Links in “CUNA”

That’s the position being taken by CUNA Acting President/CEO, Bill Hampel. The proposed rule would utilize a single "expected loss" measurement for the recognition of credit losses, replacing the multiple existing impairment models currently in use that primarily use an "incurred loss" approach. In a letter to FASB, Hampel argues that the proposed changes could have a “significant detrimental” impact on credit unions. [8/22/14]

CUNA’s Form 990 shows that its top executives are well-compensated for their efforts. Former CEO Bill Cheney received a base salary of $775,773, plus bonuses, incentives and other compensation, for a total compensation of over $1.3 million. CUNA Chair, Dennis Pierce, commented that while Cheney’s base pay increased in 2013, his overall compensation declined by 2% from 2012. [8/19/14]

Reactions have been mixed to a new bill that would increase the minimum asset level that triggers direct CFPB supervision over credit unions with assets from $10 billion to $50 billion. The outspoken CEO of the $28 billion State Employees Credit Union, Jim Blaine, prefers being under CFPB versus NCUA. Bill Cheney, former CUNA CEO and now CEO of the $10 billion SchoolsFirst FCU supports the bill, but noted the change would leave only Navy Federal Credit Union under CFPB supervision. Cheney recommends that direct supervision by the CFPB be eliminated for all credit unions. [8/1/14]

An interactive online resource developed by the California and Nevada Leagues is being taken national by CUNA allows CUNA-affiliated credit unions to write and immediately submit comment letters directly to NCUA and other regulatory agencies as well as having access to comment letters submitted by other credit unions and their leagues. PowerComment users will also be able to view the proposed rules and communicate with and pose questions to other credit unions and leagues regarding proposed rules. [7/25/14]

Jay Isaacson, VP of Commercial Products for the  CUNA Mutual Group, says that NCUA is working closely with other regulators on the cybersecurity issue and credit unions should expect to have their cyber security programs subjected to greater scrutiny by their examiners. Isaacson identifies the four most common breaches and provides risk management considerations. [7/17/14]

Doug Fecher, CEO of Wright-Patt Credit Union, will testify for CUNA today before the House Financial Services Committee about the increasing cost of regulatory compliance and will cite the more than 108 new regulations that credit unions have been subjected to since 2008. The hearing will address a number of pending bills, including the American Savings Promotion Act, which would provide parity to financial institutions that want to offer raffle-related savings accounts, and the Regulation D Study Act, which would direct the government to conduct a study about the effectiveness of Regulation D. [7/15/14]

According to NCUA Chair Debbie Matz, speaking at yesterday’s listening session in Chicago, the agency will be extending the implementation period for the risk-based capital rule beyond the proposed 18-month time frame. Matz also called CUNA’s estimated $7 billion dollar cost of the rule to be a “myth.”  [7/11/14]

The Credit Union National Association's new campaign called "100 Million Memberships" is achieving success as selfies and biographies of real credit union members fill their website. Find the membership map here. [7/10/14]

At CUNA's American Credit Union Conference, speakers Amber MacArthur and Fredda McDonald urged credit unions to take new technology and social media and run with it—if they want to be competitive and reach a larger audience, that is. Specifically, MacArthur provided eight social media best practices, including jumping on the bandwagon of "contagious" trends. A summary of MacArthur's talk can be accessed here. [7/3/14]

CUNA has submitted a comment letter to NCUA in response to the proposed associational common bond rule in which it recommends that existing association groups that have already been approved be grandfathered in under the new rule. In the addition, CUNA has requested further information on several points, including the actual review process for new association groups and an appeal process. [6/30/14]