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for Friday, May 1, 2015
Find us on social media! - Visit our Facebook for pictures from last week's annual meeting of AVCU’s WOCCU international partner the Federación Nacional de Cooperativas de Ahorro y Crédito del Perú!


A Vermont Credit Union Friend in the White House?
Senator Bernie Sanders this week officially announced his bid for the 2016 Democratic Party nomination for President of the United States. Sanders’ announcement was made with much less fanfare than any other candidate to date, starting in the form of an email to supporters and media sent just after midnight early Thursday morning.
 
Although he is the longest serving independent in the history of Congress, Sanders caucuses with Democrats in the Senate. Some feel he is an unlikely candidate for the Democratic nomination primarily because he has never been a registered member of the party and calls himself a "democratic socialist."

As Newslines Express readers are likely aware, throughout his entire Congressional career, Sanders has been a very strong advocate of credit unions, as exhibited most recently by his repeated sponsorship of legislation to expand small business lending caps for credit unions. Last month, in a speech delivered to more than 5,000 attendees of CUNA’s Governmental Affairs Conference, Sanders lavished praise upon the credit union system and urged the leaders in attendance to increase their advocacy efforts.
 
The ranking member of the Senate Committee on the Budget, Sanders has on multipe occasions expressed his belief that credit unions are an integral part of their communities due to their work with homeowners, small businesses, and working families.  He has also said that he strongly opposes any challenge to the current tax treatment of credit unions.  "It is my belief, and I believe it is yours, that credit unions have the potential to be an even more important economic, social and political force in our country in the decades ahead," Sanders told the GAC audience.
 
Reports are that the Senator is being advised by Tad Devine, a Democratic political consultant who worked on the Gore 2000 and Kerry 2004 presidential campaigns. Sanders’ first campaign rally will be later this May in Vermont.


Save the Date!  AVCU’s Fall Hike the Hill Set for September 29th & 30th
Nothing is more important with legislators than a face-to-face meeting. That’s why, for the fourth year in a row, a delegation of Vermont credit union leaders will travel to Washington, DC this September 29th & 30th.  The group will first receive an issues orientation from CUNA management, then meet with Vermont’s entire Congressional delegation and their senior aides to discuss several important issues. Additional details are still in development and will be announced in Newslines Express and elsewhere soon.

Legislative Briefing Added to Convention; Statehouse Updates
Attendees of our 68th Annual Meeting can catch up on everything that happened this year under the Statehouse’s golden dome via a newly-added Legislative Wrap-Up at 2:45 PM on Saturday, May 16th. AVCU lead lobbyist Adam Necrason and President Joe Bergeron will provide last-minute updates from the heated 2015 session which is scheduled to adjourn the day before. Participants will get a behind-the-scenes look at the session’s high and low points, issues for credit unions, insights into what’s in store for 2016, and a bit of election year forecasting. In addition, participants will get their first-look at comprehensive results of a recent telephone poll of 400 Vermont consumers gauging their views of credit unions versus banks.
In Statehouse developments this week, the Senate Finance Committee sent its final action on the 2016 Vermont Budget and Sales & Income Taxes to the Senate floor for approval, which was expected by end of this week. Since the House already approved the big money bill, a conference committee will settle differences next week. Passage of the money bill in the Senate was not without tension, as the Lake Champlain Chamber of Commerce, Vermont Realtors Association, Vermont Bar Association, and National Confectioners Association voiced strong opposition in testimony earlier in the week. With its strong advocacy position in the Statehouse, AVCU kept credit unions out of the many and varied tax debates that have taken place in 2015.  
 
On a separate note, AVCU advocacy efforts this week insured that credit unions will be included on a 14 member statewide Financial Literacy Commission proposed by the House Commerce Committee in S.73 (41 page PDF, relevant text begins on pg. 17). The new Commission is proposed to measurably improve the financial literacy and capability of Vermont citizens. It will collaborate with state agencies, schools, non-profits, and others to gauge financial literacy resources and progress throughout the State, with a report being made to the Legislature at the start of each biennium. A Financial Literacy Fund administered by the State Treasurer will also be created to support the Commission’s efforts. As Newslines Express goes to publication, the bill is headed to the House floor.

CUNA Assesses House, Senate Patent Assertion Legislation
CUNA remains concerned about a very narrow definition of "bad faith" for patent assertion letters that would trigger enforcement actions under the Targeting Rogue and Opaque Letters (TROL) Act. The House Energy and Commerce Committee approved the bill 30-22 this week.

On the same topic, CUNA is studying a comprehensive and bipartisan Senate patent reform bill introduced Wednesday. The Protecting American Talent and Entrepreneurship Act (PATENT Act)  was introduced by Senate Judiciary Chair Chuck Grassley (R-Iowa), Vermont Senator Pat Leahy, the panel's ranking member, as well as Sens. John Cornyn (R-Texas) and Charles Schumer (D-N.Y.), who are senior members of that committee.
In one of its 16 sections, the bill calls for civil penalties to be levied by the Federal Trade Commission (FTC) in connection with patent assertion entities engaged in widespread demand letters abuse, with civil penalties for FTC rule violations specified.  The provision does not impinge on legitimate licensing activity or expand the authority of the FTC.
 
The House's TROL Act would require patent demand letters to contain more details about a patent, who owns it and what is being infringed upon than is required under current law. The act would also empower the FTC and state attorneys general to enforce those requirements and bring action against those who send "bad faith" demand letters.
 
CUNA maintains that a better approach to enforcement would focus on the effect of a patent demand letter on end users, rather than on the knowledge of the violator. CUNA also has expressed concerns that the TROL Act would undo the constructive state bills that have passed and replace them with a "weaker federal standard."
 
CUNA will continue to press for patent law reforms that would ban abusive patent demand letters and lawsuits that can harm the financial services industry, as well as the consumers it serves.

Tricorp FCU Sets Annual Meeting for Friday, June 12
Tricorp Federal Credit Union has announced its annual meeting will be held at 1:30 PM on Friday, June 12th at the Harraseeket Inn in Freeport, Maine.  The event will be keynoted by Scott Budde, CFA and Project Director for the Maine Harvest Credit Project.  Scott and his partner, Sam May, are working to charter a new credit union focused on Maine’s local food economy, offering loans for land and equipment to farmers and emerging food businesses.
The annual meeting and presentation will be followed by a social hour for networking with fellow credit union leaders from throughout northern New England.  Attendance is free, but registration is requested via email to denise@tricorp.org with your credit union’s name and the names of all those attending.
Six Flags New England Offering CU @ The Park on July 19th
Recently AVCU was contacted by a representative from Six Flags New England of Springfield, MA who informed us that their 8th annual CU @ The Park day will be Sunday, July 19th, 2015.  This is geared specifically toward credit union members, employees, and their families and offers great discounts on a full day of family entertainment.
 
“Each year we send out information to credit unions in New England for their members and employees to take advantage of this special deal,” said Account Executive Ben Rosenthal. “It is a big hit with credit union members, so I would like to pass along the information to as many credit unions as possible,” he added. 

The special admission of $43.99 per person includes tax and:
  • All Day Admission to New England’s Coaster Capital and Hurricane Harbor Water Park! ($59.99 value)
  • All-You-Can-Eat BBQ Menu ($20.00 value)
  • FREE Parking ($25.00 value)
  • Exclusive free Midway Games in the River’s Edge Picnic Grove ($14.99 value)
Rosenthal provided AVCU with a PDF brochure for the event which is available for download from our website.  Additional information is available online at Six Flags New England’s website by using the promo code CU2015.
            Newslines Express Puzzling Pictures # 16A & # 16B           
If you've been following along and filling out your contest form since late January, you know that this is the final week of the Puzzling Picture contest. Since AVCU received such strong support and attracted more exhibitors than expected, we're again doubling up on pictures this week in order to get all of our exhibitor logos in before convention weekend. (click images for larger versions)
Please write the names of BOTH companies in box #16 on your form.  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.  Remember that if you missed a week or two along the way, all Puzzling Pictures will be on display at the convention and that official contest rules and eligibility are outlined in detail on the form.
 
Reminder:  We still need donations for the Silent & LIVE! Auctions that we'll have during Annual Meeting weekend.  Our current donor list is available here.
Management Minute, Calendar, Jobs & News Updates
Recent Headlines from Management Minute
  • TROL Act doesn't address core problems, CUNA says before markup
  • Tips for Installing Popular Technology in the Branch
  • Flood of Foreclosures Looming?
Upcoming Education Calendar
 
5/5 Director Series: Strategic Planning Best Practices for the Board & Senior Management Celeste Cook
5/6 Revised Escrow Rules Effective August 1, 2015 Angela Lucas
5/7 Compliance Hot Topics Gaye DeCesare

Employment Opportunities
Business Credit Analyst, Heritage Family Credit Union (2nd post)
Branch Manager (Fair Haven), Heritage Family Credit Union (2nd post)
Loan Officer (Milton), Vermont Federal 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
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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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