Coosa Valley Credit Union Goes to Washington

Recently, Robert Smyth, Marketing and Business Development Director for the Coosa Valley Credit Union, had the chance to accompany representatives from other credit unions around the state as well as credit union affiliate and CUNA representatives, to Washington D.C. to visit with Georgia Senators and House Representatives about proposed and pending legislation that would affect credit unions nation wide. They met with 6 Representatives and 2 Senators including Northwest Georgia’s regional representative Dr. Phil Gingrey. Mr. Smyth stated “It was an honor to be a part of such a distinguished group and get to participate in the governmental process that affects our industry. I hope the opportunity arises again for me to return to Washington again and continue to keep the Credit Union Mission in front of law makers.” The following is a brief description of some of the issues that are currently being discussed and will continue to be discussed in Washington in 2008 and 2009.

CREDIT UNION REGULATORY IMPROVEMENTS ACT (CURIA)
Credit unions remain the most highly regulated and restricted of all insured financial institutions, particularly after the passage of Credit Union Membership Access Act (CUMAA) in 1998, which imposed new, severe restrictions on credit unions in several areas. CUNA supports H.R. 1537, the Credit Union Regulatory Improvements Act (CURIA). This legislation, sponsored by Representatives Paul Kanjorski (D-PA) and Ed Royce (R-CA) would help eliminate some of the worst examples of statutory micromanagement that have placed unreasonable constraints on the ability of credit unions and their boards to function efficiently and in the best interests of their members. Over 140 Member of the House have cosponsored CURIA, which has three main provisions:

Member Business Lending (MBL)
CURIA provides a modest increase (from 12.25% to 20% of total assets) in the current limit on credit union member business lending, and allows the NCUA to raise the loan cap from $50,000 to $100,000 (indexing for inflation). Prior to the enactment of CUMAA in 1998, there was no statutory limit on credit union member business lending. A March 2005 study by the Small Business Administration found that the growth in bank consolidations was leading to a decline in access to credit for small business owners. Present economic conditions may make it even more difficult for small business owners to borrow money. Credit unions are uniquely positioned to fill the niche not being served by many banks. Increasing the credit union MBL cap as proposed in CURIA would make $5.7 billion in additional credit available to America’s small businesses. This is economic stimulus that doesn’t cost the taxpayers a penny.

Prompt Corrective Action (PCA) Reform
CURIA modernizes credit union capital requirements by redefining the net worth ratio to include a risk-based asset approach to Prompt Correction Action (PCA), thereby instituting a new measurement that would improve the safety and soundness of credit unions. Credit unions historically have had the lowest default/delinquency rates in virtually all categories of loans and have maintained average net worth ratios well in excess of those held by banks. The PCA Reform provision in CURIA has been endorsed by the National Credit Union Administration.

Underserved Areas
CURIA restores the ability of single common bond credit unions and community chartered credit unions to add underserved areas to their field of membership (FOM). In July 2006, as a result of a lawsuit filed by the American Bankers Association (based on a misinterpretation of CUMAA) the NCUA issued a regulation prohibiting single sponsor credit unions and community chartered credit unions from adding underserved areas to their FOM. The ability for all credit unions to serve underserved areas is part of the core mission of credit unions. CUNA urges Congress to provide the technical fix that is necessary to allow all credit unions (single sponsor, community chartered, and multiple common bond) to continue to serve underserved areas.

CREDIT UNION TAX EXEMPTION
Credit unions are classic cooperatives, like rural electric cooperatives. The credit union federal tax-exemption is bound by the not-for-profit, cooperative structure of credit unions, not by the size of the credit union, those it serves, or the products and services that are offered. This rationale for the tax-exempt status has been ratified several times by Congress.

Although the bank lobby claims credit unions are “growing beyond their means” and should therefore pay taxes, the credit union share of total assets has remained virtually unchanged. From 1992 to 2006, credit unions’ market share has remained at a constant 6% of total assets in America's financial depository institutions. Most importantly, credit unions exist to serve their members, providing financial literacy counseling, short-term loans and other unique services when members are in need. CUNA opposes all attempts to subject credit unions to taxation, as well as efforts to use the tax debate to prevent credit unions from gaining regulatory relief.

MORTGAGE REFORM
The collapse of the subprime mortgage market began in the second half of 2007. It created credit liquidity problems in the market and sparked concern and political debate over whether the economy will enter a recession. Stress to the economy continues to build as foreclosure rates increase and adjustable rate mortgages with abusive terms begin to reset. In response, Senators and Representatives introduced legislation and called for stronger regulation, congressional committees held numerous hearings and mark-ups, and the Administration and regulatory agencies proposed new plans and regulatory oversight. Credit Unions support efforts to eliminate predatory lending practices. Credit Unions are heavily regulated in the area of mortgage lending and provide extensive disclosures to members seeking mortgage lending services to finance their home. Congressional remedies to the current lending situation should not disrupt or discourage lending practices that are helpful and beneficial to borrowers. Any Bankruptcy Code amendments to provide relief to people whose homes are in foreclosure must be temporary, only address subprime loans, and not undermine lenders who made mortgage loans with good underwriting standards and market rates.

DATA SECURITY
CUNA supports legislation that would prohibit the retention of sensitive, identifying information by merchants and certain non-financial companies from plastic card magnetic strips that could be obtained in connection with financial transactions, including the imposition of fines for failure to comply. CUNA also supports the requirement that the breaching party (i.e., the merchant) reimburse the consumer or financial institution for any losses incurred, as well as a uniform national standard. CUNA urges Congress to incorporate credit union backed provisions in any data security legislation that moves forward this year.

FINANCIAL SERVICES APPROPRIATIONS
The House and Senate Appropriations Committee created a new subcommittee in the 110th Congress: the Financial Services Committee. This subcommittee has jurisdiction over CUNA supported programs such as the Community Development Financial Institutions (CDFI) Fund at the Treasury Department, the Community Development Revolving Loan Fund (CDRLF) and the Central Liquidity Facility (CLF) under the NCUA, as well as funding for Small Business Administration (SBA) programs. In December 2007, the Congress passed an omnibus spending bill that funded the CLF, the CDRLF, the CDFI fund, and SBA programs. As the FY2009 budget process moves forward, CUNA will advocate for the highest levels of funding for these programs.

INTERNATIONAL ISSUES
The World Council of Credit Unions (WOCCU) is the international trade association and development agency for credit unions, representing the interests of 46,000 credit unions in 97 countries. WOCCU is primarily funded by the US Agency for International Development (USAID) through microenterprise funding, and also receives contributions from US credit unions through CUNA, CUNA Mutual, and the National Credit Union Foundation (NCUF). Additionally, WOCCU is one of eight cooperative groups that receive funds from the Cooperative Development Program (CDP) at USAID. WOCCU uses CDP funds to expand low-cost transaction services for members (including remittances), create enabling regulatory environments, train credit union managers and directors, and extend credit union operations to difficult operating environments.

Coosa Valley FCU joins as a proud sponsor of the 2008 Clock Tower Classic Handcycling Race coming to Rome April 24th through 26th

Coosa Valley Credit Union has joined as a proud sponsor of the 2008 Clock Tower Classic Handcycling Race and time trial coming to Rome as part of the River Days festival April 19^th through 26^th.  Ann Hortman, organizer of the event, gives a brief explanation of the sport and how the City of Rome came to be involved. “Handcycling is a form of adaptive cycling that enables athletes of all abilities to ride a “bike” exclusively using the upper body. Handcycling is also one of the newest competitions at the Paralympic Games, where it made its first appearance in Athens, Greece in 2004. Not to confuse handcycling with wheelchair racing, generally handcycling is for cycling events and wheelchair races are for running events.

In 1998, the International Paralympic Committee (IPC) recognized handcycling as part of their cycling program. Working with Disabled Sport Organizations (DSOs) Wheelchair Sports USA (WSUSA), Disabled Sports USA (DSUSA), and the U.S. Association of Blind Athletes (USABA), U.S. Handcycling  Federation (USHF) fielded a national team for IPC international competition, and created a calendar of national events to identify American handcycling talent. USHF continues to work closely with US Paralympics to identify more than just elite athletes, and create opportunities in collaboration with dozens of organizations throughout the country.

As of 2007, we are identified as one of those organizations. The Handcycle races in Rome began as an exhibition race in 2005, and grew into an official sanctioned race in 2006. The overwhelming response from the athletes and community opened the door for an additional race in 2007, and thus began our collaboration with the United States Handcycling Federation (USHF). The “Clocktower Classic” was one of only five national sanctioned races in 2007, and is one of six for 2008. I am pleased to inform you that The Clocktower Classic Criterium in Rome, GA (Friday, April 25^th) has been selected as the 2008 U.S. Handcycling National Criterium Championship venue.

To date we have a record field of handcyclists (28) registered and committed to racing in Rome. Among those are four of the five team members who raced for the 2007 UCI Para-Cycling World Championships in Bordeaux, France”

Robert Smyth, Marketing manager for the Credit Union stated “When the opportunity arose for the Credit Union to be a part of such a prestigious event, we were honored. The men and women who take part in these races are not only incredible athletes but inspirations to the fact that nothing has to hold you back from participating in any arena of life you choose.  We hope the community will come out and support the athletes and cheer them on. It is sure to be an exciting and uplifting three days of racing.”   

For more information on the races and River days, please go to http://www.romega.us.

Steeple Chase

Bob Townley, Red Cross Volunteer, and Kaytlin Greenley, Coosa Valley Federal Credit Union staff member and Red Cross volunteer, look through some of the items that were available to purchase at the Atlanta Steeplechase on Saturday, April 12th. Proceeds from the souvenir sales benefit Red Cross programs and services.

Rome Braves

Rome Braves Fans enjoy a day filled with great food, players and a souvenir hat given them by the Rome Braves and the Coosa Valley Credit Union. All visiting groups to State Mutual Stadium will receive a hat during the 2008 season. The Credit Union is a proud sponsor of the Rome Braves.

Coosa Valley Federal Credit Union to build new branch in Cartersville...

Coosa Valley Federal Credit Union is proud to announce plans to locate a new branch office at the corner of Felton Road and North Tennessee Street in Cartersville Ga. The branch, upon its competition, will take the place of the current branch located at 266 Nelson Street. Ron Tomlinson CEO and President of Coosa Valley stated “We have been looking for a location for some time on which to build a new facility. With our growth and increase in services, we simply needed a larger space with greater service capabilities. When the property became available on North Tennessee Street, it seemed a perfect fit especially in light of the present and slated development for that area of Cartersville.” Construction is scheduled to begin this spring with a completion date some time in the first part of 2009.”

The Coosa Valley Federal Credit Union is a community credit union offering a full array of financial services to anyone who lives, works, worships or attends school in the 10 county Coosa Valley region. Branch locations include Cartersville, Cedartown and Rome and all offer drive thru service beginning at 7:15am Monday through Friday and are open till 7pm on Monday nights with full service. The Credit Union has ATM’s at each branch as well as Murphy Oil Stores/Wal-Marts from Bremen to Fort Oglethorpe. For a full list of services and more information, please visit www.cvfcuonline.org.

Lockheed ATM at Turner McCall and Martha Berry to be purchased by Coosa Valley Federal Credit Union...

Coosa Valley Federal Credit Union will assume ownership of the former Lockheed Credit Union ATM located at the corner of Turner McCall Boulevard and Martha Berry Highway as of March 10th 2008. Lockheed closed their branch office in Rome on December, 28th 2007. In a posted letter to their members, Lockheed Credit Union suggested if they desired continued local service from a credit union, that they should consider joining Coosa Valley Credit Union. Robert Smyth Business and Marketing Manager for Coosa Valley stated “Coosa Valley Credit Union already has an established relationship with Floyd Medical Center and its employee’s. Couple that with the many local Lockheed members who have already made the switch to Coosa Valley, the continued operation of the ATM across from the hospital seemed like a great way to serve our new and previous members.”

Coosa Valley Federal Credit Union places new ATM at Forum...

Coosa Valley Federal Credit Union has stationed a new ATM at The Forum. It is the latest move by the credit union to bring ATMs to new areas.
‘We were happy to be able to provide this service to patrons of The Forum who needed cash for vending, ticket sales or souvenirs for the many events the Forum host each year” stated Marketing and Business Development Manager for Coosa Valley Credit Union Robert Smyth.  In addition to the Forum, you will find Coosa Valley ATM’s located at each branch as well as  Murphy Oil Stations adjoining some local Wal-Marts through out Northwest Georgia.

Local Credit Union Reaches Mile Stone...

The Coosa Valley Federal Credit Union has surpassed one hundred million dollars/$100,000,000.00 in assets. Ron Tomlinson President and CEO of the Credit Union stated “It is extremely exciting to see the Credit Union hit this bench mark in our growth. Collectively knowing the Credit Unions humble beginnings, when nine General Electric Plant employees put five dollars each in a cigar box to help one another, and then to have that forty five dollars grow to over one hundred million is truly an American success story. The best part is through the years we have retained the level of personal service that you don’t always get from larger financial institutions while providing the most up to date financial services available anywhere. We want to sincerely thank all of our members who have had a part in helping us reach this goal.”
The Coosa Valley Federal Credit Union is a community credit union offering a full array of financial services to anyone who lives, works, worships or attends school in the 10 county Coosa Valley region. Branch locations include Cartersville, Cedartown and Rome and all offer drive thru service beginning at 7:15am Monday through Friday and are open till 7pm on Monday nights with full service. The Credit Union has ATM’s at each branch as well as Murphy Oil Stores/Wal-Marts from Bremen to Fort Oglethorpe. For a full list of services and more information, please visit www.cvfcuonline.org.

The 2007 North Georgia Air and Car Show

If you missed this year's show you missed the best yet. The weather was perfect, the crowd was great and there were no reported parking problems at all. This years show was a tribute to Naval aviaition with a renaming of the field at Richard B. Russell Airport to Towers field in honor of Admiral John Towers, a native of Rome. For more on Admiral Towers visit www.ngaaircarshow.org. The friday night show was beautiful, full of lights and fireworks and Saturday and Sunday were spectacular with the high light being a re-enactment of the battle of midway with vintage world war two air craft. The car and motorcycle show were also a big hit. Next years dates have already been set to September 12 through the 14th and once again Coosa Valley Credit Union will be the title sponsor. So get it on your calendar now and we will see you there.

Robert E. Smyth named new Marketing and Business Development Director for Coosa Valley Federal Credit Union

Coosa Valley Federal Credit Union is pleased to announce that Robert E. Smyth has been promoted to Marketing and Business Development Director for the Credit Union. Additionaly, Mr. Smyth will continue his involvement in Public Relations for the Credit Union.

Mr. Smyth is a Rome native and spent 12 award winning years with K-98 radio (now Georgia Public Radio) in sales, production and on air performance. He is a graduate of Auburn University in Communications and has an extensive background in media and marketing related fields.

Ron Tomlinson President and CEO of the Coosa Valley Credit Union stated "We are excited to have Roberts experience as well as energy and enthusiam behind the marketing department. He has already proved to be an asset in business development and public relations and we look forward to the contributions he will make in the marketing department."

Dawn Harris Promoted to CFO

The Coosa Valley Federal Credit Union is very pleased to announce that Dawn Harris has been promoted to the position of Vice President of Finance and Chief Financial Officer. Ms. Harris’s contributions have been significant over her 20 year carrier with Coosa Valley Federal Credit Union. Among others she has held the positions of Teller, Head Teller, Accounting Assistant, Interim Accounting Manager, Security Officer and most recently Operations and Information Technology Manager.

While carrying out professional and family responsibilities, Dawn finished an Associates Degree in Economics at Floyd College in 1997; later in 1999 she completed a Bachelors Degree in Business Administration from Shorter College followed by a Masters of Business Administration from Shorter in 2002.

Ron Tomlinson president and CEO of the Credit Union stated “ Along with her many well known attributes, Dawn brings with her to this position a commitment to excellence and an unwavering attitude of team work and top notch service to the members of the Coosa Valley Federal Credit Union”.

Award Winning Marketing Director Retires

After serving 22 years at Rome, Georgia-based Coosa Valley Federal Credit Union, Marketing Director Phyllis Barron is retiring.

A Rome native, Barron has spent her entire career at the credit union orchestrating award-winning programs for its 18,000 members. Some of those awards include several first and second place acknowledgements for the Dora Maxwell Social Responsibility program and the Louise Herring Philosophy in Action program, both held in high regard within the credit union industry. A Diamond Award of Merit from the Credit Union National Association (CUNA) Marketing Council Conference was received for the credit union’s title sponsorship of the first annual North Georgia Air and Car Show held last October; CUNA’s Best Practices Award for creative and effective marketing efforts.

“Phyllis is one of the most dedicated people I’ve ever known; not only to the credit union and its members, but to the credit union movement,” said Ron Tomlinson, CEO of Coosa Valley Federal Credit Union. “She exemplifies the overall credit union philosophy of people helping people, and she is a walking testimony for what we all stand for and try to do everyday.”

Barron’s involvement in the credit union industry in Georgia includes participation in several committees of the Georgia Credit Union Affiliates (GCUA), including the Georgia Marketing Council, Community Involvement Committee, Member Growth Initiative Task Force and the Credit Union Political Action Committee (CUPAC) golf tournament planning committee. Additionally, she has contributed numerous hours and effort to local community organizations.

Upon retiring, Barron plans to spend more quality time with her husband, Bill and daughter, Lisa.

Red Cross honors volunteers

Volunteers Lola Barnes (left) and Evie Watson have provided a combined 44 years of service to the community. By John Bailey / RN-T

The Red Cross reached out to 10,426 individuals in the Coosa Valley Chapter’s five-county area the past year.

The volunteers who made that possible were honored at a meeting and recognition ceremony held Thursday night.

“This is our annual meeting and we’re all having our annual volunteer recognition,” said Terri Cook, executive director of the Coosa Valley Chapter of the American Red Cross. “We provide emergency services volunteers, health and safety volunteers, hospital volunteers and board of directors volunteers.”

Along with providing volunteers, the local chapter provides training for volunteers and promotes its cause with local and community fundraisers.

“Our chapter is doing great things,” said Mike Johnson, incoming board chairman. “I look at all the people in this room as heroes, serving our community.”

Specially honored were:

Nona Smith, disaster services volunteer of the year;

Sam Grove, board member of the year;

Billy Galmon, health and safety volunteer of the year; and

Coosa Valley Federal Credit Union, HEROES volunteer of the year.

Because of its increasing size, the local chapter will soon become a regional chapter, and combine with the Gainesville Red Cross.

Johnson compared the Red Cross chapter with Abraham Lincoln’s definition of government in the Gettysburg address.

“We are a group founded by local people, funded by local people and for the local people,” said Johnson.

Johnson said he has three major goals for the chapter in the upcoming year.

“We need to continue to provide excellent response and relief services to our community, build a firm financial foundation, and support our volunteers — all of you and all of us,” said Johnson.

Middle Schools Create Doors of Imagination for Coosa Valley Federal Credit Union

Coosa Valley Federal Credit Union challenged the middle schools of Rome/Floyd County to use all their creativity in creating doors of imagination that would capture the spirit of their schools and communities.

Full size wooden doors were presented to the schools by Coosa Valley Credit Union as “blank slates” for their imaginations.  Art students in each school tackled the project with enthusiasm.  Participating schools were Georgia School for the Deaf, Pepperell Middle School, Unity Christian School, Rome Middle School, Armuchee Middle School, Coosa Middle School, and Model Middle School.

“I was absolutely overwhelmed by the beauty and the thoughtfulness of each of the exhibits.  Many of the schools researched their communities and truly captured their essence,” said Ron Tomlinson, President/CEO of Coosa Valley Federal Credit Union.

Judges were selected who were in the advertising/communications field by Phyllis Barron, Marketing Director of Coosa Valley Federal Credit Union. “Our thanks go to our judges.  They had a very difficult time choosing winners, because all of the entries were extraordinary.  The doors will remain on display at the credit union Annex Building behind the main office on Redmond Circle so that our members can enjoy them as much as we do.  We invite our entire community to visit and see the works of our students,” said Ms. Barron.

Robert Smyth, Business Development/Public Relations Coordinator for the credit union arranged details for the event and awarded prizes to three schools.  The winners were: First Place, Armuchee Middle School; Second Place, Georgia School for the Deaf and Third Place, Coosa Middle School.