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for Friday, April 17, 2015
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Big Week for Data Security & Breach Settlement News
Data security and breaches were in the headlines this week, but refreshingly the news was largely positive for credit unions.  In addition to a major settlement from 2013’s Target data breach, and the announcement that credit unions are joining a class action lawsuit against Home Depot for its breach last year, a strong piece of legislation which would ensure that merchants are held to the same standard as card issuers was introduced in the U.S. Senate.
On Wednesday, MasterCard announced it had reached a settlement with Target through which the retailer will make available up to $19 million in alternative recovery offers to eligible credit unions and banks worldwide.  Last month, the Minneapolis-based retailer settled a consumer class-action lawsuit for $10 million.  CUNA said it will work closely with MasterCard to determine the amount of the settlement that will be dedicated to credit unions' costs, which the trade association’s survey identified as approximately $5.68 per card across roughly 4.6 million credit and debit cards.  The settlement is contingent on, among other things, issuers representing at least 90% of the eligible MasterCard accounts accepting their alternative recovery offers by May 20, either directly or through their sponsoring issuers.
 
Also on Wednesday, CUNA announced that it has agreed to join credit unions and other financial institutions nationwide as a plaintiff in a class action lawsuit against The Home Depot following the merchant's massive data breach last September.  Studies show that the Home Depot breach, which the retailer has acknowledged included some 56 million credit and debit cards, cost credit unions and their members tens of millions of dollars.
 
Finally this week, legislation which would set standards for entities that handle consumers' personal financial information, while outlining procedures that must be followed in the event of a data breach, was introduced in the U.S. Senate by Sens. Tom Carper (D-Del.) and Roy Blunt (R-Mo.).  The Data Security Act of 2015 has the strong support of CUNA, which along with other financial trade organizations sent a letter of support for the legislation on Thursday. 
 
Among other things, the bill requires covered entities to "develop, implement and maintain a comprehensive information security program that contains administrative, technical and physical safeguards" that would ensure the security of personal and account information while protecting against threats and attempted acquisition of such information.  The bill also recognizes the standards financial institutions are subject to under the Gramm-Leach-Bliley Act and extends those requirements to other entities that handle sensitive information.
Join us June 23 at Country Club of Vermont for the 2015 VCUGC
Spring weather finally reached Vermont this week, so it's the perfect time to let our credit unions, business partners, and Newslines Express readers know that registration is now open for the 2015 Vermont Credit Union Golf Challenge (VCUGC) benefiting the Vermont chapter of the March of Dimes.  This year’s charity fundraising tournament will take place at the beautiful and challenging Country Club of Vermont, just off Exit 10 of I-89 in Waterbury.  The registration brochure, available for download from our website, was emailed to credit union Manager / CEOs, past VCUGC participants, and others earlier this week.
Country Club of Vermont is a world class design in a mountain setting that has been home to the Vermont Credit Union Golf Challenge on several prior occasions.  The course provides a challenging but virtually private tour through the spectacular Vermont countryside. Sitting on over 200 acres, with no residential construction, travel between holes is minimal, yet each feels secluded, with little or no view of surrounding holes.
 
The visually imposing front nine is a "links" environment featuring the natural terrain's rolling hills, berms and splendid scenery. Players then go "into the woods", enjoying a back nine of tree-lined fairways, sparkling brooks and some challenging but equally beautiful mountain landscapes.
 
The tournament brochure offers details on corporate and credit union sponsorships that include tournament entry fees for 2 or 4 golfers as well as sponsor signage featuring your company or credit union logo on one golf hole.  Sponsor packages and the individual $165 entry fee include greens fees, shared cart, continental breakfast, post-tournament BBQ, gifts, snacks, winner’s trophies and gift cards, and cash prizes for two closest to the pin contests and a putting contest.  Registration is open now on our Eventbrite page.
Senate Banking to Vote on Reg Relief Measures May 14th
The U.S. Senate Banking Committee will hold a full committee markup on regulatory relief matters May 14, according to the committee's schedule that was released Thursday.  While it's unclear what will be discussed at the meeting, CUNA has testified before the committee in recent months with dozens of regulatory relief suggestions to aid credit unions in better serving their members.  (CUNA News Now, 4/17/15)
Previous to a February 12 hearing in which CUNA testified on the need for regulatory relief, the Senate Banking Committee conducted a hearing with federal financial regulators seeking input on potential regulatory relief solutions as well.  CUNA is also working to collect real-life examples of regulatory burden to submit to the Senate Banking Committee, as requested by the committee at the February hearing.  The May 14 markup is scheduled to begin at 10 a.m.

(Pictured: Senate Banking Committee Chair Richard Shelby (R-AL) and Ranking Member Sherrod Brown (D-OH) flank Federal Reserve Chair Janet Yellen)
Credit Union of Vermont Embracing National Youth Month
"National Credit Union Youth Month is in full swing at the Credit Union of Vermont," CEO Brian Fogg told Newslines Express this week. (Click image for larger version)

In addition to a colorful digital sign in front of their building and a banner ad on their website, both of which feature Youth Month's "Wild About Saving" theme, the CU of Vermont staff is engaging their youth members with:
  • educational activity books geared to different ages;
  • balloons and giveaways;
  • a coloring contest;
  • a "guess the number of animal crackers" contest and;
  • a drawing with prizes ranging from Ben & Jerry's ice cream to several $25 share deposits.
"It's great fun for the credit union staff and our members," said Fogg, adding that just two weeks into the promotion, many new young adult accounts have already been opened through the Youth Month celebration.  The $37 million credit union serves its 3,000 members from its headquarters in Rutland.
NEFCU Awards 2015 Nursing Scholarships
New England Federal Credit Union (NEFCU) recently named the three winners of the 2015 NEFCU Nursing Scholarships. Each year, NEFCU’s Nursing Scholarship Program provides three scholarships of $3000 each to qualified applicants.

Pictured from top to bottom with NEFCU employees Sarah Ricker and (middle) Lynne Morgan are:

Sierra Zambarano of Burlington who is currently attending the University of Vermont.  Sierra is pursuing her nursing degree to become a psychiatric nurse.

Basu Dhakal of Burlington who is currently a licensed medical assistant with the University of Vermont Medical Center’s Cancer Center.  Basu will be attending Vermont Technical College in the fall to become a Registered Nurse.

Dawn Miller of St. Albans who currently works at the University of Vermont Medical Center Inpatient Rehabilitation Unit.  Dawn will pursue her Registered Nurse degree this fall at Vermont Technical College.
 
Annual Meeting Picture Perfect Phrase Prize Pool is $1,700
We've already profiled and thanked the 12 companies which have sponsored some component of our Annual Meeting weekend.  Now we would like to recognize our friends at the Pennsylvania CU Association and our five exhibitors which, together with our sponsors, are responsible for $1,700 in prize money being up for grabs among Vermont credit union employees and volunteers in Friday's Picture Perfect Phrase contest.
 
Our business partner PCUA is again sponsoring the Box of Mystery, so we want to thank them and our five exhibitors - Allied Solutions, Magee Company, NES Group, New England College of Business, and White + Burke Real Estate Investment Advisors - for supporting our convention.

This year's new Exhibitor Hall contest will involve players collecting a color coded letter printed on a sticky label from each exhibitor. When all letters have been collected, they can be assembled and stuck to each player's contest card in the appropriate spaces to form a secret phrase. The player will then visit the Picture Perfect Photo Booth to take a picture holding their completed contest card, then deposit that picture in the drawing box for a chance to be randomly selected for the Winner's Circle at the Dessert Social later that evening. Seven cash prizes totaling $1,700 and the Box of Mystery will be given away to those pictured in the 7 randomly drawn photos, plus the winner of the Newslines Express Puzzling Picture contest.

Please Note:  The final deadline to register for our Annual Meeting is next Friday, May 24th at 5:00 PM. With so many new events taking place this year which require the production of additional attendee materials, AVCU will not be able to accept registrations after the deadline.
                      Newslines Express Puzzling Picture # 13                     
Each week leading up to convention weekend, we're converting the company logo of one of our convention exhibitors into a jigsaw puzzle.  All Vermont credit union employees or volunteers who are (or will be) registered for Friday's opening banquet at our upcoming Annual Meeting are eligible to play the Newslines Express Puzzling Picture contest which offers one lucky attendee an excellent chance at joining the Picture Perfect Phrase Winner's Circle and claiming a prize from the total cash pool of $1,700!
To play, download and print the contest submission form (if you haven't already) and write down the name of the company this logo belongs to in the appropriately numbered spot.  If you have trouble putting the picture together in your mind, visit our Special Events page as each company's logo gets added there once they register with AVCU as an exhibitor or sponsor.  Bring your completed form with you to the convention and drop it in the box in the Exhibitor Hall before 9 PM to be entered into the random draw to win the contest.  Don’t panic if you miss a week as all Puzzling Pictures will be on display at the convention.  Official contest rules and eligibility are outlined in detail on the form.
Management Minute, News & Notes, Calendar & Employment
Recent Headlines from Management Minute
  • MasterCard, Target agree to $19M settlement for breach costs
  • Nussle: 'Winning' means a CU industry that is growing
  • Credit Union Reg Relief Set for House Vote
Upcoming Education Calendar
 
4/20 Integrating Mobile into Your Loan Growth Strategy Ben Klepzig
4/21 HR Series: Monitoring Employee Work-Related & Personal Social Media: Should We? How? Is it Legal? Nancy Flynn
4/22 The TILA/RESPA Integrated Disclosure Line-by-Line Part 2: Closing Disclosure Lisa Zigo
4/23 RESPA / TILA Wallace Jones
4/23 Current Trends in Cyber Crime & Payments Fraud Randy Romes

Employment Opportunities
Loan Officer (Milton), Vermont Federal Credit Union (NEW Today!)
Manager / CEO, Covered Bridge Credit Union (2nd post)
Mortgage Loan Closer, Heritage Family Credit Union (2nd post)
Marketing & Information Services Specialist, White River Credit Union (3rd and final post)
Positions previously posted in Newslines Express are available here.

Share With Us - We're always looking for pictures, press releases, and news that helps tell the story of why credit unions in general, and yours in particular, are so special to Vermont consumers.  Send submissions to jcote@vcul.org.

National News & Updates
Daily national news and weekly updates on regulatory and legislative issues provided by CUNA
News Now - view today's issue or archives
Regulatory Advocacy Report - member login / registration required
Legislative Update - member login / registration required

Daily Rates
CUNA's Financial Rates page offers information from the Wall Street Journal and other sources
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