Links in “Credit Unions”
- The All-Important $100 Million Threshold
The outlook for credit unions with less than $100 million in assets is challenging at best, according to the NCUA. Federally insured credit unions with less than $100 million in assets have seen their membership shrink 0.5% annually since 2000, while FICUs above that threshold have seen their membership grow 2.3% annually over that same period. [3/2/15]
- CUs Continue to Beat Banks With More Affordable Checking Accounts
Today, 72% of credit unions offer free checking while only 38% of the largest banks offer a similar product, and that percentage is dropping. Five years ago 65% of banks offered free checking accounts. Minimum balance requirements and overdraft fees imposed by credit unions are more favorable to consumers. [2/27/15]
- CU Trades Concerned About NACHA Interbank Fee Proposal
The credit union trades associations, along with the Clearing House Payments Company LLC, have submitted a joint comment letter to NACHA stating that without an interbank fee, RDFIâs will not be able to recover the costs of implementing and operating the proposed same-day ACH service. [2/27/15]
- Congress Questions NCUA About Budget Hearings
The Senate Banking Committee questioned NCUA about its practice of holding closed-door budget hearings that donât allow stakeholders an opportunity to comment. The Committee also asked why the agency hired an outside law firm to provide a legal opinion to support its risk based capital proposal instead of relying on its own general counsel. [2/27/15]
- NCUA Proposes to Raise Small Entity Designation
Under the proposed rule, the "small entity" designation would raise the threshold from $50 million to $100 million. [2/25/15]
- Not Required But Encouraged: The NCUA Suggests that CUs Offer More Youth Savings Programs
NCUA and other federal regulators are encouraging their financial institutions to offer youth savings programs, but have not created any new regulatory policy or establish industry expectations. [2/25/15]
- How CUs Can Protect Themselves Against Hack Attacks
First of all, make sure your CU has different people in charge of testing and verification. You wouldn't permit a CFO to audit his or her own financial statements. [2/25/15]
- CU Exec in Bomb-Strapped Robbery a Victim or Suspect?
A CFO of a Connecticut credit union was confronted at home, had a device strapped to his body and was forced to drive to a branch to rob it. Police have come across some evidence that has them trying to work out whether he was coerced or a suspect. [2/25/15]
- Berger Presses for More Details About NCUA Risk Initiatives
NAFCU CEO Dan Berger wants NCUA to provide more details about the agencyâs future plans to address the risks it perceives in the credit union system. Berger says credit unions need to know now how future initiatives in areas such as interest rate risk and emergency liquidity might impact their operations and bottom line. [2/24/15]
- Leagues Are Combating Patent Trolls
Itâs tempting to just pay a license fee than to fight, but credit union leagues have been chalking up some victories in their war against patent trolls. In one case, the Maine Credit Union League helped in getting a dismissal of a series of faulty claims alleging that its credit unions had infringed on a patent for a remote terminal technology used in ATMs. [2/24/15]
