New-Fangled Bits and Bytes Might Help
The NCUA is making efforts to streamline that can often go unnoticed when so many other compliance issues have been hitting credit unions. Some, such as Dodd-Frank requirements, are beyond the agency’s control. Others like the CUSO and participations rules are seemingly in perpetual limbo, lurking in a corner for a year or more.
The NCUA made it easier for low-income credit unions to become business lenders as part of the Obama administration’s efforts for drought relief and expanded the definition of a fleet for the purposes of business vehicle loans.
One anonymous commenter to CUTimes.com supported assistance to smaller credit unions but decried the redistribution of wealth without oversight. The agency is tasked with keeping the entire industry safe, and it’s much easier and less time consuming to do that with electronic records. The NCUA was already redistributing the wealth by poring over paper logs–or in some cases doing the credit unions’ books for them. This computer give-away is actually a cost savings.
Myers said the only criteria for receiving the laptops were that the credit union was small and did not already file electronically. There were no financial health requirements. I took a sampling of the 14 credit unions receiving the laptops: the smallest, the largest and one in the middle of about $1.5 million.