LSCU eSignal Weekly
LSCU eNews Weekly July 15, 2013
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LSCU eNews Weekly
In This Issue
President's Point
LEVERAGE database; Structural LSCU changes
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Rep. Jay Love resigns and more
This week in Florida politics: Florida retains top foreclosure status in first half of 2013
Washington Update: Shaping up to be a big week in the Senate
Compliance Corner
League InfoSight highlight: CAN-SPAM Act
CUNA Regulatory Advocacy Report - week of July 15, 2013
Compliance calendar and training
Education
Save the date for LSCU Regulatory Compliance Updates in September
Communications News
New multimedia available: President's Report, Supervisory Committee Conference podcast
Cooperative Initiatives News
Miracle Jeans Day is Sept. 18
LEVERAGE News
CO-OP offers Branch Transformation Roundtable webinar
News from You
Sun Credit Union honored
Local credit unions Unite for Good
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

LEVERAGE database; Structural LSCU changes

This past week we held our quarterly LSCU & Affiliates management team meetings. As we were discussing LEVERAGE and the many solutions we manufacture or re-market on behalf of our system partners, I was struck by how in-depth our full service Ventelligence, Credit Union Vendor Management (CUVM), and ePurchasing products are for credit unions. Plus, there is the added bonus of how each saves credit unions money.

What many credit unions may not know is that LEVERAGE (through Ventelligence and CUVM) has a database of almost 900 vendors that we have done the necessary due diligence on. This makes our contract management offerings one of the most robust in the marketplace. LEVERAGE does all of the heavy lifting on the due diligence before contracts are signed. This allows credit unions to redirect resources into serving their members better. 

This rich database also makes the LEVERAGE ePurchasing program very simple. One of the more interesting aspects of ePurchasing is that oftentimes the vendors in the specific buys are ones that the credit union is already using. This means that many times LEVERAGE is able to get a better contract for the credit union. The average savings for a credit union is more than 20 percent, but many times credit unions can see 40- and 50-percent savings. Also, the credit union has total control of the process so if they feel more comfortable with the second lowest bid, they can go with that one.

As I was sitting and listening to the report of our contract management programs, I wondered why more credit unions are not using these simple products. So I ask you, why are you continuing to dedicate long staff hours to keeping up with your contracts and putting in the leg work to perform due diligence on them? The contract management solutions provided through LEVERAGE allow you to manually put in the contracts or there is a full-service offering where the LEVERAGE staff does the work for you. From there, the software keeps track and alerts you when they are about to come due.

I hope you will consider looking at a contract management program through LEVERAGE, ePurchasing, or any of the other great products and services we offer. Let LEVERAGE be your advantage over your competition.

Structural Changes: I wanted to also inform our membership about some structural changes taking place at the League. After 14 total years of service with the Florida Credit Union League (FCUL) and LSCU, Cassandra Grayson has tendered her resignation effective August 2. This is a bittersweet moment for me personally. Over the years Cassandra has been an exceptional employee. Her work ethic and positive attitude is second to none. Under her, our education, communications, and cooperative initiatives departments have become integral parts of our value proposition to credit unions. Cassandra will soon start a new chapter in her life: Ph.D. student. The soon-to-be Dr. Grayson is a candidate for a doctorate in education and hopes to begin consulting upon completion. We wish her nothing but the best as she starts this new chapter in her life and career. This move results in some structural changes in Association Services. 

I am happy to announce that Jared Ross has been promoted to senior vice president of association services.  In this newly created position, Jared will continue to be head of GA, but will now also oversee education, communications, and cooperative initiatives. I am also happy to announce that Teresa Gray has been promoted to senior director of education. Teresa will report directly to Jared and will be added to the management team representing the education department. Please join me in congratulating Jared and Teresa on their promotions.

Where's Patrick?  This week I will be on PTO visiting friends and family in Metropolitan Detroit. You can see my schedule for the next two weeks by clicking on Where's Patrick?

View the President's Quarterly report for the second quarter in the LSCU Video Room. [ Return to Top ]

LSCU Top Headlines
This week's top League headlines

First LSCU Don't Tax newsletter coming this week
Each month the LSCU will send credit unions a newsletter to inform them of what is happening with tax reform, where credit unions stand, and what credit unions can do to get in touch with their lawmakers, as part of the Don't Tax My Credit Union plan. The newsletter will direct credit unions to resources available and how they can contribute to the Cooperative Issues Campaign. Look for the first issue mid-week. 

Metsger vote coming July 16
The Senate Banking Committee will hold a closed executive session on July 16 to consider six presidential nominations, including Richard Metsger for the NCUA board. Once the committee votes, Metsger's nomination must be confirmed by the entire Senate. Metsger is being considered for the seat vacated by Gigi Hyland. Read more about the nominations being considered on the Senate Banking Committee webpage.  

LSCU Members Survey emailed
The LSCU & Affiliates Members Survey has been open for a week. On July 8, credit union CEOs were emailed a link to this year's survey. The League and LEVERAGE use the survey data to gauge how they are performing and to adjust the strategic plan. The LSCU & Affiliates board also uses the data during its annual retreat in October. If you have questions or have not received the link, contact LSCU VP, Communications Mike Bridges at 866.231.0545 ext. 1022.

Hyland named executive director of NCUF
T
he National Credit Union Foundation named former NCUA board member Gigi Hyland as its next executive director. Hyland succeeds Bucky Sebastian who retired in June. She told the CU Times that she's excited to begin working with the NCUF. Read more on the CU Times website

NCUF 2012-2013 annual report released
The National Credit Union Foundation (NCUF) recently released their 2012-2013 annual report entitled “Helping Credit Unions Making the Difference.” Read more in the LSCU top stories. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: Rep. Jay Love resigns and more

Rep. Jay Love resigning, more may follow
One of the most influential members of the Alabama House of Representatives announced he was resigning last week. Rep.Jay Love, chairman of the House Ways and Means Education Committee, is resigning August 1 to pursue opportunities in the private sector. It is rumored that he will be joining an existing government affairs firm and will begin lobbying for education policy in Alabama. Rep. Love is prevented by law from lobbying the House for two years, but he can lobby the Alabama Senate and Governor’s office.

Additionally, it is rumored that Rep. Jim Barton (R-Mobile) may be the next legislator to resign and enter the private sector as a lobbyist.  Rep. Barton is the co-chairman of House Ways and Means General Fund Committee and is a powerful lawmaker as well. Other rumors are circulating that several more legislators are also expected to resign, but no names have surfaced.

Democrats not running for statewide offices
With the exception of the recent announcement of Democrat Miranda Joseph of Jefferson County running for state auditor, the Democratic Party does not have anyone running for statewide offices in Alabama.

A splinter group of Democrats, led by former party chairman Mark Kennedy, the Alabama Democratic Majority (ADM), say that there are several Democrats considering statewide races. Also the ADM is actively recruiting candidates for legislative seats in order to break the super majority held by Republicans in the House and Senate. 

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: Florida retains top foreclosure status in first half of 2013

Florida retains top foreclosure status in first half of 2013
Florida led the nation in its foreclosure rate for the first six months of the year, according to a report released July 11 by RealtyTrac, a California-based company that tracks foreclosed properties. Click here to read more

Republicans ahead in fundraising race
State Republicans appear to be building a mammoth war chest heading into 2014, when they will be defending Gov. Rick Scott against a re-election challenge. Florida Democrats, meantime, have shown only tepid fundraising so far this year, despite the election of a new party chairman, Allison Tant of Tallahassee, who campaigned for the party office partly on her ability to raise money. In fundraising reports filed last week, Republicans showed $8.9 million raised in the first half of the year, while Democrats reported a little more than $2 million. For more, click here.

If you have any questions on any legislative issues, contact LSCU Director, Governmental Affairs-Florida, 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: Shaping up to be a big week in the Senate

The House and the Senate are in session this week, and depending on how things work out, this may end up being one of the more significant weeks in recent Senate history. 

Floor schedule
Late last week, Senate Majority Leader Harry Reid moved cloture on several nominations, including the nomination of Richard Cordray to be director of the Consumer Financial Protection Bureau. The majority leader also announced his intention to pursue a Senate rule change that would limit the filibuster opportunities for certain presidential nominations – this maneuver has been referred to as the “nuclear option” because the rule change would rely on an interpretation of the constitutional powers of the Senate to set its own rules by majority vote, as opposed to the two-thirds requirement in the Senate standing rules. During debate on this matter last week, many senators expressed concern regarding the potential impact this course may have not only on nominations but also Senate tradition going forward. On Monday afternoon, the Senate will hold a rare bi-partisan caucus meeting in the old Senate chamber to discuss how to proceed on the issue of presidential nominations. 

In addition to the nomination of Director Cordray, the Senate is expected to vote this week on the nominations of:

  • Thomas Perez for secretary of labor
  • Gina McCarthy for administrator of the Environmental Protection Agency
  • Mark Gaston Pearce, Richard F. Griffin, Jr., and Sharon Block for the National Labor Relations Board
  • Fred Hochberg for president of the Export-Import Bank of the United States

The Senate is also expected to resume debate on the motion to proceed to the “Keep Student Loans Affordable Act of 2013” (S.1238). 

The House returns tomorrow to consider bills under suspension of the rules. On Wednesday and the balance of the week, the House is expected to consider on the “Authority for Mandate Delay Act” (H.R. 2667), the “Fairness for American Families Act” (H.R. 2668), the “Student Success Act” (H.R. 5), and the “Department of Defense Appropriations Act of 2014” (H.R. 2397).

Committee meetings
View
a complete list of committee meetings being followed by governmental affairs this week.

Other Items:
Tax reform
LSCU continues to meet with Senators regarding the tax reform process. Read more.

Housing finance reform
As noted above, the House Financial Services Committee will hold another in its series of hearings on housing finance related matters. Read more.

FATCA implementation
The League has been closely following the implementation of the Foreign Account Tax Compliance Act (FATCA), working in both the Senate and the House to address the concerns that FATCA will impose a significant regulatory burden on credit unions in the United States and elsewhere. Read more.

Patent reform
Later today, CUNA will join nearly four dozen groups in sending a letter to congressional leadership urging them to take action on legislation that addresses the continuing problems posed by patent trolls. There may be some interest in both chambers to address this issue at some point this year. The coalition with which CUNA is aligned is a broad, multi-industry coalition, including technology groups, financial services groups, retail organizations, and others. 

Supplemental capital briefing
On Thursday, CUNA CEO Bill Cheney will join Reps. Peter King (R-NY) and Brad Sherman (D-CA) at a congressional briefing on credit unions and supplemental capital. The sponsors of the legislation to permit credit unions to accept supplemental forms of capital are hosting this briefing to help their colleagues better understand the issue and why it is important to credit unions, and to generate new support for the bill.

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

Compliance Corner
League InfoSight highlight: CAN-SPAM Act

Under the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CAN-SPAM Act), the FTC is charged with issuing regulations for implementing the CAN-SPAM Act. The FTC has issued regulations that provide criteria to determine the primary purpose of e-mail messages.

If a credit union sends advertisements to its members using e-mail, it must comply with the provisions of the CAN-SPAM Act. The credit union’s board should direct management to implement procedures and train employees to ensure full compliance with the law.

Visit the CAN-SPAM Act topic on the Advertising channel of InfoSight to review how the CAN-SPAM Act affects credit unions and the action your credit union should take for the CAN-SPAM Act.

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 the League website, 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 15, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of July 15, 2013 include:

  • CUNA urges administration officials to protect credit unions’ tax exemption 
  • CUNA continues its advocacy on loan participations 
  • NCUA board candidate Rick Metsger

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

                      Compliance calendar and training
                      July 2013

                      September, 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 the League website for access. [ Return to Top ]

                      Education
                      Save the date for LSCU Regulatory Compliance Updates in September

                      Compliance veteran Rob Rutkowski brings the latest update on what credit unions need to know across a wide spectrum of compliance issues for 2013. Topics to be covered include:

                      • The CFPB: what it is, what it’s doing and 2013 deadlines       
                      • Truth in Lending update
                      • Multi-featured open-end lending
                      • Fair Lending under the Equal Credit Opportunity Act
                      • Member business loans

                      Event Times & Locations
                      Regulatory Compliance Update – Tallahassee
                      Tuesday, Sept. 10, 2013, 9 a.m. – 4:30 p.m. EST
                      Location: LSCU Tallahassee Annex, Tallahassee, FL

                      Regulatory Compliance Update – Birmingham
                      Thursday, Sept. 12, 2013, 9 a.m. – 4:30 p.m. CST
                      Location: LSCU, Birmingham, AL

                      Registration Fee: $199 per person/day

                      To learn more visit the education events calendar on the LSCU website. [ Return to Top ]

                      Communications News
                      New multimedia available: President's Report, Supervisory Committee Conference podcast

                      The LSCU & Affiliates have added a number of multimedia pieces over the past week or so. Credit unions can get the latest updates on the past quarter from the League and what to look for in the third quarter by watching the President's Report with LSCU & Affiliates CEO Patrick La Pine. The Video Room also houses a story with two CEOs talking about the tax situation and how credit unions should get involved. Plus, the July 2 LSCU Don't Tax My Credit Union webinar has been turned into a video for those credit unions that could not attend. 

                      In the LSCU Audio Room, there is an audio podcast previewing the LSCU Supervisory Committee Conference. One of the presenters, Barry Thompson, talks about elder abuse and how it is becoming more prevalent. He also says a code of ethics for credit unions is a must, but not just ones that are written down. Attendees to the Supervisory Committee Conference will get a wealth of information from him. 

                      To access the multimedia, visit:

                      • LSCU Video Room - President's Report, CEOs talk tax reform, and Don't Tax My CU webinar
                      • LSCU Audio Room - Supervisory Committee Conference preview with Barry Thompson

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

                      Cooperative Initiatives News
                      Miracle Jeans Day is Sept. 18

                      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, set up a fundraising page and set a goal.

                      • Donate to participate: Once the team page is 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.

                      • New Apparel: This year, there is a new t-shirt, designed with participants 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 ]

                      LEVERAGE News
                      CO-OP offers Branch Transformation Roundtable webinar

                      Branch Transformation Roundtable
                      Tuesday, July 23, 2013
                      12 p.m. PST/3:00 p.m. EST
                      Registration is required.

                      The powerful trend toward self-service is reshaping the roles of credit union branches and their employees. Learn how to prepare for branch transformation, and position your credit union to benefit from these changes at the Branch Transformation Roundtable webinar, featuring a panel of branch transformation industry experts.

                      Register today. Have a question for the panel? Submit it along with your registration. [ Return to Top ]

                      News from You
                      Sun Credit Union honored


                      Randie Shane, executive director for the Dania Beach Chamber of Commerce, presents Pat Mason, CEO Sun Credit Union, with a plaque in appreciation of Sun Credit Union's sponsorship of the First Charity Fishing Tournament of the Dania Beach Chamber of Commerce.

                      [ Return to Top ]

                      Local credit unions Unite for Good

                      (l to r) Betty Mixon, CEO of Gulf Coast FCU, Jeanette Keller, CEO of Blue Flame CU, and a credit union friend attend  America's Credit Union Conference in New York two weeks ago.

                      All three are wearing Unite for Good t-shirts as credit unions stood outside the Today Show to promote the credit union movement.

                      [ 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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