Links in “CUNA”

Last week the country’s largest league, Cornerstone League, announced that it supported the CUNA Board’s recent decision to retain the dual membership requirement. However, not all leagues are in agreement with that decision. The Michigan Credit Union League board has voted to give its member credit unions choice of membership beginning in 2016. Now, the League of Southeast Credit Unions has announced that it will postpone taking any action on CUNA’s decision until it can survey its member credit unions. [10/6/15]

CUNA’s annual CEO Total Compensation Report shows that CEO salaries at credit unions with $100 million or more in assets have increased by an average of 4.5% over the past year, which places the current median salary at $207,000. Nearly 75% of those CEOs also received bonuses and/or incentives at the end of 2014. [9/30/15]

The Federal Reserve has announced approval if its same-day ACH enhancements that will allow originating depository financial institutions (ODFIs) that want same day ACH processing the option to send same-day transactions to accounts at any receiving financial depository institutions (RDFIs). CUNA says not enough consideration was given to the burden this could place on credit unions. [9/24/15]

CUNA President/CEO Jim Nussle has announced plans to reduce membership dues in 2016. With the number of credit unions declining, this represents a reversal of the trend over the past four years when dues have steadily risen. [9/24/15]

CUNA has sent a letter to NCUA in response to its annual Economic Growth and Paperwork Reduction Act review that encourages that agency to revisit regulations concerning corporate credit unions, reimbursements to credit union volunteers and employees, and Bank Secrecy Act requirements. Specifically, CUNA requests that NCUA reconsider provisions relating to vote recordation and audit and reporting requirements for corporate credit unions. For natural person credit unions, CUNA recommends taking a closer look at reimbursements, insurance coverage, golden parachutes and indemnification requirements. [9/23/15]

Originally CUNA opposed the bill that would have required NCUA to stop and reconsider the merits of its proposed risk-based capital rule, as the association didn’t believe that the bill had any chance of being adopted. Now CUNA is concerned that NCUA is not moving towards making the kinds of significant changes that had been hoped for and believes that more time and thought is necessary before a final bill is announced. [9/23/15]

Both CUNA and NAFCU are urging NCUA to make use of the FFIEC’s new cybersecurity assessment tool voluntary. While the FFIEC estimated that it should only take financial institutions about 80 hours to complete the assessment, both trades say the it will likely take credit unions hundreds of hours to complete the 55-page assessment. NCUA is expected to address the issue in a soon-to-be released Letter to Credit Unions. [9/21/15]

A CUNA task force had recommended sweeping changes to CUNA’s membership, advocacy, and governance practices. However, the CUNA Board has rejected all three recommendations. Specifically, the Board decided not to provide credit unions with the option of joining either their state league or CUNA, or both. It rejected a recommendation to reduce the size of its board. Lastly, a recommendation for CUNA to enter into an agreement with its members regarding advocacy practices and procedures  resulted in renaming the Government Affairs committee to the Advocacy Committee and a commitment that the committee will serve the needs of credit unions rather than a specific written agreement. [9/21/15]

The uncertainty and potential liability that credit unions face as a result of a recent ruling by the FCC concerning the Telephone Consumer Protection Act (TCPA) has CUNA fired up and urging Congress to hold a hearing to investigate their concerns. CUNA believes that the FCC order limits the ability of credit unions to contact their members, either by telephone or text, with relevant and timely account information. [9/14/15]

The DOL’s proposed changes to the rules governing overtime pay would increase the annual salary threshold for non-exempt employees from $23,660 to $50,440. CUNA has responded that 35% of credit unions have no employees earning more than $50,000 per year and has asked that the DOL consider an incremental approach to its proposed changes. [9/2/15]