The Missouri

Document Sample
The Missouri Powered By Docstoc
					                    T he Miss our i

                    difference  Ne w s About Mi ss our i Credit Union s
April 8, 2011
Missouri’s Carnahan               Missouri’s Carnahan Original Co-Sponsor of
Original Co-sponsor of MBL        MBL Legislation
                                  Legislation that would lift the credit union member business
Debit Interchange Efforts         lending (MBL) cap to 27.5% of total assets was introduced late
Intensify                         in the evening on April 7. The bill, H.R. 1418 is called the Small
This Week from the Capitol        Business Lending Enhancement Act, and was introduced by Reps.
                                  Ed Royce (R-Calif.) and Carolyn McCarthy (D-NY). Congressman
MCUA’s McLard Takes               Russ Carnahan is an original co-sponsor and is a Democrat from
Editorial Board to Task           Missouri’s Third Congressional district.

Executive Committee to Join       “Missouri’s small business people should commend Congressman
Chapter Leaders Conference        Russ Carnahan for his support for more jobs and more growth,”
                                  says Mike Beall, president of the Missouri Credit Union Association. “By helping credit
CMCCU Holds Reins in              unions help entrepreneurs, Congressman Carnahan demonstrates he understands the
Delivering Full Service           importance of getting capital into the hands of small business people at this time of
                                  economic difficulty. On behalf of the 157,301 credit union members in his district,
Lending in Today’s
Environment Education             and the 1.1 million credit union members across Missouri, we thank Congressman
Session Announcement              Carnahan.”
                                  At the recent CUNA Governmental Affairs Conference in Washington, D.C., Missouri
Two Training Events
Scheduled for KC Chapter          credit union advocates met with legislators to discuss the importance of introducing
                                  this type of legislation. Many Missouri credit unions acknowledge there is money to
Troops Roll In To Alliance CU     lend to small businesses, but the current cap on this loan type prohibits it.

West Community Credit
Union to Offer Three Spring       Debit Interchange Efforts Intensify
                                  The debit interchange effort is heating up in Missouri
CCU Wins Awards in Support        and across the country. Missouri credit unions are asked
of Boys and Girls Club            to participate in a call to action to contact Missouri’s
                                  U.S House members and ask for their support of H.R.
Central Chapter Volunteer
                                  1081, the Consumers Payment System Protection Act.
Appreciation Night Draws a
Crowd                             Currently, U.S. Rep. Blaine Luetkemeyer (R-District
                                  9) is the only cosponsor from Missouri on the House         U.S. Senator Roy Blunt addressed
District Two Highway CU           bill, which would delay implementation of the Federal       a full-house as one of the key-
Helps Send Teens to School        Reserve’s debit interchange rule.                           note speakers at the 2011 CUNA
                                                                                              Governmental Affairs Conference in
                                  Both of Missouri’s U.S. Senators are cosponsoring the       Washington, D.C.
Job Postings
                                  Senate bill, S. 575 - the Debit Interchange Fee Study Act.
Resources Available for           U.S. Senator Roy Blunt officially became a cosponsor on March 29.
Financial Literacy Monthy
                                  “Last year, Congress failed to adequately protect consumers and small businesses from
Events and Deadlines              unnecessary regulatory burdens,” says Blunt. “This legislation will allow the Federal
                                  Reserve Board to properly consider all of the costs of debit services, while avoiding
Links of Interest                 unintended consequences.”
Action Alert Effort – Make Contact by April 13                    contracts. Rep. Jason Holsman (D-District 45, Kansas
                                                                  City) and Rep. Sylvester Taylor (D-District 80, Florissant)
It’s time to act. Credit union employees and board members        had both experienced problems with this type of contract.
are urged to write using CUNA’s Grassroots Action Center.         A representative from the Secretary of State’s office also
Click on “Interchange (House) H.R. 1081. A large number of        testified in support of the bill. It appears this bill could sail
e-mail contacts are needed to counter the merchants’ efforts,     through the General Assembly.
who oppose the debit interchange delay.
Efforts also are needed from your members. Ask them to
“Call on Congress” by using the toll-free number 877-422-         MCUA’s McLard Takes
3525. The Missouri Credit Union Association distributed
support information to credit union presidents this week on       Editorial Board to Task
how to educate staff about the debit interchange issue, as well   An article published online (March 24, 2011) and heavily
as posters and cards for members.                                 biased toward merchants moved MCUA’s Amy McLard, vice
Additional resources on interchange efforts are available         president of public and legislative affairs to send a letter
from CUNA.                                                        to the editor in an attempt to set the story
                                                                  straight. In addition to advocating a speedy resolution by
                                                                  passing the legislation, the article, “Side-swiped: Congress
This Week at the Capitol                                          is wrong to delay reducing debit card fees,” also took a
By Peggy Nalls                                                    swipe at Sen. Claire McCaskill and Rep. Blaine Luetkemeyer,
                                                                  Missouri law-makers who have signed on to the legislation
On a single day at the Capitol, the Right to Life, Funeral        introduced to slow down Durbin’s amendment to reduce
Directors and Puppy Mill lobbies were all walking the halls.      debit card fees to financial institutions. In her letter, McLard
It was a strange mix which was reflective of bills being heard    wrote:
in the House and Senate. The pace picked up in committees,
and both houses began meeting into the evening. Next week         “Missouri credit unions are member-owned financial cooperatives, and
promises some interesting debate as Ameren UE’s bill to           work to benefit the people who use them, each and every day. Many of
approve a second nuclear power plant in Callaway County will      these credit unions operate their debit card programs at A LOSS, so
take center stage.                                                member-owners have the convenience of shopping with a debit card.

HB 811 was heard in the House Financial Institutions              “Here’s just one example: In 2010, 1,955 debit card users at a
Committee Thursday morning. It had an unlikely pair               Missouri credit union conducted 328,314 transactions, at a cost of
of cosponsors. Republican Speaker of the House and                $127,722 for the credit union. The interchange income from these
Democratic Minority Floor Leader Mike Talboy cosponsored          transactions was $121,091. That left a shortfall of $6,631.
a bill to add consumer protections to auto extended service       “In the editorial board’s “Side-swiped: Congress is wrong to delay
                                                                  reducing debit card fees,” the debit interchange amendment is called
                                                                  a “common-sense, pro-consumer, free-market idea.” The changes in
                                                                  interchange that are set to take effect this summer will have a profound
                                                                  impact on consumers’ access to debit cards. Credit unions that are
                                                                  already losing money on debit cards won’t be able to offer them if the
                                                                  interchange amount is reduced so drastically. Reducing interchange will
                                                                    put money into merchants’ pockets, with no requirements to return
                                                                      any savings to consumers. How is this free market OR consumer
                                                                          “The editorial states that the cost of using a debit card is only
                                                                           4 cents per charge. But that number fails to calculate the true
                                                                            costs of enjoying the convenience of a debit card.
“Let’s just take a look at fraud. The St. Louis Post-Disptach has done       “It benefits consumers to slow down and truly analyze the impact of this
enough stories on debit and credit card fraud to know this is a problem.     legislation. If the debit interchange amendment takes effect, consumers
                                                                             will be left with fewer options and paying more to use their debit cards.
“Most of your readers have received a new card after some security
                                                                             And that is definitely NOT consumer-friendly.”
breach by a merchant put their information at risk. Remember when
TJX, the parent company of T.J. Maxx and Marshalls, revealed that            McLard’s letter to the editor lays out in realistic terms the
their security was breached and data from at least 45.7 million credit       true impact of the legislation and is a good example of how
and debit card users nationwide was stolen? Who replaced those cards         to accurately explain the reasons why this amendment should
across the country? TJX?                                                     not be enacted.
“No. Your credit union or bank did.
“The cost of replacing those consumers’ cards, to protect them from          Executive Committee to Join
fraud, was borne by the financial institutions. Credit unions and banks      Chapter Leaders Conference
- who were not responsible for putting consumers’ information at risk -
had to pay the price to fix it. Where does the money come from to pay for    Plans are underway for the 2011 Chapter Leaders Conference
replacing everyone’s debit cards?                                            June 2-3 at the Millennium Hotel in downtown St. Louis. This
                                                                             year, members of the chapter executive committee are invited
“Interchange.                                                                to attend the conference. The executive committee consists
                                                                             of the chairperson, vice-chairperson, secretary, treasurer,
What about the infrastructure that must be in place to HAVE a debit
                                                                             registrar and civic responsibility officer.
card program? Programs need people to operate the program, software
to support the program and make sure your payment goes through, and          This two-day session offers an encouraging “shot in the arm”
fraud protection systems that watch for unusual activity and let you know    for chapter leaders. Attendees will convene on June 2 to
if there’s an issue. How does this get paid for?                             formulate new approaches and functions of Missouri’s credit
                                                                             union chapters. Missouri Credit Union Association (MCUA)
                                                                             President/CEO Mike Beall, along with field representatives,
“The debit interchange amendment – known as the Durbin amendment             will facilitate the group discussions. Attendees will enjoy a
– does NOT take into full account the fraud or infrastructure costs that     Cardinals game later that evening and reconvene on June 3 to
the financial institutions bear to ensure consumers have access to debit     continue open-dialogue discussions.
cards. When a consumer pays with a debit card, the merchant is paid
                                                                             A detailed flyer was mailed to chapter officials on April 5
right away. If it turns out later that the card was stolen – the financial
                                                                             and includes registration information. For more information,
institution bears that cost. Until these costs are calculated into the
                                                                             e-mail MCUA Education & Training or call 888-800-6287.
interchange formula, the bill passed by Congress fails to address the true
price of debit card transactions.
“The editorial board calls the delay “galling” because small financial       CMCCU Holds Reins in Delivering
institutions were exempted from these changes. But there’s nothing in        Full Service
the legislation that prevents retailers from rejecting debit cards from
the small financial institutions that will retain higher transaction fees.   It’s the credit union way to serve
Market forces will render the exemption worthless, hurting your local        members on their terms. Central
credit unions and community banks. When the amendment passed,                Missouri Community Credit
Sen. Durbin assured his counterparts in the Senate that the so-called        Union (Warrensburg) proves
“carve-out” for small financial institutions would take care of your         the point when a member, on
main street financial institution, the small guys who didn’t cause the       his trusty steed, rode into the
financial meltdown. But Sen. Durbin didn’t bother to ask any of the          drive-through to conduct his
small guys if this was true - no hearings, no questions, and no requests     transactions.
for information.                                                             Member Mark Reed, who trains horses and rides in the local
“Bills introduced in the U.S. Senate and House and cosponsored by            parade, waited his turn in line so he didn’t have to go home
Sen. Claire McCaskill (D) and Rep. Blaine Luetkemeyer (R-District            and get his car.
9) make good common sense. The bills simply direct Congress to slow          “I was glad he used the drive thru and didn’t come in the
down the implementation of the Durbin amendment and study the                lobby,” says Teller Zach Bralick.
situation – to ask questions, hold hearings and get all the information
BEFORE making such a drastic change. Something that should have
taken place before this amendment was even introduced.
Two Training Events Scheduled                                  West Community Credit Union to
for KC Chapter                                                 Offer Three Spring Seminars
                                                               Educational Seminars are Free and Open to the Public
Make plans to meet your peers
at the annual Kansas City                                      West Community Credit
Chapter of Credit Unions                                       Union (O’Fallon) is
training session. This is a great                              sponsoring free educational
opportunity to get your staff                                  seminars this spring to help
trained and meet the annual                                    people who want to improve
requirements. With two sessions available, credit unions are   their credit score, finance a college education or buy a home
welcome to send employees to both sessions and still pay       in this struggling economy.
one price. The cost is $10 per credit union for up to five
employees. For credit unions sending six or more employees,    “Understanding and Improving Your Credit Score” will take
the cost is $20.                                               place on Thursday, April 28 at 6:30 p.m. at the Kirkwood
                                                               Community Center (111 S. Geyer Road).This important
   Session 1                                                   seminar will provide helpful information such as why credit
   Tuesday, April 26, 6:30-8:30 p.m.                           scores are important, who looks at them and why, how your
   Southeast Community Center                                  score affects your finances and ways to improve it.
   4201 E. 63rd Street, Kansas City
   Pizza and refreshments will be served.                      “Home Buying” will take place on Tuesday, May 10 at 6:30
                                                               p.m. at the Richmond Heights Community Center (8001 Dale
   Session 2                                                   Avenue). This educational seminar will discuss the home
   Wednesday, April 27, 8:30-10:30 a.m.                        buying process, why this is a good time to buy a home, how
   United Consumers Credit Union Board Room                    to find the right mortgage loan and what lenders look for.
   1111 E. 23rd Street, Independence                           “How to Pay for Higher Education in this Economy” will
   Muffins and refreshments will be served                     be offered on Wednesday, May 11 at 6 p.m. at the Kirkwood
                                                               Community Center (111 S. Geyer Road). West Community
As a bonus, this year the Chapter will also be collecting      has partnered with the St. Louis Chapter of Credit Unions to
donations for Harvesters. The name of each credit union        offer comprehensive information about ways to prepare for
employee in attendance who brings a non-perishable item for    the cost of a college education.
donation will be entered in a contest to win two tickets for   Registration begins 30 minutes before each program. Door
CU Day @ the K in June.                                        prizes will be awarded and light refreshments will be served.
RSVP to Tom Loftus by Friday, April 22, 2011 by e-mail         To register, e-mail Lori Hudson or call (636) 720-2402.
or call (816) 246-0002, ext. 3004. When making your
reservations, be sure to include the first and last names of
                                                               CCU Wins Awards in Support of
each person attending and which session they plan to attend.
                                                               Boys and Girls Club
                                                               In addition to raising more than $3,900
Troops Roll In To Alliance CU
                                                               for the Boys and Girls Club of Columbia
A troop of eight-year-old Girl                                 County, Columbia Credit Union (Columbia)
Scouts visited Alliance Credit                                 took home several awards during its
Union’s O’Fallon branch on                                     participation in the Club’s Rootin’ Tootin’
March 29, 2011 to learn about                                  Chili Cook-off.
the importance of savings. Each
                                                               The credit union earned second place
girl from Troop # 3388 of
                                                               for Best Booth; second place for Best          Jennifer Archuleta,
Eastern Missouri came equipped                                                                                loan officer at
                                                               Costumes; second place for Showmanship;
with a question on saving money                                                                               Columbia Credit Union
                                                               and, third place for Grand Chili Champion.     gets in the act at local
for the staff. For their participation, each scout earned a
                                                                                                              chili cook-off.
“Penny Power” badge.
Central Chapter Volunteer                                                    Job Posting
Appreciation Night Draws a                                                   Publishers Note: Job postings are written by, and included at, the request of the associated
Crowd                                                                        organization and are valid at the time of publication. Hiring decisions are made solely at
                                                                             the discretion of the organization posting the position.

At it’s April meeting, the                                                   City Credit Union: Vice President of Operations
Central Chapter of Missouri
credit unions hosted a                                                       City Credit Union (Independence) is seeking a Vice President
volunteer appreciation night to                                              of Operations to direct and monitor the credit union back
recognize the board members                                                  office and electronic services functions.
and Supervisory committee
                                                                             The ideal candidate will possess excellent communication
members of the chapter’s credit Don Cohenour (MCUA), Kathleen
                                                                             skills, have a background in accounting, and have the ability
unions. Board and committee         Wehmeyer (Employment Security),
                                    Steven Oppy (Employment Security),       to work in a fast paced environment.
members from five area credit       Judith Warson (Missouri Baptist), Rick
unions were presented framed        Clawson (Conservation Employees’),       Major responsibilities will include general ledger, balancing
certificates thanking them for      Dianna Silvester (First Financial),      the Missouri Corporate Accounts, ACH, Share Drafts, Debit
                                    David Hart Jr. (Employment Security),
their volunteer service. The 12     Cheryl Linhardt (Employment Security),   Cards, internal controls, policies, procedures, payroll, and
individuals honored represented Thomas Honich (Dist 5 Highway),              compliance.
                                    Joyce Becker (Employment Security),
67 years of experience with
                                    Kaye Stacy (District 5 Highway)          Five years similar or related experience required, a college
the longest term of service
                                                                             degree would be a plus.
performed by Judith Warson of
Missouri Baptist Credit Union with 16 years. Don Cohenour,                   City Credit Union offers a competitive salary and benefit
chief membership officer of the Missouri Credit Union                        package. Qualified applicants should send resume and salary
Association presented a program to the chapter on the top                    requirements to
ten reasons (ala David Letterman) that members volunteer
and what would be different in the credit union movement if
there weren’t volunteers. Cohenour finished the program with                 Resources Available for Financial
a challenge to the staff present on how to attract volunteers                Literacy Month
and keep them engaged. If your chapter hasn’t held a
volunteer appreciation in some time, consider this topic for                 Promoting financial literacy is important year-round —
your programming in 2011-12.                                                 especially with young members — to ensure they get started
                                                                             down the right financial path. CUNA offers many youth
                                                                             resources to keep young members connected all year long!
District Two Highway CU Helps                                                Here are just a few of the popular resources sure to engage
Send Teens to School                                                         youth members:

Five scholarship winners                                                     Googolplex® — Through your subscription you’ll gain
were announced on March                                                      access to three customizable, youth approved Web sites —
18, 2011, at the 57th annual                                                 each designed to appeal to a different age group.
meeting of the District                                                      Money Mix™ — Engage young adults with interactive
Two Highway Credit Union                                                     features, blogs, videos and articles on the topics most
(Macon). President Kay                                                       important to this generation.
Lucas presented each student
with a $500 scholarship at                                                   Guides to Independence™ — Educate teenagers about
its annual meeting, marking the 13th year the credit union                   money management with this series of 17 interactive, online
has helped teen members meet their dreams of continuing                      courses so they will use your products and services wisely.
their education. Winners were picked based on the essay
topic, “Describe What Membership in the District Two
Highway Credit Union Means to Me.” Consideration was
also given to their GPA, ACT scores and a required letter of
recommendation from a teacher or counselor. Essays were
graded by Kevin Shaw, Field Representative, Missouri Credit
Union Association, St. Louis, MO.
Make sense of your credit union’s finances                           Upcoming Events
You play an important role in your credit union, so shouldn’t        and Deadlines
you have a clear understanding of the key influencers that
                                                                     *All links connect to the MCUA
drive it? Attend the CUNA CU Finance for Non-Financial
                                                                     Events Calendar unless
Managers & Volunteers School, July 17-20 in Las Vegas,
                                                                     otherwise noted.
to cover credit union finance from the basics to the tough
analysis that is necessary for your credit union to succeed.         April                     “You Pick 3 Webinars” available
                                                                                               throughout the month
Plus, when you attend the four-day program, you’ll have an
                                                                     April 12                  Reg E Error Resolution Audio
opportunity to earn your CUNA Board Financial Literacy
                                                                     April 12                  Webinar: Firewall Compliance
CUNA Strategic Services to Present Seven Free                                                  Guidelines
Webinars in April                                                    April 12                  Webinar: Sprint Discount Program
                                                                     April 12                  Northeast Chapter Meeting
This month’s webinars offer learning opportunities for every
                                                                     April 13                  Webinar: Impaired Loans at the
credit union discipline — from marketing to lending to
operations to IT. Learn more and register.
                                                                     April 13                  Early bird deadline for “The Time to
Take the next step toward professional growth and                                              Market is Now!”
gain a position of executive leadership                              April 15-16               Supervisory Committee Conference
Entering its 57th year, CUNA Management School has a
well-earned reputation as an outstanding three-year executive        Links of Interest
education program that has prepared nearly 4,800 students.
                                                                     Credit Union Hot Topics
CUNA Management School has built dynamic leaders
through a rigorous blend of university classes and experiential      Missouri State Legislation
                                                                     National news and information at Credit Union National
CUNA Management School has scholarships available                    Association
for those attending July 10-22, 2011 at the University of
Wisconsin - Madison. Scholarship applications must be                If you’re looking for consumer information to place on your
submitted by April 15, 2011. See if you are eligible.                Website, check out NCUA’s
                                                                     RegWatch Comment Call on Managing Interest Rate Risk
                                                                     (Comment by May 23, 2011)
                                                                     RegWatch Comment Call on References to Credit Ratings in
                                                                     NCUA’s Regulations (Comment by April 19)
                                                                     RegWatch Comment Call on Department of Treasury’s
                                                                     Interim Final Rule and Request for Comments - Garnishment
                                                                     of Accounts Containing Federal Benefit Payments (Comment
                                                                     by May 2)

                                           Please send your comments, questions and story ideas to the MCUA Public/Legislative Affairs
                                           Department. E-mail: Toll-free number: (800) 392-3074. Fax: (314) 542-1312. The
                                           Missouri Difference is published each Friday by the Missouri Credit Union Association and is one
                                           of the many benefits of MCUA membership. Don’t miss a single bit of information. Sign up to receive
                                           weekly reminders for The Missouri Difference.
Make Strong Ties and Get Inspired
The Supervisory Committee as a
Leadership Position


Everything You Ever Wanted to Know
About Being on the Supervisory Committee

Protecting Your Personal Assets

The Phoenix Factor: Transforming
Challenges into the Foundation for

                                           {  Missouri Credit Union Association

                                            Supervisory Committee
                                                         April 15-17
                                                        Lake Ozarks

                                           Learn more and register online or e-mail
                                      If you have
                                                  questions, contact MCUA
                                            Education & Training at 888-800-6287.