LSCU eSignal Weekly
LSCU eNews Weekly July 29, 2013
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LSCU eNews Weekly
In This Issue
President's Point
NCUA assessments may be coming to an end
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Rep. Bonner moves up resignation date
This week in Florida politics: school fund increase equals decrease in some homeowner's pockets
Washington Update: view what is coming up this week in Washington
Compliance Corner
League InfoSight highlight: Truth in Savings
CUNA Regulatory Advocacy Report - week of July 29, 2013
Compliance calendar and training
Education
ALM Essentials & Implementation training in Tampa
Cooperative Initiatives News
Miracle Treat Day is Aug. 8
Communications News
Check out two videos: AC&E speakers on leadership and advocacy
LEVERAGE News
CO-OP THiNK 14 Conference - register today for only $199
Invest in America newsletter
News from You
Alabama Telco opens new Greystone branch
Space Coast Credit Union relocates Port St. John branch
EMPLOYMENT
View available credit union jobs
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President's Point

NCUA assessments may be coming to an end

On Thursday, the NCUA announced that the Corporate Stabilization Fund (stabilization fund) assessment for this year will be eight basis points (bp). Over the past four years, the stabilization fund has been a controversial program, as well as a way to show how credit unions step up and take care of themselves. The good news is that it looks like the assessments may be nearing an end.

Five years ago when some of the corporate credit unions began to fail it was a shaky time for credit unions. There was a lot of trepidation on what was next and how deep were the problems. Around the same time, the banks began taking the Troubled Asset Relief Program (TARP) money. There were many conversations on whether credit unions should ask for governmental help given that five corporate credit unions ultimately failed. Looking back now, it was the right decision to go with assessments instead of a government bailout. Just the negative press alone on the banks and TARP make this a positive for credit unions.   

When the NCUA board announced on Thursday that the stabilization fund assessments would be eight bp, this is one-and-a-half bps lower than last year and the lowest in the four years of the fund. CUNA has done a comprehensive look at the stabilization fund and believes this could be the last year for assessments. The corporate legacy assets are performing well and the positive economic trends signal the end of the assessments is near; we hope.

Now we can debate why the NCUA put so much cost up front and didn’t push it out over 13 years, like originally planned. The assessments did put a lot of pressure on many of you and caused much stress across the country. I’m sure putting that expense in every year was difficult. However, when we talk to our lawmakers they mention that we didn’t cause the economic crisis and that we didn’t take bailout money. We can be proud that we covered our own problems and found a solution.

Let’s hope the legacy assets continue to perform well and when you expense the stabilization fund in October, that it’s the last time you have to mark that expense. During the fight for our tax status, the stabilization fund is another example of how we can show that we are different. We didn’t go looking for a handout and then use the money for other purposes. We owned up to our mistakes and worked our way out of it.

Where's Patrick: This week we welcome our new board member, Kevin Johnson of Suncoast Schools, to the Tallahassee office for orientation with management and staff. The rest of the week I will be in Boston for the summer AACUL meetings. Next week I’ll let you know some of the highlights of what was discussed. You can see my schedule for the next two weeks by clicking on "Where's Patrick" ?

Visit the LSCU Video Room for the President's Quarterly Report.  [ Return to Top ]

LSCU Top Headlines
This week's top League headlines

Next steps for tax reform
The "Dear Colleague" letter deadline has passed in the Senate. Some senators, including Sens. Marco Rubio (R-FL) and Bill Nelson (D-FL), have made their letters to the committee public. So far, only one senator has specifically mentioned maintaining the credit union tax status, of the public letters. Read Sens. Rubio and Nelson's letters on the Don't Tax My Credit Union Resource page. Read more about tax reform by visiting the LSCU Top Stories.  

Alabama and Florida making more contacts
Credit unions in Alabama and Florida have begun making significant contacts with their legislators. The newest numbers were released on Monday and Alabama and Florida credit unions have made more than 24,000 contacts. This is sixth most in the country. Last week Alabama and Florida was ninth on the list. The postcard campaign will be up and running soon and the League expects contacts to really take off once the postcards are delivered. As a whole, credit unions have made nearly 600,000 contacts with lawmakers. 

NCUF raises $10k through paperless promotion
CUNA Mutual Group partnered with the National Credit Union Foundation to ask credit unions to go paperless. Nearly 2,100 credit unions took part, saving 750,000 sheets of paper, but more importantly putting $10,000 into the foundation. Credit unions can still take part in the paperless program. Visit the NCUF's website for more. 

LSCU & Affiliates Member Survey open through Friday
The LSCU Member Survey will be open through Aug. 2. The survey link has been emailed to CEOs in both states. The survey should take 15 minutes and gives the LSCU & Affiliates a good idea of how the League is performing for credit unions and areas that can be improved. If you have a question about the survey or have not received a link, contact LSCU VP of Communications Mike Bridges at 866.231.0545 ext. 1022. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: Rep. Bonner moves up resignation date

Rep. Jo Bonner resignation date moved up.
Rep. Jo Bonner has moved his resignation date up to Aug. 2. The Mobile congressman originally planned to resign Aug.14, but has decided to change his resignation to an earlier date to ensure that Alabama’s first congressional district has a representative when Congress begins its second session in January. After stepping down, Bonner will take a job with the University of Alabama System.

Qualifying and special election dates set for AL-01
Gov. Bentley set dates for the special election to fill the soon-to-be vacant first district congressional seat. Qualifying has been set for Aug. 3-5 with a primary election set for Sept. 24. A primary runoff will be held on Nov. 5, if needed, with the special general election set for Dec. 17. In the event a runoff is not needed, Nov. 5 will be the general election. Rep. Bonner’s resignation has sparked a highly contested GOP primary with eight Republican candidates vying for the open seat. No Democrats have announced at this time.

LSCU Alabama PAC Fundraising
An important part of the League’s advocacy strategy is PAC fundraising. The League is continuing to raise money for both state and federal political action committees. Currently, credit unions have raised more than $37,000, or 76 percent, of the annual goal for the LSCU FEDPAC and more than $13,000, or 30 percent, of the annual goal for ACULAC. There is still plenty of time to reach our PAC fundraising goals. Credit unions can become involved in fundraising for the LSCU FEDPAC through personal contributions, payroll deduction, and deduct-a-buck. Credit unions can also raise money for the state ACULAC through consignment tickets, chapter raffles, and corporate contributions. If you wish to participate in the LSCU PACs fundraising efforts or you need more information contact Alabama Grassroots & PAC Coordinator Blake Westbrook at 866.231.0545, ext. 2164.

Follow the GA team's 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: school fund increase equals decrease in some homeowner's pockets

More Fla. school funds, tax hike for some
As reported in the Pensacola News Journal, Gov. Rick Scott and state legislators have traveled the state this year boasting about the extra money they steered toward schools and teachers. But for some homeowners, more money for schools comes with a price: a tax increase this fall. The complicated formula used by the state to match local property tax dollars with state money has required a tax increase for nearly 20 out of the state’s 67 school districts. For most districts, it is a small increase likely to add $20 to $30 more to the tax bill of the owner of a $225,000 home with a homestead exemption. Read more.

Will Weatherford faces competition in being the "next Marco Rubio"
According to the Sunshine State News, conservative groups across the nation think they have found the next Marco Rubio in Will Weatherford, a right-of-center star who can win big in Florida. The question is, can Weatherford keep his prime position after he leaves Tallahassee next year while other young Republican leaders remain on the stage? Read more.

If you have any questions on any legislative issues, contact LSCU Director, Governmental Affairs-Florida, Jennifer Martin at 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: view what is coming up this week in Washington

The House and the Senate return to Washington for the last week of session before the August district work period. Unlike the past few years when Congress was facing a debt ceiling or other crisis, the last week of this work period is expected to be rather routine.

Floor schedule
The Senate comes back Monday to resume consideration of the “Transportation, Housing and Urban Development and Related Agencies Appropriations bill” (S.1243). Later this week, the Senate is also expected to vote on pending nominations and that might include Richard Metzger. He is nominated to be a member of the NCUA board. If the Senate moves forward with the banking committee nominations, the Metzger nomination would likely be considered under unanimous consent before the end of the week’s session.

The House comes back Tuesday and is expected to consider a series of bills under suspension of the rules, including a Motion to Concur in the Senate Amendment to H.R. 1911, the Bipartisan Student Loan Certainty Act of 2013. 

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

This week's Washington highlights
Click here to read the latest on Housing Finance Reform, an update on appropriations, Central Liquidity Facility (CLF), CDRLF and CDFIF, and more. 

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: Truth in Savings

The Truth in Savings Act and Part 707 of NCUA’s Rules and Regulations are intended to facilitate comparison shopping among consumers for deposit accounts by requiring credit unions to provide specific information about their accounts.

Thus, Part 707 is primarily a disclosure regulation that requires credit unions to provide detailed account disclosures to their members when an account is opened.

Visit the Truth in Savings topic on the Accounts channel of InfoSight for additional information that can help your credit union remain in compliance. You will find links to:

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 29, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of July 29, 2013 include:

  • NCUA approves 2013 Corporate Stabilization Fund assessment 
  • CUNA urges President Obama to include MBL bill in his jobs package
  • NCUA's 2013 regulatory review

                          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
                          ALM Essentials & Implementation training in Tampa

                          Wednesday, Sept. 18, 2013 - ALM Essentials – No pre-requisites required 
                          The ALM Essentials Workshop is a full-day session (9 a.m.- 4 p.m. EST) designed for all credit union employees, board, and ALCO members who desire a better understanding of the basic asset/liability management process.

                          Thursday, Sept. 19, 2013 - ALM Implementation – No pre-requisites required

                          The ALM Implementation Workshop (9 a.m. -  2 p.m.  EST), also designed for credit union employees, board, and ALCO members, provides an overview to assist in understanding and implementing an effective asset liability management process in your credit union.

                          Presented by Deborah L. Rightmire, CCUE, the vice president of asset/liability management for the Texas Credit Union League.

                          Registration Fee: $199 per day/person | $349 both days/person

                          Visit the LSCU Events Calendar for more information or click here. [ Return to Top ]

                          Cooperative Initiatives News
                          Miracle Treat Day is Aug. 8

                          Thursday, Aug. 8, 2013, $1 or more from every Blizzard Treat purchased at participating Dairy Queen stores will be donated to Children's Miracle Network Hospitals.

                          In addition to that, for the second year in a row, your Facebook RSVP to Miracle Treat Day will also be matched with a $1 donation to the cause—up to $50,000. Together we can provide hope and healing to sick children in your community. Let's make miracles happen.

                          Click here to find a participating Dairy Queen! [ Return to Top ]

                          Communications News
                          Check out two videos: AC&E speakers on leadership and advocacy

                          The LSCU & Affiliates have added two videos from this year's Annual Convention and Exposition (AC&E) in the video section of the LSCU website. The videos give the viewers a taste of the AC&E and the information that attendees gained from each speaker. 

                          Former Blue Angel lead solo pilot John Foley gave a presentation on high performance leadership. He showed videos from inside the cockpit of the Blue Angel plane, as well as the Blue Angel briefing room. Foley challenged attendees to adopt some of the principles of the Blue Angels like verbal contracts and trust. His video gives you a feel for his presentation. 

                          Reid Wilson, editor-in-chief of the National Journal Hotline, provided a great presentation during the Governmental Affairs luncheon. Wilson gave an overview of the last presidential election and the trends of the voters. He also urged attendees to continue to advocate for their issues. In the video, he talks about tax reform and the need to continue to make trips to Washington, D.C. 

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

                          LEVERAGE News
                          CO-OP THiNK 14 Conference - register today for only $199

                          Join CO-OP May 19 - May 22, 2014 at the Sheraton New Orleans for THiNK 14. It's an event where you will obtain the knowledge and motivation necessary to turn powerful insights into positive action. Take advantage of the Insider Registration Rate of just $199. But act now, this rate expires August 31. Click here to register. [ Return to Top ]

                          Invest in America newsletter

                          View the August Invest in America newsletter.

                          Newsletter highlights include:

                          • buy a Dell, get a $200 promo eGift card
                          • credit union auto club adds value to your core services
                          • buy one get one free from Sprint
                          [ Return to Top ]

                          News from You
                          Alabama Telco opens new Greystone branch

                          Alabama Telco Credit Union, based in Birmingham, held an official grand opening and ribbon cutting at its new Greystone location on July 15. Located in the former Superior Bank building at 420 Old Highway 280, the Greystone branch marks the sixteenth location for the credit union in the state and the tenth Birmingham area location.

                          “We’re very excited about our new location. Since we opened our doors in June, we’ve been busy with both existing and new members. We currently have approximately 3,200 members in the Greystone area and are already seeing this number grow daily. We’re very happy to have this opportunity to better serve our members’ financial needs at a more convenient location for them,” explains Alabama Telco’s Greystone Branch Manager, Lynn Middleton. [ Return to Top ]

                          Space Coast Credit Union relocates Port St. John branch

                          Space Coast Credit Union, based in Melbourne, FL, recently relocated its Port St. John Branch from a store front location at 4795 Fay Boulevard in Cocoa to a free standing, full-service branch at 6899 North U.S. Highway 1 in Cocoa. The new branch celebrated its official Grand Opening on Thursday, June 13 with a ribbon cutting and reception.

                          The branch will be led by Debbie Batts, branch manager, and the same friendly staff from the previous location will be serving members at the new location. In addition to a more convenient location, members will also benefit from new drive-thru service with extended hours, a night drop, 24/7 drive up ATM access, an on-site financial advisor, and safe deposit boxes. [ 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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