Links in “Credit Unions”

Yes, according to a recent study conducted by the Federal Reserve Board Bank of Richmond and Arizona State University, but not in the way you might expect. The study suggests that a 19-year-old cardholder is less likely to be seriously delinquent than someone age 40 to 44. [10/15]

Bill Cheney, President/CEO of CUNA, says that NCUA’s announced improvements to the examination process are a positive sign. He believes that the changes to the Document of Resolution (DOR) will provide clarity and will result in a better process to address serious examination findings. [10/15]

The OCC and the Federal Reserve Board have issued a new rule that increases risk-based capital requirements and revises methodologies for determining risk-weighted assets. It is expected that NCUA will adopt a similar rule later this year. The agency was quoted earlier this year saying that it would likely rise the net worth requirements for credit unions with assets of more than $50 million. [10/14]

Consumers are logging complaints about how difficult it can be to close a bank account. In addition, once an account is closed it may be reopened to make payments that can generate overdraft fees. The proposed bill would, among other things, allow a consumer to close an account, regardless of the balance, without a fee and prohibit a financial institution from reopening the account without the consumer’s consent. [10/14]

Credit unions are becoming more comfortable with using electronic signatures and are finding that the convenience factor is resulting in a higher pull-through rate for loan applications. This article offers a series of tips you should consider before implementation. [10/11]

Once a hallmark product for CUNA Mutual, credit union paid life savings insurance is being discontinued as a result of declining use. Members holding life insurance policies will be able to convert to a member-paid guaranteed-issue policy. [10/11]

First federal credit union charter of 2013 announced in Northern Eagle Federal Credit Union, which will serve those in connection with the Bois Forte Band of Chippewa in Minnesota. [10/11]

CFPB fines two financial institutions $450K for HMDA reporting violations. [10/11]

According to Gary Perez, CEO of USC Credit Union, his $80 million portfolio has a delinquency of less than 2.0%. Although, some credit unions are leaving the private student loan market, others see reasons to be upbeat. [10/10]

In a letter to the Federal Housing Finance Agency, CUNA argues that lowering the loan limits for FNMA and FHLMC could further restrict liquidity and make mortgages more expensive. [10/10]