ICUL League Directors Report
| | LEAGUE
Illinois Credit Union League January 2015
NCUA releases new
Risk-Based Capital Rule ("RBC2")
In case you were not already aware, the National Credit Union Administration (NCUA) at its January 15, 2015 board meeting released as expected its new proposed Risk-Based Capital (RBC2) rule.
At its meeting, the NCUA board passed by a 2-1 margin to put out a revised risk-based capital plan for credit unions for a 90-day comment period, which will begin when the proposal is published in the Federal Register. At 350 pages (700 pages of text) long, RBC2 is being thoroughly analyzed by CUNA and Illinois Credit Union League (ICUL) staff.
In summary, ICUL supports CUNA's conclusion that while positive changes have been made in NCUA's re-issued Risk-Based Capital proposal, RBC2 is not perfect in its current form. ICUL has issued its preliminary assessment of RBC2 along with a brief status of the key concerns our Illinois credit union members voiced in their comment letters on NCUA's initial RBC proposal.
The League will continue providing your credit union with analysis and details as this issue unfolds in the coming days and weeks. To help you further stay up-to-date, a webinar will be held on January 26 featuring Q&A with CUNA experts and Larry Fazio, NCUA Director of the Office of Examination and Insurance. Register by clicking here
If you have any questions on this issue, please contact ICUL Vice President of Regulatory Affairs Patrick Smith
at 217-744-1802, ICUL Assistant General Counsel Steve Haubner
at 630-983-3407, or Con O'Mahoney at 630-456-4389.
| | George Fiegle honored
for decades of service
On January 9, ICUL Service Corporation (LSC) EVP/COO George Fiegle was celebrated at a "Celebration of Service" reception held in his honor with many ICU System staff, board members, family, and friends in attendance.
George, who dedicated more than 28 years to LSC first as Vice President then as EVP/COO, a position he held since 1992, announced in December he would be stepping down from his role, effective January 2, 2015. "I have been here since 1986 and have been truly blessed to work in this industry where the end objective is truly serving and helping people," he said. At the reception, where he received a framed resolution in hand calligraphy highlighting his career, George was also acknowledged for his foundational role in the formation of, and service to, Services Credit Union during its 25-year history.
George may be stepping down, but he will continue serving LSC as a consultant to the CEO through 2015.
"We will always be grateful for George's skill and leadership," said ICUL CEO & President Sean Hession.
ICU Foundation establishes Commemorative Awards
The Illinois Credit Union League is establishing Commemorative Awards with the Illinois Credit Union Foundation commemorative awards to honor three long-time staff members: George Fiegle, Ron Culen and Joyce Jackson.
George worked on behalf of the Illinois credit union movement for more than 29 years, Ron served more than 38 years and Joyce over 25. These awards will be established in recognition of their outstanding leadership and service on behalf of the League, LSC and member credit unions. All three will be recognized at this year's Annual Convention.
If you, your credit union, or chapter would like to make a contribution in honor of George, Ron and/or Joyce, send a share draft made payable to the ICU Foundation with a notation which Tribute award(s) should be credited by listing the name(s) of the honoree(s).
You can also make a donation online using a credit card by clicking here
no later than March 15, 2015. Again, be sure to indicate George, Ron and/or Joyce when you make your gift so we know which fund(s) to credit. Or send your share draft to: Illinois Credit Union Foundation, PO Box 3107, Naperville, IL 60566-7107.
Please note, it is only necessary to send one check or make one credit card donation as long as you indicate which commemorative fund(s) to credit.
We believe this will be a really great way to celebrate their many accomplishments.
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Mortgage and real estate fraud is quickly becoming the most profitable of all organized criminal acts. Once the scam is realized, the finger pointing begins. Prevent this from happening on your watch by joining us for the Mortgage & Real Estate Fraud
QuickBites on January 21 (Session Code: 408
The CTR/SAR's QuickBites
on January 27 (Session Code: 409
) will review the specific information required to be included on CTRs and address specific issues regarding reportable transactions, joint account owners, multiple and aggregate transactions, and other common questions. For SARs, we'll review the required information, discuss activity and transactions, and review why the narrative is important.
Almost every credit union in today's marketplace is looking for loans. Now is the time to get those loans in your door. Join us for the Identifying Loan Opportunities QuickBites
on January 29 (Session Code: 411
) as we start by diagnosing just why you're not getting those loans.
Looking ahead to next month, if you have just started with IRAs or want a good review of IRA fundamentals, the IRA telecourse
on February 3 (Session Code: 418
) is for you. This program will prepare you to open, move and close IRAs and get all the paperwork right.
New and on-demand
for 2015 is H.B. 5342 - BOD & Supervisory Committee Training
. H.B. 5342 was initiated by the League to establish a framework for consistency and clarity in the credit union regulatory exam process and signed into law by Governor Quinn on July 24, 2014. One element of HB5342 requires that each credit union board director must understand the credit union's financial statements. The provisions also establish an annual training obligation for Supervisory Committee members, so they understand their statutory duties. Sign up for this important training today (Session Code: 670
On-going resources also include on demand training for the Bank Secrecy Act and Financial Exploitation of the Elderly. In addition, the audio archive of all QuickBites and telecourses is 60 days with paid registrations!
| | Important News
Does your credit union consider itself "Best in Class?"
Let ICUL help you tell your story!
Every day, credit unions provide outstanding service to their members and their communities. Now more than ever, the movement has a fantastic window of opportunity to share the story about their operation and good works with consumers, lawmakers, the media - and each other.
To that end, the Illinois Credit Union System will be launching a new "Best in Class" series and an online forum where the Illinois movement will be able to share their stories. To kick it off, we will be highlighting credit unions that provided year-end dividends to their members in 2014 via deposits to members' savings accounts and other ways.
Of several credit unions that we will call attention to and underscore in this new series will be CEFCU, which provided a record $40 million dividend - the largest in the history of the credit union and more than three times larger than its dividend to members in the prior year. In addition, over the last 15 years, CEFCU has returned $115 million in extraordinary dividends to members.
, CEFCU President/CEO, added, "CEFCU is a strong financial institution. Members handle their finances in an extremely responsible manner, which means the Credit Union has low loan losses. In addition, members are very loyal, and are committed to doing more of their business with CEFCU. As a member-owned financial institution, the Credit Union's staff and the volunteer Board of Directors work diligently to keep the best interest of member/owners at the forefront of every decision we make. When a credit union's business is even better than projected, members share in those benefits - which this year resulted in a $40 million Extraordinary Dividend! It's members' money, and that is what makes CEFCU not a bank. Better!
Be sure to watch for this new, recurring series in the near future and don't miss your opportunity
to be part of this new initiative! We are currently planning future topics. So if you have other great stories, and we know they're out there, you are urged to submit them today
to William Wille
ICUL PR Coordinator and be part of the conversation!
Thank you again for your participation!
CALL FOR ENTRIES:
Annual Spirit of Service Award Competition
Wouldn't you agree that it is important to recognize people who go the extra mile for credit unions? Certainly, those who create a living example of the movement's "people helping people" philosophy help credit unions grow and thrive.
To that end, the Illinois Credit Union League is proud to sponsor the Annual Spirit of Service Awards to recognize one outstanding volunteer and one outstanding employee within the Illinois credit union movement.
We strongly encourage you to look within your own credit union for deserving individuals who embody the spirit of credit unions. Nominations are due by February 27.
Dates, Events and Other Items...
Legislative Day and Reception/golf outing dates announced. Please mark your calendar to attend the League's annual Legislative Day event and reception, which is scheduled for May 5 in Springfield. In addition, the 5th annual CUPAC Springfield golf outing is again being held prior to Legislative Day on Monday, May 4. Complete details for these events will be forthcoming, but for now, please mark these dates in your calendar.
Start making plans to attend 2015 Convention!
Plans are rapidly coming together for the League's 85th Annual Convention in Schaumburg. The theme of the Convention will be "Recipe for Success!" This premiere educational event will be held April 16-18, 2015. Watch your mail and the League's Web site for updates in the coming weeks for all the details.
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Illinois Credit Union League
1807 W. Diehl Rd. Naperville, IL 60563 225 S. College, Suite 200, Springfield, IL 62704
(800) 942-7124 http://www.iculeague.org
Our Mission: To Serve You