Credit Union CEOs in New Hampshire, Massachusetts, and Rhode Island received an e-mail Tuesday, February 18 asking them to participate in a very important survey designed to gather their thoughts and concerns regarding the NCUA’s proposed Risk Based Net Worth proposal. This proposal would mean that many credit unions that have a set percentage of loans in certain business lines would have to substantially increase the amount of capital that they hold. (Click here to take the survey.)
The League’s newsletter Daily CU Scan is staking out space on Twitter (@DailyCUScan) in order to get the latest breaking news out to member credit unions on a real time basis. “A daily newsletter is a tremendous communication tool,” said League President Paul Gentile, “but when it is coupled with the ability to get the word out in real time we can really take the idea of timely information to the next level.”
The NCUA confirmed February 11 that there will be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment charged in 2014 and the agency further stated that credit unions are much less likely to be charged another TCCUSF assessment going forward.
On Monday, credit union executives and volunteers in New Hampshire, Massachusetts, and Rhode Island are going to have access to a new daily information source from the League called the “Daily CU Scan.” This new publication will put important credit union news in front of you while it is fresh and relevant as well as giving the League the chance to expand coverage in a number of areas.
Preliminary data from a Credit Union National Association (CUNA) survey show that credit unions have already incurred costs estimated to be in the range of $25 million to $30 million in costs as a result of the Target stores data security breach. Locally, credit unions in Massachusetts have reported that more than 100,000 credit and debit cards have been affected at a cost of $530,000. In New Hampshire, 54,000 cards have been affected to the tune of $144,862; and Rhode Island credit unions indicate that they have 23,000 cards impacted costing $60,495.
2014 natural person federal credit union operating fee rate reduction of 18.4%, and 5.1% increase in the asset dividing point for the 2014 operating fee scale, are detailed in a new National Credit Union Administration (NCUA) letter to federal credit unions (14-FCU-01).
U.S. Court of Appeals for the District of Columbia Circuit Judges David Tatel, Harry Edwards, and Stephen Williams asked questions at oral arguments, on January 17, that raised questions about whether they will fall in line with a lower court ruling that sought to overturn the Federal Reserve’s debit interchange fee cap regulations.
The National Credit Union Administration (NCUA) will host a free webinar, “NCUA Examination Modernization,” on Wednesday, January 22, 2014, at 2:00 p.m. Eastern Standard Time.
The Consumer Financial Protection Bureau (CFPB) announced January 15 that it is seeking applications for positions on its advisory groups, including the Credit Union Advisory Council (CUAC).
The NCUA issued a letter to credit unions (14-CU-03) which detailed the agencies plans to impose fines on credit unions that file their quarterly reports late. In the letter NCUA Chairman Matz stated, “Late filings if quarterly Call Report and Profile data have become a serious problem.” She indicated that more than 1,000 federally insured credit unions filed their call reports after the deadline had passed.