The League of Southeastern Credit Unions & Affiliates (LSCU) is off to a strong start for 2021 as board members learned last week during the first-quarter Board of Directors meetings virtually. The week also included the Board meetings for Affiliates Consolidated Services (ACS) and the Southeastern Credit Union Foundation (SECUF).
Here are some high points from the meetings.
During the February 24 ACS Board meeting Tim Bridges from Associated Credit Union was welcomed as the newest ACS Board Member. The board was updated on year-end financial results for 2020: ACS had another year of strong financial results despite challenges from the pandemic. The ACS board also approved a dividend from the ACS sub-companies to ACS holding company to fund for future growth and acquisitions. LSCU Management updated the board ACS will be closing on the investment into Credit Union Risk Intelligence and subsequently purchasing the additional 10% ownership into CUVM.
Later that same day, the LSCU board approved changes to ACS At-Large Director Terms so that they will now be staggered to provide uninterrupted service and continuity to the ACS Board of Directors.
The League Board of Directors was updated on the year-end financial performance showing that despite the global pandemic, the League was able to have a very strong year financially. Thanks to the hard work of the LSCU team, and the continued support of our credit unions, the League was able to transfer $1 million to support four of its top initiatives:
- $220,000 for National Advocacy Fund, which helps promote credit-union-friendly candidates at the federal levels in Alabama, Florida and Georgia.
- $250,000 will fund LSCU’s three State Political Action Committees, which helps elect credit-union-friendly candidates to the state legislatures and other statewide elected offices.
- $80,000 will be moved to LSCU’s Small Asset Size (SAS) Credit Union Voucher Program, which will increase from $500 to $1,000 for each credit union with less than $50 million in assets to use toward any LSCU educational event or LEVERAGE
- $450,000 will help fund the Southeastern Credit Union Foundation’s Community Spark projects that will launch in all three of our states in 2021.
The League Board also heard a report from the Nominating Committee on the upcoming LSCU Board of Directors elections. Elections will take place in April and credit unions should receive their ballots soon.
LSCU Director and incoming CUNA Board Chairman Brad Green gave an update outlining CUNA’s advocacy priorities and the “Open Your Eyes Awareness Campaign.” Following Brad’s update, the Board engaged in a discussion regarding the LSCU’s decision to pause federal political action giving. The decision was made to re-start federal giving on March 1 and that the main consideration in giving to a candidate should always be their support for credit union issues, while also making informed decisions about who we support with our LSCU FedPAC dollars.
On Thursday, February 25, the Southeastern Credit Union Foundation (SECUF) held its first quarter Board of Trustees meeting. Much of this meeting centered around updating the Board on strategic priorities, including the Enrich Financial Wellness program that was launched in 2020. Credit unions have been encouraged to offer this program to their employees as a free resource to help them gain financial wellness and ensure they are on the right path to success. The Board also discussed the soon-to-launch SECUF Community Spark program, a new initiative that will help engage credit unions in all three of our states to make a lasting difference. There is more information to come on the exciting Community Spark initiative very soon.