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FLORIDACREDIT UNION NEWSCREDIT UNIONS:Uniquely positionedto thrive despiteeconomy.Page 3View online at www.fcul.org!Just click Florida Credit Union League,then News Room, then Publications.FEATURED INSIDE:PRESIDENT’S MESSAGE 3GOVERNMENTAL AFFAIRS 6COMPLIANCE Q&A 9LEAGUE NEWS 12Spring 2008 • Vol. 4 • No. 1

CONTENTSFlorida Credit Union LeagueBoard of DirectorsJohn D. Hirabayashi, ChairmanCategory DCommunity First CU of FloridaRichard Helber, Chairman-electCategory DGTE FCUChris Brooks, TreasurerAt Large DirectorGulf Winds FCUBrent E. Lister, SecretaryCategory CFirst Florida CUMary Wood, CCUE, Executive Officer at LargeCategory BFlorida West Coast CUJim TaylorDistrict #3 DirectorSCORE FCUJace ReyesDistrict #7 DirectorMiami Postal Service CUTim BaldwinAt Large DirectorSan Antonio Citizens FCUBill DeMareCategory BBay Gulf CUKevin Johnson, CCUEAt Large DirectorSuncoast Schools FCUDan JonesCategory AMetro North FCUTerry W. JonesCategory CTampa Bay FCUGeorge JosephCategory DDade County FCUFLORIDACREDIT UNION NEWSFEATURES3 PRESIDENT’S COLUMN4 FEATURE ARTICLE6 GOVERNMENTAL AFFAIRS7 COMPLIANCE Q&A8 LEGAL AFFAIRS9 CHAPTER CORNER10 HUMAN RESOURCES11 LEADERSHIP12 LEAGUE NEWS18 EDUCATIONScott A. MeyerCategory AFlorida Transportation CUAnice Prosser, CCUE, SPHRCategory CEnvision CUThomas L. Randle, Jr., CCUECategory BSarasota Coastal CUDeborah S. Seymour, CCUECategory AMulti Media FCUThe Florida Credit Union News is a quarterly publication of the Florida Credit Union League(www.fcul.org). Members may view this publication online at www.fcul.org by clicking FloridaCredit Union League, then News Room, then Publications, The Florida Credit Union Leaguereserves the right to edit all submissions. The League does not take responsibility for thereturn of unsolicited materials. For more information, contact Editor Amy Jowers at amy.jowers@fcul.org.President: Guy M. HoodVP of Communications and Managing Editor: Amy Jowers2 FLORIDA CREDIT UNION NEWS

PRESIDENT’S COLUMNIt’s not just the bankersWell, as we’ve come to find out recently, it isn’talways the bankers we have to look out for when itcomes to protecting the state of credit unions. As I’msure you have already heard, the U.S. Departmentof Treasury has released a proposal that would bedetrimental to the credit union movement. TreasurySecretary Henry Paulson unveiled the Blueprintfor a Modernized Financial Regulatory System,a proposal that calls for a long-term strategy thatwould potentially eliminate separate charters forcredit unions, banks, and thrifts and combine theirregulation, resulting in the demise of credit unions asthey function today.Since the blueprint was leaked to the media,CUNA has been on top of this, letting SecretaryPaulson know that we strongly oppose thisrecommendation because, not only would it severelylimit the choices consumers have for a financialinstitution, it would totally disregard credit unions’democratic and member-owned structure and thebenefits our members and potential members receivefrom better rates and service. It also contains a swipeat the state charter system since the document statesthat a credit union or bank will have to be a federallycharteredentity in order to be federally insured. Thiswould wipe out the state charter system.CUNA President/CEO Dan Mica held aconference call with all state league staff in whichhe shared his belief that the blueprint does not haveany legs at all and that Congress “has no appetite”for this. Mica does feel, however, it is a legitimateconcern but that we shouldn’t put Congress on fullalert just yet with CURIA/CURRA in the pipeline.With that said, I’m asking you to be on “standby” when, and if, there comes a need to act. Rightnow, Secretary Paulson is receiving some backlashfor this part of the proposal. Several Members ofCongress have written letters reassuring CUNA thatthey are “against the elimination of the credit unioncharter and the independent federal credit unionregulator” and “that the U.S. Congress appreciatesthe role credit unions play in the country’s financialservices system.”In a letter to Mica, House Financial ServicesCommittee Chairman Barney Frank reiterated hiscommitment to expanding the credit union movement,noting that “expansion and not contraction” of creditunions will be on the agenda of the financial servicescommittee in the future. Chairman Frank also makesit clear in his note that he is “completely opposed” toprovisions in the Treasury’s “blueprint” for financialinstitution regulatory reform that would “in effectabolish credit unions.”Your League has called on the Board of Directorsand Governmental Affairs Committee members towrite letters to the Treasury opposing this provision. Iam hopeful that there will be no need for us to engageany further in this fight; however, I know I can counton you to be there if action is needed. We must remainever so vigilant when it comes to representing, andprotecting, the credit union system.Guy M. HoodPresident/CEOSpring 2008 3

FEATURE ARTICLECREDIT UNIONS:Uniquely positioned to thrive desby Gregory Wirthmann, CFA, SVP ChieThe economy and the financial markets have undergone dramatic changeover the course of the last twelve months. Just a year ago, the economyappeared poised for future growth. In January 2007, the economy had justcompleted a 2.1 percent annualized increase in the gross domestic productand the nation experienced a 126,000 increase in jobs. This year, we arefaced with the most recent quarter having produced a paltry 0.6 percent risein gross domestic product growth and a loss of 17,000 jobs in the month ofJanuary. In fact several of the measures that the National Bureau of EconomicResearch uses in defining a recession have indicated that the country mayalready have entered one.In conjunction with the economy’s deteriorating performance hasbeen the dislocation in the credit markets. While this may have begun withmortgage related securities, it subsequently spread to other non Treasuryinstruments as well. For example, the debentures of government sponsoredenterprises (GSEs) are now trading at significantly higher yield premiumsrelative to Treasury instruments than they had this time last year. Two yearGSE issues are now trading at 73 basis points above the comparable Treasury,nearly three times their spread this time last year.Credit unions have not been immune to the deterioration in economicconditions as many have had to deal with rising delinquencies and chargeoffs.Over a dozen credit unions nationally have incurred net losses in excessof $1.0 million during 2007, and 2008 does not appear to be able to provideany relief. Creditunions in Floridaappear to have beendisproportionatelyadversely affecteddue to exceptionaldeterioration in thestate’s real estatemarket. In fact,of the 20 citiescomprising theGreg Wirthmann, CFA, SVP Chief Investment Offi cer,Southeast CorporateS&P/Case Shillerhome price index,the worst performerover the last yearhas been Miami,with Tampa not farbehind.Despite this horrendous operatingenvironment for credit unions, they remain wellpositioned to survive based on their near recordlevel of reserves. In fact, relative to other financialinstitutions, credit unions actually have fairlypristine asset quality and are well capitalized. Arecent Wall Street Journal report indicated thatcredit unions have aided those borrowers withless than stellar credit that have seen financingoptions evaporate at other institutions. Therefore,because of their still strong financial condition,credit unions currently have the opportunity tocontinue to carry out their mission of helpingpeople. Credit unions are positioned to not justsurvive but to thrive in this environment.What can credit union managers expect in thenear future? A highly likely outcome of the currenteconomic slowdown is a steeper yield curve,which generally benefits all financial institutions,including credit unions. A steepening yield curveis a common occurrence in recessionary periods,as the Federal Reserve generally pushes shortterminterest rates lower in an attempt to forestallsignificant damage to the overall economy. Asteep yield curve is generally a positive factor forcredit unions, providing the opportunity to lend(or invest) for a longer period at higher yields,while funding themselves at comparatively lowershort-term rates. While the potential value of theFederal Reserve’s current attempt to stimulate theeconomy is unclear, the benefits to a credit union’sinvestment portfolio are much more apparent.In attempting to forecast the actions of theFederal Reserve’s monetary policymakers, weexamine their behavior during the United States’last two recessions due to the fact that previousrecessions occurred under significantly differentmonetary policy regimes. Over the course of thepast two recessions, curve steepness (as measuredby the difference between the yield on the six4 FLORIDA CREDIT UNION NEWS

FEATURE ARTICLEpite economyf Investment Officer, Southeast CorporateFYI ...Investment terms definedmonth Treasury bill and the five year Treasury note)exceeded 170 basis points (1.70 percent) by thetime the recession had run its course. The current70 bps spread indicates the strong likelihood thatshort-term rates have further to fall, a view sharedby many in the investment community. It istherefore prudent to extend asset duration fartherout the curve in anticipation of increased netinterest margins as overnight sensitive liabilitiesre-price lower along with the Federal Reserve’slikely course of aggressive easing.While extending asset duration, credit unionsshould still be mindful of the heightened liquidityrisk in this environment and manage accordingly.Most notably, credit unions should carefullyconsider the level of liquidity required for dailyoperating needs. A credit union should monitorits historical needs and the ebb and flow of itsfunding. At Southeast we compute a monthlyaverage of our short-term deposits and also astandard deviation in order to create a confidenceinterval of the available liquidity.Additionally, credit unions should ensurethat they have ample external liquidity sourcesshould the need arise. Some examples includecredit facilities from other financial institutions,non-member deposits, and, potentially, the sale ofearning asset. It is also suggested that credit unionsconsider the process they would undertake if theyfind themselves needing additional funding. Itwould be beneficial to consider the prioritizationof an external funding source, considering boththe pricing as well as the speed and ease of access.To reiterate, despite the difficult operatingenvironment that all financial institutionsfind themselves in, credit unions are uniquelypositioned to continue to thrive over the nextseveral quarters and the foreseeable future.Several generally obscure investment terms have garnered thespotlight of the mainstream media lately due to the recent marketdislocation. Because these terms had generally been referencedinfrequently in the credit union system, it might be helpful toprovide definitions of several of these terms.Market Dislocation: Might as well start here since we hear this terma lot these days. This is not a strictly financial or economic term, butmore of a slang term used to describe a disorderly market. Simplystated, market dislocation refers to the poor liquidity and thereforepricing that one finds in valuing or attempting to trade securities,often leading to worse pricing than a security’s fundamentalswould dictate. Ultimately the dislocation references a lack of anagreed upon price point between buyers and sellers, leading toopaque pricing.Auction Rate Securities (ARS): These are securities with a longstated maturity which have their interest rates re-set frequentlythrough a Dutch auction process, making the securities look muchmore like a money market security. The Dutch auction processallows competitive bidding to occur in which progressive bids areaccumulated from lowest to highest to fill an order. The last order tobuy that matches the last of the sell orders establishes the winningrate. This new rate will then apply to all investors for a particularissue until the next auction date. The auction cycle occurs on aregularly scheduled basis usually every 28 to 35 days. The ARSmarket is undergoing significant turmoil because of the market’sreliance on the “backstop” bid generally provided by the broker/dealer who brought the security to market. As the large brokershave been forced to deal with other issues, they have declined tooffer bids for the securities leading to many failed auctions. Theparticipation of the sponsoring broker/dealer in helping an auctionclear was generally assumed by most investors.Unrealized Loss: An unrealized loss refers to a decline in the valueof a security which has not been sold, hence the loss has not beenyet been incurred in real terms. In the case of a debt instrument,Continued on page 17Spring 2008 5

GOVERNMENTAL AFFAIRSFrom AlettaBy Aletta Shutes, FCUL Executive Vice PresidentAletta ShutesThe cable news shows are at a fevered pitch asthe dozen or so candidates seeking the Presidencybegin to pick up the pace in their campaigns. Politicswill be center stage during 2008 and that meansthat once again credit unions will be asked to playa role in selecting the candidates who will serve inthe White House, Congress, and the Legislature. Itpromises to be a very active and energetic politicalyear.Fortunately, in 2004, credit unions werein a very favorable position with the support ofthe continuation of the credit union federal taxexemption being part of both George Bush’s andJohn Kerry’s campaigns. Will we enjoy similarsupport from both major party nominees in 2008?Well, it’s a little hard to predict that at this point.But, we will find that out and let you know who youcan count on if they get elected president.The entire membership of the U.S. House anda third of the U.S. Senate is up for election, as usual.Most political pundits, at this time, are suggestingthat the Democrats will expand their majoritiesin both houses. Assuming that is true, then creditunions already know what type of leaders that theywill be dealing with in the Congress. As I write thiscolumn more than 130 congressmen have signedon as co-sponsors of the Credit Union RegulatoryImprovement Act (CURIA). We are still hopeful ofseeing some action soon on this bill that would helpgive credit unions the tools necessary to providingfirst-class financial services to their members.The only fly in the ointment with the currentleadership, at least in the House of Representatives,is Congressman Barney Frank’s (D-Mass) thought ofconducting hearings on bringing some CommunityReinvestment Act regulations on credit unions.We’ll see how that goes.In Tallahassee, most experts don’t foresee achange in leadership in either house of the legislature.Republicans currently enjoy solid majorities,and unless there is a dramatic reversal of politicalfortunes, we can probably look forward to the GOPcontinuing to lead the Florida Legislature. But, hereagain, it is important to make sure that credit unionscontinue to support their legislators, no matter whatparty, that stand up for credit unions.Your involvement is very important in thepolitical arena. We count on your help in severalways, and so far, you have gone above and beyond,especially representing credit unions in Washington,D.C. and in Florida.More than 200 Florida credit unionrepresentatives traveled to Washington D.C. in Marchto attend the Credit Union National Association’s2008 Governmental Affairs Conference. This wasa record crowd for Florida, creating an even greaterimpact on Capitol Hill.Establishing relationships with members of theFlorida Legislature is another way we count on youto spread the credit union word. More than 100credit union volunteers and staff were in attendanceat the 2008 Florida Credit Union League LegislativeSummit and BBQ, held in Tallahassee, also inMarch. Again, I would like to thank Envision CreditUnion for again hosting the BBQ and SoutheastCorporate FCU for sponsoring the meal by CowboyGrillWorks!But, most of all, we urge you to contribute to theCredit Union Political Action Committee (CUPAC).It is through CUPAC that we make our voices heardloud and clear to all the candidates seeking our votesand support. CUPAC has made credit unions majorplayers on the political scene and it could not havehappened without your very strong support.6 FLORIDA CREDIT UNION NEWS

COMPLIANCE Q&ACompliance CornerBy Bill Berg, CCUE, CUCE, FCUL VP of ComplianceBill BergIf you havequestions onadditional topics,visit InfoSight atwww.fcul.org, call800.342.1266,or 850.576.8171ext. 1028, fax to850.558.1029, oremail billb@fcul.org.Q: With the new interagency “red flag”regulations and guidelines, do we need to startfrom scratch or can we incorporate our currentfraud prevention procedures into ID theftprevention programs?A: When appropriate, credit unions may incorporateexisting fraud prevention policies and procedures intoits ID Theft Prevention Program.The National Credit Union Administration(NCUA), Federal Trade Commission (FTC) and thefederal banking agencies issued final guidelines andregulations to implement Section 114 of the Fair andAccurate Credit Transaction Act (FACTA).Section 114 defines the identity theft “red flags,”and in this case:• NCUA’s regulations will apply to federal creditunions;• FTC’s regulations will apply to state-charteredcredit unions.The rules are substantially similar and have amandatory compliance date of November 1, 2008.The interagency “red flag” regulations requireinstitutions to develop and implement a written“Identity Theft Prevention Program,” which isdesigned to “detect, prevent, and mitigate identitytheft in connection with the opening of a coveredaccount or any existing covered account.”The regulation defines covered accounts as:• Offered or maintained primarily for personal,family, or household purposes that involveor are designed to permit multiple paymentsor transactions such as a credit card account,mortgage, loan, automobile loan, checkingaccount or share account; and• Any other account the credit union offersor maintains for which there is a reasonablyforeseeable risk to members or to the safety andsoundness of the federal credit union from IDtheft, including financial, operational, compliance,reputation, or litigation risks.The regulations’ accompanying guidelines makeclear that a credit union may incorporate existingfraud prevention policies and procedures into the IDTheft Prevention Program, as appropriate.According to the supplemental information,this will avoid duplication and allow credit unionsto benefit from existing policies and procedures.However, the credit union may only incorporateexisting policies, procedures, and arrangements thatcontrol reasonable foreseeable risks to members orto the safety and soundness of the credit union fromidentity theft.Q: Do our members incur tax liability if weforgive a portion of the mortgage debt?A: In certain circumstances, the answer will be no.The Mortgage Forgiveness Debt Relief Act of 2007became Public Law (PL) number 110-142 when theact, was signed into law December 20, 2007. Thislaw is intended to provide temporary tax relief tohomeowners who might lose their home to foreclosureor who negotiate a loan modification.Previously under our tax code, if a lender(voluntarily or involuntarily) forgave a portion of aborrower’s mortgage debt, the forgiven amount hadto be treated as taxable income. Credit unions andother lenders had to file Form 1099-C, “Cancellationof Debt,” to report to the IRS any debt of $600 ormore, cancelled or forgiven.The new law allows the discharge of indebtednesson loans up to $2 million and secured by the borrower’sprincipal residence not to trigger federal incometaxation. PL 110-142 covers only discharges madebetween January 1, 2007 and December 31, 2009.1099-C filing requirements have not disappearedfor other types of debts that are not fully repaid.We expect, in the future, to receive guidancefrom the IRS on how to handle information returnsduring this temporary period.For upcoming compliance education andtraining as well as other League complianceresources, see page 19.Spring 2008 7

LEGAL AFFAIRSUBIT: The saga continues!By Andrew Price, FCUL Director of Legal AffairsAs many of you are aware, on January 15,2008, in Wisconsin, Community First Credit Unionin Wisconsin (not to be confused with our ownCommunity First here in Florida) filed suit against theIRS for a refund of taxes paid on activities that theIRS determined were “unrelated” to the credit unionstax-exempt purpose and function. Thus began a newchapter in the UBIT saga.The complaint in the Community case isbasically seeking a refund of taxes paid in connectionwith Credit Life and Credit Disability Insurance andGuaranteed Auto Protection (GAP) Insurance. Theyhave requested a jury trial. It is likely that this case willtake between 1 and 2 years to wind its way throughthe court system. We do not have any predictions as tothe outcome; however, we believe that there are soundarguments to be made on behalf of the credit unionin this case. We are also expecting other law suits tofollow by other credit unions in the coming months.The date on which the complaint was filed justhappen to coincide with the League’s UBIT conferencein Orlando. The League was fortunate enough to havemembers of the UBIT Steering Committee speak toour credit unions on this developing topic. The UBITSteering Committee is comprised of representativesfrom CUNA Mutual Group, CUNA & Affiliates,AACUL, and NASCUS, speak to Florida’s creditunions. Larry Blanchard, SVP CUNA Mutual, EricRichard, EVP and General Counsel of CUNA, andBill Karls, VP and Corporate Controller, CUNAMutual led what turned into a vibrant discussion onhow to account for UBIT and strategies for minimizingthe tax.The League has posted the materials from thisconference on the Compliance Share Site on FCUL’swebsite. Of particular interest, we would encouragecredit unions to take a look at the UBIT AccountingTool which will provide you with strategies onaccounting for and minimizing any UBIT tax thatyour credit union may incur.As a reminder, the calculation of the UBITtax is on the net unrelated business income. Thisis determined by deducting expenses “directlyconnected” with engaging in an unrelated businessactivity from the gross income of the activity. Thisdeduction can be taken if the expense has a proximateand primary relationship to the unrelated incomeactivity. The accounting tool and the materials willguide you through steps for making the allocations forcalculating the expenses to reduce any UBIT tax youmay have. As always, we suggest you seek the advice ofyour own tax professional for determining any taxes.FCUL will continue to monitor the litigation andany other activity by the IRS on this issue. We will alsokeep you apprised of any significant developments onthis developing saga.Andy Price8 FLORIDA CREDIT UNION NEWS

CHAPTER CORNERHelp Youth “Grow their Green”By Jeanie Henson, CUDE, FCUL Director of Chapter DevelopmentJeanie HensonFor the latest inChapter events,visitwwwfculorg!In these challenging economic times creditunions are looking for ways to grow theirmembership; currently the average age of a creditunion member is 47. As the future of creditunions unfold we must share our knowledge withthe youth of today in order to attract youngermembers. Working together through our chaptersof credit unions we can make a difference in theprocess of building a stronger financial foundationfor our youth today through financial education.If credit unions do not take the initiative tomarket and teach financial education to our youthsomeone else will. [b}rass/MEDIA, acompany whose goal is toprovide direct, intelligent,entertaining contentto young adults aboutthe money side of life,said “historically, financialinstitutions have placed littleemphasis on reaching out toyoung adults, thereby losingpotential life-long customers.Between 18-25, young adultstypically engage in many of their‘first’ major money decisions - theyget their first credit card, auto loanand student loan. This demographicis the future. Don’t miss the chance toturn a costly teenager into a profitable,loyal, life-long relationship.”[b]rass/MEDIA also said that teens and YoungAdults comprise almost 15 percent of the U.S.population, or about 42 million people. In 1970,when today’s Baby Boomers were the same age,they numbered about 38 million, or 19 percentof the population then. Just as Baby Boomersare a large cohort that have made a great impacton societal trends and values, so too will today’syoung adults.According to the Office of Economic &Demographic Research, Florida’s populationof 10 to 17-year-olds increased by nine percentbetween 2002 and 2006. As of April 1, 2007Florida’s population of 10 to 17 year-olds wasapproximately 1.9 million. What a vast playground for new young members!This year’s National Credit Union Youth Weekis right around the corner with the theme “GotGreen? Grow It at your Credit Union.” Chaptersacross Florida have the opportunity to get yourmember credit unions pumped upand ready for National Credit UnionYouth Week. Youth Week is youropportunity to introduce youngmembers to the benefits of creditunions.According to CUNA “YouthWeek began as an opportunityfor credit unions across thecountry to focus on thefinancial needs of youngpeople and provide financialliteracy education. Theevent is considered a focalpoint for teaching thebenefits of saving and goalsetting as well as invitingyoung people to opensaving accounts at their credit unionand make deposits this week and throughout theyear.”Youth Week will again feature the NationalYouth Savings Challenge last year CUNA reportedthat “young credit union members deposited arecord-breaking $10.1 million into their savingsaccounts demonstrating that they understand theyimportance of saving, one of the most importantContinued on page 16Continued on page 18Spring 2008 9

HUMAN RESOURCESEmployee engagement and strategichuman resourcesBy Liz Aperauch, HRxLiz AperauchIn my last article, I talked about how the bondbetween employee and manager is a key ingredientin creating employee engagement. I also told you Iwould talk about another key ingredient in the nextedition, so here we are. That key ingredient is noneother than the Human Resources professional in yourcredit union.Of course, at the end of the day, managers areresponsible for the performance of their departmentand employees. However, to paraphrase an old saying,“it takes a village to raise a credit union,” meaningno one person can do it alone. Input from otherswith complementary strengths is not only helpfulbut vital to success. For example, a manager mightbe highly skillful in an important aspect of their job,such as business development, but will struggle withdeveloping their employees. A HR professional whounderstands the finer points of employee engagementcan be a great resource in working with these managersto help them overcome this management challenge.But, it’s not just about these “people skills” anymore;there’s something new and different in the air.I’ve worked with HR professionals in credit unionsfor years and I’ve seen a lot of changes over this time.Not only are more people studying and applying forcertification through the Society for Human ResourceManagement (SHRM) and other HR-relatedsubjects, but they are also sporting a CCUE or morebusiness-related credentials behind their names. Areasof interest are shifting from administration to morestrategic areas such as talent management, employeerecruiting and retention, and employee engagement.The topics being addressed in the HR/TD CUNACouncil and our HR Leadership Council of Floridahave broadened significantly to include subjects suchas organizational change, leadership, negotiating skills,marketing positioning, and culture development.More HR professionals are on the executive team andbecoming involved in the long-term plans of the creditunion as well as developing methods for achievingthese goals.This is great stuff. There’s a lot of power in aperson who not only understands how to bringout the best in an employee, but has developed thebusiness acumen to know what it takes for a creditunion to be successful. The real advantage lies inmelding these two disciplines into one and thenteaching it to others. Human resources publicationshave been preaching the importance of this processfor years, and their efforts have begun to bear fruit.HR professionals are becoming even more capableof being strategic partners with other executives.The time has come to take advantage of thepotential to be found in the HR department. The2007-08 CUNA E-Scan lists “collaboration withtop management on credit union goals” as one ofthe critical strategic HR tasks. An HR person whohas the ability to take the high-level strategic goalsof the credit union and turn them into effectiveplans of action for employees to follow will be avery effective partner. So take advantage of your HRperson’s hard work! Encourage managers to workwith him or her to develop and implement effectivegoals based on the credit union’s goals and designedto challenge the employee without overwhelmingthem. I believe you’ll find you have yet anotherresource in your ongoing search to increase yoursustainable competitive advantage.10 FLORIDA CREDIT UNION NEWS

LEADERSHIPThe Leadership Councils of Florida Advisory Committee cametogether for their 2008 planning meeting with the purpose ofidentifying ways to enhance the Leadership Council experienceand to be inspired to lead. Dr. Michael Hudson challenged thegroup with his thought provokong ideas.A time to leadBy Michael Hudson, Ph.D.The time has come. Now more than ever, the credit unionindustry both needs and demands it. It is time to accept thechallenge, to step up to the plate, to become the leader you wereborn to be…the leader who asks the tough questions, the leaderwho thinks about what is possible, the leader who seeks ideas andworks to solve problems. Quite simply, it is a time to lead.There are five realities that leaders at all levels of the creditunion industry should take time to consider as they strive todevelop appropriate responses that will guide their credit unionsand the credit union industry to continued success.Reality #1...Industries Mature…Industries have a 4-stage lifecycle. Start-Up is followed by Growth which leads to Maturitywhich is followed by Decline. The financial services industry isa mature industry…characterized by slowing growth, increasedcompetition, market saturation, expanded consumer alternatives,and increased consolidation. The hidden opportunity? Creatingradical changes in the way the business is conducted to launch anew industry life cycle.Reality #2…Generations Rule…Never before have 4distinctly different generations coexisted in our economy. Ascredit union members these four generations each bring differentneeds and demand different levels and types of services, as well asdifferent delivery approaches. As credit union employees, thesefour generations respond to different types of leadership andbring different strengths to the business of the credit union. Thehidden opportunity? Creating delivery systems to service each ofthe generations effectively, and leveraging the strengths of eachgeneration to grow the credit union industryReality #3…Culture Drives…Despite the differences thatexist within and across the four generations that now work in thecredit union industry, there is a common unifying thread…theneed to have a clear, well-defined culture that is lived each daywithin the organization. As Jim Collins put forth the best sellingbusiness book Good to Great, the key is to get the right peopleon the bus and to get them into the right seats where they spendtheir time doing what they do best. The hidden opportunity?Defining a culture that can be lived on a day-to-day basis andhaving the guts to move people off the bus who simply don’tbelong.Reality #4…Strategy Builds…Though it once served theindustry well, the notion that credit union strategy is all aboutpeople helping people is no longer enough. The highly competitivenature of the financial services industry demands that strategyfocus more on the very difficult, but critical question of What areyou not going to do? An all things to all people strategy is simplya recipe for failure. The hidden opportunity? Take immediateaction to eliminate the things you should no longer be doing byasking this question: If we weren’t doing this already, would westart? If the answer is no, then stop doing it immediately!Reality #5…Leaders Are Needed…When industries maturethere is a tendency for leaders to become myopic and adopt acircle the wagons and defend approach to doing business.Nothing could be more harmful to both individual credit unionsand the overall credit union industry. Mature industries find newpathways to success through creative approaches that step beyondwhat has been done in the past and venture untried and unproventerritories. The hidden opportunity? Attracting and developingleaders who are not afraid to fail and who understand that thepathway to great success demands gong beyond what has beendone before.The Bottom Line: These five realities and the hiddenopportunities suggest a pathway for leaders to follow within thecredit union industry. Step one is asking the tough questions.Step two is thinking about what is possible. Step three is seekingnew ideas that will solve the problems the industry is facing. Thatis the work of leaders, and it is A Time to Lead!Michael Hudson, Ph.D., was the featured speaker for theLeadership Councils of Florida Advisory Committee planning meetingin January. Dr. Hudson works with credit unions across the countryfacilitating strategic planning and leadership development processes.He can be reached at 866.532.3968 or via e-mail at Michael@BigIdeaGuru.com.A great place to start your knowledge network is at one of the five Leadership Councils of Florida! For more information about howyou can become a member, contact Jennifer at jennifer.hazday@fcul.com or visit www.knowmore.net.Spring 2008 11

LEAGUE NEWSHood and Shutes honored for dedication to credit union movementThe Florida Credit Union League staff congratulatesFCUL President/CEO Guy Hood and FCUL Executive VicePresident Aletta Shutes for the recognition they both receivedfor their dedication to the credit union movement at CUNA’sGovernmental Affairs Conference (GAC) in Washington,D.C., recently.Hood was awarded the Eugene H. Farley Award by theAmerican Association of Credit Union Leagues (AACUL)for his outstanding efforts during his career in the credita most prestigious national recognition honoring stars of thecredit union movement.Hood was also the inaugural inductee to the Credit UnionHouse’s Hall of Leaders. The Hall of Leaders was created bythe Credit Union House, LLC, to provide lasting recognitionfor individuals who have demonstrated an outstandingcommitment to credit unions and who have made a significantimpact on the credit union movement.Shutes was honored by CUNA as the recipient of the BuckLevins Award for her political involvement in the credit unionmovement. The award recognizes league leaders showingexceptional commitment for increasing the political strengthof the credit union movement. Prior to Aletta coming tothe League, no more than $20,000 had ever been raised forCULAC/CUPAC. In 2007, as a direct result of her efforts,CUPAC/CULAC raised more than $610,000. Her involvementin the political and grassroots efforts of the League have beendirectly responsible for a dramatic increase in attendees forCUNA’s GAC. When joining the League in 1993, Florida’scredit unions sent less than 25 people to the conference; at the2008 GAC, more than 200 Florida credit union representativesattended. This spectacular increase in attendance is a result ofAletta’s emphasis on the importance of political action by thosein the credit union movement.(l to r) Dr. Richard M. Heins, Guy Hood, Gene Farley, andAACUL Chairwoman Rosie Holub pose after presentation of theaward.union movement. Guy began his career 38 years ago at theAlabama Credit Union League as a Field Representative wherehe moved up through the ranks achieving the title of SeniorVice President of Technical Services before coming to FCULin 1988. Over his remarkable career, he has seen significanttransitions in the credit union movement including the passingof the Credit Union Membership Access Act (H.R. 1151).Under his leadership, the League has received many awards andrecognitions from national organizations for its outstandingleadership and accomplishments in the area of advocacy,grassroots organization, and communications. In 2006, hereceived the National Credit Union Foundation “AnchorAward”, for responsive actions in the area of disaster response,Aletta Shutes receives the Buck Levins Award at the closing sessionof CUNA’s GAC.12 FLORIDA CREDIT UNION NEWS

LEAGUE NEWSFlorida Credit Union League and FCUL Service Groupbring home six awards from SIAA competitionThe Florida Credit Union League (FCUL) and the FCUL Service Group, Inc. have been recognized for theircommunications and marketing efforts by the Fifth Annual Service Industry Advertising Awards* (SIAA), placing first intwo categories, second in two categories, and third in two categories.“Our communications and marketing teams are top notch,” said Guy Hood, FCULPresident/CEO. “With our members in mind, they have made winning awards for ourcommunications and marketing efforts commonplace.”F LO R I DACREDIT UNION NEWSView online at www.fcul.org!Just click Florida Credit Union League,then News Room, then Publications.The following efforts were nationally recognized by the SIAA:1. Publication designed In-house, Financial Services:Gold Florida Credit Union News (quarterly magazine)2. Brochure, Financial Services:Gold Survey Says! (brochure included with 2007 member dues packet)3. Direct Mail, Professional Services:Silver Telecom Recovery Webcast Promo (postcard series)4. Logo/letterhead design, Financial Services:Silver Florida Credit Union Foundation logo5. Total Advertising Campaign, Professional Services:Bronze 2007 Annual Convention & Exposition (The Real Bond theme)6. Brochure, Professional Services:Bronze 2007 KNOWMORE Learning OpportunitiesExperience the REAL bond betweenthe League, Florida credit unions,and their members at the 2007 FCULConvention & Exposition, June 13-16,in Orlando. For more information, visitwww.fcul.com/Home_Page_264.htm.The HLPR Loan:Find out how you can helpyour members buy a home.Page 3FEATURED INSIDE:PRESIDENT’S MESSAGE 3GOVERNMENTAL AFFAIRS 6COMPLIANCE Q&A 7NEWS FROM YOU 142.1.Spring 2007 • Vol. 3 • No 23.“Our main desire was to reroute member calls during down time and power outages. We have had to use the Telecom Recoverysystem a few times and it has worked great! Last week one of our of ces was robbed, and we were able to reroute callsinstantaneously without a disruption in service. And, were even able to update concerned family members!”Paul Atkinson, Vice PresidentAlpine Credit Union - Orem, Utah“Telecom Recovery provides a crucial link between members and their credit union. Credit unions need to communicate withmembers in the event of a disruption in service, and Telecom Recovery offers a seamless continuance of communications thatprovides comfort during uncertain times.”Marvin Garland, Chief Operating Of cerFCUL Service Group“Telecom Recovery is a trusted part of our Business Recovery Planning. Their solution is affordable and easy to administer. Itfeels great to know that, during a facility phone service interruption of any kind, we have a team of professionals backing us up andkeeping us connected to our patients and customers by quickly re-routing incoming calls to alternate destinations.”Jim Wilhelmi, Manager Enterprise TelecomIntermountain Healthcare2007 LEARNING OPPORTUNITIES4. 5.6.*The Service Industry Advertising Award is the only advertising award program that recognizes the achievements of the service industry.More than 250 advertising agencies and 800 service institutions participated in the Fifth Annual SIAA Awards and nearly 2,000 entrieswere received for consideration. A national panel of judges awarded 232 Gold Awards, 183 Silver Awards, and 147 Bronze Awards– reviewing each entry for execution, creativity, quality, consumer appeal, and overall break through advertising content. Additionalwinners included: American Eagle, McDonald’s Corporation, Sallie Mae, and Verizon Wireless. A complete listing of winners can bereviewed at www.siaawards.com.Spring 2008 13

LEAGUE NEWSDisaster Planning for Credit UnionsWith predictions for the 2008 hurricane season calling for 12 to 15 named storms with seven tonine becoming hurricanes, the Disaster Planning for Credit Unions Conference will help to providetangible strategies to prepare for the quickly approaching season. A wide range of qualifiedgovernment and industry speakers have been assembled to provide professional adviceand personal experience on this subject. Attend this seminar to learn how to safe-guard yourinstitution and learn valuable tips on how to create a well prepared plan of action.May 22, 2008Tropical Financial FCUMiramar, FLWho should attend? Presidents, CEOs, Senior Operations Personnel, and anyone elseinvolved with developing and implementing the disaster preparedness plan for their institutions.Registration begins at 9:30 a.m. with the conference beginning at 10 a.m.until 4 p.m.on May 22 at Tropical Financial FCU in Miramar, FL.Speakers include:• Lori Douglass, Financial Examiner/Analyst Supervisor• Alyce Ruffley, NCUA Supervision Analyst,Region 3• Nancy Dalton, FCUSS (Shared Services),President/CEO• Ed Rappaport, Deputy Director of theNational Hurricane Center• Bill Berg, FCUL VP, ComplianceTopics include:• Regulatory perspective ofdisaster planning from both theOffice of Financial Regulationand NCUA.• Upcoming weather trends andwhat to expect.• Regulatory requirements foran effective business continuityplan.For more information about this conference and to download the brochure and registration form, go to www.fcul.org, point to“FCUL” then click on “Calendar of Events.” Go to May 2008 and click on the conference name.Questions? Contact Andy Price at 800.342.1266, ext. 1026, aprice@fcul.org, or Bill Berg, ext. 1028, bberg@fcul.org.FCUL Small Credit Union ConferenceThe Florida Credit Union League’s Small Credit Union Conference is coming to an area near you! If you are a credit union withup to $50 million in assets, this conference is for you.Join FCUL staff, state and federal regulators, and your peers for a full day (8:45 a.m. - 4 p.m.) of relevant information andtraining...at a location convenient to you! Registration is just $99; bring a co-worker for an additional $79. Registration includesa continental breakfast and a box lunch.Pick a date, any date that works for you!* May 20 – City County CU, Ft. Lauderdale* September 16 – Community First CU of Florida, Jacksonville* October 16 – CU location TBD, PensacolaScholarships through the Florida Credit Union Foundation are also available for this conference. For more information about thisconference and to download the registration form, go to www.fcul.org, point to “FCUL” then click on “Calendar of Events.” Goto month of choice and click on the conference name.For more information, contact Connie Stoutamire at 800.342.1266, ext.1052, connie.stoutamire@fcul.org.14 FLORIDA CREDIT UNION NEWS

LEAGUE NEWSIn 2008, credit unions inFlorida will have an opportunityto nominate possible recipientsof two awards, the FCULProfessional of the Year andVolunteer of the Year awards.Each winning nominee willalso be inducted into theFCUL Hall of Fame.The Volunteer ofthe Year Award recognizesthat volunteers are an integralpart of the credit union structure and theircontributions deserve recognition throughout theFlorida credit union movement. The purpose of this award isto recognize outstanding contributions by volunteers of Floridacredit unions.The Professional of the Year Award, newly created in 2007,will annually recognize the Florida credit union professionalthat deserves recognition for their contributions to advancethe credit union movement in both Florida and the nation.Winners of this award will be recognized for their lifetimeachievements and efforts to help craft an environment thatallows credit unions to grow and prosper in order to better servetheir members.There are literally dozens and dozens of highly qualifiedindividuals throughout Florida that are eligible to receive one orthe other of these awards and deserving of the recognition. Allit takes is for each credit union to nominate the one individualfrom their credit union that deserves consideration.The deadline to submit nominations for both theProfessional of the Year Award and the Volunteer of the YearAward is May 12, 2008. Nominations will then be reviewedby the Awards Nominations Committee. Recipients will berecognized and honored at the FCUL Annual Business Meetingon June 12, 2008.To download a PDF of the awards brochure and nominationforms, go to www.fcul.com/Awards_106.htm. For furtherinformation you may also contact Amy Jowers in FCUL’sCommunications Department at 800.342.1266, ext. 1020 oramy.jowers@fcul.org....and entries for Dora & LouiseThe Florida Credit Union League and CUNA & Affiliatesare pleased to sponsor two recognition programs for creditunions: the Dora Maxwell Social Responsibility RecognitionAward Program, and the Louise Herring Award for Philosophyin Action.These two programs identify credit unions that demonstratethe credit union “People-Helping-People” philosophy. TheDora Maxwell Award programhonors the work of credit unionsin the community and the LouiseHerring Award program recognizesthe practical application of creditunion philosophy in daily internaloperations.When you enter either of these awards competitions,your credit union will compete with others in the same assetcategory. Individual chapters involved in community activitiesare eligible to enter the chapter category. There is no chaptercategory for the Louise Herring Award program.State winners in the two programswill advance to national competitionfor judging. All state entries mustbe submitted to the League office byMay 12, 2008. State winners will berecognized at the General Session heldduring the FCUL Annual Convention& Expo on June 13, 2008.FCUL strongly encourages you to enter any or all of theseprograms. These programs are an excellent way for your creditunion to be honored for its efforts and serve as an example forothers to follow.For more information about the awards as well as theentry forms, go to www.fcul.com/Awards_106.htm. For furtherinformation you may also contact Amy Jowers in FCUL’sCommunications Department at 800.342.1266, ext. 1020 oramy.jowers@fcul.org.Spring 2008 15

Help youth “grow their green”Continued from page 9pillars of financial freedom. As chapters of Floridacredit unions you have the opportunity to join theNational Youth Savings Challenge as a group withall credit unions within your chapter to be a partof the Youth Savings Challenge.In 2007, according to CUNA, 393participating credit unions reported more than$10 million in deposits from almost 72,000young members. Additionally, credit unionsalso welcomed more than 9,000 new memberaccounts.As a chapter this is a great time for you toencourage the credit unions in your chapterarea to play up everything they do year round toeducate youth and try to get them involved in theNational Youth Savings Challenge to “grow theirgreen.” These young members can make changeno matter how small their change is! Smallchange can make a difference whether saving theenvironment or saving for the future.One way for a chapter to motive credit unionsto become involved is CUNA is sponsoring adrawing for 10 prizes of $100 each to ten creditunions who report their results of the YouthSavings Challenge. The winning credit unionswill randomly select young members to receivethe $100 prizes.In 2007, 132 new youth accounts were opened in Florida during NationalCredit Union Youth Week and the National Youth Savings Challenge with atotal of new deposits of $96, 991.07The harvest is ripe for the picking to ensure our youth’s financial freedomand to help grow their green by getting them involved while they are young.They maybe young today, teenagers tomorrow but they will be your topdepositors and borrowers in the future! So, chapters challenge all Floridacredit unions to focus on young members during the National Credit UnionYouth Week because together we can do it better!At the chapter level you can promote credit unions to go to CUNA’swebsite and check for tools that will assist them in planning a successfulYouth Week of festivites. Visit finlit.cuna.org and select “Events.” You’llfind celebration ideas, poster and theme art, a “Got Green” coloring page,registration for the Saving Challenge, plus educational handouts and prizesfor sale.Questions pertaining to National Credit Union Youth Week and theNational Youth Savings Challenge may be directed to Philip Heckman,director of youth programs for CUNA, at 80.356.965, ext. 4088.Resources: CUNA.org, Office of Economic & Demographic Research, and brass/MEDIA.com16 FLORIDA CREDIT UNION NEWS

Investment terms definedContinued from page 5if the holder of the security never sells the security, the loss willnever be realized, assuming that it does not default. Because of therecent dislocation in the market, many credit unions are incurring asubstantial decline in the value of the securities in their portfolio. Ifthese instruments were designated as available for sale per FAS 115, thisdecline will appear as an unrealized loss in the equity portion of the creditunion’s balance sheet.Sub Prime Mortgages: A mortgage made to a borrower with poorcredit, generally defined as a FICO score of less than 620.Asset Backed Securities (ABS): A debt instrument created by placinga pool of receivables in a trust. The repayment of the security isprovided by the cash flows generated by the underlying receivables.Generally the receivables supporting the security are loans generatedby credit cards, student loans, automobile loans or leases, dealerautomobile inventories and mortgages. The instruments are createdto shift the credit risk inherent in the loans such that the senior bondholders are insulated from losses by the subordinate holders becausethe subordinate holders incur the losses first (the various classes arereferred to as “tranches”). Forms of credit enhancement include overcollateralization,excess spread or an insurance policy which guaranteespayment. Generally, the most senior bonds within a structure willreceive an AAA rating.Collateralized Debt Obligation (CDO): A CDO is a more complextype of asset-backed security credit product backed by a portfolio offixed-income assets, including asset backed securities (referred to as astructured finance CDO), corporate bonds or credit-linked references(referred to as a cash or synthetic CDO), or real estate. These assetsare also divided into tranches in order to insulate the senior bondholders from credit losses. During 2006 and 2007 many CDOs werecreated by using lower-rated real estate based (including sub prime)ABS. Due to the combination of the weakening performance of theunderlying collateral, poor liquidity in the market, and erroneouscorrelation assumptions in the CDO’s construction, CDO values havedeclined substantially during the current credit crunch. CDOs that arecollateralized by existing CDOs are called CDO squareds (yes, there areeven CDO cubeds).substantial losses and threatening their AAAratings. Recently Standard and Poors andMoodys confirmed MBIA and AMBACs ratingswhile Moody’s downgraded FGIC.Structured Investment Vehicle (SIV): A SIV is afund which generally borrows short by issuingcommercial paper to institutional investorsand then invests long, frequently purchasingasset backed securities. Many of these SIVswere created by banks and, when marketanxiety increased, the SIVs were not able toissue new commercial paper to replace whatmatured. Most of the assets supporting thebank sponsored SIVs have been placed backon the bank balance sheets.Using these definitions, we can summarizethe current state of the credit markets bystating: The market dislocation caused bydeteriorating performance in the mortgagemarket (especially the subprime arena) has ledto unrealized losses by holders of highly ratedABS. Holders of less highly rated (and less wellstructured)debt have experienced significantlymore real losses than were previously thoughtpossible, leading to the forced closure ofmany bank SIVs, the abandonment of the ARSmarket by many large broker/dealers, and thelikelihood of significant insurance paymentsfrom bond insurers over the coming years.Southeast Corporate is pleased to offerreaders a free Investment Glossary of Terms,simply email marketing@secorp.org with yourrequest.Bond insurers: Also referred to as monoline insurers, these areinsurance companies that insure (or “wrap”) bonds in order to ensurethey will get the highest rating s from the rating agencies. Originally,the companies began insuring that municipalities would remit thepayments required on the bonds they issued. Over the course of thelast ten years, these companies moved aggressively into the ABSmarkets and in particular the subprime and CDO markets, creatingSpring 2008 17

EDUCATIONSTAR, VAP and MERIT CertificatesCongratulations to the following individuals who have earned certification levels in the StaffTraining and Recognition (STAR), Volunteer Achievement (VAP), Volunteer Leadership (VLP)and Mid-Manager’s Enrichment Training (MERIT) Programs. Additionally, we salute thesecredit unions that have recognized the importance of investing in their most important assets… their staff and volunteers.STAR CERTIFICATESAchieva CU: Ashli Levitz, Edina Remic, Sharon SandovalBay Gulf CU: Naiomy Arrington, Shelly Burnham, Camille Gordon,Jon LeViness, Leanna Sutton, John Tipton,BrightStar CU: Donna ThiryCentral FL Healthcare FCU: Jennifer Bates, Christina StetsonCFE FCU: Luvenia DunklinCommunity Educators CU: Victoria BurnetteFlorida Central CU: Kelly Bowen, Stephanie Daniels, Jody North,Lisa Nunno, Minerva Villanueva, Pamela WarrenFlorida Commerce CU: Nancy Baglione, Donna Criss, Kevin Meyer,Sharon Sagriff, Satchell ThomasFlorida Telco CU: Julie Barrett, Molly Sue Craft, Tracy Ehrenberg,Rita Forrest, Valerie Luu, Jo Ann Lynch, Sharon Murk, Amber Pearce,Carol Smith, Crystal Spitzer, Michelle Thomas, Betty WigginsFlorida West Coast CU: Ashley CampbellGold Coast FCU: Gratrina HollowayGrow Financial FCU: Laurie RoseGTE FCU: Rodney Archibald, Shannon Barnett, Michelle Bourdon,Danielle Colla, Chrysant Colon, Maria Correa-Reyes, Erica Eldred,George Eliopoulos, Lisette Gonzalez, Yessel Hernandez, SharonLake, Tabitha Minke, Rachel Mitchell, Claudia Moore, Kelli Moore,Mercedita Rodriguez, Richelle Roy, Marilyn Santiago, Kate Stanfield,Janet Thomas, Glenda WhiteHarvesters FCU: Robert BakerIndian River FCU: Zoraida Gonzalez, Connie LuceJAX FCU: Ena Anderson, Virginia RosalesPen Air FCU: Melissa Coogle, Deedra Cox, Jessica ShirleySarasota Coastal CU: Glenn Brunow, Lila SylvesterSuncoast Schools FCU: Tommy Allan, Cynthia Barber, DarleneBehringer, Brandy Blanchard, Ginette Carter, Kathleen Clancy, CaraCline, Jared Conaway, Krisi Constance, Janice Damico, Jenna Dixon,Shemyra Edwards, Isabel Evangelista, April Flasher, Naomi Franquiz,Julie Griffin, Debra Hendrix, Linda Hoag,Stephanie Hriscko, Ellen King, JenniferLangston, Lillian Lutz, Phillip Marina, LuzMarrero, Marlene Menendez, Sherry Minnich,Victoria Pardo, Maigo Perez, Chelsea Ragan,Irene Ramoz, Jessica Reimer, Jessica Reimer,Veronica Rodriguez, Amy Romanyak, TammyRosian, Kandice Sanderson, AlexandraSixma, Amber Sorensen, Angel Sustache,Bruce Taylor, Angie Topper, Josephine Valen,Shawntae Williams, Rosangela Womble,Theresa Wynn, Kerlyne ZetrenneVyStar Credit Union: Courtney Armstrong,Adelaida Barela, Carlana Brazel, PhylisaButler, Sarah Carlee, Valerie Carlson, GinaCason, Michelle Chamberlin, KadidjaCoulibaly, Josephine Cua, Katherine Dean,Susan Duncan, Aida Ejupovic, Justin Fox,Naosha Harman, Jacqueline Hughes, GraceKennedy, Andrea Langevin, Tara Levitt,Spring Manser, Amanda Mattox, AngelaMechtel, Christina Meehan, Marina Mercer,Emily Michelman, Jessie Mitchell, ChetaraMixson, Alana Parker, George Patterson,Richard Reis, Arica Rhoden, Teresa Silfee,Shirley Siplin, Chasity Steele, SamanthaStewart, Ivy Thomas, Zebra Ward, JenniferWatson, Jillian Whittle, Constance Wilcox,Betty Leann Williams, Blanche Williams,Willie WilliamsWest Coast Federal ECU: Cindy Holderman18 FLORIDA CREDIT UNION NEWS

Compliance Resources & TrainingEDUCATIONMERIT CERTIFICATESCommunity Educators CU: Diane Burrows, KrisleeScaiaFlorida Central CU: Stephanie Daniels, Cristy Newman,Kay Patterson, Maria RodriguezFlorida Commerce CU: Stephanie DavisJAX FCU: Debra WilliamsMcCoy FCU: Jennelee MartinezSuncoast Schools FCU: Joyce Burgess, StephanieGulledge, Kevin Rodriguez,VyStar Credit Union: Courtney Armstrong, KrystalBergeron, Carlana Brazel, Gina Cason, Gloria Chaney,Josephine Cua, Yvonne DaleAshford, Jessca Donato,Susan Duncan, Jessica Edwards, Naosha Harman,Quaneisha Hill, Thelma Jackson, Tara Levitt, TeresaLounder, Jenetta Lowery, Spring Manser, Joan Matthews,Christina McCrary, Emily Michelman, Joyce Njeru,George Patterson, Richard Reis, Maria Theresa Shaffer,Teresa Silfee, Chasity Steele, Betty Leann WilliamsVAP CERTIFICATESFlorida Commerce CU: Kathy ArrantUniversity CU: Diciacco NicholasUSF FCU: Farah SanchezWest Coast Federal ECU: Barbara Gomez, Karl SmithFCUL provides a variety of compliance information resourcesthrough the monthly InfoSight Newsletter, Quarterly ComplianceCalls, Compliance InfoSight, and the Compliance AdvisoryGroup meeting held during FCUL’s annual convention in June.All are free to employees of all affiliated credit unions.The InfoSight Newsletter is sent via email on a monthly basis andcontains recent regulatory changes. To sign up for the newsletter,send your request to billb@fcul.org.Quarterly Compliance Calls are scheduled for the following dates:March 20, 2008,June 26, 2008,October 23, 2008.Compliance InfoSight provides compliance information at yourfingertip, 24/7. Visit www.fcul.org to find the answers to yourcompliance questions.FCUL’s Compliance Advisory Group will meet on June 11, 2008in conjunction with the Annual Convention.There are a number of training opportunities conducted by BillBerg that are programs organized by the chapters. The chaptersusually charge a nominal fee to attend and include a meal and/orrefreshments. See below for upcoming compliance training at achapter near you.All aboard! Register NOW for the Florida Credit UnionLeague’s 2008 Annual Convention & Exposition,June 11-14, 2008 at the JW Marriott Orlando GrandeLakes Resort! Visit www.fcul.org to register online.Hotel space at the JW Marriott Orlando Grande Lakesis going fast so be sure to make your reservationssoon!Topic Date ChapterBSA I April 21 Gulf Coast(Gulf Coast CommunityCollege)BSA III April 22 (p.m.) Central Florida(Insight Financial CU)BSA I April 23 (a.m.) Central Florida(Insight Financial CU)BSA I April 23 (p.m.) Central Florida(Insight Financial CU)BSA I May 8 (a.m.) Southernmost(South FL Educ. FCU)BSA I May 8 (p.m.) Southernmost(Miami)BSA I May 13 (p.m.) PinellasBSA I, IRAs May 13 (p.m.) PinellasSpring 2008 19

MISSION:To bring inspiration &professional growththrough collaboration& education.First Class MailUS PostagePAIDTallahassee, FLPermit No 618Florida Credit Union League3773 Commonwealth Blvd, Tallahassee, FL 32303PO Box 3108, Tallahassee, FL 32315850.576.8171 • 800.342.1266 • Fax: 850.574.6374www.fcul.org