Credit Union Times Magazine February 27, 2013

Featured Story

Front Page News

News

  • Loan Broker Relationships Put CUSOs in the Spotlight

    In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.

  • TIPS,Rural Districts Approved

    The NCUA Board presided over a monthly board meeting Feb. 21 that concerned mostly positive news for credit unions. Two new rules that expand investment powers and field of membership reach were approved. And year-end share insurance statistics showed improved CAMEL scores and legacy asset performance.

  • Industry Anxieties Wane Over Fannie and Freddie Reform

    Despite what almost everyone agrees is the deep importance of the topic, credit unions have become largely ambivalent about reforming the secondary mortgage market and uncertain about potentially disrupting a system which seems to be working well, according to executives with credit union organizations familiar with the issue.

  • Durbin Exemption Fails to Protect Credit Unions From Impact

    Roughly fifteen months after the Durbin amendment went into effect, the controversial legislation that capped debit card interchange for issuers with over $10 billion in assets has painted a mixed picture for most credit unions.

  • Well-Rounded Succession Plans Take a Broad Approach

    Having some kind of a succession plan in place, even just knowing who will take a CEO’s place in the event of his or her sudden departure, is a necessity for every credit union. But experts say the best succession plans don’t just determine who future leaders will be. They...

  • Helping Young Members Warm Up to Investing

    Investing and stock trading isn’t typically at the top of members’ to-do lists, especially young members’ lists. And it’s not a priority for most credit unions either. In fact, according to Hendrix Niemann, managing director of practice and wealth management services for CUNA Brokerage Services Inc., about 1,000 credit unions...

  • For CUNA’s Gentile, It’s Media and the Messages

    Even though Paul Gentile has been working as CUNA’s new executive vice president of strategic communications and engagement for only eight weeks, he has already hit the ground running by opening more channels of communications with CUNA members through a variety of recently launched projects.

  • Alloya Net Twice Budgeted

    The $1.4 billion Alloya Corporate FCU’s net income of nearly $6 million as of Dec. 31, 2012 is more than twice what the Warrenville, Ill.-based institution projected. How did President/CEO Chuck Furbee and his team do it in an era of low investment rates and little loan demand?

  • Hispanics in the U.S. Remain an Untapped Market

    Credit unions from the West Coast to the South and the Midwest are waking up to the fact that reaching out to potential Hispanic members is an important part insuring a growth for the industry.

  • If Strategy Is First, ROI Is Second

    For 2013, the new social media mantra has to be strategy first.

  • Michigan League Links Literacy to Lawmakers

    The Michigan Credit Union League has held its Legislative Financial Literacy Challenge for 10 years, so the basics are in place for this year’s event in April, according to Kieran Marion, director of government affairs.

  • Trades Beef Up Their Services

    The expansion of CUNA’s Regulatory Advocacy Report distribution is the latest effort by trade associations to respond to industry calls for solutions to the growing regulatory burden.

Editor-in-Chief's Column

  • Leaders Re-Imagine the Industry’s Future

    CUNA’s Governmental Affairs Conference serves as an annual rally cry for credit unions. Like a good coach, it pumps up the team, provides direction and does a little cheerleading minus the short skirts. Gathering all of the players is great for bolstering that cooperative team spirit to approach Capitol Hill...

Opinion

  • Congress Needs to Enact Regulatory Relief Now

    Recently, NAFCU called on Congress and the credit union industry to rally behind its five-point plan for enacting broad-based credit union regulatory burden relief.

  • Making Priorities For 2013

    In the credit union system, expanding compliance requirements and increasing complexity of operations have made the work of credit union executives and their examiners more challenging. In an effort to assist the credit union system, NASCUS has prepared the following summary of supervisory priorities for the year. This summary incorporates...

  • Will We Just Kick the Can Down the Road?

    Since before the turn of the century credit unions have been looking for a legislative win. Something that will not only improve our charter but also show that we can get proactive legislation passed. With the proposed MBL bill, we had the perfect legislation at the perfect time.

  • Will Congress Rescind The Tax Exemption?

    Opinions from leaders at GAC.

Letters to the editor

  • Make Re-Education of Lawmakers Your GAC Goal

    It is that time of year again, time for the CUNA Governmental Affairs Conference. Thousands of credit union professionals and volunteers will come to our nation’s capital to hear speakers ranging from television and sports personalities, authors, senators and congressman to federal regulators.

News Briefs

  • Interchange Cap Impact Pegged at $1M for CUs in Third-Quarter 2012

    Some credit unions which are supposed to be sheltered from the impact the Durbin amendment’s cap on debit interchange saw their interchange drop by collectively over $1 million in the third quarter of 2012, according to data collected by CUNA.

  • Vote Approves CURoots Transfer

    The membership of CURoots Cooperative has approved the transfer of the CUSO’s ownership to the California League Services Corp.

  • State Charter for Mich. CU

    LAFCU, Lansing Mich., has expanded its mid-Michigan service territory from three to 11 counties with the approval to replace its federal charter with a state charter.

  • Ed Lopes, Mass. CEO, Is on the Move

    After eight years as CEO/president, Ed Lopes is resigning from the $127 million 10,848-member Grafton Suburban Credit Union in North Grafton, Mass., to take over as CEO/president of the financially struggling $623 million, 24,226-member Liberty Bay Credit Union in Braintree, Mass.

  • Ore. Suit Over Recall

    Five months after a recall vote failed to remove five board directors at the $161 million St. Helens Community Federal Credit Union, a member is suing the credit union in federal court to oust the board directors.

Special Report

Regulatory/Compliance

  • Compliance Angst Just as High at Banks

    New game-changing regulations on mortgages and remittances from the Consumer Financial Protection Bureau, as well as new regs from the NCUA and other regulators, have not-for-profit credit unions wondering how they’ll find the resources to comply.

  • MBL Losses Prompt More Legal Opinions

    Before the recession, credit unions sometimes skimped on requiring business borrowers to provide legal opinions for transaction fundamentals, attorney Dustin DeVore told an educational session audience during a Feb. 11 Metropolitan Area Credit Union Management Association meeting in Rosslyn, Va.

  • Risk Plans Critical Prior to RDC Launch

    There’s no doubt that member demand for convenient banking services such as remote deposit capture and person-to-person payments is high. But some credit unions may be overwhelmed by the homework required to implement these services, especially the need to comply with applicable regulations such as Bank Secrecy Act/Anti-Money Laundering.

  • NCUA Evolving Along With Credit Unions

    Pundits and philosophers have noted that throughout history there is nothing permanent except change. Sometimes we create the change; other times, we respond to it. But we should never ignore it.

Tech Bytes

  • Coulee Dam FCU Shows Steady Disaster Recovery

    A trusted disaster recovery plan not only ensures credit unions that their data will be safe should a system failure occur, Federal Financial Institutions Examination Council examination guidelines require financial institutions to have one in place.

  • Despite Uncertainties, CUs Should Keep Tabs on NFC

    Doubt has been swirling around the potential widespread use of near field communication, or NFC, a technology that links consumers’ mobile phones to merchants’ point-of-sale terminals, enabling instant mobile payments. Apple released the iPhone 5 without an NFC chip, leaving millions of consumers out of the NFC equation.

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