MA, NH and RI Merger Vote Schedule and Documents are PublishedNH, MA
The credit unions of Massachusetts, New Hampshire, and Rhode Island will be voting on a plan to merge their three Leagues next month. A voting schedule for each state has been established, which includes the opportunity to vote electronically on a secured website using a unique password or to vote in person at a polling place set in the state in which they are located. (See the schedule shown below.)
Credit Unions from NH, MA and RI Head to Washington, D.C. to Hike the Hill and Meet with Lawmakers
A sizable contingent of credit union leaders representing the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island traveled to the nation's capital on September 17, to meet with lawmakers and discuss a number of issues that are of critical concern to credit unions and their members.
Gentile Urges NCUA to Issue Supplemental Risk Based Capital Rule for Additional Comment
In a letter to the NCUA Board, League President Paul Gentile requested that the NCUA Board issue a supplemental rule on Risk Based Capital that would include an additional comment period.
League Submits Comment Letter to NCUA on Proposed Appraisal Reg
League President Paul Gentile submitted a comment letter to NCUA on behalf of member credit unions regarding two regulations that NCUA proposed at its June board meeting. The comments were made on Proposed Rulemaking on Appraisals - Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit.
League Announces Speaker for 2014 Fall Leadership Conference
The 2014 Fall Leadership Conference at the Wentworth by the Sea resort in New Castle, New Hampshire, on October 24-26, features a number of nationally acclaimed speakers and industry experts. One of the featured speakers, Michael B. Rubin, president of Total Candor who is from New Hampshire, is the bestselling author of "Beyond Paycheck to Paycheck,"
Interest Rate Risk: Seeking Member Feedback on IRR Exam Experience
The National Credit Union Administration continues to indicate that Interest Rate Risk remains a top regulatory concern. The agency has not only addressed IRR in regulation and exam focus in recent years, but IRR is also tightly woven into the proposed Risk-Based Net Worth proposal
Matz Addresses Cybersecurity, Interest Rate Risk and Supplemental Capital at AACUL Meeting
During a discussion with credit union officials yesterday as part a meeting of the American Association of Credit Union Leagues (AACUL), NCUA Chairman Debbie Matz addressed several timely topics of interest.
Final NCUA RBNW Listening Session Was Held in VA
Yesterday at its third listening session held in Alexandria, VA, NCUA made it clear that the agency's risk-based capital proposal will undergo changes in key areas before it is made final.
League Hike-the-Hill Program Set for September 17, Registration Open
The New Hampshire Credit Union League, the Massachusetts Credit Union League and the Credit Union Association of Rhode Island are sponsoring their 2014 Hike-the-Hill program in Washington, DC, in conjunction with CUNA on Wednesday, September 17, at Credit Union House. Credit union officials are encouraged to participate in this important event.
League Speaks Out on NCUA Field of Membership Proposal
In a comment letter to NCUA dated June 30, League President Paul Gentile offered comment of four different aspects of this proposed rulemaking which would amend the NCUA Chartering and Field of Membership Manual.
Presidential Message Celebrates 80th Anniversary of Federal Credit Union Act
The White House has issued a Message from the President about the 80th anniversary of the Federal Credit Union Act, praising credit unions for their dedication to providing affordable financial services.
State Data Show Loan, Membership Growth Gain Speed in First Quarter 2014
A new analysis of state-level data released this week by NCUA shows several key performance measures, particularly loan and membership growth, rising at federally insured credit unions in the 12 month period ending March 31, 2014.
New Hampshire Credit Union League Celebrates at Annual Convention
More than 170 credit union CEOs, directors, and guests gathered at the historic Omni Mount Washington Resort in Bretton Woods for the New Hampshire Credit Union League's 60th Annual Meeting and Convention.
NH Bankers Attempt to Use “Tax Day” to Push Anti-CU Agenda
The New Hampshire Bankers Association sent out a press release yesterday that announced the fact that they have passed a resolution urging Congress to tax credit unions. The release and the accompanying resolution restate the arguments that they used when they commenced their anti-credit union campaign last month.
Palace Theatre Receives $15,000 Donation from MembersFirst Credit Union for Second Century Campaign
The Palace Theatre announced it has received a $15,000 donation from MembersFirst Credit Union of Manchester, NH, toward its Second Century Campaign designed to fund its capital campaign. The fund will be used for much needed theatre improvements and safety upgrades.
Governor Hassan Proclaims April as Financial Literacy for Youth Month
The New Hampshire Jump$tart Coalition’s ongoing effort to build the personal financial management skills of Granite State students have been recognized by Governor Maggie Hassan in a proclamation designating April as Financial Literacy for Youth Month.
Consumer Finance Protection Bureau (CFPB) representative Jenefer Duane to Speak at League Program
Jenefer Duane has been added to the agenda for the League’s April 15 program, “Preventing, Detecting and Addressing Elder Financial Abuse". Ms. Duane currently serves as the Senior Program Analyst in the CFPB’s Office of Financial Protection for Older Americans and joined the bureau in 2011.
Bellwether Community CU Wins Excellence Award at CUNA Marketing & Business Development Conf
Bellwether Community Credit Union, headquartered in Manchester, NH, captured a coveted Excellence Award at the CUNA Marketing & Business Development Council's 21st annual conference held March 12-15 in Orlando, FL.
Gentile Shares PR Insights with Marketers Network
The League’s Marketers Network gathered together at the Credit Union Center in Marlborough on March 11. The featured speaker for the meeting was League President Paul Gentile who shared the insight he has on how the media works which he gained while working as a reporter and then as the editor of <em>Credit Union Times</em>.</p>
League Asks Credit Union CEOs to Complete Risk Based Net Worth Survey
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.)
@DailyCUScan Now on Twitter
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.”
NCUA Confirms: No TCCUSF Assessment in 2014—and Less Likely After
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.
Daily CU Scan – Daily credit union news from the League
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.
Target breach to cost credit unions estimated $25M-$30M, CUNA study shows
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.
NCUA operating fees decline—Invoices will come out in March
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).
Appeals court to closely examine lower court interchange ruling
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.
Learn more about NCUA’s new examination report process
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.
CFPB seeks new Credit Union Advisory Council members
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).
Gentile: NCUA should focus on working with credit unions not late file fees
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.
Congresswoman Kuster to meet with credit unions
The League has invited member credit unions to a roundtable session with Congresswoman Anne McLane Kuster on January 24 at 9:00 a.m. at America’s Credit Union Museum. Light refreshments will be served at this meeting which is scheduled to end at 10:00 a.m.
Gentile writes on credit unions fighting to curb elder abuse
League President Paul Gentile recently authored a Guest Opinion entitled Credit Unions Combat Elder Financial Abuse for Credit Union Times. The piece, which appears in the paper’s January 8 edition, touches on some of the steps that credit unions are undertaking to address this huge problem.
Risk-based capital rule would affect fewer than 200 credit unions, Metsger says
As the National Credit Union Administration (NCUA) works to modernize the 15-year-old credit union capital regime, board member Rick Metsger said Monday, January 13 that fewer than 200 credit unions would be required to make adjustments under a new risk-based capital proposal now being developed.
Filene Research Institute seeks responses on revenue survey—January 17 deadline
Filene and Aite Group are asking credit union CEOs, CFOs, and other finance professionals to complete a survey on how their credit unions are addressing the revenue imperative. Responses are due January 17. Filene will share a complimentary copy of the report with survey respondents.
Paul Gentile begins work as President of New Hampshire Credit Union League
Paul Gentile’s tenure began this week as the new president/CEO of the New Hampshire Credit Union League. Already, Gentile has been out visiting member credit unions and meeting with CEOs.
CFPB’s Cordray Letter to Credit Unions on Mortgage Deadline
A letter from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, dated January 3, 2014, reminds credit unions that new Ability-to-Repay/Qualified Mortgage (ATR/QM) rules are set to take effect on Friday, January 10. He also thanked credit unions for “all of your hard work in preparing to implement these rules.”
CUNA Survey Seeks Data Breach Cost Details – CUNA News Now, Jan. 6
What was the cost of the Target breach on your credit union? The Credit Union National Association is asking credit unions for cost information, and details on how the breach has impacted members, through a new online survey.
Target breach effect on payment systems debate—CUNA News Now, Jan. 2
While credit unions and other financial institutions reissue millions of debit and credit cards compromised by the Target data breach last month, security and payments industry experts are debating the implications of the breach on payment systems.
CUNA Governmental Affairs Conference
The Credit Union National Association (CUNA) will be hosting its annual Governmental Affairs Conference (GAC) from February 23-27, 2014, and there is still time to register for this important event. The GAC is the single largest gathering of credit union officials, volunteers, and executives held in the nation each year. A tremendous number of high profile speakers from lawmakers to business leaders will be addressing the event. The GAC also features a truly impressive exhibit hall and great opportunities to network with credit union peers from around the nation.
Mark your calendars for conferences, convention, and The Great New England Credit Union Show
Dates have been set for the League’s marquee events for 2014 and it’s time to get them into your calendar. These programs draw the largest crowds of any credit union events in New England and each provides a tremendous opportunity to network and learn.
Filene report: Why credit unions should be allowed to accept public deposits
Allowing credit unions to accept public deposits increases choice in the marketplace, provides greater competition, and in many cases, provides better convenience for trustees of the public’s money, according to a new report from the Filene Research Institute.
CUNA exam survey
The League is reaching out to ask credit unions to make certain they complete the Credit Union National Association’s (CUNA) examination survey.
Financial regulators issue final guidance on social media
On December 11, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its six members (which includes the National Credit Union Administration), released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau. The guidance is effective immediately.
MBL cap increase would boost small biz cash access, CUNA says
Credit unions share the U.S. House Small Business Committee’s goal of increasing small business access to capital through the reduction of statutory and regulatory impediments. The Credit Union National Association (CUNA) suggested several ways that access could be improved, including increasing the member business lending (MBL) cap, in a letter sent to committee members last week.
Fed released Beige Book December 4
The Federal Reserve Bank’s Beige Book, released on December 4, reports that the economy continued to expand at a modest to moderate pace from early October through mid-November. The report from the Boston Fed stood out in that it reported economic expansion during this period.
CFPB to oversee nonbank student loan servicers
The Consumer Financial Protection Bureau (CFPB) issued a rule December 3 that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years.
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.