Over the last couple of years, a small coalition of credit unions has built up the background and the foot soldiers to help maneuver supplemental capital legislation through Congress.
Fewer losses, portfolio growth and a decline in at-risk credit unions allows transfer of $278.6 million to Temporary Corporate Credit Union Stabilization Fund.
Two billion-dollar credit unions are currently seeking to convert to a bank charter. Another, HAR-CO Maryland FCU with a not-insignificant $193 million in assets, is also seeking a conversion. These credit unions, if successful, will necessarily leave the credit union trade associations and the NCUSIF.
A church seeking to recover lost money is alleging that NCUA staff acted unscrupulously.
The NCUA's proposed cap and limit on credit union purchase of loan participations would hurt credit unions' abilities to lend and effectively minimize their ability to limit risk.
Credit unions could accept supplemental capital that wouldn’t be insured by NCUSIF and would be subordinated to other claims, according to provisions of a bill introduced by Rep. Peter King (R-N.Y.) and Rep. Brad Sherman (D-Calif.).
While industry representatives said new legislation on financial institution exams is sorely needed, an NCUA executive more than begged to differ.
NAFCU has asked that the NCUA stop using material from financial advice guru Suze Orman after she launched a decoupled debit card program that could hurt credit unions.
Approximately 45% of federally insured credit unions would have to develop interest rate risk management policies that include extensive use of risk measurement systems and internal controls, according to a rule approved by the NCUA Board at its Jan. 26 meeting.
Conference attendees were spitting bullets and seemed ready to pummel various matters, and a few people, that got in the way of slaying the beast.