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LSCUs first annual meeting attracts 1100
ORLANDO, Fla. (6/18/10)--More than 1,100 credit unions and others from Florida and Alabama attended the first annual meeting and convention of the League of Southeastern Credit Unions (LSCU) and heard speakers on a variety of topics, including interchange and the economy. LSCU CEO Patrick La Pine laid out the foundation of the new league and the initiatives that are most important--advocacy and information.
Click to view larger image Credit Union National Association President Dan Mica speaks before Florida and Alabama credit unions at the first League of Southeastern Credit Unions annual meeting, in Orlando, Fla. (Photo provided by the League of Southeastern Credit Unions)
Credit Union National Association (CUNA) President/CEO Dan Mica, told the group that the $250,000 share insurance coverage cap on accounts by the National Credit Union Share Insurance Fund is now permanent. He also noted that House Financial Services Committee Chairman Barney Frank told him he is ready to begin looking at member business lending after the interchange issue is resolved. He also said he hoped alternative capital would be on the table by the end of the year or early next year. The league announced it was donating $15,000 to Credit Union House in Washington, D.C., in honor of Mica, as a retirement gift. He will step down from the CEO position at CUNA in July. Mike Schenk, CUNA vice president of economics and statistics spoke about the economy's impact on credit unions." Things have been bad; the worst that credit unions have seen in our lifetimes," he said. "We're through the worst, but the recovery will be slower. It won't be an event, but a process." He also noted that "more credit unions in Alabama and Florida are recording gains, but recovery will be slower in the Southeast." Jeff Post, president/CEO of CUNA Mutual Group, said that more than one million homes are owned by credit unions right now, that the "real" unemployment rate is 16% to 20%, and that the gross domestic product grew exponentially in the 1990s at 38% while it grew 17% in the 2000s. Household net worth was negative in the 2000s for the first time in history. Post said the economy has bottomed out. World Council of Credit Unions President/CEO Pete Crear showed pictures from Haiti and said most people there live in tents because they fear buildings will collapse. He noted that Ethiopia and Sri Lanka have 8,000 credit unions and Kenya has 3,000. A new initiative in the United Kingdom will open 11,000 credit union branches in post offices and fund them through taxes on banks. Others speaking included keynote speakers and political commentators Tucker Carlson and Paul Begala, and National Association of State Credit Union Supervisors CEO Mary Martha Fortney. The Filene Research Institute's Mark Meyer, and National Credit Union Foundation's REAL Solutions program director Lois Kitsch were among those conducting educational sessions.


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