ARLINGTON, Va. — Given the increasing regulatory emphasis on corporate governance and how directors carry out their responsibilities, NASCUS announced its series of Directors Colleges led by former and current regulator faculty from across the country.
The events were designed to enhance directors' knowledge of essential safety and soundness regulations as well as advance director expertise in critical credit union operational areas.
The series of one-day NASCUS Directors Colleges will kickoff on Aug. 20 in Seattle and Sept. 24 in Detroit.
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"As credit unions become more complex, regulators and examiners report a growing need for enhanced expertise at the board and committee level," said NASCUS President/CEO Mary Martha Fortney. "Our goal, beyond education, is to begin a forum for board/CEO/regulator interaction that can only benefit the credit union industry."
Former NCUA Chairman Dennis Dollar will kick off both events with a session on director roles and responsibilities. Linda Jekel, director of the Washington Credit Union Division, along with the Washington agency's Program Director Mike Delimont will detail the regulator and examiner expectations of a director at the August 20 event in Seattle.
Deputy Commissioner Roger Little and Assistant Director John Kolhoff of the Credit Union Division of the Michigan Office of Financial and Insurance Regulation will detail regulatory expectations at the Directors College in Detroit.
Both events are open to attendees nationwide. Sessions also include an overview of essential safety and soundness regulations and the critical elements of compliance. The content of these sessions is board specific, but NASCUS encourages CEOs to attend as well.
Plans are in the preliminary stages to provide similar educational events in other states.
Reverse Online Auction
For Savings, CDs Launched
BURLINGTON, Mass. — Don't look now, but credit unions have yet another competitor for consumer savings dollars–and it looks a lot like eBay in reverse.
MoneyAisle.com launched on Monday as what it said is "the first and only Web site where banks competitively bid for customers through live, secure auctions."
More than 100 banks have already signed up to participate and the first two products are bread-and-butter to any savings house: certificates of deposit and high-yield savings accounts.
The site operator, neoSaej, said no credit unions are involved yet but that it also
plans to expand into that market.
The auction works by having the buyer set the amount of money he or she wishes to invest (and the duration in the case of CDs) and the bidding begins. The bidding then takes place behind the scenes, the company said, and the highest rate left when the bidding ends is presented to the customer, with no commitment to buy.
If the customer accepts, he or she then does it directly with the winning bank. Banks are charged a fee only when a customer is acquired, and the site does not accept advertising, thus avoiding the appearance of being influenced, the company said."MoneyAisle dramatically changes how online business is conducted," said Mukesh Chatter, president/CEO of neoSaej. "Our revolutionary technology not only offers a new buyer-centric purchasing model, sellers have absolutely no ability to influence the process outside of competing for customers, encouraging them to generate their best prices and rates. In the past, the burden to get the best rate was on the buyer.With MoneyAisle, the buyer's burden has been lifted."
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