Links in “Credit Unions”

Expectations are that the growth in Health Savings Accounts (HSAs) will quadruple over the next five years. Most credit unions don’t offer HSAs, but this could be the time to give these accounts another look. [6/9/14]

In a comment letter to the CFPB on proposed remittance rule amendments, NAFCU argued for an expansion of the 100-remittance threshold for exemption to the new disclosure rules. NAFCU pointed out that over 25% of credit unions have said they have or will discontinue offering remittance services and those that still offer remittance services have had to increase the fees to members significantly. [6/9/14]

A Wall Street Journal article published on Friday warned about increasing interest rate and credit risk in the credit union industry. CUNA CEO Bill Cheney in a letter to the paper responded that the article was not a balanced picture as the aggregate unrealized investment losses equal only 1.2% of the total credit union industry’s net worth. [6/9/14]

It’s tough to know where to allocate your attention to complying with the Bank Secrecy Act. That’s why we asked AffirmX Senior Vice President and In-House Counsel Jane Pannier to give us the scoop on what she’s heard examiners will most likely be focusing on during your next BSA exam. [6/6/14]

Federally insured credit unions have until June 30^th to amend their agreements with their CUSOs to incorporate new language required under the NCUA CUSO rule amendments of last year. Specifically, you need to ensure that your agreements include an assurance by the CUSO that it will provide NCUA and appropriate state regulators with basic profile information (and other information if they engage in certain complex or high-rick activities). [6/6/14]

Using a combination of fictitious accounts and member accounts, a former credit card clerk for the $71 million International Brotherhood of Electrical Workers/United Workers FCU stole more than $219,000 over an eight year time frame.  In her position as a credit card processor, Kathryn Lawson-Seely, was afforded substantial discretionary judgment without adequate checks and balances in place. [6/6/14]

The NCUA released its analysis of state-level data for the first quarter of  2014 regarding several key performance measures and reveals that Idaho is leading the pack in a number of categories. The analysis includes annual loan growth, membership growth, returns on assets, and delinquency rates among others. [6/6/14]

John Kolhoff, chairman of the National Association of State Credit Union Supervisors, a position he has held for only 10 months, submitted his resignation effective June 2^nd.  Kolhoff who is the Director of the Office of Credit Unions for Michigan cited his increasing responsibilities as a Michigan regulator as the reason for his abrupt departure. NASCUS is currently searching for a new CEO to replace long-time CEO, Mary Martha Fortney, who is retiring. [6/5]

Following on the heels of a letter from House members, Senate Banking Committee leaders have submitted a letter to the NCUA asking the agency to carefully consider any negative impact its proposed risk-based capital rule could have on credit unions’ agricultural lending and their ability to raise and maintain capital. The Senators also urged that the Agency afford sufficient time for credit unions to adapt to any new standards. [6/5]

Industry experts have made five predictions for the second half of 2014; some are predictable, but others may surprise you. [6/4]