LSCU eSignal Weekly
LSCU eNews Weekly July 1, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Tax situation heating up in Washington
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Lt. Governor seeks re-election while Secretary of State resigns
This week in Florida politics: how to get message in front of state lawmakers and more
Leadership Florida recognizes credit unions
Washington Update: Regulatory Relief for Credit Unions Act filed in the House and more
Compliance Corner
League InfoSight highlight: requirements for the official NCUA sign
CUNA Regulatory Advocacy Report - week of July 1, 2013
Compliance calendar and training
Education
Handling ACH origination exception issues webinar
Cooperative Initiatives News
Miracle Jeans Day
Biz Kid$ wins national Emmy Award
LEVERAGE News
Do your employees' salaries measure up?
Photo-OP by CO-OP
Invest in America newsletter
News from You
Pen Air Federal Credit Union celebrates Military Appreciation Month
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Tax situation heating up in Washington

This is a short week for many of us with July 4 falling on a Thursday this year. However, as we start the month of July, we have much work to do to preserve the credit union tax exemption. At the LSCU & Affiliates, we’ve made this our top priority across the organization. Staff members have worked hard on a plan so all Alabama and Florida credit unions speak with one voice. We will share this grassroots plan and what your credit union should be doing during our July 2 webinar. I strongly urge you to have someone, if not multiple staff, from your credit union sit in on the webinar.
 
Let me update you where we stand on the tax issue. Late last week, the Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) sent a “Dear Colleague Letter” to every member of the Senate. The letter explains that the Senate is in fact taking the “blank sheet of paper” approach to tax reform. The letter asks that all Senators put on paper the entities that should remain tax exempt based on the criteria: they help the economy grow, make the tax code fair, and promote important policy objectives. The Senators have until July 26 to return a list they think should remain tax exempt.
 
What does this mean for credit unions? First, it means our tax exemption is not on the blank sheet of paper. As we have expected for a few months now, this means we are fighting with every other tax exempt entity to get on the paper. We’ve heard senators are prepared to hear from 300-400 groups over the next few weeks. It will be a challenge to get our message heard.
 
It also means that we need to work together for a unified message to our four senators. We need to start doing it this month through social media. The League has a plan that lays out exactly what we can do, along with examples that will make it easy to cut and paste messages into your social media channels. We are reaching out to non-affiliates to join us as we advocate in keeping our tax status. This is not a time to let differences get in the way. 
 
I’ve used this column many times to ask credit unions to not sit on the sidelines. We can’t afford any apathy right now. I ask those that have not given to the Cooperative Issues Campaign, to do so. We are looking at the messaging this week for the campaign that will advocate for our tax exemption. The more we raise, the longer it will run and the greater impact it will have. Again, we’ve reached out to non-affiliates on the campaign, as well.
 
As you read this, the first step is realizing this is a real fight. The second is to join us on the webinar on Tuesday to hear more about the tax situation and the steps we can take, collectively, to begin making an impact on our Senators. Our staff is trying to find ways to make it easy on all credit unions during this time because it can be overwhelming. I hope to see you on Tuesday.

Where's Patrick? This week I will be in the Tallahassee office. We have the webinar on Tuesday and I also have a lunch with Tallahassee-Leon FCU CEO Lisa Brown that day as well. You can see my schedule for the next two weeks by clicking on Where's Patrick?
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LSCU Top Headlines
This week's top League headlines

Don't Tax My Credit Union webinar Tuesday
League is holding a free webinar on July 2 at 2:30 p.m. EST. to update credit unions on the tax reform situation and how they can get involved. The League continues to hear that the credit union tax exemption is in play and that credit unions need to advocate for it to not be included in any legislation. All credit unions need to be proactive right now. Register now.  

Regulatory relief bill introduced
Rep. Gary Miller (R-CA) introduced H.R. 2572 on Friday which would provide regulatory relief to credit unions and community banks. CUNA said the bill is a "good start to modernize the credit union charter." The bill provides a number of benefits including updating credit union investment authorities and amplifies the NCUA's authority on implementation of risk-based capital. Read more on LSCU Top Stories.

Hike the Hill coming in September
Make plans today to join the LSCU & Affiliates in Washington, D.C. for Hike the Hill. It's a simple two day trip - Sept. 10-11. This is one of the most important visits credit unions can make since it will come in the middle of the tax reform fight. Credit unions need to have a major showing for this trip. If the CEO can't attend, please make plans for another member of your management team to accompany the League. For more information, contact LSCU VP, Governmental Affairs Jared Ross at 866.231.0545 ext. 1012. 

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Governmental Affairs News
This week in Alabama politics: Lt. Governor seeks re-election while Secretary of State resigns

Lt. Governor Ivey Kicks Off Campaign
On June 27, Lt. Governor Kay Ivey kicked off her re-election campaign at the state capital. Republican lawmakers and office holders showed their support in her bid to serve another four years in office. To date, Ivey has not received any opposition from either party. Before serving as Lt. Governor, Ivey served as Alabama’s state treasurer.

Secretary of State to Resign
Alabama Secretary of State Beth Chapman will resign from office on August 1, 2013. Chapman has been offered a new position in the private sector at a government and public relations firm; one she said she could not pass up. Some thought Chapman may run for another office and while she has not ruled that out, she says for now her focus will be on her new role.

Gov. Robert Bentley will appoint someone to serve as secretary of state for the remainder of the term. There are already three Republicans running for the position in the 2014 election: Rep. John Merrill of Tuscaloosa, Crenshaw County Probate Judge Jim Perdue, and former Montgomery County Probate Judge Reese McKinney. No Democrats have announced. 

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: how to get message in front of state lawmakers and more

A guide to getting our message/issue in front of state lawmakers
According to the second-annual "Communicating with the Florida Legislature" poll conducted by Cate Communications, a Tallahassee-based Democratic consulting firm, outreach from regular citizens is more important than lobbyist contacts. No matter what they say, lawmakers read newspapers and online media and robo-calls have very little sway. “Don’t walk into legislative session without real people, a compelling narrative, and some data to show broad public support, especially if you’re up against big money,” said Kevin Cate, the firm’s founder. “And don’t discount the importance of newspapers and local TV – the vast majority of lawmakers consume the news there every day.” The answers come from 69 legislative aides. Of those who gave their member’s political affiliation, 26 were Democrats and 25 were Republicans.

A quick by-the-numbers:

  • Only 32% of lawmakers operate their own social media all of the time
  • 78% of lawmakers read the Sayfie Review daily
  • Lawmakers hate robots (only 8.9% even acknowledge robo-calls)
  • Public Polling is by far the most influential use of paid communications (84%)
  • A visit from a lobbyist ranked below a visit, email, or call from a real constituent

New fiscal year to usher in dozens of new state laws
169 new laws passed during this year's session go into effect on July 1. For more information, please click here.

If you have any questions on any legislative issues, 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.

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Leadership Florida recognizes credit unions

 

At a luncheon last week in Orlando, Leadership Florida recognized credit unions and the LSCU & Affiliates for their sponsorship of the 2012 Florida Senatorial Debate between Bill Nelson and Connie Mack.

The debate was watched by more than four million viewers throughout Florida and additionally on C-SPAN. This gave credit unions exposure that they had not traditionally gotten in the past.  

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Washington Update: Regulatory Relief for Credit Unions Act filed in the House and more

Last week the Senate passed landmark immigration legislation, a sweeping farm bill, and water-resources legislation, all with major bi-partisan support.

The House was not as productive. The Farm Bill, which was expected to pass with bipartisan support, failed due to a last minute amendment offered by Congressman Steve Southerland (R-Florida). Additionally, the House has not even begun the discussion on immigration with the first meeting expected to be held shortly after they return from the break.

Further, with Congress’ refusal to act on the student loan rate issue, interest rates on federally subsidized Stafford student loans soared from 3.4 percent to 6.8 percent when the calendar turned over to July. The fight is over whether to tie loan rates to the 10-year treasury note yield, something Sen. Majority Leader Harry Reid (D-Nevada) says could never pass the Senate. It is possible the Senate will pass a short-term, retroactive fix when they return, and continue to work out the long-term plans.

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: requirements for the official NCUA sign
Each insured credit union must continuously display the official NCUA sign at each station or window where insured account funds or deposits are normally received in its principal place of business and in all its branches, 30 days after its first day of operation as an insured credit union.

For a complete description of the requirements for the official sign, as well as additional compliance information about signage, visit the NCUA Advertising Signage Requirements topic on the Advertising 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 July 1, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of July 1, 2013 include:

  • NCUA board nominee Richard Metsger highlights regulatory priorities and pledges effective, not excessive, approach at hearing
  • CUNA sends comment letter to NACHA on third-party clarifications
  • Senate Banking Committee holds private student loan hearing

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

                  Education
                  Handling ACH origination exception issues webinar

                  Handling ACH Origination Exception Issues
                  Tuesday, July 9, 2013

                  3:00 pm - 4:30 pm ET/
                  2:00 pm - 3:30 pm CT

                  ACH origination responsibilities don't stop once you receive the files from your originators and send them to the ACH Network. You then have daily operational tasks, issues, and exceptions to address. This webinar will review the most-common daily ODFI exception issues and errors and determine the appropriate course of action for each. It will also address the advanced responsibilities of ACH origination by explaining how to develop effective daily ACH monitoring procedures and identify helpful tools to assist in the process. [ Return to Top ]

                  Cooperative Initiatives News
                  Miracle Jeans Day

                  Miracle Jeans Day is right around the corner. September 18 is the national participation date but you can choose any date that works for your credit union.

                  There are three ways to participate:

                  • Register Your Team: As a team captain, create a page for your team by selecting “start a team” on the home page. From there, you’ll set up a fundraising page, set a goal, and you'll even be able to import all your contacts.
                  • Donate to Participate: When your team page has been created, simply instruct those wanting to participate to search by the team or captain name. Click “Participate” and donate and insure their participation for your event. It’s that simple!

                  • New Apparel: This year, we’ve got a new t-shirt, designed with you in mind. Bump up your donation to $60 to receive a water bottle too!

                  For other ideas on how to participate, contact your LSCU representative: Adena Whitman, April Ales, David LeNoir, or Judy Scott. Additional information is also available on the Southeastern Credit Union Foundation website.

                  Visit the Miracle Jeans Day website to see how easy it is to get started. [ Return to Top ]

                  Biz Kid$ wins national Emmy Award

                  Jim Golingo, editor Biz Kid$, holds Emmy Award for Outstanding Achievement in Single Camera Editing.

                  Biz Kid$ recently won an Emmy Award, television’s highest honor, for Outstanding Achievement in Single Camera Editing at the 2013 Daytime Emmy Awards. 

                  This is the second Emmy for Biz Kid$. The show won for Outstanding Achievement in Main Title and Graphic Design in 2009. In addition to its two wins, the show has had 13 Emmy nominations in the last five years.

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                  LEVERAGE News
                  Do your employees' salaries measure up?

                  What is keeping your trained and valued staff, especially your top performers, working for you and not seeking opportunities at a credit union across town? Knowing that your employee salaries, by individual job title, are aligned to the current market by credit union size and geographic location provide a considerable competitive advantage and help ensure your top performers stay right where they are. By the same token, wouldn’t you like to know if you are overpaying your staff?

                  The HR consultants at HRN Performance Solutions work with credit unions just like yours to administer a comprehensive yet affordable compensation administration solution called Compease. This easy-to-use and comprehensive salary planning and compensation program helps you develop and maintain competitive pay rates, drive employee performance, and manage merit increases and compensation budgets. It provides the tools, information, and consulting expertise your credit union needs to manage employee compensation with ease, accountability, and confidence.

                  Want to learn more about Compease? Email a LEVERAGE Business Development Consultant for more information. [ Return to Top ]

                  Photo-OP by CO-OP

                  CO-OP Financial Services is introducing Photo-OP by CO-OP, a new ATM/debit/credit card production service that enables credit union members to design their own cards with personal photos on the front.

                  Photo-OP offers members a fun new benefit while giving credit unions an opportunity to earn some additional non-interest income. According to a study by Datacard Group, Minnetonka, Minn.:

                  • 15-20 percent more transactions occur with a personalized card than with one that is not;
                  • 62 percent of photo cardholders outstanding balances are higher than the U.S. average;
                  • 34 percent of photo cardholders monthly volumes are higher the U.S. average; and
                  • 50 percent fewer members are likely to switch to other cards or destroy the cards at renewal.

                  For more information, visit the CO-OP website, send an email or call 800.782.9042, ext. 7240. [ Return to Top ]

                  Invest in America newsletter

                  Click here to view the latest Invest in America newsletter.

                  Newsletter highlights include:

                  • Invest in America banner ads are now easier to use
                  • Credit Union Auto Club's family plans deliver real value
                  • Sprint Verification video tutorial
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                  News from You
                  Pen Air Federal Credit Union celebrates Military Appreciation Month

                  Winners of Pensacola Chamber of Commerce Essay Contest sponsored by Pen Air FCU.

                  Throughout May, Pen Air Federal Credit Union held a series of events honoring Military Appreciation Month.

                  Pen Air FCU partnered with local radio station TK101/Cumulus Radio for its annual Cell Phone for Solders drive. A total of 272 cell phones were collected equaling 680 hours of free call-time for troops overseas.

                  Other Military Appreciation Month events included; BBQs for service members, a NAS Pensacola Spouse Appreciation Lunch and Enlisted Breakfast, Pensacola Chamber of Commerce Essay Contest for students grades K-12, and a Pace Chamber of Commerce Appreciation Breakfast.

                  Pen Air FCU also raised more than $6,600 for the USO of Northwest Florida. [ 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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