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CURRENT Newsletter | 10 April 2014

Apr 10, 2014 by Lewis Wood

News and Information For and About Virginia's Credit Union System

Headline News

Governmental Affairs News

Financial Services/Marketplace News

Education & Networking Opportunities

News From Credit Unions

Financial Education News

Headline News 

Cliff DeMars, 55-Year Volunteer in CU Movement, Honored With League's Kirsch Lifetime Achievement Award

Blue Eagle Credit Union volunteer Cliff DeMars has been awarded the Virginia credit union system’s highest individual honor, the James P. Kirsch Lifetime Achievement Award. He received the award at the Virginia Credit Union League’s 80th Annual Meeting in Williamsburg on April 4.

The James P. Kirsch Lifetime Achievement Award recognizes those individuals who have unselfishly devoted their time and energy to ensuring a brighter, better future for credit unions. It is named in honor of the late James P. “Jimmy” Kirsch, a longtime credit union volunteer whose passion for the movement led him to leadership roles at the state, national and international levels.

“Virginia’s credit unions have been blessed with passionate, selfless leaders, who fiercely and fearlessly work on the behalf of the movement to ensure credit unions’ ‘People Helping People’ philosophy remains as relevant today as it was a century ago when credit unions got their start in the U.S.,” said Rick Pillow, president of the Virginia Credit Union League. “Cliff DeMars helped write the book on what it means to be a credit union leader. Volunteers are the heart and soul of the credit union movement, and his 55 years of service as a credit union volunteer speaks for itself.”

[READ MORE]

UVA Community Credit Union's Alison DeTuncq Recognized With League's 2014 Farley Award of Excellence

UVA Community Credit Union President and CEO Alison DeTuncq has been awarded the Eugene H. Farley Jr. Award of Excellence, one of the Virginia credit union system’s highest honors.

The award is presented to a credit union professional or volunteer official in recognition of his or her outstanding contributions to an individual credit union or to the credit union movement. In particular, the award seeks to recognize achievements that exemplify credit unions’ ‘People Helping People’ philosophy. I

t is named in honor of retired Virginia Credit Union League President Gene Farley, who served the League and Virginia’s credit unions for more than 40 years until his retirement in 1999. DeTuncq was recognized for the leadership of her Charlottesville-based, member-owned credit union, which currently serves 64,000 members and boasts assets of $655 million.

“It’s incredibly rewarding to be a part of the credit union movement,” said DeTuncq. “I feel particularly blessed to work with such an outstanding staff, management team and board of directors. They live our mission of service to members and our community every day.”

[READ MORE]

Annual Meeting 2014 Recap

If you missed it, well … you really missed it!

Many thanks to the 370 credit union and business partner representatives who attended the League’s 80th Annual Meeting in Williamsburg, helping making it truly worthy of any 80th anniversary!

League Board Elections:

Congratulations to the following directors on their election and re-election to the League Board:

  • Region II Director from a credit less than $50 million in assets – Catherine McDermott (RiverTrace Federal Credit Union). Elected to a two-year term.
  • Region II Director from a credit union $50 million or more – Chris Williams (Henrico Federal Credit Union). Re-elected to a three-year term.
  • Region III Director from a credit union less than $50 million – Dan Morrisey (Queen of Peace Arlington Federal Credit Union). Elected to a three-year term.
  • At-Large Directors – Rose Gilliam (Argent Credit Union) and Gaye DeCesare (Belvoir Federal Credit Union).  Each re-elected to a three-year-term.

The League Board held its reorganization meeting on April 4, officially seating newly elected and re-elected board members and electing the following slate of officers:

  • Chairman – Karen Orie (Hampton Roads Educators' Credit Union)
  • Vice Chairman – Rose Gilliam (Argent Credit Union)
  • Treasurer – Chris Williams (Henrico Federal Credit Union)
  • Secretary – Patsy Smith (RESOURCES Federal Credit Union)
Annual Meeting Attendees Raise $900 for VACUPAC!

The League’s Fundraising Subcommittee this year held a 50-50 raffle for the first time at the Annual Meeting to benefit the Virginia Credit Union Political Action Committee (VACUPAC). Members of the Governmental Affairs Committee and its Fundraising and Grassroots subcommittees who were at the meeting sold the  50-50 tickets. They raised a pot of $900; the winner, Mike Swalley of Dominion Credit Union, returned his winnings! Thank you Mike, thank you to everyone who bought tickets, and thank you to the committee members for a great idea and follow-through!

Foundation Golf Tournament

Just shy of 100 golfers teed it up last Wednesday in our 2nd Annual Charity Golf Tournament to benefit the Credit Unions Care Foundation of Virginia. Their support and the support of more than two dozen sponsors helped us raise more than $16,000 for the Foundation.

Thank you, sponsors!

Tournament Sponsor: ($10,000)

  • CUNA Mutual Group

Beverage Cart ($700)

  • Call Federal Credit Union
  • CU24
  • First Carolina Corporate Federal Credit Union

Lunch Sponsors ($600)

  • American Income Life
  • Palmetto Cooperative Services & PCSi

Awards Reception ($500)

  • Celco Federal Credit union
  • Dominion Credit Union
  • Fiserv

Prize Sponsors ($300)

  • John M. Floyd & Associates
  • Martinsville DuPont Credit Union
  • Works 24 Corporation

Hole Sponsors ($200)

  • Atlantic Bay Mortgage
  • Beach Municipal Federal Credit Union
  • Beacon Credit Union
  • Bronco Federal Credit Union
  • COMPASS 4 CUs
  • Deluxe Corporation
  • DuPont Community Credit Union
  • Freedom First Credit Union
  • Lender Select Mortgage
  • Northern Star Credit Union
  • Peoples Advantage Federal Credit Union
  • Piedmont Chapter of Credit Unions
Raffle-A-Rama Fundraiser for Children's Miracle Network Hospitals

The overwhelming generosity of our credit unions, chapters and Annual Meeting attendees helped us raise $5,650 for our local Children's Miracle Network Hospitals. The Raffle-A-Rama remains a favorite with our Annual Meeting attendees and we thank you for helping make it possible!

Thank you, sponsors!

  • ABNB Federal Credit Union
  • Argent Credit Union                           
  • BayLands Federal Credit Union                        
  • Beach Municipal Federal Credit Union                           
  • Bronco Federal Credit Union                            
  • Celco Federal Credit Union                               
  • Central Virginia Chapter    
  • DuPont Community Credit Union     
  • Hampton Roads Chapter    
  • Hampton Roads Educators Credit Union         
  • Hopewell Chemical Federal Credit Union      
  • Kaufman & Canoles                            
  • NMA Federal Credit Union                                
  • Norfolk Fire Department Federal Credit Union             
  • Northern Piedmont Federal Credit Union      
  • Northern Star Credit Union                               
  • Peoples Advantage Federal Credit Union
  • PFD Firefighters’ Credit Union                          
  • Piedmont Chapter
  • Prime Care Credit Union                   
  • PWC Employees Credit Union                          
  • Resources Federal Credit Union                      
  • Richmond Chapter                              
  • Richmond Postal Credit Union          
  • Route 66               
  • VA Beach Postal Federal Credit Union                            
  • Virginia Credit Union

Foundation Donates $5,000 to Local Food Bank

The Credit Unions Care Foundation of Virginia donated $5,000 to The Foodbank of the Virginia Peninsula. The Foodbank works community partners throughout Greater Hampton Roads to distribute food to those in need and to promote nutrition.

UBIT Breakthrough: IRS Accepts CU Verdicts in Cases, Opening Door to Refunds

Finally bowing to the results of two federal court cases brought by credit unions, the Internal Revenue Service has issued a memorandum that clears nearly all credit union products at stake in the litigation from being subject to unrelated business income tax (UBIT). The IRS action opens the door for credit unions to receive refunds of past payments.

“This is clearly a breakthrough with the agency,” said Larry Blanchard, chairman of a coalition of credit union organizations that has supported the litigation. “We have achieved what we set out to do, and more. The IRS memo signals that credit union tax refunds for past UBIT payments should now be processed. It also bolsters credit union arguments that future payments to the IRS of UBIT on these same products may not be due. Credit unions should talk this over with their tax advisers. In any event, this is a welcome and well-deserved development for credit unions.”

[READ MORE]

Young Professionals Network Off to a Fast Start, Thanks to You!

Everyone knows that Virginia’s credit unions are brimming with passionate young professionals that firmly believe in the movement. In order to support and foster that zeal, we have established the Virginia Credit Union League YPN (Young Professionals Network), a group of young credit union professionals across Virginia.

Our effort to build that network got a huge boost last week at the Annual Meeting with attendees recommending 110 young professionals as potential participants! Remember, you can visit our website at www.VACUL.org/YPN to learn more.

Credit Unions Can Provide Local CMN Hospital with DVD Box Set of Biz Kid$ TV Show

To create greater awareness of credit union principles, products, and services, Credit Unions for Kids has partnered for the first time with the National Credit Union Foundation (NCUF).

They aim to provide all 163 CMN Hospitals with a box set of the Emmy Award-winning TV show “Biz Kid$” by the end of April, which is National Financial Literacy Month. Credit unions can purchase these box sets from NCUF for the discounted price of $300 and affix their logo and contact information. Patients and their families can check out the DVDs from the hospital library.

[READ MORE]

Help Us Help Kids!

This month and next – or during a timeframe of your choosing – help us help our local Children's Miracle Network Hospitals by participating in the "Change a Child's Life" fund drive. Free resources and coin canisters are available from Credit Unions for Kids. All you need do is pick your timeframe, order supplies and collect spare change from members.

Proceeds benefit CMN hospitals. Learn more here.

This is a project of the Credit Unions Care Foundation and its Community Involvement Committee.

Governmental Affairs News

Thank You, Credit Unions, for Reaching VACUPAC Milestones!

Many thanks to the following credit unions for their support of the Virginia Credit Union Political Action Committee (VACUPAC)! Your PAC raises funds that allow us to support elected officials and political candidates who support credit unions. Learn more about VACUPAC here. Your support of VACUPAC at $25 or more will mean you'll join one of our VACUPAC pin clubs.

  • Petersburg Federal Reformatory CU has 100% pin participation from Board, Supervisory Committee, and staff.
  • Martinsville DuPont CU has 100% pin participation from Board and senior staff.
  • Connects FCU has 100% participation from Board and staff.
  • Mountain Empire FCU has 100%  participation in VACUPAC at the pin level from staff.

RELATED: The April edition of The Advocate – your League's Governmental Affairs newsletter - is now available online here.

Sen. Warner Intros Bill To Lower Cap To $50 on Debit Card Fraud Charges

Bill stems from hearing on cybersecurity where disparity between credit and debit card caps for consumers came up. “Debit card use has just exploded in recent years, especially among young people, and consumer protections must keep pace,” Sen. Warner said. “Debit cards are used in much the same way as credit cards, so it makes no sense for credit card fraud liability to be capped at $50 while debit cardholders can find themselves on the hook for $500 or more.”

[READ MORE]

Congressional Questions on RBC Reward CUs' Warnings on NCUA Proposal

Lawmakers' interest in the National Credit Union Administration's risk-based capital (RBC) proposal, as heard during a Tuesday House Financial Services Committee hearing, is a "terrific development," Credit Union National Association President/CEO Bill Cheney said. "We have urged Congress to take a particular interest in the proposed risk-based capital rule, and clearly the issue has piqued interest," Cheney said. The questions during the hearing about the risk-based capital proposal reflect "a level of concern in Congress that the proposal is in need of significant improvements." he added.

NCUA General Counsel Mike McKenna, a witness at the regulatory burden hearing, said the agency could consider allowing credit unions greater access to supplemental capital as it finalizes proposed RBC regulations. McKenna made his remarks in response to a question during a House Financial Services Committee hearing titled "Who's In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom."

California Reps. Ed Royce (R) and Brad Sherman (D) each had questions about the RBC proposal for McKenna. Royce told McKenna he is concerned that the risk weights applied to mortgages under the RBC proposal do not reflect actual risk and are more stringent than the standards imposed on community banks despite credit unions' generally better delinquency rates. Royce also questioned whether the RBC rule could prevent some credit unions from making loans to their members.

[READ MORE]

Financial Services/Marketplace News

Americans Still Bummed About Economy Despite Gains: Survey

Despite two quarters of strong growth ending 2013, Americans' views on the economy remain depressed with only the slightest improvement compared to a year ago, according to the CNBC All-America Economic Survey. More than 80 percent view the economy as just fair or poor, almost unchanged from the fourth-quarter survey.

While that represents an improvement from the depth of the financial crisis in 2008, when 95 percent of Americans were downbeat on the economy, it's still a long way from the pre-crisis level of 72 percent.

[READ MORE]

Education & Networking Opportunities

Spring Compliance Conference, Marketing Workshop Registration Now Open

Our popular Spring Compliance Conference takes place April 30-May 2 in Richmond, and this year features a companion Marketing Workshop (May 1). Topics include marketing compliance, foreclosures, auto loan collections, e-signatures and documents, intellectual property and patent law, and much more.

Needless to say, a not-to-be-missed educational opportunity, priced right at $145 per day for days 1 and 2; $65 for day 3. The Marketing and Business Development Council's Marketing By The Numbers Workshop features sessions on building better member relationships, cost-efficient branding and prototyping, and finding "member-friendly" fee income. Cost - $149.

[Spring Compliance Conference]
[Marketing By The Numbers]

NCUA Offering Small Dollar Lending Webinar

Credit unions can learn how consumer-friendly, low-cost short-term loans can be part of their product mix during a free webinar, “Small Dollar Lending,” offered by the NCUA on Wednesday, April 16, at 2 p.m. Online registration for this free webinar is now open here.

Webinar on Cybersecurity Threats, Trends and Strategies for Protection Slated for April 24

After several high-profile data breaches, corporate cybersecurity is facing increased scrutiny and attention from consumers, the government and the public. Smart companies are seeking protection from outside attacks, and this April 24 seminar will educate companies and their counsel on how to take full advantage of all available resources – financial, technological and legal – to effectively and proactively address cyber risks. Topics will include:

  • The wide range of risks currently facing companies
  • How to assess the efficacy of current data security tools
  • Advanced cybersecurity solutions that expose, analyze and eliminate the latest malicious threats
  • Effective use of insurance products to protect against losses related to cybersecurity and data breaches

This program will be held via webinar and live in Hunton & Williams’ Washington office, beginning at 12:30 p.m.

[REGISTER NOW]

Federal Reserve Bank of Richmond to Host Forum on May 8

The Federal Reserve Bank of Richmond will host a Districtwide Credit Union Forum on Thursday, May 8. The program will begin at 3 p.m. with a presentation about the Federal Reserve’s triennial payments study, followed by discussions of the liquidity options available to credit unions at the Fed and the current state of the regional economy. 

The Bank will host a reception and dinner with remarks by President Jeff Lacker. Guests will have the opportunity to ask questions during each of the programs. This event, which is closed to the media, is a unique opportunity to interact with senior executives of the Richmond Fed and credit union leaders from across the Fifth District.

To register for this event please click here . If you have any questions, please feel free to call 804.697.8610 or email Sean O'Hara, Financial Institution Outreach Coordinator, at the Richmond Fed. 

News From Credit Unions

Chartway FCU's We Promise Foundation & Ocean Breeze Waterpark Partner to Make a Splash for Children Battling Life-Threatening Illnesses

5,000 tiny toy dolphins will make a big splash as they dash through Ocean Breeze Waterpark’s Adventure River in a race for the finish line during the inaugural Dolphin Derby, benefiting Chartway Federal Credit Union’s We Promise Foundation, on the opening day of Ocean Breeze’s 2014 season, May 17.

These porpoises with a purpose can be adopted for $5 each; or, supporters can sponsor five dolphins for $20. They will be dropped into the waterpark’s Adventure River and begin racing at 10:30 a.m. on May 17 to raise money for children battling life-threatening illnesses in Hampton Roads.

[READ MORE]

Belvoir Federal Volunteers in 42nd Credit Union Cherry Blossom Ten Mile Run®

On Sunday, April 6, 2014, Belvoir Federal Credit Union took part in the 42nd Annual Cherry Blossom Walk/Run in Washington, D.C. With over 15,000 runners in attendance, 50 Belvoir Federal employees volunteered to assist with the race by manning two volunteer start lines – the starting line and the kid’s races.

Additionally, Belvoir Federal sponsored employees, spouses, board members, and members who participated in the race. Belvoir Federal Credit Union enjoys taking an active role in the community and was honored to contribute to the beneficiary of the race, Children’s Miracle Network (CMN) Hospitals.

[READ MORE]

ABNB Federal Credit Union Launches Mobile Deposit

ABNB Federal Credit Union is thrilled to announce the update of its Mobile smartphone apps to include a mobile check deposit feature. This feature, only available with the app, allows members with camera-enabled smartphone devices to take a front and back picture of their checks to make deposits remotely.

“Updating our smartphone apps with Mobile Deposit enables our members a convenient and secure way of making deposits anywhere, anytime,” said Jennifer Zimmerman, Electronic Services Manager. “We are proud to deliver this to our members and continue to stay at the forefront of banking technology.”

[READ MORE]

Investment Team at Langley FCU Achieves Membership in Million Dollar Round Table

Outstanding client service, ethics and professionalism have enabled  Langley Investment Services Representatives Ann Marie Bailey, William (Bill) Eastburn, and D. Michael Smith to achieve membership in the prestigious Million Dollar Round Table (MDRT)—The Premier Association of Financial Professionals®.

Attaining membership in MDRT is a distinguishing career milestone requiring members to adhere to a strict Code of Ethics, focus on providing top-notch client service and continue to grow professionally through involvement in at least one other industry association.

[READ MORE]

Justice Federal Credit Union Opens West Virginia Operations Center

Justice Federal Credit Union announces the opening of its new 1.81 acre, 20,500-square-foot, Operations Center in the White Oaks Business Park in Bridgeport, WV, an inviting 470-acre, campus-type atmosphere, centrally located in the beautiful countryside.  The White Oaks Business Park is adjacent to West Virginia’s rapidly growing north-south I-79 corridor.

[READ MORE]

Financial Education News

41% Give Themselves C or Lower in Personal Finance

As National Financial Literacy Month continues, a new survey shows American consumers admit they need the type of guidance credit unions can provide. Forty-one percent of adults gave themselves a grade of C, D or F on their knowledge of personal finance in the 2014 Financial Literacy Survey conducted by the National Foundation for Credit Counseling (NFCC). The survey was conducted online in March among more than 2,000 U.S. adults ages 18 and over. 

In its eighth year, the survey provides a snapshot of the American consumer's level of knowledge as it relates to financial literacy, as well as behavioral and attitudinal trends associated with personal finance.  The 2014 survey was sponsored by Experian Consumer Services.

[READ MORE]

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