CUNA launches new survey seeking credit union exam challenges
Credit union experiences and impressions of the examination process are again being requested by the Credit Union National Association (CUNA) which has just released a new edition of its survey that gives credit unions the chance to provide feedback to CUNA and state leagues on their most recent examinations by the National Credit Union Administration (NCUA) and/or state regulators.
Third quarter data shows credit union loan growth up 2.9 percent
America’s 6,620 federally insured credit unions continued positive trends in most metrics during the third quarter of 2013, including loans, membership, and net worth, according to new data released by the National Credit Union Administration (NCUA).
Chapters hold holiday auctions for charity
The credit unions of New Hampshire are demonstrating their holiday spirit in a variety of ways this year. One special tradition that marks every holiday season is chapter auctions to benefit the Make-A-Wish Foundation® of New Hampshire.
Paul Gentile named new League President
Paul Gentile has been named to serve as the new President of the New Hampshire Credit Union League effective January 6, 2014.
Filene survey: credit union challenges and opportunities
The Filene Research Institute has requested the League’s assistance in getting the word out about a survey they are conducting to learn about the challenges and opportunities faced by employees and volunteers at credit unions around the world.
NCUF’s non-prime auto lending program to be tested by Filene Research Institute
The National Credit Union Foundation (NCUF) recently announced that the Filene Research Institute will test its non-prime auto lending program in Filene’s new accessible financial services incubator. Funded by a $700,000 grant from the Ford Foundation, the incubator will test, package and scale innovative, viable, financial products that benefit low-and-moderate-income US consumers.
NCUA announces that there will be no TCCUSF assessment in 2014
The National Credit Union Administration (NCUA) will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. The National Credit Union Share Insurance Fund assessment for 2014 will be between zero and five basis points (bp), the agency added.
Fryzel discusses “right sizing” risk-based capital rules at AACUL Winter Meeting
National Credit Union Administration (NCUA) Board Member Michael E. Fryzel discussed a changing regulatory landscape and called for “right sizing” the agency’s rules on risk-based capital.
Minority-owned credit unions equal 12% of FICUs, hold 3.5% of assets
The 805 credit unions that met minority depository institution criteria as of June 30 held $36.9 billion in assets, and are owned by 4.8 million members, the National Credit Union Administration (NCUA) said in its Minority Depository Institutions (MDI) Congressional Report.
NH Credit Union League encourages credit unions to support WOCCU Philippines relief effort
In the wake of super typhoon Haiyan, one of the most powerful storms ever recorded, the World Council of Credit Unions (World Council/WOCCU) is in contact with local authorities in the Philippines and the organization’s Australian member, Customer Owned Banking Association, to assess how to best help the 4.5 million people affected.
Credit union reg relief bill set for markup
The House Financial Services Committee announced that it will mark up a bill November 14 on a credit union regulatory relief measure supported by the Credit Union National Association (CUNA), one that would extend share insurance coverage to trust accounts held in the name of nonmembers.
Egan retirement celebration
On November 7, hundreds of people gathered at Gillette Stadium in Foxborough, MA for a gala celebration of Dan Egan’s career. The crowd included credit union friends from the Massachusetts, New Hampshire, and Rhode Island credit union communities as well as guests from all across the United States representing the national credit union movement.
CUNA contacts FFIEC to urge delay of mortgage reg legal liability, sanctions
Federal financial regulators should work with the Consumer Financial Protection Bureau (CFPB) to provide a short-term reprieve, until September, from examiner sanctions for noncompliance that might be imposed on regulated financial institutions that are making good faith efforts to comply with upcoming mortgage regulations, the Credit Union National Association’s (CUNA’s) CEO Bill Cheney urged in a letter to the Federal Financial Institutions Examination Council (FFIEC).
Outlook – new and improved design
The November edition of Outlook, the League’s monthly electronic newsletter, is going to have a new look and increased functionality. The redesign incorporates “flip book” technology, which allows the reader to page through the publication much like they would with a paper newsletter.
Governor Hassan buys first Make-A-Wish® fundraising calendar sponsored by NHCUL
On October 30, 2013, New Hampshire Governor Maggie Hassan was joined by members of the New Hampshire Credit Union League (NHCUL), representatives of Make-A-Wish® New Hampshire (Make-A-Wish®), credit union employees from throughout New Hampshire, and local guests, to launch the sales season of the Make-A-Wish® 2014 Calendar Raffle.
Credit unions report strong loan growth in September
Loan growth at credit unions in September continued to rise, with the past 12 months’ growth pace the fastest since before the Great Recession, according to the Credit Union National Association’s (CUNA) Credit Union Monthly Estimates for September, released November 1.
NCUA: No NCUSIF assessment in 2013
The National Credit Union Administration (NCUA) open board meeting held on October 24 featured good news for credit unions: There will be no National Credit Union Share Insurance Fund (NCUSIF) premium assessment in 2013, agency Chief Financial Officer Mary Ann Woodson reported.
CLF, Fed discount window are only sources for emergency liquidity in NCUA rule
A new rule addressing emergency liquidity and contingency funding plans for credit unions contains some important changes that improve the final rule compared to the proposal and the Credit Union National Association (CUNA) said it appreciates these revisions. However, CUNA does not agree the rule is needed at this time.
Filene offers report on credit union financial sustainability
A new white paper from the Filene Research Institute explores the sustainability of the credit union model, and offers credit unions ideas for maintaining sustainably “excellent” organizations.
Federal regulators provide guidance on Qualified Mortgage fair lending risks
Five federal regulatory agencies (the NCUA is among them) recently issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages. For the reasons described in the statement, the five agencies do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.
CUNA Brief: Fed interchange rule bad, court ruling worse
The Federal Reserve Board (Fed) has made errors in implementing the Dodd-Frank-imposed debit interchange fee cap, the Credit Union National Association (CUNA) said in a legal brief, but a July 31 court ruling overturning the rule would make things “significantly worse.”
CUNA survey shows new mortgage regs could force credit unions to reduce programs
Some credit unions indicate that they may be forced to discontinue, delay, or reduce their mortgage loan product offerings due to Consumer Financial Protection Bureau (CFPB) mortgage regulation changes that are set to take effect in January, a Credit Union National Association (CUNA) survey has revealed.
HMDA Resubmission Schedule and Guidelines released by CFPB
New Home Mortgage Disclosure Act (HMDA) Resubmission Schedule and Guidelines, and factors the Consumer Financial Protection Bureau (CFPB) may consider when evaluating whether to pursue a public enforcement action for HMDA violations, are outlined in a new bureau release. There are also tips on how best to run an effective HMDA compliance system.
An Expert’s View of the Economy—October 24
On Thursday, October 24, the Credit Union Center will host an event—An Expert’s View of the Economy —at the DoubleTree Hotel in Westborough, MA, bringing each of its Network members and CEOs into one venue. Mike Schenk, the vice president of economics for CUNA, is our presenter for the program. Mr. Schenk is a nationally recognized economist and is regularly interviewed by the media for stories appearing in national news outlets including: The Wall Street Journal, MarketWatch, CNBC, Reuters, CNN, The Washington Post, The New York Times, Dow Jones News Service, and USA Today. He has presented for the League at conferences in the past, and he is an outstanding resource whom we are excited to have for this program.
New Blog Post—Another look at the Latino market
Prior to the recession, the senior managers and directors at credit unions in the northeast spent a fair amount of time trying to get a handle on ways that they could make their credit unions, and credit unions in general, more visible and more appealing to the Latino community. While the recession and the subprime crisis forced all of us to realign strategic priorities, the importance of the Latino community in our market remains constant.
League InfoSight developing interactive compliance management tool
League InfoSight recently announced it is developing a web-based credit union compliance and management solution. ComplySight will launch in the spring of 2014 and will streamline the lengthy compliance process for credit unions nationwide with a series of robust and interactive software tools.
Filene Research Institute “Impact Boston” on October 16
The Filene Research Institute is holding a gathering called “Impact Boston” at the Seaport Boston Hotel on Wednesday, October 16, from 8:30 a.m. until noon. Credit unions are invited to participate at no cost.
CUNA backs ‘timely’ Reg D study
The Credit Union National Association (CUNA) has thrown its support behind a new bill introduced by Representatives Robert Pittenger (R-N.C.) and Carolyn Maloney (D-N.Y.). The legislation would order the U.S. Government Accountability Office (GAO) to study the impact of the Federal Reserve Board’s (Fed’s) monetary reserve requirements on depository institutions, consumers, and monetary policy.
Fannie Mae and Freddie Mac foreclosure prevention actions top 2.9 million
Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than 1.4 million who received permanent loan modifications according to the Federal Housing Finance Agency.
NCUA reminds credit unions about Cybersecurity Awareness Month
On the eve of Cybersecurity Awareness Month, National Credit Union Administration (NCUA) Board Chairman Debbie Matz reminded credit unions about the importance of fighting cybercrime and protecting online the personal and financial information of their members.
Credit unions and NCUA respond to government shutdown
The National Credit Union Administration (NCUA) has made it clear that it will be open for business during the “government shut down and it encouraged credit unions to “maintain a state of readiness to help their members who may be affected by a potential government shutdown.”
Some SBA 7(a) fees dropped on October 1
The U.S. Small Business Administration (SBA) said some 7(a) loan program fees will be reduced, beginning on October 1.
Interchange rule stay will keep order
Credit Union National Association (CUNA) President/CEO Bill Cheney said a September 20 court decision to allow existing debit interchange fee cap rules to stay in place during an appeals means there will be an order in place that will provide certainty, at least for now.
Several states raising minimum wage
Federal minimum wage increase legislation continues to make news, and minimum wage action is already taking place in many states. Connecticut, New York, and Rhode Island have passed bills providing for minimum wage increases starting in 2014.
New blog post—Rethinking PFI
The financial services industry has been throwing the phrase Primary Financial Institution (PFI) around for decades. Credit unions are no less enamored of the concept than are their for-profit competitors. Certainly on the face of it there is a good reason for pursuing this lofty status with the consumer. Strong relationships and share of wallet are the pathway to marketing efficiency, better share of wallet, and long term loyalty, which the data prove yield increased revenue.
Fed issue payment system improvements paper
The Federal Reserve Banks (Fed) recently conducted payment systems research and recently unveiled its findings in its “Payment System Improvement—Public Consultation Paper.” The Credit Union National Association (CUNA) met with the Fed regarding the study prior to its release.
NCUA Approved Fixed-Asset Regulation Changes
The National Credit Union Administration (NCUA) on September 12 approved a final version of fixed-asset regulation changes that does not make any substantive changes to regulatory requirements. Rather, the revisions are intended to clarify the rule by improving its organization, structure, and “ease of use.”
“An Expert’s View of the Economy” with CUNA Economist Mike Schenk—October 24
A national conference favorite and Credit Union National Association (CUNA) Environmental Scan contributor, Mike Schenk will share the economic look-back, and more importantly, will share a forecast for what lies ahead for credit unions in the upcoming months. Mike delivers a tremendous amount of information but does so in a way that is easy to comprehend and to put to use.
Consumer credit increases 4.5% in July, credit unions see rise
U.S. consumer credit increased a seasonally adjusted 4.5% or $10.4 billion in July, for a total of $2.852 trillion borrowed during the month, according to the Federal Reserve’s Consumer Credit report. Money borrowed from credit unions totaled $254.7 billion.
Employees expect managers to help with emotional issues
The Society of Human Resource Management (SHRM) recently referenced a report in the latest issue of Academy of Management Journal which found that while managers see themselves as going beyond the call of duty when they help employees sort out their personal and job-related woes, workers see it as part of a supervisor’s job.
CUNA notes right to credit union membership through association
Following the National Credit Union Administration’s Letter to Credit Unions on common bond advertising requirements, Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn urged federal credit unions with associational memberships to review their policies and practices, as they do periodically, to ensure their continued compliance with federal regulation.
Fall edition of CenterPoint focuses on succession planning
The fall 2013 issue of the League’s quarterly magazine, CenterPoint is in the mail and it features an extensive article on succession planning entitled The Domino Effect: CEO Turnover Becomes a Serious Game for Executive Management.
Federal Regulators Release Risk-Retention Proposal
Another round of proposed credit risk-retention regulations, including a new definition of “qualified residential mortgage” (QRM) with modifications that the Credit Union National Association (CUNA) had urged, was released by the Federal Reserve (Fed), Federal Deposit Insurance Corp. (FDIC), and four other federal regulators on Wednesday, August 27.
Loan growth, net worth, membership all up in second quarter
Loan growth, net worth, and membership are the biggest stories told in the National Credit Union Administration’s (NCUA) second-quarter data, according to the agency. The data show federally insured credit unions (FICU) saw brisk loan growth, their highest net worth ratio since 2008 and record membership levels.
Social Security fraud
The New Hampshire Banking Department has asked the League to notify credit unions that it has been made aware of instances where individuals have used fraudulent identification documents to open accounts at depository institutions.
Local CU People Recognized at National Youth involvement Board Conference
The National Youth Involvement Board (NYIB) held its annual meeting and conference on July 29 - August 1, 2013 in San Diego, CA. Each year financial educators from across the country come together to share ideas, resources, best practices as well as celebrate the successes achieved in the number of training presentations made to America’s youth, as well as the number of students reached.
Planning Season Tools
Credit unions are gearing up to dive into the planning process for 2014. The League and CUNA have some great materials and seminars available to help with that work. Among them are the 2013-14 E-Scan, a look forward at the Prospects for the Economy in 2014 and an Overview of the new CFPB Mortgage Rules.
Metsger Sworn In As NCUA Board Member
New National Credit Union Administration Board Member Richard Metsger outlined his vision for the credit union system in a private swearing-in ceremony on Capitol Hill on August 23.
CFPB releases second update of exam procedures for mortgage rules
On August 15, the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as the rules become effective.
NCUA on secondary capital accounting issues
In the second part of its three-piece series on secondary capital benefits for small credit unions, the National Credit Union Administration’s (NCUA’s) Office of Small Credit Union Initiatives (OSCUI) outlined rules and regulations governing secondary capital accounting treatments and the net worth valuation of such accounts.
Cap back in place on federal student loans
President Barack Obama signed a bill August 9th that lowered the federal student loan rate to 3.86% for direct loans for undergraduate students, after it shot up to 6.8% in July.
What is the upside and downside to part-time employees?
A recent article on BLR.com discussed the many advantages of providing part-time employment. But as with most things in life, one needs to be aware of all the parameters involved to make a good decision. Many managers operate under the misguided belief that part-time employees have fewer rights than full-time employees, but that’s not so. In fact, the Department of Labor (DOL) does not make any distinction between part time and full time.
Senate approves Metsger for NCUA board
The nomination of Richard Metsger to be the third member of the National Credit Union Administration (NCUA) board has been approved by the full U.S. Senate. All that remains to be done before Metsger takes his place on the board is for him to be sworn in.
Credit union loans up, savings down in June
Credit union loans outstanding increased in June, while savings balances dropped, according to the June monthly sample of credit unions by the Credit Union National Association (CUNA).
CUNA contends corporate assessments should end if current trends continue
The National Credit Union Administration (NCUA) approved a corporate stabilization fund assessment of eight basis points (bp) at the July 25 meeting of its board after reporting on strong performance of the corporate legacy assets. Credit Union National Association (CUNA) Chief Economist Bill Hampel believes future assessments may not be necessary, based on that performance as well as housing and economic trends.
Remittance requirements compliance deadline reminder issued
The National Credit Union Administration (NCUA) has reminded credit unions of recent major changes to the remittance transfer rule by the Consumer Financial Protection Bureau (CFPB), and the upcoming October 28 compliance date, in a new Regulatory Alert (13-RA-06).
Equifax data show declining delinquency rates
A turnaround in home pricing trends is a factor on the improvement of consumer payment behavior and delinquencies in all major areas—except student loans—for the first half of 2013, reports Equifax in its latest National Consumer Credit Trends Report, released July 26.
New England College of Business/NECUS partnership—informational webinar July 24
On July 24, 2013 from 11:00 - 11:30 AM EDT the New England College of Business (NECB) and New England Credit Union Services (NECUS) will be hosting a webinar to provide an overview of the career-focused academic programs offered by NECB, including tuition and admission requirements, and the online learning platform.
New Hampshire, Vermont, and Maine leagues meet with CFPB Director after hearing in Maine
Following a debt-collection field hearing in Portland, Maine, on July 10, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray held a separate meeting with credit union members and top-level representatives of the New Hampshire, Vermont, and Maine credit union leagues on key credit union topics, including regulatory burden.
CFPB Publishes Loan Originator, Mortgage Servicing Compliance Guides
Plain-English, small-entity compliance guides detailing recent changes to loan originator and mortgage servicing rules were released by the Consumer Financial Protection Bureau on Friday.
“Don’t Tax My Credit Union” grassroots campaign gets underway
The Credit Union National Association (CUNA) and its affiliated state credit union leagues have undertaken a large-scale, nationwide, grassroots-mobilization campaign urging America’s 96 million credit union members to deliver a united message to the U.S. Congress: “Don’t tax my credit union!”