Links in “Credit Unions”

In fact, it may end up costing you a million dollars. Donna Harabin, a former executive with Telco FCU in Elmira, New York, has pled guilty to bank fraud and faces a potential prison term of 30 years and a $1 million dollar fine. Harbin changed due dates and posted false payments in order to mask the credit union’s 75% delinquency rate. [9/24]

An increasing number of states are permitting state-chartered credit unions to compensate their board members. However, whether to do so remains a contentious issue. This article explores the thought process that credit unions should follow to determine whether it’s the right decision for them. [9/24]

Federal Housing Finance Agency hires spokesperson and mobilizes to spread the world to encourage eligible homeowners to take advantage of low interest rates by refinancing through the Home Affordable Refinance Program. [9/24]

Columnist: Hype about rising interest rates wrecking housing recovery are overblown; real culprit is collapsed personal incomes. [9/23]

At least until an appeal’s court rules on the pending appeal of the lower court’s decision that overturned the Federal Reserve Board’s ruling on debt card interchange fees. [9/23]

NCUA’s revisions to its loan participation rule take effect today. In its Letter to Credit Unions No. 13-CU-07, the agency provides a summary of the changes and highlights that qualifying credit unions may be eligible for waivers from some of the new provisions. Examiners will be provided with additional guidance about the waiver process as well. [9/23]

You can't always get what you want, but here are three techniques for getting that budget you need (especially for compliance). [9/20]

Black and hispanic white applicants experienced higher denial rates than non-hispanic white applicants, findings similar to recent years. [9/20]

A federally mandated study concerning the affordability issues related to the National Flood Insurance Program will likely not be completed for another two years. Despite that, rate hikes for flood insurance premiums are scheduled to begin on October 1 as federal subsidies begin to be eliminated. There is some fear that the increases could be as high as 3,000% and could force people out of their homes. [9/19]

NCUA Chair Debbie Matz announced that the agency is working on a proposed rule to requires that credit unions with more than $10 billion in assets undergo stress tests to determine whether they have sufficient capital to withstand certain economic shocks. The Federal Reserve Board will develop the “shocks” to be used for testing purposes. [9/19]