LSCU eSignal Weekly
LSCU eNews Weekly August 19, 2013
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LSCU eNews Weekly
In This Issue
President's Point
Decisions made during the August LSCU & Affiliates board meeting
LSCU Top Headlines
This week's top League headlines
Governmental Affairs News
This week in Alabama politics: Business Education Alliance announced
This week in Florida politics: Florida holds highest foreclosure rate
Upcoming Florida town hall meetings and events
Compliance Corner
League InfoSight highlight: Suspicious Activity Reports (SARS)
CUNA Regulatory Advocacy Report - week of August 19, 2013
Compliance calendar and training
Education
LSCU Regulatory Compliance Updates
ALM Essentials & Implementation training in Tampa
Cooperative Initiatives News
Miracle Jeans Day coming in September
LEVERAGE News
CUNA Mutual Group's Online Discovery Conference
News from You
Suncoast grants $50,000 to Pasco County Schools
Achieva Credit Union opens two new branches
EMPLOYMENT
View available credit union jobs
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President's Point

Decisions made during the August LSCU & Affiliates board meeting

This past week  the League, LEVERAGE, Southeastern Credit Union Foundation (SECUF) and CUSC of Alabama boards all met in the Birmingham office. We covered quite a bit during these various meetings and I will share some highlights with you below.

The League & LEVERAGE boards approved a plan to move the Tallahassee operation to the Corporate One building (formerly Southeast Corporate Headquarters building) across town. While the League’s current Tallahassee facilities are still for sale, a move now makes sense for several reasons. We continue to have to invest money into our current, antiquated facilities, and from a staffing standpoint, we are busting at the seams. A planned move by January 1 will provide for the least potential disruption to staff, operations, and member credit unions. As you can imagine, Corporate One is anxious to have us move and has offered financial incentives if we sign a lease and move by year’s end. The carrying costs on our current facilities is manageable. Once we sell our current Tallahassee facilities, we expect to save nearly $2 million over seven years, which includes the savings we are already realizing from a reworked Birmingham office lease.

The League board also approved the Muscle Shoals Chapter’s request to change its name to the Shoals Chapter and approved funding to help develop League InfoSight’s new ComplySight program. (I wrote about ComplySight two weeks ago in the President’s Point). There was considerable discussion about tax reform in Washington. The LSCU has been one of the more progressive leagues in the country and the board approved the use of CU Defense Fund money for our outreach efforts. We recently printed 110,000 postcards and sent those across both states. We may need to print more, as well as send them to Washington. Our hope is to drop off as many as possible during our Hike the Hill in September, but I am sure we will need to ship many of them. If your credit union does not have any postcards, let us know and we will get you some as soon as we can.

It has been a priority of management and the Southeast Credit Union Foundation (SECUF) board of trustees to make the Foundation financially self-sufficient. The SECUF board approved a business plan for sustainability that is designed to do just that within three to five years. Since transferring all of the director’s salary and expenses over to the Foundation when we merged the three Alabama and Florida foundations back in 2010, the SECUF has been operating at an annual deficit. Starting next year, and continuing until we reach self-sufficiency, the LSCU & Affiliates will again pick up a significant portion of those expenses until our annual financial goals are being met.

There are many exciting things happening with LEVERAGE right now. Unfortunately, I can only talk in generalities at this time since we are in active negotiations on several fronts. The LEVERAGE board approved funding for a couple business acquisitions that will help us expand our book of business and geographical footprint while offering expanded products and services to our existing Alabama and Florida credit unions. More to come on that once these negotiations have been completed. In the meantime, I ask that you continue to look at LEVERAGE and our preferred partners when you are in the market for products and services.   

Where's Patrick
: I have a split week between Tallahassee and Destin, with a stop in Panama City. I will be attending the SCUMA Conference in Destin at the end of the week. On the way, I am stopping by Panama City to meet with several credit union CEOs. 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

Webinar on new $100 bill
The LSCU & Affiliates education department have a free webinar on the new $100 bill. You can access it today. Visit LSCU Top Stories for more information.

Metsger swearing in set for Aug. 23
Rick Metsger will be sworn in Aug. 23 to the NCUA board. This brings the NCUA board back to full capacity. Visit LSCU Top Stories to read more.

Register for Hike the Hill
Credit unions are highly encouraged 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.  [ Return to Top ]

Governmental Affairs News
This week in Alabama politics: Business Education Alliance announced

Candidates Announce for Special Elections
There are two special elections remaining for the Alabama State House, resulting from two high profile resignations. Rep. Jay Love (R-Montgomery) was the chairman of the House Ways and Means Education Committee, a very powerful position in the House, and District 74 is in Montgomery County. Three people have announced their candidacy and they are all on the Republican ticket. Former Montgomery County Public School Board President Charlotte Meadows, business owner Dimitri Polizos, and Montgomery school board member Heather Sellers have announced that they will seek Rep. Love's seat.

The second special election is House District 104, the seat formerly held by Rep. Jim Barton (R-Mobile). District 104 is in Mobile County and is a heavily Republican seat. Currently one person, Mobile Bay Transportation founder Margie Wilcox, has announced her intention to run for the vacancy. However, another is expected soon.  Susan Hightower, wife of Sen. Bill Hightower (R-Mobile), is expected to announce that she will run. 

The primary for HD 74 is scheduled for Oct. 8 and the primary scheduled for HD 104 is Oct. 15.

Business Education Alliance Announced
Recently the Business Education Alliance was introduced to members of the Business Council of Alabama at its annual meeting in Point Clear, AL. Headed up by former Rep. Love and former State Superintendent Joe Morton, the alliance is supposed to link businesses in Alabama and public education in an effort to provide a better prepared, better educated work force. Morton will serve as the chairman and president of the foundation and said that the group will help provide research and support for various education initiatives. Love will work with fundraising and coalition-building efforts.

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: Florida holds highest foreclosure rate

Florida holds highest rate of foreclosure filings in July
According to a report by RealtyTrac, Florida's rate of foreclosure filings remained the highest in the country last month, with one in every 328 housing units receiving a filing. Florida's numbers are up eight percent from June, and seven percent compared to July, 2012. The state also holds nine of the top 10 metro area foreclosure rates, with Jacksonville having the highest filing rate in the country at one filing for every 230 housing units.

Weatherford announces new committee membership assignments
There were few changes from the last legislative cycle, but new Rep. Mike Hill got spots on the Health Care Appropriations Subcommittee and Health Innovation Subcommittee, and House Speaker Will Weatherford set up a new Select Committee on Health Workforce Innovation. Also, the Select Committee on Claims Bills is defunct and there are four new members of the Select Committee on Gaming. Read more here.

Atwater gets Democratic challenger for Chief Financial Officer spot
The Florida Democratic Party announced that former Disney manager Allie Braswell is entering the race for Chief Financial Officer, hoping to take over the cabinet seat from Republican incumbent Jeff Atwater. Braswell is a Marine Corps veteran and the president/CEO of the Central Florida Urban League, a civil rights advocacy group.

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 ]

Upcoming Florida town hall meetings and events

While federal lawmakers are on recess, credit unions are urged to meet with them or attend Town Hall meetings. The LSCU Governmental Affairs team is working to find out the times and dates of as many of the meetings as possible. Right now there are meetings planned in Fort Pierce, Palm Beach Gardens and Greenacres. Click here to view a list of upcoming Florida town hall meetings and events. Make plans to attend and tell your elected officials to "Don't Tax My Credit Union."

As the GA team knows more, it will post additional town hall meeting information in the GA section of the LSCU website.

Please contact GA if you do attend any of the meetings and/or events listed, so they can follow up with that official.

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: Suspicious Activity Reports (SARS)

An effective Bank Secrecy Act compliance program will be able to recognize that certain transactions are suspicious in nature. A credit union must know its members to be able to make an informed decision as to the suspicious nature of a particular transaction and whether to file a Suspicious Activity Report (SAR).

SARs can be filed on any transaction occurring in any department. SARs must be filed no later than 30 days after the date of initial detection of facts that may constitute a basis for filing a SAR.

Remember that the Financial Crimes Enforcement Network (FinCEN) has mandated that the SAR reports (and Currency Transaction Reports) be filed electronically through the BSA E-Filing System.

For the resources your credit union needs to remain in compliance, visit the Suspicious Activity Reports topic of InfoSight. You will find information about:

  • Recordkeeping requirements
  • SARs and elder abuse
  • Terrorism and suspicious activity
  • SAR confidentiality and subpoenas
[ Return to Top ]

CUNA Regulatory Advocacy Report - week of August 19, 2013

Each week CUNA provides credit unions a wealth of information through its Regulatory Advocacy Report. The report highlights for the week of August 19th:

  • CUNA continues to monitor interchange case; "damages" discussed for first time
  • Metsger swearing in date set
  • CUNA Comment Call posted for proposed Minority Depository Institution Preservation Program
  • CUNA still accepting comments for NCUA's electronic filing proposed rule

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

                              Compliance calendar and training
                              September, 2013

                               October, 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
                              LSCU Regulatory Compliance Updates

                              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, 9 a.m. – 4:30 p.m. EST
                              Location: LSCU Tallahassee Annex, Tallahassee, FL

                              Regulatory Compliance Update – Birmingham
                              Thursday, Sept. 12, 9 a.m. – 4:30 p.m. CST
                              Location: America’s First FCU, Birmingham, AL

                              Registration Fee: $199 per person/day

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

                              ALM Essentials & Implementation training in Tampa

                              Wednesday, Sept. 18 - 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 - 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 Jeans Day coming in September

                              Credit unions are proud to be the largest supporters of Miracle Jeans Day, and the Southeastern Credit Union Foundation (SECUF) wants you to take part! Encourage your employees to donate $5 to wear jeans on Sept. 18. With a $25 donation, employees will receive a Miracle Jeans Day T-Shirt, specially designed for credit unions. 

                              This year, there are two ways to get involved:

                              1. Create an online team, and solicit donations from your staff online

                              2. Create an offline team, and submit donations via check

                              If you plan to participate in Miracle Jeans Day, please create either an online or offline team, so the SECUF will be able to recognize your credit union properly!  The SECUF appreciates the credit unions from Alabama and Florida who have already registered to participate:

                              Alabama:

                              • Five Star Credit Union
                              • LSCU & Affiliates

                              Florida:

                              • Alive Credit Union
                              • LSCU & Affiliates
                              • Members First Credit Union of Florida
                              • USF Federal Credit Union

                              Don’t forget to visit www.CU4Kids.org/MiracleJeansDay for a variety of helpful tools to make your Miracle Jeans Day a success or to bulk order t-shirts.

                              Thank you for supporting the kids at your local Children’s Miracle Network Hospital! [ Return to Top ]

                              LEVERAGE News
                              CUNA Mutual Group's Online Discovery Conference

                              CUNA Mutual Group’s fourth annual, day-long Online Discovery Conference is scheduled for Oct. 1. The conference offers 13 free credit union-focused sessions from the convenience of your desk.

                              In addition to the sessions, this year’s agenda features networking opportunities, including chat rooms and message boards, an exhibit hall and prizes; plus, registration guarantees access to conference materials after the event is over.

                              The online event is designed for CEOs and senior leadership teams of credit unions, but all credit union and league employees are welcome.

                              Take a tour of last year’s Online Discovery Conference for an idea of what to expect, and then register and view the agenda. [ Return to Top ]

                              News from You
                              Suncoast grants $50,000 to Pasco County Schools

                              Thousands of students across Pasco County attend school without adequate clothing, and of the 67,374 elementary, middle, and high school students, more than 50 percent qualify for the free or reduced lunch program. A $50,000 grant provided by Suncoast Schools FCU Foundation will provide food, clothing, shoes, and school supplies for 10,000 students in need from 76 Pasco County schools through the Pasco County Schools’ Assist, Believe, Care program (ABC program), thus enabling them to have a more successful school experience.

                              “Suncoast Schools Federal Credit Union Foundation stands out among our charitable partners for this caring gift that will go a long way in helping our schools provide some of the necessities many of our families can’t afford for their children,” says Pasco County Superintendent of Schools Kurt S. Browning.

                              Since 1992, the Foundation has donated more than $9 million to various children’s charities and has awarded approximately $930,000 in scholarships. The Foundation is sponsored entirely by Suncoast Schools FCU, allowing 100 percent of funds contributed to go directly to the organizations and initiatives that assist children in the communities the credit union serves. [ Return to Top ]

                              Achieva Credit Union opens two new branches

                              Achieva Credit Union brings “banking for good” to the Cape Coral community as it opens two new branches. The pair of branches, located in Coral Pointe (1631 Del Prado Blvd. S.) and Camelot Isles (1616 W. Cape Coral Parkway) offer a full suite of banking services and are now open for lending. 

                              Each branch is outfitted with state-of-the-art touch screen information stations and iPads in the waiting area. The new branches also feature free-standing teller pods, which eliminate lines and bring the Achieva tellers out from ‘behind the glass’ so they can interact face-to-face with members, creating a more personalized banking experience.

                              The Cape Coral Chamber of Commerce will be welcoming Achieva to the community with two ribbon-cutting ceremonies. The Coral Pointe ribbon-cutting ceremony took place on Friday, Aug.16 and a grand opening celebration followed on Saturday. The Camelot Isles ribbon-cutting ceremony will take place on Friday, Sept. 13 followed by a grand opening celebration on Saturday, Sept. 14. [ 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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