Surrounding the chocolates, roses and love-filled greeting cards that made the rounds in Washington on Valentine’s Day, was an announcement from Rep. Ed Royce (R-Calif.) re-introducing a bill that would increase the member business lending cap from 12.25% of assets to 27.5%.
Every day, six days a week, a credit union closes and never re-opens. That has been going on for many years. More than 3% of credit unions have annually closed for the past decade. By 2025, the United States will have around 4,500 credit unions.
Although the NCUA is already addressing key findings revealed in a national survey conducted by CUNA and its affiliated state league organizations, the trade association told Credit Union Times that the results still show room for improvement.
Thick in the heyday of originating indirect loans, credit unions basked as the slices of their auto lending portfolios swelled to historic proportions.
In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.
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.
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.
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.
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...
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...
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.
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?
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.
For 2013, the new social media mantra has to be strategy first.
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.
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.
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...
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.
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...
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.
Opinions from leaders at GAC.
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.
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.
The membership of CURoots Cooperative has approved the transfer of the CUSO’s ownership to the California League Services Corp.
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.
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.
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.
Don’t expect Joe Brancucci to back down from his convictions, especially when it comes to how credit unions have the choice of evolving or face extinction.
The $3.9 billion Patelco Credit Union experienced its most profitable year in the Pleasanton, Calif.-based institution’s 76-year history, with a $55.5 million net profit and 1.48% return on assets. In fact, last year’s earnings were more than the total of $37 million earned from 2005 to 2011 combined.
Like many executives, Chad Graves begins his day by reading The Wall Street Journal, USA Today and his local newspaper. Only Graves is not a CEO or CFO, he’s the chief technologist at Ent Federal Credit Union.
Never tell Kristen Mashburn, director of marketing at Listerhill Credit Union, that marketing is little more than the latest ad campaign.
Not all trailblazers strike out for the frontiers. Sometimes blazing trails means leading people back through terrain they thought they knew in order to rediscover treasures they forgot they lost.
If you ask Carroll Beach his age, he’ll likely request a little clarity. “Is that chronologically or mentally? Chronologically, I’m 73. Mentally, I try to be aware of the new changes. I like to be aware and adapt. If you don’t do that, it will make your life miserable,” Beach suggested.
Many, if not most, credit unions would balk at the notion of adopting former state prison inmates as potential members. But it should tell you a lot about the 21,000-member $90 million Shreveport Federal Credit Union that the idea met with near universal approval from the first time it was...
Thomas Renz, president and chief development officer for the $32 million Commodore Perry FCU, didn’t decide to become an activist when he appealed the credit union’s 2011 exam. Instead, the Credit Union Times 2013 Political Action Trailblazer Award winner contended that he’s always been one.
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.
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.
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.
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.
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.
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.