Signal Magazine

Transcription

Signal Magazine

2015 | ISSUE 1
The Magazine of the
League of Southeastern Credit Unions & Affiliates
Not Just a Coat of Paint and New Chairs Anymore
We Make Tax
Time a Breeze!
Our experienced CU Audit & Compliance Group (CUACG) auditors can
save you time this tax season by completing the required Form 990 for
state-chartered credit unions or optional Form 990T for federal credit
unions. With past Form 990 instructions tallying 99 pages, you can trust
our auditors to ensure your form is completed accurately with no errors.
CUACG understands the filing requirements and the specifics of the
various Form 990s (990-PF, 990-N, 990-EZ, and 990). Complete forms
must be filed by May 15, 2015.
Visit www.cuacg.com for more information or schedule your Form
990/Form 990T preparation assistance.
www.cuacg.com
A Division of LEVERAGE
LSCU
Message from the President
This first quarter has been one
of the busiest I can remember since
consolidation. Both of our state
legislatures opened on the same day
– March 3. Your LSCU governmental
affairs team has a full, proactive
agenda they will be pushing this
session. We also have a number of
federal issues that are currently before
Congress that we are working on with
CUNA. I would like to highlight some of
these issues and ask for your help.
You are reading this after we returned from this year’s CUNA GAC
where we had the opportunity to visit with the staff of our lawmakers,
as well as Sen. Richard Shelby (R-AL), chairman of the Senate Banking
Committee. Sen. Shelby says he is committed to helping find ways
to provide regulatory relief. He also told us that he understands it is
crushing credit unions. He has backed up those words by holding a
regulatory relief hearing in February and having credit unions testify.
Sen. Shelby also told the group that he sees the value in the credit
union tax exemption and appreciated that we sent a letter to the editor
to the CU Times refuting their claims that he waffled on the credit union
tax exemption. I believe we can expect a regulatory relief bill for credit
unions and banks sometime in the near future. Most of our delegation
told us they are interested in helping provide regulatory relief.
At our request, Rep. Jeff Miller (R-FL) reintroduced his bill to exempt
member business loans (MBLs) to veteran’s from the credit union cap
in February. Rep. HR 1133 currently has nine co-sponsors, with many
of our Alabama and Florida delegation members expressing interest in
learning more about the bill. With so many of our credit unions serving
branches of the military, this bill has a chance to make an immediate
impact, if passed.
Discussions about the credit union tax exemption during our CUNA
GAC visits were also encouraging. Most of the offices told us that they
had not heard any talk of including credit unions in any comprehensive
tax reform. The work of CUNA, leagues, and credit unions back in
2012-2013 for the “Don’t Tax My Credit Union” campaign is still paying
dividends for us on Capitol Hill, but we must stay diligent on this issue.
Data security was another hot topic and we expect there to be some
movement on. Both House and Senate Committees have held hearing
on the issue and Sen. Nelson from Florida has introduced legislation
that is a good starting point on the issue (S. 177). What we heard most
was just how difficult it is to get a bill passed that satisfies the many
parties involved. But, we are continuing to push that merchants be held
accountable if they cause a breach.
In Montgomery, we are continuing to advocate for preservation of the
credit union tax exemption, push public deposits, and data security. Gov.
Robert Bentley says he wants to raise taxes, so much or our outreach to
Alabama state lawmakers over the past six months has been educating
them on the public policy benefits of the tax exemption. So far, Gov.
Bentley’s tax plans do not mention the credit union tax exemption, but
things can change quickly once actual legislation is introduced. This
is our top priority. Alabama is one of three states with no data security
law, so we are working closely with the legislature to get meaningful
legislation passed that sets standards for merchants. Additionally, we
are continuing to look at opportunities to push legislation that would
allow credit unions to take public funds.
In Tallahassee, public deposits, financial literacy, data security, and
fighting patent trolls tops our agenda. We are working closely with Sen.
Dorothy Hukill (R-Port Orange) and Rep. Heather Fitzenhagen (R-Ft.
Myers) to get their legislation passed that would require graduating
Florida students to take a one-half credit of financial literacy. The
League created a financial literacy taskforce made up of Florida credit
unions to help create awareness of the bill, help it pass, and then help
create curriculum. In March, the taskforce began a FinLit Friday social
media campaign with the hashtag #CU4FinLit. Our public deposits bill is
in committee, and we are working to gain traction to get it passed out of
committee. We continue to work hard on all of our issues in an effort to
provide meaningful reform in the state of Florida.
It’s important that all of you keep up with where we stand on our
issues at the state and federal level. As each of them move through the
state and federal process, we need your support and participation to get
them passed. Watch for Action Alerts to send messages to your state and
federal lawmakers. At the CUNA GAC, Sen. Marco Rubio’s (R-FL) Deputy
Legislative Director Scott Parkinson said when an issue comes up he
asks his correspondence people if they’ve gotten any messages on it. He
says if they don’t, then it must not be that big an issue. We need to show
that it is by flooding email and phones at the appropriate time.
I expect the second quarter to be just as hectic on the advocacy
front. I hope you will work with us to get some of these issues passed.
As I’ve said many times on the past, the LSCU is just the tip of the
spear. We are only as effective as the grassroots advocacy efforts of our
member credit unions.
Patrick La Pine, CCE, CUDE
President & CEO
League of Southeastern Credit Unions & Affiliates
SIGNAL: Vol. 6, Issue 1
www.lscu.coop
1
Table of Contents
Editor
Amy Jowers
Contributors
Bill Berg
Mike Bridges
Jason Cochran
Craig Dismuke
Natalie Edwards
Andy Gonzalez
Teresa Gray
Keith Hopkins
Juli Lewis
Jennifer Martin
John McKechnie
Jeff Rendel
Christopher Roe
Laura Vann
Blake Westbrook
Congressman Gary Palmer
Representative Bill Hager
Design & Production
Perry Albrigo, Pomegranate Studio
Letters to the editor may be submitted
at submissions@lscu.coop.
1
4
Connect with us!
President’s Message
Trends
4 League Proposes New Bylaws
The current League bylaws calls for a review every five years. To meet this provision, the board spent 18 months
reviewing the bylaws and making changes. Credit unions are encouraged to visit www.lscu.coop to learn more about
the changes and also attend a town hall meeting to provide input into the changes.
LeagueofSoutheasternCreditUnions
6
@LeagueofSECUs
Branch Design: Not Just a Coat of Paint and New Chairs Anymore
Branch design is not just a coat of paint and new chairs anymore. Today branch design is driven primarily by two
things: improving technology and creating a member-centric experience.
LeagueofSECUs
9
Search by pinners: LSCU
WEBSITE
www.lscu.coop
2
Advocacy
9 Record-Breaking Year for LSCU PACs
11 Tax Reform Discussions Begin Anew as Congress Eyes 2015 Agenda
13 2015 Alabama Legislative Session Preview
14 2015 Florida Legislative Session Preview
16 Regulatory Highlight: NCUA Supervisory Priorities
A Magazine of the League of Southeastern Credit Unions & Affiliates
18
22
LSCU Legislator Profile
18 Congressman Gary Palmer
20 Representative Bill Hager
Cooperative Initiatives
22 Helping to Make Young Money Masters
HIGHLIGHTS
4 | TRENDS
Branch design goes deeper and begins with the
heart of the branch - its members. See how two
credit unions do just that with branch design.
9 | ADVOCACY
24
Education
24 SRCUS: The Ultimate Learning Experience
25 Upcoming Learning Opportunities
Legislative session is in full swing. Read a preview
for both the Alabama and Florida legislative sessions
to see what is going on in your state.
22 | COOPERATIVE INITIATIVES
26
28
30
Communications
26 2015 Hot Social Media Trend – Visual Content
Industry
28 Ten Disciplines of Exceptional Member-Centered Cultures
League News
30 Southeast Leadership Development Conference: A Review in Pictures
Financial education is a top priority for the League in
2015. Find out what the League is doing to provide
credit unions the resources needed to implement
financial education programs.
26 | COMMUNICATIONS
Social and digital media are major pieces of the plan
now, and the channels for each continue to increase
every year. Find out what the hottest trend for 2015
is for social media.
31 | LEVERAGE
31
LEVERAGE
31 Strengthening Economy Leads to Equity Protection Program
32Sprint® for Good... and More
34 Global Divergence
35 CUNA Mutual Group Continues CU System Advocacy Efforts in 2015
36
LSCU Directory
Credit unions are getting creative in the ways they
are using the funds they have earned through the
Sprint Credit Union Member Discount Program.
2010, 2011, & 2012
www.lscu.coop
3
TREND
League Proposes
Mike Bridges, vice president, communications, LSCU
Starting in early
February and
concluding at the
end of April, LSCU &
Affiliates President/
CEO Patrick La Pine,
along with LSCU
board members, has been traveling Alabama
and Florida holding town hall style meetings
to present proposed new League bylaws to
the membership. The current LSCU bylaws
call for a review every five years. That
would make the first review due this year.
In anticipation of the deadline, the LSCU
Governance Committee began looking at the
League’s bylaws 18 months ago.
The committee, chaired by Listerhill
CU CEO Brad Green, thoroughly went over
each article and section of the current
bylaws approved in 2009 as part of the
Alabama and Florida League consolidation.
The committee reviewed the governance
structure and election procedures and also
looked for ways to modernize them and to
create more flexibility moving forward. The
committee also looked at the bylaws of eight
other state leagues that are similar in size
and complexity to the LSCU & Affiliates. With
the changing landscape of the credit union
industry, it is important that the League’s
bylaws be able to evolve as the organization
continues to evolve.
“The board started this process in October
2013 with the goal of bringing it to the
membership in June 2015. With credit
The town hall meetings are being held to help understand the process and the proposed changes
to the LSCU bylaws. Sun CU CEO and LSCU board member Pat Mason, along with LSCU President/
CEO Patrick La Pine, discuss the proposed bylaws with LSCU Southernmost Chapter CEOs.
unions and leagues approving a CUNA bylaw
amendment earlier this year that deals with
multi-state league dues, the LSCU would
have had to amend its bylaws anyway to
participate in the program,” said LSCU &
Affiliates Board Chairman Steve Swofford.
“So it was very forward-thinking of the board
to start our review process when we did.”
Swofford also points out that CUNA has
put together a governance and structure
task force that is looking at the CUNA/
League system model, as well as CUNA’s
“Just in the five years since the current bylaws were adopted, the credit union industry has
changed significantly not to mention the makeup of credit unions within our two states. As
management and directors of the LSCU & Affiliates, we need to keep our eye several miles
down the road and have the ability to react quickly to changes in the marketplace.”
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New Bylaws
structure and governance. This makes
updating the LSCU’s bylaws even more
important to keep up with possible changes
to come out of this process. The proposed
new bylaws are designed to give the LSCU
board the option to grow geographically, as
well as serve more credit unions outside the
League’s core market of Alabama
and Florida.
“There are some suggestions
to bring back to the
board which is exactly
what we wanted from our
membership.”
“We have to be forward-thinking as an
organization. The proposed new bylaws
reflect a vision towards the future,” said
LSCU & Affiliates President/CEO Patrick
La Pine. “Just in the five years since the
current bylaws were adopted, the credit
union industry has changed significantly
not to mention the makeup of credit unions
within our two states. As management and
directors of the LSCU & Affiliates, we need
to keep our eye several miles down the
road and have the ability to react quickly to
changes in the marketplace.”
By May, the League will have conducted
14 town hall meetings and a webinar. Each
town hall meeting consists of going over
the proposed new bylaws, answering any
questions or concerns of attendees, and
then bringing those thoughts back to the full
board for consideration.
“Most of the town hall meetings have
been well-attended, and the attendee
interaction has been very supportive,” said
La Pine. “There are some suggestions to
Town Hall Meetings Continue
Town hall meetings continue in April with six more meetings in Alabama and
Florida. A webinar will be held on April 14 which will be recorded and posted to
the LSCU website. Credit unions that have not attended a town hall meeting are
encouraged to attend one of the remaining ones in April, attend the webinar, or
listen to the recorded webinar. Credit unions can still offer feedback by sending an
email to LSCU President/CEO Patrick La Pine (president@lscu.coop) or by calling
866.231.0545.
Next Steps
The board intends to bring the new bylaws before the membership for a vote at
the LSCU Annual Meeting on June 18 in Orlando. According to the League’s current
bylaws, credit unions must be physically present at the annual meeting to vote on
the proposed changes. Note: One example of modernizing and changing the bylaws
is a proposal to allow for voting by mail ballot and/or other electronic means.
The more feedback we receive,
the better the LSCU will be able
to improve the bylaws. LSCU
President/CEO speaks to LSCU
Broward Chapter CEOs.
bring back to the board which is exactly
what we wanted from our membership.”
The board is making the process as
transparent as possible with many resources
for the proposed new bylaws on its website,
www.lscu.coop. These include a copy of the
old bylaws, the proposed new bylaws, FAQs,
and the town hall schedule. A recorded
webinar will be sent to credit unions in
mid-April.
www.lscu.coop
5
TREND
BRANCH DESIGN
Not Just a Coat of Paint and New Chairs Anymore
By Natalie Edwards, communications coordinator, communications, LSCU
Once upon a time, in a
pre-digital, pre-smart
phone, and pre-HGTV
age (you know, way back
in the 1990s), changing
a branch’s design would
most likely have meant
some new chairs, a fresh coat of paint, perhaps
some new art for the walls. Maybe, if you were
really fancy, there would be some new desktop
computers and new land-line phones. Creating
a member-centric environment meant a clean
environment with plenty of working ink pens,
deposit slips, and perhaps a full basket of
assorted fruit-flavored suckers.
Back in those dark pre-iPhone days,
technology was simply not a key factor in
a branch design – technology was a new
computer or a cordless telephone. Being
member-centric was simply maintaining staff
and supplies. As they say, “times have
changed.” Today, branch design is and will
continue to be driven primarily by two things:
improving technology and creating a membercentric experience.
Recently, two member credit unions began
setting the pace for the future of branch
design. Both Listerhill Credit Union and Tyndall
Federal Credit Union have opened branches
that are using technology components as part
of their branch layout. And they are using those
technological components along with directed
branch design and branch-specific staff to
create a more member-centric environment.
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Listerhill Credit Union
In February, Listerhill Credit Union, based out
of Muscle Shoals, AL, opened “The Hill” branch at
the University of North Alabama (UNA) in Florence,
AL. Everything about the branch is designed
with college student members in mind - from its
location in the student commons, to its studentrun staff, to its lounge like interior complete with
charging stations where the students can hang
out and work on homework.
“The Hill” branch is located in The Commons
at UNA, which is prime real estate. The Commons
serves as the heart of campus life, and “The
Hill” branch is its centerpiece nestled among
everything a college student could ever want or
need - a Starbucks, Chick-Fil-A, Frostbite Frozen
Yogurt, and the UNA Bookstore.
In addition to the branch’s ideal location,
it has a perfect staff for its college-specific
members – their peers. The branch is almost
completely student-lead. The only employee at
the credit union that is not a current student is
the director of financial literacy, who is a former
student of the university.
Listerhill Vice President of Marketing Kristen
Mashburn explained that when coming up with
the design and concept of the branch, Listerhill
wanted to match what the students were looking
for and accommodate those needs. To do so,
they engaged in a discovery period where they
learned that having peers they could talk to about
their finances was important to students.
Additionally, Listerhill found that a relaxed,
comfortable environment was equally important
to students. So the credit union created an open
concept branch with a lounge-like feel.
“It was completely designed with the student
in mind. It has things like charging stations where
people can work on their homework and those
kinds of things. It has a more modern and a more
technologically savvy feel to it than our other
branches,” explains Mashburn. “Also, it doesn’t
have the traditional teller lines. It is a hybrid of a
pod-type system. It is a little more open, and you
can enter it from a lot of different locations and
spend time in there just sipping coffee.”
In addition to the charging stations the
branch has mini televisions with a seating area
for informal conversations or meetings, which
Mashburn says is the students’ favorite feature of
the new branch.
“They love having a place to congregate, a
place that is comfortable and that feels warm
to them. The area that we put together is a little
more special,” said Mashburn.
Listerhill also added a Smart ATM for this
branch and its technologically savvy members
who traditionally keep later hours than the nineto-five crowd. After hours, the new-to-market,
sleekly-designed NCR ATM can assist students
by accepting deposits or making withdrawals,
allowing the open design branch to truly always
be open.
Listerhill also changed the way the branch
measures its success.
“As far as a profitability model goes for
something like this, we are really just investing
in the future of these students. We are not in
a situation where we can incur a lot of income
from being there, but when you measure success
for a branch like that you definitely measure it a
different way than you might for another branch,”
explains Mashburn.
“It is mostly for looking toward the future and
getting that opportunity to live out the credit
union mission of helping out members. Some
people, especially students, might not be willing
to go into a branch that seems overwhelming
or too stuffy. This way, we have a more open
design where they are used to coming in just
to hang out with friends. We can promote a
more casual atmosphere where they can feel
comfortable having those conversations. We can
really dig into what is important for them as they
go through their lives with their expenses and
income and all those things.”
When it comes to using this branch as a
design model for other branches, Mashburn
believes that Listerhill can use some of the
elements of The Hill branch, but she is also
aware that branch design is not a one-size-fits-all.
“I think elements we can take away, but again
we are really trying to be aware of who our user
is, and we want to be able to match whatever
that is. All of our markets aren’t always students,
so we just want to make sure that everyone is
comfortable in their own branch.“
Tyndall Federal Credit Union
A little earlier, in November of last year,
Tyndall Federal Credit Union, based out of
Panama City, FL, opened a second branch
in Dothan, AL. This branch is the first Tyndall
branch to feature interactive technology.
Tyndall calls the interactive technology in
this branch the Discovery Zone. The Discovery
Zone is a section of the branch that contains
interactive member-facing tools, such as
imbedded iPads and a large touch screen
television wall. Members can use the iPads and
touchscreen to learn about Tyndall’s products
and services, as well as engage in education
components. The iPads and touchscreen wall
have navigation for products and services,
loans, an ATM locator search, and a variety of
other capabilities.
Not only is this technology helpful for
members, the credit union has taken it a step
further by making the technology itself membercentric and getting into the minds of their
members, rather than forcing the members to
get into the mindset of a financial institution.
“What we are excited about is that we’ve
begun at Tyndall to break the banking paradigm,
if you will, of the different silos. We are all so
accustomed to having navigation about our
This image portrays the interactive wall and tablets at
Tyndall’s branch that introduce members to the credit union
products, provide product and service pairings, and instruct
members on how to use the self-service tools.
loans, our products, our locations. What we are
doing with these iPads and this touchscreen
wall is beginning to think about it like a member
would think about it,” said Tyndall Federal
Credit Union VP and Chief Marketing Officer
Katy Mackay.
“Think about your billfold or wallet. In your
billfold you have all of your everyday banking
solutions. So part of those have to do with your
deposit products. You might have a checkbook
in there, you might have a debit card … things
that relate to your deposit account. But you also
have a credit card in your billfold and, typically,
www.lscu.coop
7
BRANCH DESIGN, continued
credit unions would put that over in our loan
silo. So what we are trying to do with our
new navigation is to think about it in the
same way a member thinks about it. When
you go up to our wall or one of our iPads and
touch everyday banking solutions, it drills
into the solutions that you already have in
your billfold—that you run your everyday
banking life with—and it presents them as
a package of products or menu of solutions,”
explained Mackay.
In addition to the Discovery Zone, the
branch staff is also member-focused. This
branch is staffed with “universal employees,”
so the staff member who greets you at
the door will guide you through your entire
experience at the branch. For example, if
you want to deposit a check, the same
employee that greeted you at the door will
take you to the branch teller tower and
deposit your check for you. If you then want
to discuss getting a mortgage loan, that
same employee will take you into one of the
parameter offices and discuss mortgage
loans with you. If you wish to discuss
something that is outside of your universal
employee’s knowledge, the employee will
take you into a branch video room and dial
in a specialist from a different location, so
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you can have a discussion with a specialist.
This way Tyndall avoids handing members
off between different employees.
Mackay explains that they have
implemented the “universal employee”
approach to keep the member as the center
of the conversation.
In fact, even the parameter offices are
designed with the member’s experience in
mind. The offices come in three different
sizes: small, medium, and large. If you are
by yourself, you would go to a small office.
If you were with a spouse, you would go
to a medium office. And if you were with
your whole family, naturally, you would have
a large office to accommodate your clan.
And when you get into that office, rather
than sitting across from you, you universal
employee will be sitting side-by-side with
you, using the monitor to go over anything
you need to know.
“The entire environment has been set up
to be very member-centric with the member
at the center of the conversation. And then
the building and the tools in the building
help facilitate what the member wants to
accomplish,” said Mackay.
The response to the branch has been
positive from members and staff alike.
Mackay said that Tyndall employees in
Dothan no longer want to work at the old
branch and instead are clamoring for hours
at the new branch. She says that Tyndall
employees enjoy how the technology at the
new branch facilitates the conversation with
a member.
Tyndall is also using this branch to
learn from and begin to see how they can
apply the technology to their existing
branch networks.
So, as Listerhill and Tyndall show, no
longer is a branch design just surface
deep – selecting the color of the walls,
providing comfortable chairs, or even
getting new phones. Branch design goes
deeper and begins with the heart of the
branch - its members. Now, more than
ever, it is important for credit unions to use
the opportunity of a branch design to get
into the minds of their members and think
about how everything, including location,
staff, layout, and technology, can best serve
members giving them the most personalized
experience possible.
ADVOCACY
Record-Breaking Year for LSCU PACs
By Blake Westbrook, political affairs manager – Alabama, and Andy Gonzalez, political affairs manager – Florida, LSCU
In 2014, LSCU had
a record-breaking
year for its state and
federal political action
committees (PAC). For
the first time in five
years, Alabama and
Florida credit unions reached 100 percent of their state and federal
PAC goals. Since 2011, both states have seen a steady increase in
the amount of money raised and continue to find new and innovative
ways of approaching PAC fundraising.
In Alabama, Guardian Credit Union raised more than $2,500 for
the LSCU FEDPAC through payroll deduction, an increase of more
than $500 from 2013. Guardian not only educated its current staff
on the importance of PAC fundraising, but also now includes PAC
education during new employment orientation. Guardian Credit Union
also uses incentives such as Jeans Friday for PAC contributors.
Guardian Credit Union CEO Heath Harrell commented, “We
felt that it was important that our staff is educated on the value
of political advocacy. When
someone on our staff gives to
the PAC, they know that they
are making an investment in the
credit union movement.” In Florida, Member’s First Credit Union raised more than $4,500
for the LSCU FEDPAC and, also, reached 100 percent of their CUPAC
goal. The credit union participated in Jeans Days, candy bar sales
in their branches, and the PAC Pin Program to exceed their goal by
more than $3,000.
Member’s First Credit Union CEO Caryl Greene commented,
“Public policy decisions that elected officials make have a major
impact on the credit union community. Our board and employees
know that by contributing to the PACs, they are helping the credit
union industry collectively advocate a better operating environment.”
If your credit union would like to get involved in PAC fundraising,
contact LSCU Political Affairs Managers Blake Westbrook (Alabama)
or Andy Gonzalez (Florida) for further information. Contact information
is listed in the LSCU Staff Directory in the back of this magazine.
In Alabama, Guardian Credit Union raised more
than $2,500 for the LSCU FEDPAC through
payroll deduction, an increase of more than
$500 from 2013. Credit Unions #1 choice for financial security equipment and ATM's.
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ADVOCACY
Tax Reform Discussions Begin Anew as
Congress Eyes 2015 Agenda
Some call 2014 a “dress rehearsal” for bill next year
By John McKechnie, LSCU contract lobbyist
Both incoming chairmen of congressional tax
writing committees laid out their vision for the
scope of possible tax reform legislation in the
114th Congress, voicing differences while at
the same time reiterating that an overhaul of
the tax code will be a high priority out of the
gate in 2015.
New House Ways and Means Committee Chairman Paul Ryan
(R-WI) pointed to business-only tax reform as the most likely, and
achievable, approach, telling a Wall Street Journal Conference in early
December that, while not his first choice, focusing on businesses will
be better than no reform at all.
“If we can get halfway towards comprehensive tax reform, I think
that’s great,” Ryan commented. “It is going to happen, the question is
when… 2015 or 2017?” Ryan said.
The Wisconsin Republican also said that the draft tax reform bill
issued in February by his predecessor, Congressman Dave Camp (RMI) is a “marker, but not necessarily a starting point,” and suggested
Senior congressional staff observe that this
year’s lame duck battle over tax extenders (the
expiring provisions in the tax code that are
periodically revisited by Congress) give reason
for both optimism and pessimism about the
future prospects for tax reform. that flaws in the current congressional system fail to account for
economic growth resulting from changes in the tax code. “That outdated system made it impossible for Chairman Camp to
write a perfect—or even a viable—tax bill,” said Ryan.
The Camp draft notably did not touch the credit union tax
exemption after months of urging from the credit union community to
leave the exemption intact.
While agreeing with Ryan that tax reform will be at the top of the
agenda next year, new Senate Finance Chairman Orrin
Hatch (R-UT) was dismissive of an effort that does not
include overhauling the individual side of the tax code.
“If we focus only on reforming the corporate tax
code, we’d be leaving the majority of U.S. businesses
— particularly small businesses, which employ most
of our workforce — behind,” Hatch stated. “That, for
me, is simply unacceptable. Now, I’ll acknowledge that,
politically speaking, corporate-only tax reform might be
an easier lift. But, even if it is politically expedient, it is
not the right answer.”
For its part, the Obama Administration has been
pushing a business-only tax reform plan for several
years, one that would lower the top corporate rate
from 35 percent to 28 percent while eliminating
certain exemptions in an attempt to broaden the tax
base. During the same week that the Congressional
Republican tax heads made their comments, President
Barack Obama told the Business Roundtable that a
deal on tax reform could occur if it moved quickly and
was marked by unity from the business community and
www.lscu.coop
11
both political parties. “A compromise is possible, but the politics of
2016 means we need to get to work in 2015.”
Senior congressional staff observe that this year’s lame duck
battle over tax extenders (the expiring provisions in the tax code that
are periodically revisited by Congress) give reason for both optimism
and pessimism about the future prospects for tax reform. “There was a bipartisan deal in place before Thanksgiving...even
though it fell apart because the White House and Democratic leader
Harry Reid had differences, it showed that something is possible,”
said a senior Senate Republican tax staffer. Other Hill staff called the extender debate a “dress rehearsal” for
tax reform in the next Congress. Others differ.
“Philosophical differences, and the 2016 presidential politics
that are already heating up, make me doubt anyone blinks first,”
commented a former Democratic aide who worked for the Senate
Finance Committee under Chairman Max Baucus (D-MT). “It may take
another presidential election to give tax reform momentum.”
In separate, but related, developments, retiring Sen.Tom Coburn
(R-OK) in early December issued a blistering attack on the credit
union tax exemption in a white paper on what he called “tax
giveaways.” In a 300-page report that covered a wide variety of
exemptions and other aspects of the tax code, the senator devoted
several pages to criticism of rationale for the credit union tax
exemption. Coburn, a member of the Senate Banking Committee,
also took aim at credit union membership eligibility (he said
the common bond had been “eviscerated” by Congress) and
other consumer-friendly activities engaged in by credit unions as they
serve their members. Additionally, Senate Finance Committee Republicans released
a 350-page report on the recent history of tax reform, as well as
possible topics for future tax legislation. Committee staff describe the
report as “setting the parameters of what might be under discussion”
if a tax reform package takes shape in the next Congress.
Credit unions laid the groundwork for an aggressive defense of
the tax exemption in the 113th Congress; their active grassroots,
combined with targeted inside-the-beltway lobbying made Congress
aware of the value of maintaining the exemption in any reform
legislation. But the page is about to turn in 2015. In addition to new
leadership on tax-writing committees in both chambers, there will be
58 freshman House members and 12 freshman senators to educate
about the credit union difference. That reality, combined with the
possibility of another “start from scratch” approach to drafting a
reform package, means a return to heightened vigilance on the credit
union tax exemption in the 114th Congress.
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ADVOCACY
2015 Alabama Legislative Session Preview
By Jason Cochran, senior director, governmental affairs (Alabama), LSCU
The 2015 Legislative Session began a
month ago. This is the first year in a fouryear term that saw the Republican majority
grow stronger after the recent elections
in November. Both the House and Senate
Republican caucuses are stronger in numbers
and they see this as a mandate from the
Alabama citizenry to continue the policies started four years ago.
There were not many pre-filed pieces of
legislation this year, so the majority of the
speculation on what the agenda will be leading
into the session was dominated by the press,
and, to date, they have been fairly accurate.
This year is a fight between continuing the
downsizing of state government versus raising
revenue. Gov. Bentley took a dramatic turn
from his previous four years in office when he
announced that he would be proposing tax
increases. Many in the Republican leadership
are wary of the proposal and see the need
for revenue as a call to continue to “rightsize” government. While the debate has not been settled, credit
unions have a great deal to be worried about. As we have seen in
Washington D.C., there is a call for tax reform and a call for additional
revenue in Montgomery, AL and there are people in the state who see
credit unions as a source for that revenue. The League’s number one
priority this year is to maintain the credit union tax exemption and to
not be included in any plan to fix the state’s ailing budgetary issues.
Credit unions provide an exceptional benefit to their members and
a tax on credit unions is a tax on two million people in this state. We
have and will continue to educate legislators in Montgomery about
One piece of legislation that is of great
importance to credit unions and all financial
institutions is a bill to increase data security
standards in Alabama. Alabama is only one of
three states in the country that does not have
any laws, rules, or procedures dealing with
the protection of citizens when their financial
information has been stolen by a third party.
the repercussions of any tax on credit unions and the financial impact
it will have on Alabamians.
One piece of legislation that is of great importance to credit
unions and all financial institutions is a bill to increase data security
standards in Alabama. Alabama is only one of three states in the
country that does not have any laws, rules, or procedures dealing
with the protection of citizens when their financial information has
been stolen by a third party. Legislation introduced this year does
just that and also protects credit unions’ financial
assets if merchants do not follow the procedures
set forth. Public deposits and the ability for credit
unions to become public depositories remain a
top priority for the League. We continue to work
on this legislation and are making headway with
lawmakers on this issue. This is still a fight with
the bankers and it is important for us to weigh
risks and rewards when taxes are in the spotlight,
but the ability for credit unions to accept public
deposits is an important debate especially when
so many public entities are looking to get the
most out of their money.
As many of you will recall, the LSCU & Affiliates was able to
pass a much needed update to the Alabama Credit Union Act in
2014. Since the end of that session, we have been working with the
Alabama Credit Union Administration on additional updates to the act
that are needed by credit unions and the administration. While these
talks have been extremely productive and are continuing, seeing a
new piece of legislation updating the act is highly unlikely this year.
The primary reason for this is with the tax fight that is going on in
the legislature, it is very important not to open up our code and leave
ourselves vulnerable until after any and all taxation threats are gone.
Until that time, we are working with the administration on these new
updates and hopefully will have legislation in the future.
There will always be other pieces of legislation that will impact
credit unions either positively or negatively. Right of redemption
legislation, financial literacy and others are certainly a possibility for
2015. The League plans to support and actively lobby on behalf of
credit unions whenever these may arise. Look for weekly updates in
e-Signal and be ready and available to contact your representative or
senator on credit union issues.
If you have any questions or concerns, contact LSCU Senior
Director, Governmental Affairs Jason Cochran at 866.231.0545, ext.
2159 or any of the governmental affairs team.
www.lscu.coop
13
ADVOCACY
2015 Florida Legislative Session Preview
By Jennifer Martin, director, governmental affairs (Florida), LSCU
Florida’s 2015 Legislative Session convened
on March 3, 2015, though lawmakers
first gathered in November of 2014 for an
organizational session followed by committee
weeks in December, January, and February.
After an election season that saw several
incumbents unseated and a handful
of former legislators returning to Tallahassee, the Republicans
remained in control of the state legislature, gaining a supermajority in
the House.
The League’s top priority this year is continuing
to advocate for legislation that would allow credit
unions to become qualified public depositories.
Last year the strategic decision was made to take
a year off of filing a proactive bill, but the League’s
governmental affairs team worked with the
speaker’s office to request a study on the issue
from the Office of Program Policy Analysis and
Government Accountability. The report came back
in late fall with fairly neutral findings, although
the underlying message was that competition is a
good thing and credit unions could offer municipalities another option
when it comes to financial institutions. Sen. Garcia (R – Hialeah)
and Rep. Bill Hager (R – Boca Raton) have once again filed bills
allowing credit unions to apply to the QPD program and will
champion the issue.
Financial literacy is another top legislative initiative for the League,
and a bill requiring high school students to take a half credit in
personal finance has been filed by the 2014 sponsors, Sen. Dorothy
Hukill (R – Port Orange) and Rep. Heather Fitzenhagen (R – Fort
Myers). Currently, high school students in Florida may take a personal
financial literacy class as an elective, but they are not required to
take a course in this subject to graduate. Other issues the League
will be advocating for include reimbursement for data breach losses,
patent troll reform, and preserving the credit union tax exemption.
Following a tradition established by their predecessors, Senate
President Andy Gardiner and House Speaker Steve Crisafulli have
outlined their list of joint priorities for the upcoming legislative
session. Here are some of the major issues on Florida lawmaker’s
2015 legislative agenda:
Tax Relief
Reduce the burden government places on Florida’s families and
businesses through broad-based, meaningful tax relief initiatives.
Economic Independence for
People with Unique Abilities
Support the path to economic independence for people with
unique abilities by establishing new postsecondary designation
for programs serving students with disabilities; expanding policy
guidelines and increasing funding for Personal
Learning Scholarship Accounts; promoting
employment options for persons with developmental
disabilities; creating financial literacy programs
designed specifically to help people with
developmental disabilities participate in the economy
independently; planning for implementation of the
Achieving Better Life Experience (ABLE) program
in Florida; and, establishing a “Unique Abilities
Designation” program for Florida businesses who
hire workers with disabilities.
Water and Natural Resources
Develop a sustainable, statewide funding and policy strategy for
water and natural resources while implementing Amendment 1.
Adoptions
Promote adoptions and support forever families by restoring the
adoption subsidy program for state and local government employees;
codifying a family recognition program; and, creating an incentive
program for Community Based Care and provider agencies.
Education
Elevating Florida’s investment in K-12 and higher education
by increasing K-12 per student funding; keeping higher education
affordable; increasing performance funding for universities;
supporting Gov. Scott’s initiative to reward technical centers that
directly link education programs to local workforce needs; and,
increasing opportunities for students to get on-the-job training in
high-skill, high-wage areas through apprenticeship programs.
If you have any questions on any of the legislative issues
mentioned above, contact LSCU Director, Governmental Affairs,
Jennifer Martin, 866.231.0545 ext. 1150.
14
LSCU & Affiliates
Cooperative Image Campaign
DID YOU KNOW...
>> The amount raised for the total media buy has been
more than $1 million dollars each year.
>> The League pays all creative costs on the campaign.
This ensures that all monies contributed by credit unions
go toward media buys in their media market.
>> A total of 115 credit unions in Alabama and Florida
contributed in 2014.
Is it Working?
1
Alabama and Florida credit
unions have added 442,000
new members since the
campaign first ran in 2011. A
total of 29 states have reported
negative growth in membership.
2
More than $11 billion in new
assets have been added to
Alabama and Florida credit
unions since 2011.
3
Fifty-four percent of
respondents from the post
campaign research were
familiar with a credit union and
51 percent of those familiar
indicated they are interested in
joining a credit union.
Next Steps for 2015...
How Can My Credit Union Participate?
• Shareable content ads are being produced using
humor. The first ad “Wedding Photographer Mom”
has been completed. These can be shared by
participating credit unions.
• Make a monetary contribution. Add a contribution to your credit
union’s dues amount. The “fair share” amount is listed on the dues
invoice mailed in November. It is up to you how much you contribute.
• A social media plan will be provided to help
“share” these ads.
• Next wave of campaign will begin Sept. 8, 2015.
• Make an in-kind contribution. Does your credit union have outdoor,
TV/radio, or other media to contribute? In the past, some have
contributed time on TV, radio, outdoor, and Pandora.
• Contact us. Call LSCU VP, Communications Mike Bridges or LSCU
Director, Communications Amy Jowers, 866.231.0545, ext. 1022 or
1020, respectively.
ADVOCACY
Regulatory Highlight:
NCUA Supervisory Priorities
By Bill Berg, MBA, CCUE, CUCE, BSACS, vice president, compliance training & information, governmental affairs, LSCU
For many years, the
National Credit Union
Administration (NCUA)
has published their
supervisory priorities.
This early publication
of those priorities
allows smart credit union executives to
ramp up their compliance efforts in those
areas prior to being told to ramp up those
efforts during their exam. This year’s letter
is 15-CU-01. Following are highlights from
this letter.
Cybersecurity
It seems that almost every day, we are
hearing about another data breach. The
question is not if a breach will happen to
you, but when. NCUA field staff will focus
on proactive measures credit unions can
take to protect their data and their members,
including:
■■ Encrypting sensitive data
■■ Developing a comprehensive information
security policy
■■ Performing due diligence over third
parties that handle credit union data
■■ Monitoring cybersecurity risk exposure
■■ Monitoring transactions
■■ Testing security measures
Recently, at the NASCUS Director’s
College in Lake Mary, a Cisco systems expert
described what happened during the Target
breach. Basically, the bad guys got inside the
system and gave themselves administrative
authority. The “good” administrators should
have questioned why a new person now
has admin authority, but, apparently they
were either not looking at or running those
reports. You must know everyone who has
16
administrative authority on your system,
get a report whenever someone is added
with administrative authority, and then check
it out.
Credit union officials are also encouraged
to review the online cybersecurity resources
posted by NCUA (www.ncua.gov/Resources/
Pages/cyber-security-resources.aspx)
and the FFIEC’s Cybersecurity and Critical
Infrastructure Working Group (www.ffiec.gov/
cybersecurity.htm) to promote cybersecurity
throughout the financial services industry.
Interest Rate Risk
For years and now in 2015, examiners
have been concerned about interest
rate risk (IRR) and have either strongly
recommended or insisted that credit unions
keep their balance sheets short due to
their expectation that short-term interest
rates will rise. This resulted in many credit
unions having smaller earnings. This would
not have happened if they had adopted a
laddered approach to their investments
out in the five to seven year range. Even at
seven years, average maturity is 3.5 years
(not much longer than a car loan). You need
and want to find the sweet spot in the yield
curve. As of Feb. 17, 2015, the yield for U.S.
Treasuries two years was a paltry 0.02; five
years was 0.70; and seven years was 1.62.
Going from two years to five years gets you
35 times the yield. Going from two years to
seven years gets you 81 times the yield.
A couple of things to consider when
interest rates go up are: 1) what is going on
in the world’s economies and 2) energy.
The U.S. economy continues to grow at
a rate that is the envy of most of the world.
For instance, unemployment in Spain is
more than 20 percent, while the current U.S.
rate is 5.6 percent; China is slowing down
significantly; Japan is in a recession; Russia
is going into a recession; and although the
Eurozone has avoided a triple dip recession,
our largest trading partner is having very
slow growth (0.02 percent). Additionally, the
Eurozone is now cranking up quantitative
easing (QE) in Europe at a rate that is almost
identical to what the Federal Reserve did for
the U.S. economy. Of course, the Fed ended
QE for the U.S. economy in October 2014.
Furthermore, by keeping the short term
rate at near zero, the Fed, is helping to
lower the federal budget deficit since this
keeps interest on the total debt lower than it
otherwise would be.
Energy. Even with all of the recent cuts in
future production in the U.S. and elsewhere,
there is still an oversupply of oil vs. demand
at the global level. Lower gas prices have
helped consumers have more money to
spend, and they are doing it. Consumer
spending is roughly 70 percent of Gross
Domestic Product (GDP) so this should help
push our economy along.
All this taken together, it would be no
surprise if the Fed keeps short term rates
low for longer than most economists are
predicting. Additionally when they do start
to raise rates, I believe it will be a slow,
measured increase in rates.
Expect examiners to evaluate credit
unions’ compliance with NCUA’s Interest
Rate Risk Rule, which requires credit unions
with assets more than $50 million to draft
and implement a written IRR policy and
develop a program to identify, measure,
monitor, and control IRR.
NCUA’s IRR guidance and rule
requirements are posted on the Interest
Rate Risk Resources webpage (www.ncua.
gov/Resources/Pages/interest-rate-riskresources.aspx).
Bank Secrecy Act Compliance
NCUA examiners are required to review
credit unions’ compliance with BSA and to
complete the BSA questionnaire at every
examination. In 2015, NCUA field staff will
continue to assess credit unions’ compliance
with the Bank Secrecy Act, with a focus
on credit unions’ relationships with money
services businesses (MSBs). Regulators hate
MSBs. I recommend that you do not
do MSBs because the compliance burden is
so great.
For compliance information and
additional resources, see the Bank Secrecy
Act page on NCUA’s website (www.ncua.
gov/Legal/BSA/Pages/default.aspx) and the
December 2014 Letter to Federally Insured
Credit Unions on Identifying and Mitigating
Risks of Money Service Businesses (www.
ncua.gov/Resources/CUs/Pages/LCU201410.aspx).
Liquidity and Contingency
Funding Plans Rule
NCUA’s liquidity rule became effective
in March 2014 and is intended to ensure
that all credit unions conduct sound liquidity
planning. Depending on asset size, credit
unions are subject to different requirements
under the rule, and field staff will be looking
for full compliance with relevant provisions
in 2015.
Compliance guidance is detailed in the
October 2013 Letter to Federally Insured
Credit Unions on Liquidity and Contingency
Funding Plans (www.ncua.gov/Resources/
Documents/LCU2013-10.pdf).
For example, credit unions with assets
of $250 million or more are required to
establish and document access to at least
one contingent federal liquidity source—the
Federal Reserve Discount Window, the
Central Liquidity Facility, or both—for
use in times of financial emergency or
distressed economic circumstances. These
credit unions must also conduct advance
planning and periodic testing to ensure
that contingent funding sources are readily
available when needed. Compliance with
this provision of the rule was required by
Dec. 31, 2014.
TILA-RESPA Integrated
Disclosure Rule
On Aug. 1, 2015, credit unions that
originate residential mortgages will be
required to comply with the Consumer
Financial Protection Bureau’s (CFPB’s)
TILA-RESPA Integrated Disclosure Rule
(www.consumerfinance.gov/regulatoryimplementation/tila-respa/). The rule requires
loan originators to provide consumers with a:
■■ Loan estimate form - combines the initial
Truth in Lending Act (TILA) disclosure
and the Good Faith Estimate. The loan
estimate form must be delivered or
placed in the mail no later than the
third business day after receiving a
consumer’s mortgage application.
■■ Closing disclosure form - combines
the final TILA disclosure and the HUD-1
Settlement Statement. The closing
disclosure form must be provided to the
consumer at least three business days
prior to consummation of the mortgage.
If your credit union offers real estate
lending and your exam occurs after Aug. 1,
expect close scrutiny from your examiners.
Ability-to-Repay and Qualified
Mortgage Standards Rule
Credit unions have had a full year to
come into compliance with the CFPB’s
mortgage rule that:
■■ Requires certain mortgage lenders to
consider eight specific factors to assess
a borrower’s ability to repay a loan
■■ Provides certain legal protections to
loans that meet the ability-to-repay
requirement and other underwriting
criteria (i.e., “Qualified Mortgages”)
In 2015, field staff will be looking at
credit unions’ compliance with the required
provisions and ensuring that their mortgage
lending programs are being operated in a
safe and sound manner.
For a summary of CFPB’s mortgage
rule and compliance guidance, see NCUA’s
January 2014 Letter to Federally Insured
Credit Unions on CFPB’s Ability-to-Repay
and Qualified Mortgage Rule (www.ncua.gov/
Resources/Pages/LCU2014-01.aspx).
Small Credit Union Exam
Program
Each year, NCUA looks for opportunities
to reallocate staff time and resources in
order to make the examination process more
efficient and effective. In 2015, NCUA’s
Small Credit Union Examination Program
(SCUEP) will employ a defined-scope exam
approach that focuses staff attention on the
primary areas of risk for small credit unions:
internal controls, recordkeeping, and lending.
According to the two credit unions that
have received the streamlined exams, the
exams go into significantly greater depth
than previous exams and are not necessarily
streamlined.
Lending Programs
NCUA continues to monitor trends in
credit unions’ loan portfolios. Credit unions
have begun to offer new loan products and
services in recent years. While these areas
can offer opportunities to serve members
and expand loan portfolios, credit unions
should perform adequate due diligence and
properly manage risk.
For guidance on specialized lending—
including indirect lending, third-party lending,
and subprime lending—see the August
2010 Letter to Federally Insured Credit
Unions on Appropriate Due Diligence (www.
ncua.gov/Resources/Documents/LCU201015.pdf).
www.lscu.coop
17
Congressman Gary Palmer
In 2014, Gary Palmer was elected to the 114th Congress to
represent Alabama’s 6th District having never served in office
before. Palmer serves on the Oversight and Government Reform
Committee and also serves on the Budget Committee, as well
as the Space, Science, and Technology Committee and is the
representative for Alabama, Georgia, and South Carolina on the
Republican Policy Committee. Before being elected into office,
Palmer served on four different state commissions on behalf of
three different governors. He was appointed to the Welfare Reform
Commission by Gov. Fob James. He also served as an advisor to
Gov. James’ Aerospace, Science, and Technology Task Force. He
was appointed to the Task Force to Strengthen Alabama Families
by Gov. Bob Riley, and the Alabama Commission on Improving
State Government by Gov. Robert Bentley.
How and why did you become interested in public
service and politics in particular; and what initially led
you to run for Congress?
You learn a lot from a lot of smart people when you
run a think-tank for 24 years. You develop a lot of ideas
about ways to improve the lives of everyday Alabamians
and everyday Americans. So when the seat became open,
the possibility of putting those ideas into practice certainly
appealed to me.
That being said, after thinking about it for a while,
I actually decided not to run. I even told some of my
associates at the Alabama Policy Institute that I wasn’t
going to run. I went home that evening and told my wife,
Ann, expecting her to be relieved. Instead, she challenged
me, saying that for years I’d said one of the biggest
problems with the country is that you couldn’t get good
people to run. She asked me how could I expect someone
else to run if I wouldn’t? In the end, it was something we
both felt called to do.
18
As you begin your first term in the House of
Representatives, what are the most important issues
that need to be addressed by Congress? What are your
specific priorities?
We need to restore constitutional governance. Congress
has refused to stand up for itself in too many ways, and
we face a constitutional crisis with President Obama’s
unconstitutional use of executive orders. The focus has
been on immigration, but that is really not the issue. It’s
about the separation of powers. I believe the president,
Congress, and the courts should have the power given to
them by the constitution and not one bit more. To me, this
is not just a matter of politics, but of upholding my oath to
uphold and defend the Constitution.
I asked to be on the Budget Committee because we
have to get our fiscal house in order. Our national debt has
nearly doubled in just the past six years to more than $18
trillion. That’s more than an $8 trillion dollar increase in just
six years. What’s even worse is that many of our longterm liabilities, like Social Security and Medicare, are not
accounted for. This means that the national debt is really
far worse than it looks on paper. I realize these problems
will not be fixed overnight, but we need to be moving in the
right direction.
I am also pleased about my assignment on the Science,
Space, and Technology Committee, which has jurisdiction
over a lot of issues that are important to Alabama. Research
facilities at the University of Alabama at Birmingham, the
Southern Research Institute, and NASA are all important
institutions that fall under the jurisdiction of the committee.
The committee also has oversight jurisdiction over some
aspects of the EPA, which I believe is an agency that needs
to be reined in.
Finally, we need to fight corruption in government.
There have been far too many scandals and obvious bad
actions—from the IRS targeting scandal to the continual
lack of transparency throughout this administration—that
give people the idea that the government is run by and for
the government and the elite, not the people. This must
change. I intend to work for such change as part of the
Oversight and Government Reform Committee.
Much has been said about the inactivity of Washington
D.C., now that Republicans have a majority in both the
House and Senate, do you see that changing and how?
The idea is not to get government to do more in terms
of legislative activity and passing bills. Our focus should
be on passing the right legislation. We should be looking
at the long-term impact of what we do and how it affects
everyone and not just a few special interests.
Credit unions are seeing an alarming increase in
regulatory burden throughout Alabama and across the
nation. What do you feel is Congress’ role in helping
alleviate the regulatory burden and decrease the amount of
red tape credit unions see on a daily basis? Is there a way
to decrease regulatory burden in the near future?
I’m a big supporter of the REINS Act which would
require both houses of Congress to vote and pass
regulations with an economic impact of $100 million
or more. In 2015, regulations are estimated to cost the
American economy nearly $1.9 trillion. The REINS Act
would shed light on the regulatory process and make clear that it is Congress that
possesses the sole legislative authority.
Congress should not be able to shift its responsibilities to administrative agencies.
Too often, the easy path has been taken where Congress passes vague bills and lets
administrators use regulations to sort out the details to minimize political accountability.
That’s the exact opposite of the way it should be.
We also need increased oversight of what the administrative branch is doing and
to hold them accountable as much as possible. Every effort should be made to ensure
the regulatory process is transparent, fair, and not controlled by special interests.
For example, there have been some egregious examples recently at the EPA where
regulations were created with essentially no input from any of the industries they
regulate, only from activist groups.
How important is grassroots advocacy in the legislative process? If you could
give one piece of advice to credit union advocates, what would it be?
Particularly in the modern day, where it is so much easier to give your input to
your elected representatives, grassroots advocacy is very important in the legislative
process. Email or call your congressman and let us know what you think. Be respectful
and clear and state your position. You can be critical when necessary, but always
be courteous. It is also important to complement a member of Congress when it is
appropriate. Encouragement and kindness are always greatly appreciated. Finally,
express your views in and through your local media. People are always interested in
what other people think.
Is there anything else you would like for Alabama’s credit unions to know about
yourself or legislative initiatives you are involved in?
I believe credit unions will benefit from the basic policies I advocate: low taxes,
less intrusive regulations, and a government that doesn’t pick winners and losers
based on politics.
In terms of how I conduct myself, I follow three simple rules that are really
reflective of my values: One, be honest with everybody; two, don’t surprise anybody,
that is, be clear about who you are and what you stand for; and three, do what you say
you will do. n
www.lscu.coop
19
Representative Bill Hager
Bill Hager is a 20-year resident of House District 89. Before being
elected to the House, he served three terms on the Boca Raton
City Council. He has a proven track record as a job creator in the
community and knows firsthand what it is like to meet a payroll and
balance a budget. It is with this unique business acumen that Bill
Hager has been successful in reducing burdensome regulations on
small business owners, cutting taxes, and creating an environment
friendly to entrepreneurs across the state.
You’ve been involved in government for many years,
including in your stint as commissioner of insurance
for Iowa. What is it about politics that interested you
enough to help guide your decision to run for the
Florida House of Representatives?
We live in a democracy called the United States of
America. In a democracy people must be willing to stand
up and say: “I will serve,” and I am happy to do that. I have
had a series of outstanding and unlimited opportunities as
an American and part of my responsibility is to contribute
to this great state and great nation. The easiest way for
me to do that is by participating in the Florida Legislature,
particularly given the fact that it is a citizen’s legislature
that meets part time which permits me and others like me
to operate my businesses as well as participate in
the legislature
20
As the 2015 Legislative Session begins, what do you
feel are the biggest issues facing the Legislature this
year and what do you think the Legislature needs to
accomplish during the 60-day session?
Our first priority is the continuation of Florida’s intense
financial discipline. Both the Florida Legislature and Gov.
Scott have shown themselves to be extremely careful with
the tax dollars of hard working Floridians, and we need to
continue to be prudent and to carefully balance the budget.
Secondly, we need to continue to create jobs and working
opportunities for everyday Floridians so that people, who
have shown they want to work, can work. We have great
workers here in Florida. The pathway to that is very simple:
to create an environment in which those who create
jobs can thrive. We must enact policy that attracts and
sustains those who create jobs such as entrepreneurs and
businesses. We need to do all in our power to attract them
through low taxes and an optimum environment in which
they can create those jobs.
You have filed HB 907 which would give credit unions
the ability to become qualified public depositories.
What were your thoughts behind filing this bill and
why is it an important issue to you?
I support and sponsored this bill for a series of reasons,
the primary reason being that I believe in financial
competition in all things and in particular with respect to
government’s own money. I am a staunch advocate of a
free market system. Government should not be choosing
winners and losers, particularly when it comes to how
municipalities choose to direct their funds. HB 907 sets
forth policy that will stimulate intense competition to attract
and hold government deposits. In addition, it is clear that
the financial standing of credit unions is on par with that
of banks, and they are a worthy competitive institution that
ought to rightfully be seeking out public deposits.
What role do you see credit unions playing in the
financial services industry and, in particular, Florida’s
economy?
I see the credit unions as a vital component of the
financial services industry. Credit unions are often seen
by regular Floridians as close and accessible to them with
fair interest rates. I see credit unions continuing to stabilize
the financial market in Florida, making financial facilities
available to Floridians, as well as continuing their traditional
role in the market.
How important do you feel the role of grassroots
advocacy is in the legislative process? What advice
would you give to grassroots advocates when
contacting their elected officials?
I believe that grassroots advocacy is extremely
important. Every legislator I know pays attention to their
home constituency, as well they should. The folks at home
are every legislator’s employer and as our employers
I submit that we should pay eminent attention to the
grassroots and our home constituency.
Rep. Hager believes it is
clear that the financial
standing of credit unions
is on par with that of
banks, and they are
a worthy competitive
institution that ought to
rightfully be seeking out
public deposits.
Can you describe your experience working with the
LSCU Governmental Affairs team during your time in
the Legislature?
The team is outstanding, shows incredible competence,
experience, and commitment to advocating for Florida’s
credit unions. They have been some of my biggest
supporters, and I appreciate everything they bring to the
legislative process. n
“I have had a series of outstanding and unlimited
opportunities as an American and part of my responsibility
is to contribute to this great state and great nation. The
easiest way for me to do that is by participating in the
Florida Legislature...”
www.lscu.coop
21
INITIATIVES
Helping to Make Young Money Masters
The LSCU Guide to Capturing Youth Members through Financial Education
By Juli Lewis, member relations consultant, LSCU
The League of
Southeastern Credit
Unions & Affiliates
has placed financial
education as a top
priority for 2015.
“Recognizing
the linkage between financial literacy and
student success, the LSCU has begun a
grassroots campaign to increase financial
education and to provide credit unions the
resources they need to implement financial
education programs,” said Laura Vann, LSCU
VP, cooperative initiatives. “We now have
the expertise in place to deliver financial
education resources appropriate for credit
unions of all sizes.”
In a 2013 study conducted by the
National Foundation for Credit Counseling,
40 percent of American adults would grade
themselves a C, D, or F for their knowledge
of personal finance, making the need for
youth to be taught financial education more
important than ever.
“While most parents say they are
talking to their children about finance it
is likely that many are not providing good
money management advice. That is what
has prompted the League to step up and
champion this cause,” Vann said.
The grassroots awareness campaign
for financial education will consist of
public relations, marketing, and outreach
components. The League will work to
increase the reach and frequency of
financial literacy messaging through a
variety of media outlets to reach a diverse
range of audiences, including consumers,
credit unions, and lawmakers. Anyone
interested in helping to spread this message
is encouraged to contact Juli Lewis (juli.
lewis@lscu.coop). The League is developing
networks of advocates, partners, and
community leaders for this campaign. The
goal is for lawmakers to pass a bill which
will require financial education to be
mandatory for high school students to be
eligible to graduate. Several states, including
Alabama, have already made financial
literacy a requirement and the hope is for
Florida to be next.
With financial education as a top priority,
the League is working with credit unions to
target youth, provide financial education, and
offer the credit union difference. There are
a wide variety of ways to spread financial
education, some requiring only a minimal
time and money commitment. Credit
unions of all asset sizes are encouraged to
join in on this campaign and to reach out to
the League to see how they can
become involved.
Credit unions are encouraged to report
details on their financial education programs
to the National Youth Involvement Board,
www.nyib.org. The NYIB is a credit union
organization focusing on financial education
and the information reported through their
data collection system can be utilized as
we report on financial education activities
to local, state, and national lawmakers.
In the 2013-2014 schools year, credit
The grassroots awareness campaign for financial education
will consist of public relations, marketing, and outreach
components.
22
unions in Florida reported reaching 20,876
students and giving 322 financial education
presentations. Only four Florida credit unions
and no Alabama credit unions reported their
financial education programs for youth.
“We know credit unions are implementing
many, many more programs than what is
reported,” said Vann. “We cannot emphasize
enough the importance of utilizing the NYIB
data collection system so that we can have
valid data to share with lawmakers.”
Although student-run branch data cannot
be included as youth financial education
programs, they are an outstanding way to
focus attention on savings and build longterm relationships. Student-run branches
offer youth a hands-on experience while
providing peers and staff members access
to financial services and exposure to credit
unions. These branches can be set up with
a very simple approach which is extremely
cost effective for credit unions, easy to
implement, and can be done with any age
level. At the present time, 12 credit unions
in Alabama and Florida are supporting 75
student-run branches. Of the reported
student-run branches, 51 are at high
schools, two are at middle schools, and 22
are at elementary schools. It is anticipated
that the number of branches at elementary
schools will continue to grow as credit
unions are learning that engaging students
at the elementary school age gets the
students excited about saving, gets them in
the habit of saving, gets the parents involved,
and builds lasting credit union relationships.
The League also offers training on
financial education programs such as
Biz Kids, a program focusing on financial
and entrepreneurial skills and Financial
Football, a fast-paced interactive game
that helps teach money management skills
one touchdown at a time. The curriculum
and incentives are developed to first get
students interested in saving and eventually
to get them into the habit of saving. At the
elementary school level, credit unions can
relay this information through interactive
story-telling. The League can assist with
a number of recommended books and
activities to go along with each one. As they
get older, students can participate in Mad
City Money, a reality fair where students
are given a paycheck along with various
obligations. They are then required to make
decisions on purchases while trying not to
go broke! Several credit unions in Alabama
and Florida are effectively implementing
reality fairs and are willing to share their
experiences with other credit unions.
Educational workshops are another great
way to reach youth and young adults. The
National Endowment for Financial Education
(www.nefe.org) offers free materials on
subjects ranging from money management
to identity theft. “The Cooperative Initiatives
make it interactive in order to keep them
engaged, and make it fun. Yes, financial
education can be fun! Instead of holding a
college workshop in a classroom, have it
in the common area of their dorm where
Several credit unions in Alabama and Florida are effectively
implementing reality fairs and are willing to share their
experiences with other credit unions.
team is available to train credit unions to
be able to deliver the NEFE curriculum or to
assist in building customized programs that
fit any audience,” said Vann.
When delivering financial education
programs, the main point to remember is
to know your demographic so that you can
make your presentation relatable to them,
they are comfortable…and bring pizza. The
League can even help you incorporate quick
games into the workshops which require
very little time or materials.
Also remember that financial education
exists beyond the classroom and beyond
the school year. If schools are not within
your field of membership, summer programs,
church youth groups, and boys and girls
clubs are always looking for valuable ways
to enrich the lives of their youth. Partnering
with groups is a great way to spread credit
union awareness and to make a difference
in your community. Family day events can
even be held within your membership group.
At a minimum, financial education can be
offered online for members of your credit
union. It is just one more way that credit
unions show the difference by offering a
hand UP rather than a hand out.
The League is striving to make a
difference in 2015 and in upcoming years in
regards to financial education and is looking
for ways to help our credit unions reach
more and more youth in order to make a
positive impact on these young leaders of
tomorrow. By teaming up with the League,
local schools, youth agencies, communities,
and parents, the efforts of credit unions will
continue to grow each year. We value these
relationships and hold our youth outreach
in high priority. It’s not easy to grow up in
a financially unstable world. By making this
mission a top priority we can count on the
financial success of tomorrow.
www.lscu.coop
23
EDUCATION
SRCUS: The Ultimate Learning Experience
By Teresa Gray, senior director, education, LSCU
In 1970, in
collaboration with
various regions
through the country,
several credit union
management schools
were established.
For our Southern region that management
school is the Southeast Regional Credit Union
School (SRCUS), known in our industry as the
Southeast’s “premier learning opportunity.”
Jake Robinson, president/CEO of
Champion Credit Union in North Carolina, is a
recent graduate of SRCUS.
“The Southeast CUNA Management
School was the ultimate learning experience,”
said Robinson. “It provided the unique
opportunity to learn core principles of
credit union management from leadership
development to financial analysis.”
Held in Athens, GA, SRCUS is a three-year
program (two weeks each year) that provides
well-rounded curriculum and experiential
opportunities for professional and personal
growth. Students focus on coursework that
helps develop their operational, managerial,
and leadership abilities.
“Without question, the knowledge and
understanding I gained during the school’s
three-year journey will greatly enhance
my future contributions to the credit union
movement.” said Robinson.
The curriculum is reviewed and revised
each year to ensure that the school is
SRCUS Fact:
The SRCUS
Curriculum Includes:
In its first two-week school,
held at Oglethorpe University
in Atlanta, there was a first
year class of 30+ students.
In the 45 years since its
inception, SRCUS has
graduated over 1,200
credit union management
professionals.
Financial Analysis
■■ Interest Rates & Financial
Markets ■■ Financial Ratios
■■ Budgeting
■■ Lending
■■ Asset Liability
Management
■■ Negotiation Skills
■■ Marketing
■■ Personality Styles and
Teamwork
■■ Working with your Board
■■ Ethics
■■ Motivation
■■ Employment Law
■■ Performance Management
■■ Business Development
■■ Compliance
■■ Fraud
continuing to meet the ever-changing
needs of today’s credit union professionals.
The instructors challenge each participant
to achieve their highest potential as they
engage them in learning activities that
stimulate critical thinking and increase
confidence.
But to Robinson, in addition to the
knowledge and understanding he gained, he
found another aspect of the school
more beneficial:
“More beneficial than anything was
the relationships I built with other credit
union professionals.”
If you’re interested in attending, contact
Teresa Gray (Teresa.gray@lscu.coop;
205.437.2110) or Julianne Talley
(Julianne.Talley@lscu.coop; 850.558.1148)
Leadership
■■ Organizational Behavior
■■ Executive Communication
■■ Strategic Planning
SRCUS Fact:
SRCUS leadership is provided by league presidents in the eight southeastern credit unions leagues.
■■
■■
■■
24
Carolinas Credit Union League
Georgia Credit Union Affiliates
Kentucky Credit Union League
■■
■■
League of Southeastern Credit Unions &
Affiliates
Louisiana Credit Union League
■■
■■
■■
Mississippi Credit Union Association
Tennessee Credit Union League
Virginia Credit Union League
EDUCATION
Upcoming Learning Opportunities
Regulatory
Compliance
Security &
Robbery
Collections &
Bankruptcy
Disaster
Recovery
Lending
School
BSA
BSA School
IRA
Below is the 2015 LSCU & Affiliates Events Calendar. Also, more than 120 webinars are available that provide training for every area of
the credit union. Scholarships and SAS Initiative Accounts are available to assist with the financial investment of training and development.
Details for each event, webinar, and information on educational financial aid can be found at www.lscu.coop. For questions about educational
opportunities contact any one of the LSCU education department staff listed in the LSCU Staff Directory in the back of this magazine.
April 2015
August 2015
7-8 Alabama Credit Union Association State Governmental
Affairs Conference | Montgomery, AL
2-5
Southeast Directors & Supervisory Committee Conference |
Point Clear, AL
18-19
LSCU Lending School | Orlando, FL
26-28
Southeastern Credit Union Management Association (SCUMA)
Annual Meeting | Destin, FL
May 2015
12
LSCU Small Asset Size Credit Union Conference | Tampa, FL
14
LSCU Small Asset Size Credit Union Conference | Birmingham, AL
20-21
IRA Essentials and Advanced Training Workshop | Birmingham, AL
June 2015
September 2015
9-11
LSCU/CUES Credit Union Executive Dialogue (Large Asset
Size CUs) | Palm Beach, FL
5-12
Southeast CUNA Management School | Athens, GA
15
LSCU Regulatory Compliance Workshops | Orlando, FL
7-10
Southeast Regional Director’s Conference | Savannah, GA
16-17
LSCU Hike the Hill | Washington, D.C.
17-20
Southeast Credit Union Conference & Exposition | Orlando,
FL
29-30
LSCU Collections and Bankruptcy Workshop | Birmingham, AL
July 2015
14
LSCU Bank Secrecy Act Essentials & Advanced Workshops |
Mobile, AL
LSCU Regulatory Compliance Workshops | Birmingham, AL
16
28-29
LSCU Philosophy in Action Workshop | Lake Mary, FL
October 2015
7
NEW! LSCU Technology Workshop | Orlando, FL
20
NEW! LSCU Fraud Prevention Workshop | Birmingham, AL
22
NEW! LSCU Fraud Prevention Workshop | Tampa, FL
November 2015
4-6
Southeast Leadership Development Conference | Destin, FL
*EB denotes early bird pricing. Bold denotes LSCU & Affiliates signature events.
www.lscu.coop
25
COMMUNICATIONS
2015 Hot Social Media Trend –
Visual Content
By Mike Bridges, vice president, communications, LSCU
Today’s marketing
plans look vastly
different than they
did five and ten years
ago. Social and digital
media are major
pieces of the plan
now, and the channels for each continue
to increase every year. Mobile usage is
outpacing tablets and desktop computers,
and the use of apps on mobile phones and
tablets is outpacing traditional web surfing.
Digital marketing is all about riding the
trends and staying in front of them and, as
any savvy marketer will tell you, original
content is most effective. Now that traditional
channels are changing rapidly, staying
out front is difficult and producing enough
original content is even harder.
The hottest trend for 2015 is visual
content. Facebook is still the most used
social media channel with 1.39 billion
users. The newest competitors in the social
media landscape all utilize visual elements
– Instagram, Pinterest, Vine, Tumblr, and
SnapChat. The second most used social
channel is YouTube with a billion users.
Visual content, sharing visual content,
and sharing experiences visually are more
popular now than they have ever been.
How can credit unions harness this trend
and engage with their members? First,
Facebook has to continue to be an important
part of the social media marketing plan.
According to a comScore study, Facebook
is still the number one used app and 42
percent of all smartphone app activity is
Facebook users. Have you noticed more
visuals in your Facebook feed? Sharing
videos, memes, and pictures are much more
prevalent than simple text updates. Credit
unions can use this to their advantage by
using the visual content to tell a story. A
photo of a member who received a lower
auto rate is a good visual story. A first-time
auto or home buyer with their keys is a great
visual story that resonates on social media.
Credit unions need to diversify their social
media presence to include, not just Facebook
and Twitter but, a number of the other visual
social media channels. Twitter, Instagram,
Vine, and SnapChat are channels that live in
the moment. Sending out visual messages in
real time can be very impactful to members.
During community service projects, a visual
message, in real time, through a number of
social channels solidifies that a credit union
cares about the community. Short videos
are also very effective. There is no need to
overproduce them either. Plus, you can tie
many of your social channels together so you
don’t have to make five different posts.
By diversifying social media channels
and adopting a more visual approach with
storytelling, credit unions have an opportunity
to further engage their membership. The
comScore study found that 57 percent of
app users are on one every day, while 79
percent use one nearly every day. This by
far beats tablet users where only 26 percent
use an app every day and 52 percent use
one nearly every day. These are meaningful
statistics. It doesn’t mean credit unions
shouldn’t have a mobile responsive website.
By diversifying social media channels and adopting a more
visual approach with storytelling, credit unions have an
opportunity to further engage their membership.
26
Social Media Users
■■
■■
■■
■■
■■
■■
■■
■■
■■
■■
Facebook – 1.39 billion
YouTube – 1 billion
Google+ - 540 million
Instagram – 300 million
Twitter – 240 million
LinkedIn – 187 million
Tumblr – 109 million blogs
Pinterest – 70 million
Vine – 40 million
SnapChat – 26 million
It just means that engaging members where
they are is just as important as having a rich
website.
Sam Maule spoke at the Southeast
Leadership Development Conference this
past November. He referred to Millennials
and Gen Y as digital natives. That rings
so true with the demographic that many
credit unions are targeting. Smartphones,
tablets, laptops, smart TVs, and wifi are all
that they have ever known. They are also
extremely visual. Changing the social media
marketing message to be more visual and
adopting short storytelling will change the
way members see their credit union and how
they interact with the credit union. Make the
marketing plan flexible enough to meet them
where they are – on social media, probably
sharing a picture or a short video.
INDUSTRY
Ten Disciplines of
Exceptional Member-Centered Cultures
By Jeff Rendel, CSP, president, Rising Above Enterprises
Numerous credit unions have committed to a culture of growth that supports top-line growth and stellar performance. A dedicated
member-centered culture propels future credit union operations and reinforces strategic growth initiatives. Ten disciplines of
exceptional member-centered cultures help to set in motion increased member satisfaction and loyalty, top- and bottom-line
increases, meaningful innovation, and strategic success.
1.
Commit, as an
entire credit
union, to member
capitalism.
Member capitalism
is straightforward: Your
credit union succeeds
when each member
succeeds. Consultative
sales and service
programs, loan recapture
plans, and outbound
marketing efforts are
just a handful of ways
that credit unions add
financial and experiential
value to every member.
Some credit unions have
even announced their
“member capitalism” intent,
challenging their members
to hold the credit union
accountable for finding
ways to help members
earn more, save
more, and conduct
financial transactions
more efficiently.
28
2.
Set cultural
distinction as a
strategic objective.
Distinction, or
differentiation, as strategy
can be regarded in two
respects: Carrying out
different activities than
your competition; or,
carrying out comparable
activities in a different
manner than your
competition. In a world
where all sometimes shout
the same message, look
to discover unique ways
to be different than your
competition in ways that
matter most to your core
members. What, precisely,
do you want your credit
union to be culturally
known for that sets it apart
from other institutions?
Then, build action-oriented
strategies for this very
specific objective.
3.
Communicate
your strategy
for members
throughout your
credit union.
Strategy is everyone’s
business – at every
branch, desk, and
station. How do the long
term objectives for your
members take shape
on a daily basis with
your colleagues? Task
your management team
with delineating the daily,
hands-on ways that your
colleagues deliver your
credit union’s strategy.
4.
Add the
entrepreneurial
spirit to your
culture.
A common thread
among successful
entrepreneurs is they
awaken every morning
with full knowledge and
slight displeasure that
their product or service
is not in the hands of
every potential customer
– yet. When all colleagues
understand the value
your credit union provides
(and can provide more
of) for each member,
entrepreneurial attitudes
and actions are more likely
to begin building
the business of your credit
union. Keep in
mind, too, that
entrepreneurial rewards
go hand in hand with
entrepreneurial efforts.
5.
Listen to your front
line leaders.
One of my credit union
CEO friends “works” the
teller line each month and
will jokingly tell you that
the branch manager won’t
give him a cash drawer.
His intent is to hear –
straight from the source
– how member-driven
initiatives and plans are
working out. He benefits in
learning of successes and
necessary refinements,
and his front line leaders
understand how their
contributions help to
shape the credit union’s
growth and success.
Regardless of how you go
about learning from the
front lines, make a habit of
realizing the effectiveness
of their execution.
A member-centered culture is essential for your members’ and credit union’s success. These disciplines, when applied and set in motion, help produce
first-class results for members. As an outcome, your credit union benefits from sustainable growth and increased enterprise value. In the end, exceptional
member-centered cultures produce exceptional profits for your members and credit union.
Jeff Rendel, CSP, president of Rising Above Enterprises, works with credit unions that want elite results in sales, service, and strategy. Each year, he
addresses and facilitates for more than 100 credit unions and their business partners.
Contact: jeff@jeffrendel.com; www.jeffrendel.com; 951.340.3770.
6.
Implement onthe-spot training,
coaching, and
leadership.
Cultures continuously
evolve and require regular
dialogues to complement
annual “All Hands”
meetings and training
sessions. Concise –
weekly or daily – sessions,
updates, and de-briefs
on products, sales and
service improvements,
solutions to problems, and
celebrations of success
allow you to address
necessary changes,
recognize best practices,
and lead your growing
culture in ways that
resonate with
your members.
7.
Ensure crossfunctional service
and partnership.
Leadership for your
members is everywhere
in your credit union. The
back office is just as
important for member
service as the call center
and IT is just as essential
for member awareness as
the marketing department.
As you refine your culture,
outline every touch point
of a member’s experience
and ensure that
leadership and
collaboration guides
the development,
implementation, and
support of your products,
services, and
member’s experience.
8.
9. 10.
Listen to what your
members say.
Measure what your
members do.
Innovate
relentlessly.
Whether it’s via survey,
Net Promoter Score,
Customer Effort Score,
Facebook, Twitter, focus
groups, or good old “lobby
talk,” your members will
tell you what’s working
and what could work
better at your credit union.
Listen to your members,
frequently and intentionally,
to better understand their
experiences with your
credit union – expected in
the present and essential
for the future.
Metrics matter and
they tell the story of your
progress and success.
An assessment of your
culture’s development,
measures regarding
member loyalty, product
use, profitability, and
lifetime value help your
credit union gauge the
tangible value of
your culture.
If there’s an iPhone
5 in your hands and an
iPhone 6 on the way,
chances are an iPhone
7 is in the works. Yet,
innovation isn’t set aside
for technology issues only;
it’s applicable to products,
operations, processes,
marketing, and more.
What’s most important is
to systematically inquire
of every function in your
credit union, “What’s
next?” Your incremental
actions of improvement
make your credit union
more significant and
indispensable to
your members.
www.lscu.coop
29
NEWS
League News
Alabama Credit Union and LSCU Board Chairman Steve Swofford, along with
his son and daughter, ready to hunt quail at the 2015 LSCU Quail Hunt.
LSCU Quail Hunt raises
more than $9,000 for FEDPAC
The League of Southeastern credit unions held its third
annual quail hunt for LSCU FEDPAC presented by FEDCorp
earlier this year. This year’s hunt was held at Steelwood
Country Club in Loxley, AL.
Nearly 60 attendees hunted over a two-day period raising
more than $9,000 for the LSCU FEDPAC. Attendees also
enjoyed happy hour and steak dinner at the Steelwood
Club House. Mark Johnson of Naheola Credit Union won the Beretta
686 Silver Pigeon Over/Under Shotgun Raffle sponsored by
Alabama Teachers Credit Union.
Special thanks to FEDCorp, LEVERAGE, CUNA Mutual,
Listerhill Credit Union, Vining Sparks, EPL, Print Resources,
Corporate America Credit Union, Trimmier Kudlis Reisinger
LLC, Barfield Murphy Shank & Smith, STS Group, New York
Life, and Alabama Credit Union for sponsoring the event.
30
TOP LEFT: Ready for the hunt! L to R:
Craig Esrael, CEO of First South Financial
CU (TN), Brock Tompkins and Thomas
Heyden (son Matthew), CUNA Mutual
Group, and LSCU President/CEO Patrick
La Pine.
TOP RIGHT: Naheola Credit Union CEO
Mark Johnson won the Beretta 686
Silver Pigeon Over/Under Shotgun
raffle sponsored by Alabama Teachers
Credit Union.
LEFT: A group from Mutual Savings
Credit Union hangs out during the 2015
LSCU Quail Hunt.
LEVERAGE
Strengthening Economy Leads to
Equity Protection Program
By Keith Hopkins, vice president, product management, LEVERAGE
It seems with every
passing month,
more encouraging
news stories are
being shared that
the economy is
strengthening at a
productive rate. Here is the best part: credit
unions are noticing economic changes on
their balance sheets—particularly in the
areas of auto and mortgage loan growth. The
National Credit Union Administration (NCUA)
has reported that credit union lending in the
third quarter of 2014 had the highest annual
growth rate since 2006.
LEVERAGE has been following the
positive trends related to mortgage lending
closely over the past few quarters and CUNA
Mutual Group has provided some critical
resources during our study. According to
Chief Economist Steve Rick’s February 2015
Credit Union Trends Report, home prices
rose 5.5 percent during the year ending in
November of 2014. The result of this trend
is twofold: rising home prices equates to
fewer homeowners experiencing underwater
scenarios and other homeowners acquiring
additional equity that can be used for
borrowing. In addition, factors relating to
home sales in this report also support the
fact that demand will continue to rise
this year.
As a trusted and experienced business
partner for credit unions, LEVERAGE’s
goal has been to identify needs where we
can help our members increase mortgage
lending activity without introducing additional
risk. This goal has become easier to achieve
with the launch of our Equity Protection
Program in January. Through Equity
Protection Program, participating credit
unions are insured for losses due to borrower
default for any reason such as job loss,
divorce, bankruptcy, and even death. The
program is the second mortgage equivalent
of the more recognizable private mortgage
insurance (PMI) on first mortgages. Currently
closed-end home equity loans, HELOC loans,
80/20 second mortgage purchase money
loans, and home improvement loans are
eligible for coverage.
“As the economy improves, more
consumers are looking to upgrade their
homes through purchases or remodeling,”
said LEVERAGE President/CEO Patrick La
Pine. “The Equity Protection program will
be beneficial to credit unions that have a
large portfolio of second mortgages or for
those that are looking to enter the second
mortgage market.”
The Equity Protection Program is a fully
insured loan protection program backed by
an A.M. Best “A” rated insurer. The program
allows our credit unions a great deal of
flexibility in designing loan programs and
underwriting individual loans. Significant
emphasis is placed on responding to the
individual underwriting concerns for each
loan, as well as simplified reporting and
premium remittance procedures.
For more information on how this
program can benefit your lending
performance, contact Keith at
keith.hopkins@myleverage.com.
www.lscu.coop
31
LEVERAGE
Sprint® for Good... and More
By Rhea Oakes, product manager, LEVERAGE
Credit unions are getting creative in the ways
they are using the funds they have earned
through the Sprint Credit Union Member
Discount Program, a LEVERAGE partnership
with CU Solutions Group. Some credit unions
are using the funds towards marketing
offerings and services for their members;
others are using the earned funds to help their communities; while
others are putting the money back into their credit unions – giving
them more flexibility with their standard operating budgets. Learn how
America’s First Federal Credit Union, Alabama Credit Union, and Fort
McClellan Credit Union thought outside the box and used their Sprint
checks for good…and more.
America’s First FCU uses Sprint program funds for
mobile branch
America’s First Federal
Credit Union in Birmingham
began participating in the Sprint
Credit Union Member Discount
Program in 2014. The decision
to participate in the program was an easy one for the credit union.
“We are in the business of helping our members and the Sprint
program offered a valuable benefit to our membership, while adding
no cost for the credit union and actually offering us a marketing
incentive,” said Phil Boozer, vice president, public relations and sales,
for America’s First.
The more than $23,000 earned through the program was used by
America’s First towards a mobile branch for their members.
Boozer explained, “We had been looking at a mobile branch for
years. Having the incentive from the Sprint program made it possible
to add new marketing offerings, such as the mobile branch. Just like
the Sprint program, the mobile branch offers our members a unique
benefit by making the credit union more accessible at special events
and enrollments.”
“The program is turnkey, and marketing materials are easily
ordered or downloaded through the Love My Credit Union website.
The site makes it simple to fulfill the requirements for web banners,
newsletter articles, and statement stuffers,” said Boozer.
32
In 2014, 1,681 participating credit unions
earned more than $6.2 million with the
Sprint Credit Union Member Discount
Program. Plus, due to their marketing
efforts more than 1.33 million members
are currently taking advantage of the
Sprint discount and saving more than
$500 million.
Alabama CU fights childhood hunger with funds
from Sprint Program
Rather than use the $10,466.53 it earned through LEVERAGE’s
Sprint Credit Union Member Discount Program toward the credit
union, Alabama Credit Union decided to use the funds to help children
in their community.
Every penny earned through their participation in the program
was paid forward to help put an end to childhood hunger through
an award winning program the credit union developed called Secret
Meals for Hungry Children.
Sprint program gives credit unions flexibility
“With Secret Meals, we’ve accomplished a great deal by teaming
up with regional food banks, other businesses and the thousands of
individuals whose contributions have helped feed Alabama’s neediest
children,” said Alabama Credit Union President Steve Swofford.
With the money earned from the Sprint Credit Union Member
Discount Program, the Alabama Credit Union will provide a food pack
for approximately 74 children-in-need each Friday throughout the
school year.
By offering their members a Sprint discount, Alabama Credit Union
earned funds they were able to put back into their community.
Fort McClellan Credit Union in Anniston, AL, earned $4,100.32
through the Sprint Credit Union Member Discount Program. Fort
McClellan’s CEO Kevin Ford explained that the credit union is using
the earned funds toward standard operating expenses, as well as
toward future enhancements for their membership.
By using the funds for operating expenses, it gives the credit union
a little more flexibility with their standard operating budget and the
process was simple.
Like many other credit unions, Fort McClellan adopted the
Sprint Credit Union Member Discount Program for the monetary
benefit and the opportunity to provide an added service benefit to
their membership.
“We have been pleased with the program,” said Ford. “Sprint has
been on the money as far as getting us our checks and everything per
the agreement so there has been no complaints from our side.”
What could your credit union do with the funds earned through
the Sprint Credit Union Member Discount Program? What could
your members do with their 10 percent discount on Sprint monthly
service? It’s time to learn more about the Sprint Credit Union Member
Discount program, sign up, and find out.
If you are interested in signing up for the Spring Credit Union
Member Discount Program or would like more information,
contact a LEVERAGE Business Development Consultant at
consult@myleverage.com.
www.lscu.coop
33
LEVERAGE
Global Divergence
By Craig Dismuke, chief economist, Vining Sparks
Today’s economy is best described in a single word,
divergence.
Globally, there has been a divergence in the rates of
growth of developed economies. While the U.S. economy
has expanded since the end of the Great Recession, the
Japanese and Eurozone economies have both contracted,
and China’s growth rate has disappointed. Along with this
divergence in growth rates has come a divergence in central bank posture which
has resulted in tectonic shifts in the markets. As the Federal Reserve has slowly
begun the process of tightening policy, other central banks have gone as fast
as they can in the opposite direction. This has caused an unprecedented run for
the U.S. dollar which exacerbated a supply glut in the oil market, helping send
oil prices plummeting to their lowest levels since the Great Recession. Ironically,
the prospect of the Fed tightening policy has been complicated by the results
of this global divergence and will likely continue to be so. The stronger dollar
will hurt U.S. exporters and weaker global growth will keep pressure on foreign
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central banks to continue weakening their currencies.
Nonetheless, these divergences are likely to continue
as the U.S. economy carries on and foreign economies
continue to struggle in 2015.
Domestically, the economy will carry on thanks
primarily to a strengthening consumer. The household
deleveraging process appears to have concluded and
the labor market is strengthening at a rapid rate. While
there is still some evidence of underemployment, much
of that is structural and the result of an aging population.
Add to the strength of the household balance sheet the
drop in energy prices, and consumers are set to be the
engine of growth for 2015. The last shoe to fall for the
U.S. consumer will be wage growth. While there are
indications that the labor market is strong enough to allow
for wage gains, it has not yet occurred. The Federal Open
Market Committee (FOMC) would clearly like to see signs
of better wage growth before raising the overnight rate,
but this does not appear to be a prerequisite. With such a
solid economic background, the Fed will be hard-pressed
not to get off zero for the first time since 2008. If they do
finally raise rates, it will at least result in one less area of
divergence – that of the stable economic growth and the
surprisingly accommodative position of monetary policy
that exists today.
LEVERAGE
CUNA Mutual Group Continues CU System
Advocacy Efforts in 2015
By Christopher P. Roe, senior vice president, corporate and legislative affairs, CUNA Mutual Group
As a partner in the credit union system, CUNA
Mutual Group continues to be a strong and
vocal advocate for credit unions and their
members. We have a long and accomplished
history in this area from H.R. 1151, to the
IRS battles regarding the Unrelated Business
Income Taxes, to the more recent “Don’t
Tax My Credit Union” campaign. As the 114th Congress begins its
work, we will continue to play an active role with credit union trade
associations in advancing the public policy agenda of credit unions.
For us and the credit union system, the defense of the credit union
tax exemption remains our top priority. We continue to fund research
in this area and are working with CUNA staff in preparing for the tax
debate in the 114th Congress. Most recently, we are joining CUNA
and the Leagues in bank battles in Illinois and Iowa by contributing
significant funds to amplify credit unions’ defense of the tax
exemption. In addition, we believe coordination with the cooperative
system is invaluable when discussing tax policy.
By working with other cooperative sectors, we are able to
share intelligence on tax legislation, strategize on how we can
work together, and identify common interests in defense of tax
policy impacting the cooperative model. As a result, our own
Larry Blanchard, who led the charge during H.R. 1151, and the
National Cooperative Bank have brought together a diverse group
of cooperative sectors, including credit union trade associations, to
discuss and coordinate on tax reform.
While passing tax reform is daunting, the debate today and, in
particular, the work of House Ways and Means Chairman Paul Ryan
represents the building blocks for future tax reform. Chairman Ryan
has already indicated the work of his predecessor will be a starting
point. That’s good news considering the great work of the credit union
system to keep the credit union tax exemption out of former Chairman
Camp’s bill in the last Congress. As many will concur, the legislative
debate becomes much more difficult once a tax provision is placed in
the draft bill.
As an insurance company, CUNA Mutual Group continues to be
a leader in cyber security and plastic card fraud. In the last year, our
senior executives have met with White House and Treasury officials
to share our perspectives. Because our subject matter expertise is
valued, CUNA Mutual Group was invited to the president’s address
on cyber-security at Stanford University on Feb. 13. As credit unions
face increasing risk in this area, we hope to continue to provide
solutions to mitigate this threat. Beyond working with various federal
agencies, we joined forces with CUNA to sponsor and provide input
to the StopTheBreaches.com website. The intent of the website is to
inform the public — particularly Congress — on how a multifaceted
approach is necessary in mitigating data breaches and to dispel
certain myths raised by merchant groups.
On the regulatory front, our LOANLINER team is working overtime
to help credit unions prepare for TILA/RESPA changes. Through
several webinars that were attended by hundreds of credit unions to
sharing our concerns with the National Credit Union Administration
(NCUA) and the Consumer Financial Protection Bureau (CFPB), we
are taking an active role in helping credit unions meet the demands
of these new regulations. Similarly, given the major ramifications
of NCUA’s risk-based capital rule, we worked with the business
community to make sure their voice was heard and filed our own
comments with NCUA.
Member business lending is important to a number of credit
unions and it is important to us. As small businesses turn more and
more to credit unions, we believe there is an opportunity for the
system to provide an array of financial solutions. To that end, we
connected Georgetown University Professor David Walker with CUNA
and the Filene Research Institute and commissioned a study on the
impact of member business lending on small businesses. We look
forward to his study and intend to share the results with Congress.
Finally, patent reform remains a possibility in this Congress. CUNA
Mutual Group, as a financial institution, is subject to the same issues
that credit unions face. While we made some inroads when patent
reform was passed a few years ago, more should be and can be
done. We will continue to work side-by-side with the credit union
trades to tackle this issue – which may be one of the few major bills
to pass this Congress.
Contact Christopher at christopher.roe@cunamutual.com.
www.lscu.coop
35
DIRECTORY
LSCU Directory
Offices
22 Inverness Center Pkwy, Ste 200
Birmingham, Alabama, 35242
3692 Coolidge Court
Tallahassee, FL 32311
866.231.0545
April N. Ales, x1038
Member Relations Consultant
april.ales@lscu.coop
David LeNoir, x2158
david.lenoir@lscu.coop
OFFICE OF PRESIDENT/CEO
Juli Lewis, x1108
juli.lewis@lscu.coop
Patrick La Pine, x1002
President & CEO
patrick.lapine@lscu.coop
Judy Scott, x1062
judy.scott@lscu.coop
Kate Brady, x1060
Executive Assistant to President/CEO
kate.brady@lscu.coop
Leonard Parkhurst, Jr., x1154
Director, Southeastern Credit
Union Foundation
leonard.parkhurst@lscu.coop
ASSOCIATION SERVICES
Administration
Jared Ross, x1012
SVP, Association Services
jared.ross@lscu.coop
Communications
Mike Bridges, x1022
VP, Communications
mike.bridges@lscu.coop
Amy Jowers, x1020
Director, Communications
amy.jowers@lscu.coop
Natalie Edwards, x1014
Communications Coordinator
natalie.edwards@lscu.coop
Compliance
Bill Berg, x1028
VP, Compliance Training & Information
bill.berg@lscu.coop
Scott Morris, x2165
Director, Regulatory Advocacy
scott.morris@lscu.coop
Education
Summer McKanstry, x1172
Events Manager
summer.mckanstry@lscu.coop
36
Jason Cochran, x2159
Sr. Director, Governmental Affairs (AL)
jason.cochran@lscu.coop
Jennifer Martin, x1150
Director, Governmental Affairs (FL)
jennifer.martin@lscu.coop
Andrew Gonzalez, x1010
Political Affairs Manager (FL)
andrew.gonzalez@lscu.coop
Debbie Caruthers, x1116
Director, Accounting
debbie.caruthers@lscu.coop
Mike Couey, x2136
Finance & Operations Manager
mike.couey@lscu.coop
Parul Handa, x1114
Staff Accountant
parul.handa@lscu.coop
Leia White, x1140
HR Consultant Manager
leia.white@lscu.coop
Governmental Affairs
Jordan Burroughs, x1008
Grassroots Coordinator
jordan.burroughs@lscu.coop
David Hairston, x1132
Network Administrator
david.hairston@lscu.coop
Jason Neifield, x1142
Director, Human Resources
jason.neifield@lscu.coop
Jo Beth Wicks, x2172
Events Coordinator
jobeth.wick@lscu.coop
Laura Vann, x2181
VP, Cooperative Initiatives
laura.vann@lscu.coop
Tyrell Baker, x1136
Director, Information Technology
tyrell.baker@lscu.coop
Cindy Greiwe, x1152
Staff Accountant
cindy.greiwe@lscu.coop
Julianne Talley, x1148
Director, Events
julianne.talley@lscu.coop
Cooperative Initiatives
Buck Holland, x1032
SVP, Finance & Administration
buck.holland@lscu.coop
Josh Booth, x1118
Staff Accountant
josh.booth@lscu.coop
Teresa Gray, x2110
VP, Education
teresa.gray@lscu.coop
Blake Westbrook, x2164
Political Affairs Manager (AL)
blake.westbrook@lscu.coop
Finance & Administration
David Todd, x1124
Facilities & Operations Manager
david.todd@lscu.coop
Di Troch, x1054
Operations Assistant
diana.troch@lscu.coop
CUSC of Alabama
Tameka Allen, x2178
Director, Shared Branching
tameka.allen@cusc-al.com
LEVERAGE
Administration
Lisa Burroughs, x1004
SVP/COO
lisa.burroughs@myleverage.com
Transactional Services
Jay Brady, x1106
VP, Transactional Services
jay.brady@myleverage.com
Janice Jordan, x2176
Director, Debit Operations & Training
janice.jordan@myleverage.com
Win Cooper, x2115
Sr. Transactional Services Specialist
win.cooper@myleverage.com
Chris Dirmann, x1182
Director, Card Services
chris.dirmann@myleverage.com
Angela Harris, x1190
Card Services Manager
angela.harris@myleverage.com
Amy Bryant, x1196
Sr. Member Services Representative
amy.bryant@myleverage.com
Gwen Davis, x1186
Member Services Representative
gwen.davis@myleverage.com
Robert Plant, x1194
Member Services Representative
robert.plant@myleverage.com
Jackie Singleton, x1184
Member Service Representative
jacqueline.singleton@myleverage.com
Tieshia Akins, x1182
P/T Member Service Representative
tieshia.akins@myleverage.com
Kim James, x1198
P/T Member Service Representative
Kim.james@myleverage.com
Linda Medina, x1200
P/T Member Services Representative
linda.medina@myleverage.com
Audit & Compliance Consulting
Keith McMurtrie, x2133
VP, Audit & Consulting
keith.mcmurtrie@cuacg.com
Kathy Hollifield, x2140
Senior Auditor/Office Manager
kathy.hollifield@cuacg.com
Michael Hemminger, x1096
Staff Auditor
michael.hemminger@cuacg.com
Kathy Reynolds, x2121
Audit Manager
kathy.reynolds@cuacg.com
Brett Carpenter, x2135
Staff Auditor
brett.carpenter@cuacg.com
Bonique Turner, x2124
Staff Auditor
bonique.turner@cuacg.com
Arden Ward, x2132
Staff Auditor
arden.ward@cuacg.com
Mark Wilsie, x2142
Audit Manager
mark.wilsie@cuacg.com
Shawna Southerland, x2144
Senior Auditor
shawna.southerland@cuacg.com
Vickie Taylor, x2145
Senior Auditor
vicki.taylor@cuacg.com
Marcus King, x2141
Staff Auditor
marcus.king@cuacg.com
Laura Heard, x2131
Audit & Compliance Support Specialist
laura.heard@cuacg.com
Kim McCallum, 866.949.6220
Contract Management Analyst
kim@cuvm.org
LEVERAGE PARTNERS
CO-OP Financial Services
Rhea Oaks, x1146
Product Manager
rhea.oaks@myleverage.com
Enhance services to your members by
expanding your ATM service delivery
channels through more than 28,000
surcharge-free ATMs.
Brooke Collins, x1050
Contract Management Specialist
brooke.collins@myleverage.com
ComplyTrac
Robert Williams, x1030
Contract Management Analyst
robert@cuvm.org
Alicia Haskew, x1044
ePurchasing Coordinator
alicia.haskew@myleverage.com
Cody Zinker, x1188
Due Diligence Coordinator
cody@cuvm.com
Product Developement
Marvin Garland, x1102
Chief Innovation Officer
marvin.garland@myleverage.com
Jordan Sullivan, x2137
Business Analytics Manager
jordan.sullivan@myleverage.com
Marketing
Ryan O’Connor, x1072
VP, Marketing
ryan.oconnor@myleverage.com
Mike Wewerka, x1040
Marketing Production Specialist
mike.wewerka@myleverage.com
Detra White, x1156
Production Artist
detra.white@myleverage.com
Automated compliance solution that
streamlines compliance procedures and
reduces costs.
CU Members Mortgage
Earn fee income based upon your
participation in the origination and/or
temporary funding of loans and build your
mortgage loan portfolio.
CU Solutions Group
CU Solutions Group provides credit
unions with marketing, membership
enhancements, technology, and
performance management solutions.
CUNA Mutual Group
Insurance and protection for your credit
union and members; lending solutions and
marketing programs for bottom-line impact;
employee benefits to recruit and retain the
right employees.
CUNA Strategic Services, Inc.
Access for credit unions to products,
services, and technologies.
CUVM
Full-service solution working to reduce
the burden associated with collecting
vendor due diligence and managing vendor
relationships that helps credit unions
minimize vendor risk.
Ding Guard
Ding Guard is a service plan designed for
automotive lenders who wish to provide
paintless dent repair services for their
borrowers looking for an extra layer of
protection for their vehicle. The Ding Guard
service plan provides automotive lenders
the ability to earn new non-interest income.
Product Management
Business Development
Consultants
Keith Hopkins, x1170
VP, Product Support
keith.hopkins@myleverage.com
Michael Baswell, x2151
Business Development Consultant
michael.baswell@myleverage.com
John M. Floyd & Associates
Deirdre Rhodes, x1104
Product Support Manager
deirdre.rhodes@myleverage.com
Steve Pullara, x1164
Business Development Consultant
steve.pullara@myleverage.com
Landrum Professional
Kelli Silvernale, 866.949.6220
Director, Vendor Management
kelli@cuvm.org
Karen Ruggiero, 866.949.6220
Sr. Contract Management Analyst
karen@cuvm.org
Earn non-interest income and provide an
overdraft protection program to members.
Outsource most of your daily human
resources functions with Landrum
Professional, a full-service PEO.
Member Security Center
Member Security Center is a way for credit
unions to offer identity theft protection
and monitoring for their members. It can
search the Internet and other records to
see if the member’s information has been
compromised in any way and can provide
the member with a credit report and credit
report monitoring. The Member Security
Center is also a way for the credit union to
earn additional non-interest income.
NADA
Access the most current used vehicle
values and new vehicle invoices for a wide
range of vehicles, 24/7.
Office Depot
Save money on office supplies, break room
supplies, promotional products, furniture,
and computers.
O’Rourke & Associates
An exclusive credit union focus on
executive and management recruiting.
Remarketing by GE
Take advantage of preferred auction lanes
and best-in-class processes to maximize
your recovery dollars for auto liquidation.
Strategic Buying
Leverage credit union buying power to
reduce capital expenditures and provide
real savings on almost anything you need.
VERAFIN
Detect BSA/AML fraud with leading-edge
compliance and fraud detection software.
VERI-TAX
Leader in loan verification to meet the
raised compliance and fraud detection
standards in the mortgage and consumer
credit industries.
Vining Sparks
Combining strategic support services with
broad trading capabilities to execute fixed
income securities transactions.
VINtek
Complete collateral management solutions
help increase operational efficiencies by
streamlining processes, reducing user
errors, and managing expenses every day.
For more information on any of these
solutions, contact a Business Development
Consultant at consult@myLEVERAGE.com
or visit www.myLEVERAGE.com.
For information on partnership with
LEVERAGE, contact a Product Development
Consultant at partner@myLEVERAGE.com.
www.lscu.coop
37
SIGNAL MAGAZINE RETURN ADDRESS
3692 COOLIDGE COURT
TALLAHASSEE, FL 32311
22 INVERNESS CENTER PARKWAY, #200
BIRMINGHAM AL 35242
June 17-19, 2015 | JW Marriott Orlando Grande Lakes Hotel
The 2015 Southeast Credit Union Conference and Expo features
two great leaders as speakers for the Opening and Closing General Sessions.
Jim Nussle
CUNA President/CEO
Ken Schmidt
Former Harley-Davidson Executive
REGISTER TODAY AT: SoutheastCUConference.com
#SCUCE15

Signal Magazine

Transcription

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