Links in “Credit Unions”
- Sherman, Heck, and Woodall: Credit Union Defenders
These three lawmakers (Denny Heck, Brad Sherman, and Rob Woodall) state their reasoning for fiercely defending credit unions' tax exemption. Sherman cites the personal income tax that "Uncle Sam" receives because of the exemption; Woodall more boldly states that if banks think credit unions are at such an advantage, "maybe just join the credit union movement." [9/18/14]
- Advertise Your Credit Union Through “Newsjacking”
According to this article, if you want your credit union to get some air time, you've got to do one thing: hijack the news, or "newsjack." Just as Oakley, a sunglasses company, capitalized on the news of trapped Chilean miners by providing them each with a special pair of Oakleys for their sensitive eyes as they emerged from the mine, your credit union "needs to be there front and center to capitalize on the initial media rush" for any "financially related story." That's newsjacking. [9/18/14]
- Consumer Complaint Narratives: Don’t Forget to Comment
CUNA would like to remind credit unions that their comments on the proposed consumer complaint narratives are needed by September 22. Make your voice heard. [9/18/14]
- As the Economy Expands, Interest Rates Will Rise
The currently low interest rates are expected to rise as monthly job gains increase (which is a sign of economic expansion). Bill Hampel, interim president/CEO of CUNA said, "If monthly job gains average more than 250,000 for the next several months, the increase could come as early as next spring. If they fall back below 200,000, it could be the fall or later. In between, we're looking at next summer." [9/18/14]
- Do the TILA/RESPA Rules Conflict with State Laws?
NAFCU and CUNA think so. They are amongst a group of 13 other financial trade organizations who sent a letter to the CFPB urging them to take a look at state laws that potentially contradict (or duplicate) the new TILA/RESPA rules. [9/18/14]
- Survey: EMV Technology Best Deterrent to Credit Card Fraud
Survey of 54 executives at a risk management conference identifies EMV technology as the most effective in reducing credit card losses over the next three years. [9/18/14]
- What’s Putting the Brakes on HAMP?
Since the Home Affordable Modification Program came online in 2009, 1.3 million homeowners have modified their loans through the program. But 70% of those occurred between 2009 and 2011. At this pace, HAMP modifications are expected to be only 10% next year. Here are some thoughts as to why and what lenders can do about it. [9/18/14]
- Regulatory Burden or Regulatory Assault?
In addition to Linda McFadden, CUNA testified at a hearing of the Senate Banking Committeee yesterday to suggest ways Congress could lighten the regulatory load on small financial institutions. Senator Mike Crapo noted that "small entities can only withstand the regulatory assault for so long before considering a merger or consolidation" and "disappearing from the American landscape." [9/17/14]
- Is Your Credit Union Afraid of the NCUA?
The Senate Banking, Housing, and Urban Affairs Committee held a hearing yesterday where Linda McFadden, president/CEO of XCEL Federal Credit Union, commented that because NCUA's process for rule making is typically a solo effort, "credit unions are afraid to come forward and take their issues to the NCUA because they know they are very closed-minded about it."Â How does your institution feel? [9/17/14]
- CUNA to Credit Unions: You Can Do It. We Can Help.
The Credit Union National Association is asking its member credit unions to record the effect of the Home Depot breach on their members as they receive breach notifications. Of great interest is the cost of retailer breaches to credit unions. [9/17/14]
