Links in “Credit Unions”

The NCUA took less than 48 hours to shoot down the NAFCU’s recommendation that exam schedules be extended to 18 months for low risk, federally insured credit unions in order to reduce costs. NCUA officials claim that one of the lessons they learned from the financial crisis was the importance of early detection of problems. [8/21/15]

In light of recent CFPB actions against Santander, it might be a good time to review the NCUA's expectations for indirect lending relationships. [8/20/15]

Developing internal talent might be your most important role as a leader. The "mentoring gap" was highlighted in a recent study from Stanford University. [8/20/15]

In a legal opinion letter issued this week, NCUA has clarified that federally insured credit unions can purchase participation interests in indirect loans even if the participation interest is purchased from a lead lender that generated the loan through an indirect lending arrangement with the point of sale retailer rather than directly from the originating lender. [8/19/15]

In a letter to NCUA, NAFCU President/CEO Dan Berger is urging a return to the 18-month examination cycle. Berger notes that NCUA’s $6.39 million budget allocation for employee airfare and rental cars could be significantly reduced by extending the exam cycle without sacrificing safety and soundness. [8/19/15]

NAFCU’s 990 form shows that CEO Dan Berger received a base salary of $455,599, which is a far cry from CUNA CEO Jim Nussle’s base pay of $850,000. A bonus, incentive pay, and deferred compensation brought Berger’s total compensation to $658,934 for 2014. [8/19/15]

Northern Piedmont FCU ($18.3 million in assets) in Warrenton, VA will be the first to receive restitution payments from the Lynrocten FCU fraud case. The judge ruled that Northern Piedmont should receive all of the recovered funds to date instead of distributing the recovered funds on a pro rata basis as advocated by NCUA. [8/19/15]

The Federal Reserve’s FedACH services will see some changes in September. First, the FedACH will no longer call customers when files are pending.  Instead, customers will be able to monitor their own files throughout the day and take action. Other changes affect the return rate levels and return rate thresholds for unauthorized debit transactions. [8/18/15]

FHA-approved mortgage lenders may begin now to register to use the FHA’s new web-based portal, the Electronic Appraisal Delivery (EAD), which is designed to enable electronic transmission of appraisal data and reports to the FHA prior to loan endorsements. All FHA-approved mortgage lenders must register by June 26, 2016. [8/18/15]

The form 990 recently filed by CUNA reveals that President/CEO Jim Nussle’s base salary is $850,000. This is $46,900 higher than the base salary of his predecessor Bill Cheney, who is now the President/CEO of SchoolsFirst Federal Credit Union. [8/18/15]