator were present.

        “It’s very rewarding to participate in an event that educates local students and encourages them to consider careers in our South Florida aviation community,” stated Kucey.  [ 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 ]

        footer
         
        Twitter Facebook YouTube