President’s Message Throughout the first year of the League of Southeastern Credit Unions & Affiliates, we have worked diligently to provide your credit union with the products and services it needs to prosper as well as advocate for a legislative and regulatory environment that will allow credit unions to compete in today’s ever changing financial marketplace. During the consolidation process, we promised to be a more efficient and effective League, always mindful of how we spend your dues dollars and never taking your membership for granted. League staff is working hard every day to demonstrate to your credit union the value of affiliation. As credit unions face an increasing number of challenges, it has never been more important that we speak with one unified voice through cooperation and unity. Your active participation as a member of the LSCU and CUNA is vital to the long-term success and strength of the credit union movement. Together, we can ensure an optimum environment for credit unions and secure our place within the financial services industry. In June, we asked for your feedback on how the new LSCU was progressing after just six short months since consolidation. Of those credit unions that responded, 88 percent said they are satisfied with the new League and believe we are on the right track. On the following pages, we document some of our 2010 accomplishments on your behalf and look forward to your affiliation in 2011.
Patrick La Pine President/CEO League of Southeastern Credit Unions
“In addition to the wide array of training and networking opportunities, League affiliation also gives our credit union a powerful legislative voice at both the state and national levels to address issues important to our members. The League’s ability to negotiate discounts on products and services based on aggregating business from its affiliates is also a valuable benefit.” Shane Nobbley, CEO Family Security Credit Union Decatur, AL
Advocacy Representing 309 credit unions with $57 billion in assets and 6.3 million members enables the LSCU to tell our credit union story with a strong, unified voice, commanding attention in Washington D.C., Montgomery, and Tallahassee. The LSCU is able to convey the “Credit Union Difference” to lawmakers in a powerful, collective message that allows the League to advocate positive change for the credit union industry. The Governmental Affairs department focuses on legislative, grassroots, political and regulatory advocacy. Key activities in 2010 included: • Reconstituting the Governmental Affairs Committee, with representatives from each chapter plus at-large “The League’s emphasis on advocacy representatives to assess and address efforts has been greatly appreciated. the state and federal legislative issues There has been a freedom to share facing credit unions abundant information about the status • Facilitating 11 legislative events in Florida of important issues that would impact and 10 legislative events in Alabama, in our credit union. That information has conjunction with Chapters and credit unions been very beneficial in helping us to • Conducting multiple Hike-the-Hills in decide the appropriate action to take Washington, D.C. toward our desired outcomes.” • Holding 37 face-to-face meetings with members of Congress, 14 with Brad Green, President Alabama lawmakers and 23 with Florida lawmakers Listerhill Credit Union • Developing candidate surveys and report cards on key legislative issues Muscle Shoals, AL • Developing federal and state Voter’s Guides • Restructuring the LSCU Federal PAC, allowing both AL and FL participation • Developed and strengthened relationships with state and federal regulators, while providing opportunities for credit union interaction with regulatory agencies (NCUA, ACUA and OFR) • Provide free regulatory and compliance resources, League InfoSight, that also includes model policies and weekly newsletter • Strengthening the content of League InfoSight; increasing usage by 251% in AL and 30% in FL • Distributing Custom Performance Reports on a quarterly basis to help credit unions and boards gain a better understanding of their financial picture • Staffing a Compliance Helpline to offer ongoing assistance to credit unions • Distributed summaries and explanations of all major regulatory proposals and final regulations “Advocacy is the most important role for LSCU and CUNA. Our collective voice is so much stronger than the voice of the individual credit union. It takes all credit unions working together to make it happen. The League of Southeastern Credit Unions and CUNA give us that avenue for cooperation.” Jan Page, President/CEO, Community South Credit Union, Chipley, FL
Education & Training The LSCU’s expanded educational offerings provide the timely, relevant training credit union staff and volunteers need to perform in their positions more efficiently and effectively. Utilizing the best industry resources and speakers, the LSCU Education Department trained more than 1,200 credit union staff and volunteers in 2010. The education and training calendar included:
• Conferences & Workshops – enabling credit union professionals to learn about the latest topics and trends from renowned industry experts. Topics included: Lending, Bank Secrecy Act, Bankruptcy & Collections, IRAs, Trust Accounts, Marketing, Regulatory Compliance, Asset Liability Management, and more. • Premier Networking Event – the LSCU Annual Convention & Exposition (AC&E) provided the more than 1,100 attendees a number of high quality speakers and timely education sessions from industry leaders. The exhibit hall was sold out with more than 130 exhibiting companies. In its first year, the AC&E quickly became one of the premier credit union Conventions in the country. • Distance Learning – provided a flexible learning experience for credit union professionals who wanted quality training but did not have the time or ability to travel. Through the use of webinars and audio conferences, the LSCU was able to offer a variety of opportunities, particularly as hot topics came onto the credit union radar. Additionally, through our partnership with the Credit Union National Association’s (CUNA) Center for Professional Development (CPD), LSCU member credit unions had access to hundreds of online educational offerings. • Leadership Councils – were designed to provide credit union professionals with peer-to-peer networking opportunities, discuss key issues in their areas of concentration, share best practices, and hear from industry experts. In 2010, the Councils were expanded into Alabama, bringing the networking and learning to a broader audience and receiving a warm welcome.
Communications that Inform When the LSCU officially debuted on January 4, 2010, a new website, www.lscu.coop, was launched. The state-of-the-art website offers constantly updated information as well as valuable resources such as key legislation summaries, an education calendar, chapter events calendar, and an archive for the Leagueâ€™s publications. The website also houses two new communications channels for the League: video and audio podcasts. So far, the website has been seen by more than 70,000 visitors with more than 225,000 pages viewed.
â€œI would have to say that any credit union that does not stop and look at
www.lscu.coop is missing the boat. There is a lot of good information and services that might just save a credit union a lot of money toward their bottom line.â€? Dan Jones, President/CEO, Metro North Federal Credit Union, Jacksonville, FL Proactive media relations efforts have put Alabama and Florida credit unions in front of more than two million readers and viewers by placing more than 60 stories in the mainstream and credit union press. Communications also conducted the Southeastern Credit Union Compensation Report and, in turn, as a member benefit, distributed the results back to credit unions for taking part in the survey. In 2010, the Communications Team also debuted two new publications and a cooperative advertising program: â€˘ Readership of eSignal, the weekly electronic newsletter, has doubled since January â€˘ Signal, the Leagueâ€™s signature publication, offers in-depth Make A Differen ce: VOTE information on topics important to credit unions; four editions have LF P U R AN Q KR (FR been published in 2010 /A? â€˘ The LSCU Statewide Image Campaign Task Force is developing a 2011 Image Campaign. The goal is to increase credit union membership, explain the credit union difference, and show that credit unions are unique and modern. The campaign will center on the tagline below: 7KH0DJ
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â€œI have been very impressed with the new communication channels
implemented by LSCU. I find the information very relevant and timely.â€? Lary McCants, President/CEO, IBM Southeast Employees Federal Credit Union, Boca Raton, FL
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Enhanced Cooperative Initiatives The LSCU’s Cooperative Initiatives area allows the LSCU to maintain stronger member relations with credit unions and chapters. The League has always been a catalyst for cooperative activities, and our job is to help members be leaders in their communities and help them differentiate their credit union from other financial institutions. Housed within the Cooperative Initiatives Department are member relations, small asset size (SAS) credit union development and support, chapter support, foundations, financial education, and the League’s International partnership with Costa Rica.
“I am extremely happy with the merger of both Leagues. We are a small asset
size credit union and I feel this League truly cares about the small credit unions, our needs, and our survival. LSCU has led me to many tools, support systems, and services that I did not know existed, which are free or affordable.” Debbie Woodson, CEO, Financial Educators Federal Credit Union, Daytona Beach, FL • Through the member relations program, the LSCU management team and cooperative initiatives team made 558 contacts with credit unions in 2010 • Developed a service plan tailored to the needs of credit unions under $35 million in assets, which includes a comprehensive assessment of operations, member services, and financial performance • Offered an SAS initiatives account, providing a $400 credit for any LSCU or CUNA product or service to all affiliates under $35 million • Conducted over 200 face-to-face meetings with SAS credit unions in 2010 • Held Chapters Leader Retreat to explore ways to tie the Chapters into the League’s priorities • Developed strategic plan to consolidate three foundations • Awarded 23 scholarships to credit union professionals for a total of $29,808 and awarded 33 scholarships to high school seniors for a total of $49,500 • Received a $16,750 grant from the National Credit Union Foundation to develop a prize-based savings program for launch in 2011 • Coordinated visit to Costa Rica that included meetings with the President of Costa Rica, President of the General Legislative Assembly, members of the Legislative Assembly, the Costa Rican League, and credit unions • The LSCU has placed a greater commitment on raising money for the Children’s Miracle Network (CMN) • In June, the LSCU raised $27,000 for CMN at the AC&E
“Having a ‘HELPER,’ if you will, that gives you insight and information on ALL
upcoming financial regulations helps you prepare. Having a group of individuals that you are able to call by name makes all the difference in the world when you need help.” Sylvia Davis, Manager, TVH Federal Credit Union, Tuskegee, AL
Expanded Business Solutions As the Service Corporation for LSCU, LEVERAGE’s expanded suite of business solutions provides credit unions with access to best-in-class and cost-effective solutions. LEVERAGE’s success helps subsidize the League. For every product purchased through LEVERAGE, the League is able to offer more services. We focus on: • Leveraging buying power to reduce costs • Leveraging resources to maximize financial results • Leveraging industry knowledge and research to provide access to best-in-class solutions • Leveraging relationships to connect innovative credit union service providers with credit union executives Credit unions are saving money, earning additional revenue, and better serving members by using a number of products and services offered by LEVERAGE, as well as receiving additional services from the League.
Volume Discounts Credit unions across the nation saved over $1 million on more than just office supplies in 2010 by participating in the Business Services Division Program with our national partner Office Depot. This program provides easyto-use group discount buying on promotional products, furniture, break room supplies, and much more.
Strategic Buying Credit unions participating in the Ventelligence ePurchasing Program have saved more than $500,000, with an average of 22% savings, by encouraging vendors to compete against one another in a live online auction bidding event. This competitive environment forces vendors to provide the lowest price for their services if they want to win a contract with a credit union. ePurchasing has become an ideal platform to automate the purchasing process and provide credit union management with the functionality to collect and analyze vendor information, including a comparison of vendors on pricing and commodity functionality. Ventelligence also works side by side with credit unions to develop and maintain contract management functionality and third party vendor relationships, in accordance with NCUA guidelines.
Additional Revenue Generation Credit unions that participated in the Sprint Program earned additional revenue of more than $350,000 in 2010. The benefits of the Sprint Program brings meaningful income to credit unions who offer the program. With no time intensive training required, this easy-to-implement mplement program allows credit unions to sit back while the additional revenue sprints through the door.
Streamlined Processes Credit unions using the CU AutoNet Remarketing Program ram experience an average liquidation cycle of less than 30 days, an average of 12% 2% higher return per vehicle, and a reduction in administrative costs. Partnered with multiple ple national companies, CU AutoNet offers a variety of channels to liquidate vehicles quicklyy and efficiently so that the credit union’s exposure to loss is reduced and staff can focuss on revenue-generating tasks. As new products and services are being researched, our team eam focuses on not only what will make processes more streamlined and easier to manage, but also what will have the most impact on the bottom line. For more information, visit www.myleverage.com.
For more information, contact Laura Vann, VP of Cooperative Initiatives, at x2181 or email@example.com. 866.321.0545 | www.lscu.coop