Links in “Credit Unions”

At yesterday’s NCUA Board meeting, action was taken on a number of items, including approval of a final rule on Charitable Donation Accounts (CDAs) that limits the CDA investments to 5% of a credit union’s assets (an increase from the 3% cap set in the proposed rule); approval of a scaled-down budget for the Temporary Corporate Credit Union Stabilization Fund for 2014; a proposed rule concerning home-based credit unions; and approval of a final rule that exempts certain higher-priced mortgages from its Appraisal Rule. [12/13]

The report entitled “Credit Unions and the People’s Money: Estimating the Benefits of Allowing Credit Unions to Accept Public Deposits” makes the argument that both credit unions and the public would benefit from allowing credit unions to accept public deposits. [12/13]

Final rule issued for appraisal requirements for higher-priced loans; loans of less than $25,000, along with certain kinds of refinance loans, are exempted. [12/13]

United Recovery (UCR), a Florida-based collection firm used by a number of credit unions, is being sued by the Colorado Attorney General for allegedly faking collection documents. The AG claims that UCR used actual borrower data to falsify affidavits used to verify additional debt that were then sold to third party collectors. [12/12]

The December issue of the NCUA Report highlights the changes to the CUSO rule, confirms NCUA’s expectation that there will not be a corporate stabilization assessment for 2014, and provides NCUA’s plans for implementation of the new mortgage rules. [12/12]

NASCUS submits statement at hearing for housing finance reform urging regulatory coordination and access to secondary market for small lenders noting potential for small credit unions to be effectively locked out from market access thereby stifling opportunity. [12/12]

Named for the cuckoo bird, which lays its eggs in the nest of other bird species who unwittingly take care of them believing them to be their own, cuckoo smurfing is a complex money laundering scheme that looks to transfer funds through the bank accounts of innocent customers. Here are four steps in the cuckoo scheme process. [12/11]

Credit unions’ American Customer Satisfaction Index (ACSI) increased by 3.7% for an overall score of 85, while banks’ score increased by only 1.3% for an overall score of 78. Free checking, lower loan rates, and better member service are cited as key reasons why consumers continue to rate credit unions higher than other financial institutions. [12/11]

We all agree that having an effective website is key to your marketing success. However, your website may actually be annoying your members and potential members. Here are five things you should consider and change, if necessary, as soon as possible. [12/11]

CUSO expert Guy Messick provides a summary of the new CUSO rule and points out the differences between the final rule and the proposed rule that had  garnered significant criticism from the industry. Messick identifies the provisions of the rule that will now pertain to state-chartered, federally insured credit unions, as well as the new CUSO reporting requirements scheduled to go into effect at the end of 2015. [12/11]