The Point: June 14, 2013

Editor's Note: Additional Convention highlights will be featured in Monday's issue of The Point. Have a great weekend!

Convention attendees enjoy networking, competition, fundraising

Convention kicked off at The Sagamore Resort yesterday with an entertaining mix of networking, competition and fundraising. The first event took place on the Sagamore Golf Course, where more than 60 golfers gathered for day one of the CUNA Mutual Group Golf Tournament to benefit the New York Credit Union Foundation (NYCUF).

After registering and collecting their Convention bags full of resources and souvenirs, the attendees headed to the EXPO for a Welcome Reception with cocktails, dinner and three hours of networking. Surrounding them were 68 booths featuring the industry's leading vendors-along with chances to win great prizes like electronics, appliances and gift cards.

During the Welcome Reception, attendees also visited the Wine Pull to benefit the Children's Miracle Network Hospitals that serve New York. After donating a minimum of $20 to the cause, supporters chose wrapped "mystery" bottles of the wine. In less than 30 minutes, the group pulled more than 200 bottles of wine and raised a total of $22,000 after a match from CO-OP Financial Services' Miracle Match program.

This morning, the excitement will continue with opening ceremonies, individual award presentations and presentations on the economy and leadership from featured speakers Mike Schenk, VP of economics & statistics with CUNA, and Dr. Lance Secretan, leadership expert and author.

Later today, attendees will have additional EXPO networking opportunities, followed by education sessions, Bingo to benefit the state-level Credit Union Political Action Committee (CUPAC), a special reception to honor outgoing Association Chairman Lou Jimenez and a Cheers and Beers event with the Association's Young Professionals Commission.

CU bills advance in Assembly

Two pro-credit union bills were passed by the NYS Assembly Banks Committee yesterday: A.7198, which would create a Credit Union State Funds Deposit Program in New York State; and A.7371, which would allow credit unions and other financial institutions to establish prize-linked savings accounts.

A.7198, introduced by Assemblyman Robert Rodriguez (D-Metropolitan), will now go to the Assembly Ways & Means Committee. Its companion bill, introduced by Sen. George Maziarz (R-Niagara), has been reported to the Senate Finance Committee.

A.7341, introduced by Assemblywoman Annette Robinson (D-Metropolitan), will now go to the Assembly Rules Committee. Its companion bill, introduced by Sen. Andrew Lanza (R-Metropolitan), was passed by the Senate earlier this week.

Senate Finance Committee's ‘tax options' paper notes CUs

Threats on the credit union tax status continue, most recently with a "tax options" paper on exempt organizations released by the Senate Finance Committee yesterday. The paper includes the elimination of the credit union tax status as a reform option.

The options paper is the sixth to be released by the committee in recent months. It follows papers on simplifying the tax system for families and businesses, business investment and innovation, infrastructure, international competitiveness and economic development.

Also of note in the tax policy discussions, it has been widely reported that key Republicans in the House vowed to take this "once in a generation" opportunity to execute tax policy reforms while speaking at a recent seminar sponsored by law firm BakerHostetler, the Federal Policy Group and the Yale Club of Washington.

Meanwhile, credit unions continue to take a proactive advocacy approach with the national Don't Tax My Credit Union campaign. Launched by CUNA and supported by state associations/leagues nationwide, the campaign calls on credit unions and their members to send a clear message to Congress: Don't tax my credit union!

Advocates can join the campaign and contact their legislators by visiting the Don't Tax My Credit Union website. To date, more than 80,000 contacts have been made to legislators through the campaign.

Credit unions can also build awareness using CUNA's tax advocacy toolkit (member log in required).

Utica-Rome CUs invited to golf for NYCUF

Credit unionists in the Utica-Rome Chapter can enjoy a day of golf and support the New York Credit Union Foundation (NYCUF) during the chapter's scramble tournament June 24.

The event will be held at Valley View Municipal Golf Course in Utica. Registration begins at 9 a.m., followed by a shotgun start at 10 a.m. All proceeds will benefit NYCUF.

For more information, visit the Credit Union Association of New York's Events & Education calendar.

CUNA's May/June CompBlog Wrap-Up now available

Key credit union questions regarding the Electronic Signatures in Global and National Commerce (ESIGN) Act are answered in the May/June edition of CUNA's CompBlog Wrap-Up. The publication is now available on CUNA's website (member log in required).

ESIGN imposes special requirements on businesses that use electronic records or signatures in consumer transactions. Specifically, it requires certain disclosures to be provided to consumers before an electronic document can be "signed" online or an electronic transaction can be completed.

The May/June Wrap-Up also covers:

  • the newest developments in the CFPB's ongoing mortgage revision work;
  • new CFPB compliance resources;
  • the Financial Crimes Enforcement Network's latest information for financial institutions;
  • upcoming effective dates of new regulations;
  • important compliance articles and reports; and
  • upcoming CUNA training programs.


Helpful Links

CUNA News Now

Don't Tax My Credit Union Website

CUNA Tax Exemption Advocacy Toolkit (CUNA member log-in/ registration required.)

CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)

CUNA Legislative Update (CUNA member log-in/registration required.)

Events & Education Calendar

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