Links in “Credit Unions”

CFPB Director Richard Cordray stated, "If these borrowers could refinance, their debt would be much more manageable." In this article, Credit Union Student Choice delineates what credit unions can do to help their members. [3/21]

With a scheduled effective date of 7/6/14, causing no shortage of anxiety in the compliance community, the looming deadline for escrow requirements for flood insurance may be pushed back to 1/1/16. [3/21]

NACHA has resurrected a 2012 proposal to speed up the processing of electronic transfers. Although it would allow consumers to use deposited or transferred funds the very same day, the new proposal would require expensive technological implementations—and some institutions don't want those growing pains. [3/20]

The Kansas Credit Union Association has introduced a creative way to help CU members change their lifestyles to pay off their debts: reality TV. Their show, called "Money Possible: Destroy Debt Campaign" highlights three real-life members who wish to become debt-free, with the hope that "if [viewers] see that someone else was able to pay down loans or cut their debt in half, they may be inspired to do the same." [3/20]

Despite statements by NCUA to the contrary in its proposed rule, home-based credit unions say they were not consulted about relocating their offices to commercial spaces. The preamble to the proposed rule concerning home-based credit unions states that the Office of Small Credit Union initiatives had contacted each of these credit unions to offer assistance concerning their long-term viability and with obtaining acceptable office space. [3/19]

According to Bill Cheney, CUNA CEO, his decision to leave CUNA to become CEO of a large California credit union had nothing to do with CUNA, but rather was about an opportunity that was just too good to pass up. Cheney added that he and his wife love living in Washington, DC, but he did express frustration with Capitol Hill bickering. [3/19]

NAFCU reviews the NCUA's recent supervisory letter addressing the exam process for liquidity and contingency funding rules. [3/19]

Most credit unions have taken a hard look at the expense of operating branch offices and many have, for  example, replaced tellers with technology or employed other means to reshape the branch environment. Too often, ineffective branch leadership and resulting staff actions don’t support the new business model or branded member experience and the result is less than successful. [3/18]

NCUA has received a clean audit opinion with no reportable findings on its Temporary Corporate Stabilization Fund for the fifth consecutive year. The report also noted, however, that the credit quality of the mortgage backed securities continues to decline. [3/18]

Motorola Employees Credit Union (MECU) has doubled its assets and kept  its staff expenses stable while its sponsor has faced financial challenges. By focusing on member advocacy, the credit union has grown assets by increasing account balances rather than by increasing membership. [3/17]