LSCU eSignal Weekly
LSCU eNews Weekly August 5, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Notes from summer AACUL meeting
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Gov. Bentley reaches one million and Rep. Randy Davis ends run
This week in Florida politics: Weatherford announces committee chairs for 2014 session
Washington Update: A look inside August recess and housing reform
Latest on tax reform
Compliance Corner
League InfoSight highlight: Reserve Requirements: Regulation D
CUNA Regulatory Advocacy Report - week of August 5, 2013
Compliance calendar and training
Education
Assessing E-Banking Services & Delivery Channels webinar this Wednesday
Southeast Credit Union Management Associationís Annual Conference
Follow Supervisory Conference with app
Cooperative Initiatives News
Miracle Treat Day is this Thursday, Aug. 8
Scholarships available for upcoming LSCU events and workshops
SAS CU Initiative Account Program
LEVERAGE News
LEVERAGE sponsors 2013 LSCU Supervisory Committee Conference
News from You
Pen Air FCU makes donation to Covenant Hospice
EMPLOYMENT
View available credit union jobs
In This Issue
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President's Point

Notes from summer AACUL meeting

The American Association of Credit Union Leagues (AACUL) held its annual summer meeting last week in Boston. As you would imagine, tax reform was a major topic of conversation, but many other topics were discussed. As part of this discussion, CUNA asked me to give an update to the other state leagues on what the LSCU & Affiliates has been doing for Don’t Tax My Credit Union. We were one of a handful of leagues to present. It’s nice that we are seeing great grassroots participation among our credit unions on this issue.  

Three task forces presented updates to the group. A Communications Task Force is working on a common brand, as well as better coordination on disseminating information to credit unions from CUNA and the state leagues. The presentation was well received. The task force will be moving forward on a common federal and state brand, as well as on ways to inform credit unions on what is going on in the industry. CUNA also presented ways to show urgency on certain types of information. An Advocacy Task Force put forth a proposal for a national advocacy fund to be used to elect or defeat congressional candidates. Each state league would be given a goal for this corporate fund and then they could figure out how to fund it. This is sorely needed if credit unions are going to compete against the growing influence of super PACs. 

The Financial Sustainability Task Force proposed a dues sharing formula for “national” credit unions. National CUs would be defined as credit unions that have a physical branch and a certain threshold of CU members in a state other than where their headquarters are located. Some of these credit unions, about 125 or so nationally, would like to split their dues among state leagues they operate in. Action on this recommendation would most likely require bylaw changes by most, if not all, leagues and CUNA. All three task force proposals are still just recommendations at this time. A member of the LSCU & Affiliates staff is on each task force, so we’ve had a seat at the table as these and other recommendations are being formulated.

The Charter Enhancement Task Force, which included First Commerce CU CEO Cecilia Homison (Tallahassee Chapter), looked at the federal charter to see where changes should be made to ensure the sustainability of the credit union movement over time. The committee’s recommendations were approved by the CUNA Governmental Affairs Committee and put before league president’s last week. It now moves on to the CUNA board of directors for final action. The nice thing about this task force is that they didn’t limit their thinking and really looked at what improvements needed to be made, not being held back by political realities in Washington, D.C.

Finally, while in Boston, the League InfoSight board of directors held its annual meeting where I was elected chairman. League InfoSight was formed about a decade ago to deliver compliance solutions to affiliated credit unions through the CUNA/League system. It is owned by 13 leagues, including LSCU, and is utilized by all but three leagues (WI, MN, WV). Our major focus right now is development of an Internet-based compliance management system called ComplySight. Compliance management is a struggle for many credit unions. ComplySight will be a comprehensive online tool to manage compliance and risk. It will also provide regulatory updates for credit unions as they prepare for audits. Look for more information on ComplySight in the fourth quarter.

Where's Patrick: This week I’ll be working in Tallahassee and Orlando. The LSCU & Affiliates board meeting is coming up next week, so I’ll be preparing for the meetings. I’m having lunch with new Tallahassee FCU CEO Jack Davis on Tuesday, as well as attending the FCUSS Governance Committee meeting on Thursday in Orlando. 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

eSignal to go daily this month
The LSCU & Affiliates will begin sending out a daily version of eSignal in August. The new daily version will be smaller and more impactful. This new format will also help cut down on the number of emails sent from the League. Look for a start date soon. 

Metsger confirmed by Senate
Richard Metsger has been confirmed by the U.S. Senate as the next member of the NCUA board. Metsger assumes the seat that was vacated by Gigi Hyland following her term on the board. The next step for Metsger is being sworn in. The LSCU & Affiliates have sent a welcome letter on behalf of Alabama and Florida credit unions. You can read more by visiting the LSCU Top Stories

Register for Hike the Hill
Credit unions still have time to attend the September Hike the Hill in Washington, D.C. In the midst of tax reform, this visit is as important as any have been in the past. Credit unions are asked to send executives, as well as directors. Visit the LSCU Hike the Hill registration form to sign up. A link to the hotel is also provided on the registration page. 

NCUA hosts budget seminar
The NCUA will host a "Budget Preparation Seminar" on Aug. 13. The free webinar will help credit unions create and prepare a budget that falls in line with their strategic mission. The webinar is open to credit unions of all sizes. Visit the NCUA website for registration information. [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: Gov. Bentley reaches one million and Rep. Randy Davis ends run

Gov. Bentley reaches a million dollars
Gov. Robert Bentley has raised over one million dollars for his re-election bid in 2014. During the month of July, Gov. Bentley raised $586,770, thus ending the month with a balance of $1,066,236. Only one person has announced their intention to run against the governor and that is Madison County Republican Stacy Lee George. Their are still no Democrats running for the seat.

Rep. Randy Davis ends run for CD1
Rep. Randy Davis (R-Daphne) suspended all of his campaign activities and announced that he will not run for the congressional seat of the First District in Alabama. Rep. Jo Bonner is leaving the seat to accept a position with the University of Alabama. Rep. Davis will now focus on running for re-election for his current seat in the Alabama House.

Still in the running for CD1 are former state senator and two-year college chancellor Bradley Byrne, current state representative Chad Fincher, businessman Dean Young, conservative columnist Quin Hillyer, and realtor Jessica James. 

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: Weatherford announces committee chairs for 2014 session

Changes to committee chairs for 2014 session
House Speaker Will Weatherford (R-Wesley Chapel) made changes to the leaders of legislative committees in his chamber, and made a switch in a key position. Click here to read more.

Florida's economy takes on new look after the Great Recession
Florida's workforce — the post-recession version — has a new face. Four years after the Great Recession technically ended, statewide employment has finally topped 8.75 million, nearing its pre-recession size. But the mix of jobs has changed dramatically, with manufacturing and construction remaining ghosts of their former selves. The upshot: collectively, the state is earning less money with more people clustered in lower-paying jobs in retail, tourism, and healthcare. There are more part-timers and workers combining a couple of part-time jobs into one full-time paycheck. Economists debate how much of this transformation is systemic (with certain industry jobs in manufacturing and publishing likely gone forever) and how much is cyclical (with jobs in construction in particular picking up again as more Northerners can afford Florida housing). For more on this story, click here.

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: A look inside August recess and housing reform

The House and the Senate are out of session until the week of Sept. 9. When they return, there will be fewer than ten legislative days until the end of the fiscal year. The big picture focus for the remainder of the year will be on appropriations, sequestration, the debt ceiling, immigration reform, and tax reform. Action could also happen on housing finance reform on the House floor and perhaps in the Senate Banking Committee.  

A Note about August “Recess”
The August Recess is often viewed as a vacation for lawmakers, but the reality is quite different. The Washington Post has two excellent articles giving an inside look at what this period of time is like for elected officials and the importance of the district work period for advocacy groups.  

In his Wonk Blog , Ezra Klein describes the competing demands on members’ schedules and the importance of the work they do when they return home to hear from their constituents. Klein spoke to Bradford Finch, the head of the Congressional Management Foundation and a past speaker at a number of CUNA and AACUL meetings, who said, “People tend to judge Congress by the part of the job they can see....But Congress has a representational responsibility as well. It’s also going back home and engaging in activities in the district that help them understand what their constituents think.”

In Sunday’s edition, Matea Gold wrote an article entitled - "August recess now high season for interests lobbying lawmakers." The story looks at how this five week period has become increasing important to interest groups as part of a saturation – or “surround sound” – strategy. Veteran Republican communications strategist Ron Bonjean is quoted, “If you’re going to get anything to move, you have to appeal to the lawmakers back at home. The smart outside groups have always used the recess to get their message through.”

This makes the August district work period crucial for credit unions. The League has been working to schedule in-district meetings with lawmakers and as they are scheduled the League will let you know. Some lawmakers will hold town hall meetings. The League will contact you if a lawmaker is having a meeting in your area.  

Housing finance reform

The House is expected to consider the PATH Act in October, and as the bill is prepared for floor consideration, it is possible that changes will be made to the bill. The League and CUNA continue to engage the Chairman to ensure that any bill that becomes law accommodates credit union principles for housing finance reform. For more information on this issue, see CUNA’s recent testimony before the Senate Banking Committee. 

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 ]

Latest on tax reform

The Senate Finance Committee and the House Ways and Means Committee chairman have said they would like to mark up legislation in October, which means that they are almost certainly working on drafting the bills right now. However, It remains possible that tax reform may get tangled up in the debt ceiling/sequestration/appropriations process.

However, the League expects the committees’ consideration of tax reform legislation to be an important step in the process. Taking part in August recess meetings or town hall events is very important. As the League gets more information during the work period, it will be sent out to credit unions. The League would also like you to check in if you meet with your representatives and senators. By sharing information, Alabama and Florida credit unions can work together on this issue. 

Visit the LSCU Don't Tax My Credit Union Resource page for materials for your website, membership and lawmaker visits. Contact LSCU SVP, Association Services Jared Ross at 866.231.0545 ext. 1012 if you have any questions. [ Return to Top ]

Compliance Corner
League InfoSight highlight: Reserve Requirements: Regulation D

The Federal Reserve Board’s (FRB) Regulation D was established in 1980. It contains these four primary provisions that affect depository institutions, including natural person credit unions with more than $11.5 million in net transaction accounts:

  1. Credit unions may be required to maintain reserves.
  2. Credit unions may have to place limits on certain deposit accounts in order to avoid having to reserve against those accounts.
  3. Credit unions are required to impose certain penalties for early withdrawal from time deposit accounts in order to avoid having to reserve against the time deposit.
  4. Credit unions may be required to report account information to the Federal Reserve.
Visit the Reserve Requirements: Regulation D topic on the Accounts channel of InfoSight to read more.

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 August 5, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of August 5th:

  • U.S. District Court vacates Federal Reserve rule on debit interchange fee caps
  • CUNA participates in FSSCC meeting at U.S. Treasury; cybersecurity update
  • CUNA encourages Congress to prohibit FHA insurance on mortgages seized through eminent domain
  • NCUA issues regulatory alert on ECOA appraisal final rule

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

                          Compliance calendar and training
                          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
                          Assessing E-Banking Services & Delivery Channels webinar this Wednesday

                          Assessing E-Banking Services & Delivery Channels: Strategic Deployment & Risk Assessment webinar

                          Wednesday, Aug. 7, 2013
                          2:00 p.m. – 3:30 p.m. CT
                          3:00 p.m. – 4:30 p.m. EST

                          This webinar will provide a comprehensive approach to mitigating risk and meeting regulatory expectations for e-banking strategies. Learn how to develop strategies and supporting activities that will provide a strong foundation for future growth and success in the e-banking realm.

                          HIGHLIGHTS:

                          • How the 2011 FFIEC Supplement to Authentication in an Internet Banking Environment should affect your financial institution’s strategies in implementing e-banking services
                          • Inherent risks to the mobile delivery channel and associated mitigating controls
                          • Top activities your management team should be concerned with when considering deployment of any new e-banking service or service component

                            TAKE-AWAY TOOLKIT:

                            • An e-banking strategic checklist
                            • Electronic training log
                            • Quiz you can administer to measure staff learning and a separate answer key

                            This session will appeal to cash management staff, operations personnel, IT staff, information security officers, and compliance officers. Attendance verification for CE credits upon request. [ Return to Top ]

                            Southeast Credit Union Management Associationís Annual Conference

                            Join your peers and top management staff for another outstanding Southeast Credit Union Management Association (SCUMA) conference on the beautiful white sandy beaches of Sandestin! This year SCUMA Annual Conference will be held at the Sandestin Hilton Hotel Aug. 21 - 23.

                            This meeting is designed to allow you to network in an informal setting with your peers and management team members, while attending sessions with up-to-date topics currently happening in our environment, find out what other credit unions are providing that might be a fit in your credit union.

                            Click here to view the event agenda. If you have any questions, contact LSCU Senior Director of Education, Teresa Gray at 866.231.0545 ext. 2110.

                            [ Return to Top ]

                            Follow Supervisory Conference with app

                            The LSCU & Affiliates has developed an app for Supervisory Committee Conference this week in Destin. The app has the schedule, speaker information, maps, and who's attending. It is a perfect way to keep track of when and where you are supposed to be and new friends you may meet.

                            The app is also a great way for those not attending to get a feel for the conference. You can download the app, check out the schedule and the speakers. This could help you to decide whether to attend next year. The Supervisory Committee Conference is one of the fastest growing conferences at the League. 

                            To download the app to your apple or android phone or tablet, click here. If you have any questions, contact LSCU & Affiliates VP, Communications Mike Bridges at 866.231.0545 ext. 1012.  [ Return to Top ]

                            Cooperative Initiatives News
                            Miracle Treat Day is this Thursday, Aug. 8

                            This 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 ]

                            Scholarships available for upcoming LSCU events and workshops

                            The Southeastern Credit Union Foundation has scholarships available for upcoming LSCU events such as Hike the Hill on Sept. 10-11 and the Leadership Development Conference on Nov. 6-8.

                            Scholarships are also available for LSCU workshops including Asset Liability Training in Tampa on Sept. 18-19, Collections & Bankruptcy School in Orlando on Oct. 8-9, IRA Essentials & Beyond in Jacksonville on Oct. 15-16, and Credit Union Philosophy in Action Workshop in Orlando on Oct. 16-17.

                            Scholarships cover registration costs, as well as a portion of travel costs.

                            The scholarship application can be accessed from www.lscu.coop (Cooperative Initiatives tab) or from the Southeastern Credit Union Foundation website, www.supportourCUcommunity.org. The application can be completed online. For more information about scholarships, please contact Leonard Parkhurst at 866.231.0545, ext. 1154. [ Return to Top ]

                            SAS CU Initiative Account Program

                            Affiliated credit unions under $50 million in assets once again have access to the SAS CU Initiative Account Program. Each affiliated credit union has $500 to use toward the purchase of any LSCU or LEVERAGE product and/or service including: LSCU education and training events, planning sessions facilitated by LSCU staff, STAR/MERIT/VAP Modules, or LEVERAGE products such as auditing services and Ventelligence. To utilize your initiatives account, please contact Laura Vann at 866.231.0545, ext. 2181. [ Return to Top ]

                            LEVERAGE News
                            LEVERAGE sponsors 2013 LSCU Supervisory Committee Conference

                            LEVERAGE is proud to be a sponsor of the 2013 LSCU Supervisory Committee Conference, Aug. 4-7 in Destin, Fla. The conference, which will cover the latest information and updates regarding credit union auditing, compliance, and fraud, is a must for any supervisory committee member.

                            In addition to sponsoring the event, LEVERAGE is contributing one of the session presenters, Senior Auditor Melissa Hamner. Hamner will be leading the following session at this year's conference.

                            • Tuesday, Aug. 6, 10:15am: Effectively Building Credit Union Audits, a session that will provide guidance on how to build your credit union audit programs to be most effective.

                            Other conference session at this year's Supervisory Committee Conference include:

                            • Director's Institutes
                            • The Culture of Ethics
                            • BSA Training for Directors
                            • CU Roundtables by Asset Category
                            • And much more!
                            For more information about the conference, click here. For more information on LEVERAGE audit and consulting services, click here.
                            [ Return to Top ]

                            News from You
                            Pen Air FCU makes donation to Covenant Hospice

                            On July 29 members of Pen Air Federal Credit Union’s senior management and marketing staff presented $10,000 to Covenant Hospice Children’s Support Services as part of its “Jeans for Generosity” employee charitable giving program.

                            Pen Air FCU’s charitable gift will benefit Covenant Hospice Children's Support Service’s which encompasses Camp Monarch, a series of children’s bereavement camps held throughout the region and the Butterfly Bag Program, designed to provide caregivers support the support they need through a specialized, at-home grief tool-kit to help children to express and cope with their feelings of loss.

                            “We are so grateful for this generous contribution,” said Covenant Hospice Chief Operating Officer, Susan Lovelady. “There’s no better time to help not-for-profit healthcare organizations, especially Hospice." [ 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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