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CURRENT Newsletter | 14 February 2014

Feb 14, 2014 by Lewis Wood

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

In Today’s Edition

Headline News

News About Credit Unions

Governmental Affairs News

Financial Services/Marketplace News

News From Credit Unions

Financial Education News

Headline News

Updated CUNA Projections Show High CU Cost of Target Breach

With updated projections on the cost of the Target stores data breach, the Credit Union National Association estimates that credit unions have thus far incurred costs of $30.6 million, and reissued around 4.6 million credit and debit cards. However, CUNA again emphasized that future fraud losses associated with the breach likely will greatly add to the total.

"Although Target is ultimately responsible for this data breach, credit unions must solely cover these costs of their card program administration," CUNA President/CEO Bill Cheney said. "It's time for retailers like Target to step up and accept their fair share of the costs associated with these types of data breaches."

The CUNA leader added, "Credit unions are owned by their members, and because of that cooperative structure, the costs of these types of breaches fall directly to credit union members. "Congress should act to stop this cycle, and hold merchants accountable."

[read more]
[related: Two More CUs File Suit Against Target for Data Breach]
[related: CUNA and NAFCU Opt Out of Data Security Pact]

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No TCCUSF Assessment This Year, Nor Likely Going Forward

Credit Union National Association President/CEO Bill Cheney called it "welcome news for credit unions" when the National Credit Union Administration confirmed Wednesday that there would be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment charged in 2014.

"As CUNA has argued since last summer, the need for continued assessments has been unnecessary for some time. With the improved performance of the NCUA's legacy assets, we are glad that the NCUA agrees that stabilization fund assessments should end after the 2013 payment," Cheney remarked.

The agency also went so far to say that credit unions are much less likely to be charged another TCCUSF assessment going forward. These are outcomes CUNA has been pushing for with NCUA. The agency said the positive TCCUSF news is the result of a $1.4 billion settlement with JP Morgan and the continued improvement in the performance of the legacy assets underlying the NCUA Guaranteed Notes program.

[read more]

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Congressional Luncheon Feb. 26; Register Now

Want to protect and promote credit unions? There's no better way than sharing, in-person, the "Credit Union Difference" with your lawmaker at the League Congressional Luncheon! Slated for Feb. 26 at the Rayburn House Office Building in Washington, D.C., we're especially pleased to report that Sens. Mark Warner and Tim Kaine, along with 9 of our 11 Congressmen, plan to attend.

For details and to register, visit www.vacul.org/events or contact your League’s Karin Sherbin at ksherbin@vacul.org or 800.768.3344, ext. 626.

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Aid Our Advocacy Mission: Report Your Micro-Lending Initiatives

Credit unions: We're again collecting your micro-loan data through our Reality Check survey. We're asking you to report information on loans you've made of $3,000 or less, excluding credit cards, for Calendar Year 2013. Please give us a hand and provide this data, which we use to support our advocacy efforts o your behalf! Report your aggregate micro-loan data at this web address (short seven-question survey!): Online Survey

> We would also love to share your stories about members helped by your small loans. Photos of the members you've helped would also be appreciated! Email them to pr@vacul.org
>> We have a downloadable version of the survey as well! (PDF, 267kb)

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Report Your Good Works and Aid Our Advocacy Efforts; Community Involvement Survey Online

Credit unions have a long and storied history of service through charitable giving and through projects that better our communities. Help us report your good works by completing the Community Involvement Committee's annual survey, located here: http://www.surveymonkey.com/s/community-involvement13.

By reporting your efforts, you are helping us show lawmakers and the media one more way we "earn" our tax exemption. So please help us tell this important story. Once you gather your survey data, completion of the survey itself should take no more than 5 minutes. Thank you, in advance, for helping us be a more effective advocate on your behalf.

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NASCUS Directors College Set for Feb. 21

The National Association of State Credit Union Supervisors is pleased to bring their Directors College to Richmond, on Friday, Feb. 21. NASCUS, the Virginia Bureau of Financial Institutions and the Virginia Credit Union League encourage all state and federal credit union board members, supervisory committee members and other volunteers along with credit union management to attend this important one-day educational event.

NASCUS thanks Virginia Credit Union for hosting this event. The day features sessions on BSA, Examination Issues, National Issues Impacting Credit Unions, and Board Compensation.

Registration is $199 per person for NASCUS members and $215 for non-members. If you have any questions, email isaida@nascus.org.

[learn more and register]

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We Need Your Help: League Community Involvement Committee Seeks Financial Contributions for Annual Meeting Fundraiser

Please consider a financial contribution to aid us in purchasing items for our Charity Raffle (we're calling it the "Raffle-A-Rama") which will take place at this year's Annual Meeting (April 2-4 in Williamsburg).

What We Need...

  • Chapters: We're asking for a financial contribution of not less than $250.
  • Credit Unions ($100 million or more in assets): Please consider a financial contribution of at least $250.
  • Credit Unions (Less than $100 million in assets): Please consider a financial contribution of at least $50.

How This Will Work...
Rather than having credit unions and chapters cart raffle and auction items to the Annual Meeting, we thought it might make more sense to collect financial contributions and put together themed raffle packages, which will be on offer at the Annual Meeting. This will aid us in better coordinating the event and it will mean less hassle for you! Annual Meeting attendees will be able to purchase raffle tickets for a chance to win the raffle package or packages of your choice.

How to Help...
Kindly make share drafts/checks payable to the Credit Unions Care Foundation of Virginia and forward them to the following address by March 7: Credit Unions Care Foundation of Virginia, Attn: Mary Amyx, PO Box 11469, Lynchburg, 24506.

Thank you for your generosity and support of the Foundation's Community Involvement Committee and our efforts to raise funds for kids in our communities. 
[more] (PDF, 705kb)

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Upcoming Compliance Educational Offerings

Join us for the FREE Compliance Hot Topics Webinar hosted by your League’s Compliance Team on March 25 from 2:30 p.m. – 4 p.m. Register by emailing compliance@vacul.org or calling 800.768.3344, ext. 610 for instructions to join.

And mark your calendar for your League's April 30-May 2 Compliance Conference in Richmond. Topics will include marketing compliance and collections. Details coming soon.

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News About Credit Unions

CU CEO Confidence Rebounds to Pre-Shutdown Levels

Credit union CEOs' confidence in the economy rebounded in the fourth quarter, according to a survey conducted by Catalyst Corporate Federal Credit Union. The Plano, Texas-based wholesale cooperative financial institution's CEO confidence index rose more than three points over the third-quarter survey to 27.04, approximating levels recorded for the first and second quarters of 2013.

This year marks the 10th anniversary of the launch of the confidence survey. Looking back to 2004, U.S. GDP was around 4%, unemployment was around 5.5%, and the CU CEO Confidence Index registered almost 20 points higher than it does today. CEOs' optimism regarding their members' current and future financial conditions improved over last quarter, rising 2.19 points and 3.38 points, respectively.

Analysis of their own institution's current and future financial conditions also rose over last quarter's results by 1.99 points and 4.65 points, respectively.

[read more]

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Governmental Affairs News

League Tracking State Legislation

We don’t have any major bills in the General Assembly this year, but there is always something of interest to credit unions, including bills that apply to businesses in general. Review the bills and their status here.

NOTE: A password is needed to access this link. Register now if you need one.

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Financial Services/Marketplace News

With Auto Sales Slumping, Car Dealerships Will Wheel and Deal

After weeks of bad winter weather have turned car sales cold, the forecast calls for automakers to hike rebates and incentives to get the new car market moving again. Automakers are expecting 2014 to be an exceptionally big year for sales.

The analysts at Edmunds.com have forecast that sales of light vehicles will hit 16.4 million this year, up nearly 6% over the 2013 total, which was itself considered a strong performance for the industry. But 2014 hasn’t gotten off to a good start for automakers and car dealerships.

One reason why this is so is that people don’t tend to visit car dealerships—or even leave the house unless it’s 100% necessary—when record-setting cold spells and generally miserable weather are hitting their communities.

[read more]

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News From Credit Unions

Queen of Peace Arlington FCU Honored in General Assembly Resolution for 50th Anniversary

Established 50 years ago to support parishioners and employees of Our Lady Queen of Peace Catholic Church, the Queen of Peace Arlington Federal Credit Union is winning honors from the General Assembly. [read more]

Note: A resolution honoring your League's 80th anniversary has advanced through the House as well.

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Riverside Health System ECU Announces the Retirement of Longtime CEO Janet Harris; Hiring of Credit Union System Veteran Heidi Lewis as New CEO

Riverside Health System Employees Credit Union (RHSECU) announces the retirement of their CEO of 25 years, Janet Harris. Janet Harris, winner of the Virginia Credit Union League's 2011 Eugene Farley Award of Excellence, has served and represented small credit unions with a passion for 25 years.

She has been a national speaker about small credit union's use of technology to compete with large financial institutions and led her own credit union's efforts to leverage technology for the benefit of members. Mrs. Harris has been featured in every credit union industry trade publication, as well as Wired Magazine and the Wall Street Journal.

RHSECU announces the hiring of their new CEO, Heidi Lewis. Mrs. Lewis was the CEO of Hampton City Employees Credit Union for 13 years, and the Assistant Manager at Fort Monroe Credit Union, where she worked for 15 years.

[read more]

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Virginia Young Professional Selected to 'Crash' CUNA's 2014 Government Affairs Conference

Stephanie Brady, Funder/Member Services Representative of PortAlliance Federal Credit Union, has been selected as Virginia’s young professional representative to "Crash" and attend the 2014 CUNA Government Affairs Conference (GAC) in Washington D.C., Feb. 23-27.

CUNA and the Cooperative Trust - a young professionals group through the Filene Research Institute - have partnered with state leagues to choose up to 51 young credit union professionals from each state and D.C. to take part in the Crash event.

In addition to the core schedule of GAC events, Crashers will attend exclusive speaker sessions and explore opportunities for young adults to help promote credit unions locally and nationally.

[read more]

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With an Assist from the Rams, Virginia Credit Union’s Support for Children’s Hospital of Richmond at VCU Tops $30,000

Virginia Credit Union’s financial support for Children’s Hospital of Richmond at VCU has exceeded $30,000, thanks to an assist from the VCU Rams. This season, the credit union is making a contribution to the hospital based on the number of assists made by the VCU men’s and women’s basketball teams.

Under the ”VACU Assists” program, Virginia Credit Union is making a $1 contribution for every assist during the 2013-2014 season. The contribution is a bonus on top of the $29,371.46 the credit union delivered to the hospital on Jan. 7, based on employee internal fundraising activities in 2013 and a matching contribution. 

[read more]

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VACU Provides Financial Education in Partnership with Girl Scouts

Virginia Credit Union provided financial education programs to approximately 350 girls ages 5-18 through a partnership with the Girl Scouts of the Commonwealth of Virginia. The programs were held in Richmond, Fredericksburg and Mechanicsville in late January.

The Girl Scouts had the opportunity to work with professionals from Virginia Credit Union in nine age-specific programs. Girls will earn badges that focus on five key financial literacy skills.

[read more]

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Virginia Credit Union Named Among the Best Places to Work in Virginia

Virginia Credit Union has been named as one of the 2014 Best Places to Work in Virginia. The annual list of recognized workplaces was created by Virginia Business magazine and the Best Companies Group.

The program honors employers for creating a positive work environment and achieving a high level of employee satisfaction. The annual list of Best Places to Work includes 100 companies of various sizes.

[read more]

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Langley Federal Credit Union Donates to Charity Serving Children of Fallen Military Heroes

Langley Federal Credit Union presented the Snowball Express with a check in the amount of $1,000 during the Grand Opening celebration of Green Beans Coffee Osteria in City Center. Green Beans President and Co-founder Jon Araghi accepted the check on behalf of the charity.

The Snowball Express creates a weekend of events to connect the children and surviving spouses of the fallen military with others going through the same experience. Children often return year after year to reunite with the friends they have made through Snowball Express.

[read more]

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Stewart Promoted to AVP of IT Applications and Business Support

Langley Federal Credit Union is pleased to announce that Sandy Steward has been promoted to Assistant Vice President, IT Applications and Business Support. Stewart will provide oversight and direction for all software development and implementation efforts; database administration and development; business intelligence support; business analysis and support; process improvement; and IT (Information Technology) asset management.

[read more]

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Belvoir Federal Awards $5,000 to CUXcel Contest Winner

Belvoir Federal Credit Union awarded member Dustin Pitsch, of Alexandria, VA, $5,000 for his participation in the 2013 CUXcel Contest. In 2013, Belvoir Federal Credit Union ran a contest tied to their high dividend earning checking account known as CUXcel, where members with this checking account, who qualified for a minimum of 2 times within the 10 month contest, would be automatically entered to win $5,000.

CUXcel Checking is a rewards checking account that pays members 2.53% APY on all balances up to $15,000 and rebates unlimited ATM surcharge fees when the member qualifies for the rewards on a monthly basis.

[read more]

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Belvoir FCU Ranked Among Best Places in Virginia to Work

Belvoir Federal Credit Union was ranked the 34th Best Place to Work in Virginia among Small Employers. Belvoir Federal was awarded the honorary award on Feb. 6, 2014 in Williamsburg, on behalf of Virginia Business. The esteemed awards program is a statewide survey designed to identify, recognize, and honor the best employers in Virginia.

[read more]

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Northwest FCU Offers Resources to Help Students Prepare, Pay for College

For thousands of high school seniors and their families across the region, January is often when talk turns serious about college plans. One topic families can’t afford to leave off the discussion list is funding college expenses. And Northwest Federal Credit Union announces it is here to help.

[read more]

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BayPort Credit Union Introduces New Commercial Banker

BayPort Credit Union announced recently that DeAnna Kimrey will join their Business Banking team and fill their newly added Commercial Banker position. DeAnna will build and maintain relationships with local businesses, focusing strongly on the Williamsburg, Gloucester and York County markets. In addition, she will be responsible for creating awareness in the local community about business banking services available through BayPort.

[read more]

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Financial Education News

'Catch the $ave Wave™'Announced as 2014 Theme for Youth Week

Credit unions nationwide selected “Catch the $ave Wave™” to be the theme for the 2014 National Credit Union Youth Week™, which will take place April 20-26, 2014.

The concept was chosen from ideas submitted by credit union staff this fall. “Catch the $ave Wave” harnesses the fun of sunny beaches and surfing to engage younger members and potential members with their credit union. The goal of Youth Week is to pave the path to life-long credit union membership by encouraging kids to set up savings accounts, learn how to manage money, and be more financially literate.

[read more]

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CUNA to Select 12 Students for Googolplex Youth Editorial Board

Representatives from Credit Union National Association (CUNA) will select students from across the country to serve one-year terms as youth editorial board members for the CUNA microsite called Googolplex: The Credit Union Guide for Student Moneymakers. Requests for applications are being accepted through March 7, 2014 for all 12 positions. The new student board members’ terms will begin on June 1, 2014.

[read more]

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