Links in “Credit Unions”

NCUA’s annual report shows that credit union failures in 2013 cost the NCUA Share Insurance Fund $668 million. Of the 18 credit unions that failed, one was voluntarily liquidated and four underwent assisted mergers. [5/20]

A recent survey shows that a majority of our servicemembers continue to worry about their finances and job security and that worry is increasing. At the same time their level of debt is increasing, as well. [5/20]

That’s what Members 1^st FCU, a $2.6 billion dollar credit union in Mechanicsburg, PA, has discovered through its new merchant lending program.  Members 1^st is now booking $100,000 per month in loans in the medical field for items such as elective surgeries, braces, and dental work and in the home improvement field for items such as home cooling and heating system installations. [5/20]

More than 550 credit unions and credit union advocates have flooded the NCUA's website with letters and more than 320 members of the US House signed a letter addressed to the NCUA. What are they concerned about? The proposed risk-based capital rule, of course. [5/19]

Does your website make any of these top five errors? Find out in this episode of Risk Watch. This video describes the top five website compliance mistakes that AffirmX Analyst Dustin Stanley sees in his reviews for financial institutions throughout the country. [5/19]

Does your website make any of these top five errors? Find out in this episode of Risk Watch. This video describes the top five website compliance mistakes that AffirmX Analyst Dustin Stanley sees in his reviews for financial institutions throughout the country. [5/19]

Comptroller of the Currency, Thomas J. Curry, highlights what regulators are doing to meet the challenge of cyberattacks as well as the need for banks to implement robust programs to mitigate cybersecurity risk. [5/19]

Three NCUA representatives explain the reasons for updating the risk-based capital rule in a YouTube video. [5/19]

According to Chip Filson of Callahan & Associates, the answer is yes.  This op ed piece dissects the requirements of a risk-based approach to determining appropriate capital levels and concludes that credit unions are more nuanced than a single risk formula and that applying a single, formulaic approach will distort fundamental business practices. [5/16]

Another individual, Svetislav Vujovic, has been convicted of 10 counts of making false statements to a federal credit union, two counts of money laundering and one count each of fraud and bribery. Mr Vujovic obtained dozens of personal and business loans totaling more than $30 million over a four-year period. [5/16]