Links in “Credit Unions”

It’s probably no surprise that Senator Elizabeth Warren opposes any changes that she believes might retrain the CFPB, but her reasoning might surprise you.  Citing credit unions as model financial institutions, she said that one of her goals when she set up the CFPB was to create transparency and a level playing field where all institutions could compete more effectively and where big financial institutions would not be able to continue to cheat their customers. [3/16/15]

A federation of credit union associations have launched a new program, My Credit Union Mentor program, through which credit union executives, CUSO executives, and credit union association executives are eligible to become mentors to small credit unions. [3/16/15]

Have you considered becoming a Community Development Financial Institution (CDFI)? Focus Federal Credit Union just became the second credit union in Oklahoma to receive the CDFI designation from the US Treasury. CEO Kyle Roush shares his experience in navigating the process. [3/16/15]

Charitable donation accounts or CDAs could be another tool to implement your asset liability management strategy. CDAs allow your credit union to use investment returns rather than operating income to fund charitable donations. [3/16/15]

The top agenda item for the March 19 NCUA board meeting is a proposed rule that would  eliminate the 5% fixed asset cap.  It is anticipated that the proposed rule will have a 30 to 60 day comment period. [3/13/15]

NCUA announced plans to modernize the AIRES examination platform to provide a new, secure portal through which examiners and credit unions can exchange information. Larry Fazio, Director of Examination and Insurance, said that the revamping of the platform could take up to two years to complete. [3/16/15]

Nationally, loans grew at an average pace of 3.8% at credit unions for the 4^th quarter, 2014. Arizona with a growth rate of 10.4% and Idaho with a rate of 9.7% were on fire. [3/13/15]

NCUA Chair Debbie Matz says that her greatest concern, and what keeps her awake at night, is the scenario where a cyber hacker sneaks in through a credit union vendor to wreak havoc on the industry.  Although, there has been no situation in which this actually occurred, Matz claims that the warning flags are there and the agency needs more authority to protect credit unions from this threat. [3/10/15]

CUNA has elected a new chair, Susan Streifel, to succeed outgoing Chair Dennis Pierce.  Ms. Streifel is the President/CEO of Woodstone Credit Union in Federal Way, Washington. Mr. Peirce recently retired as President/CEO of CommunityAmerica Credit Union in Lenexa, Kansas. [3/10/15]

Speaking at CUNA’s GAC, NCUA Chair Debbie Matz told attendees that the agency is working on a supplemental capital rule to coincide with the implementation of RBC2 in 2019, and will be issuing a new proposed rule on fixed assets very soon.  She also said she has working groups looking into field of membership issues and the MBL personal guarantee requirement. [3/10/15]