WASHINGTON-NCUA Chairman Dennis Dollar took the opportunity to present his risk-based Prompt Corrective Action idea during his regulatory relief testimony the House Financial Institutions and Consumer Credit Subcommittee on March 27. During questioning from credit union supporter Congressman Brad Sherman (D-Calif.), Dollar was given the opportunity to float his idea...

ALEXANDRIA, Va.-As U.S. military troops take care of business liberating the Iraqi people overseas, credit unions can help them and their families take care of financial business on the home front. "As American troops and coalition forces are defending freedom and liberating the people of Iraq, our prayers and support...

WASHINGTON-Jumping 7.7%, bankruptcy filings hit another record high in fiscal year 2002 (ending Sept. 30, 2002), according to the Administrative Office of the U.S. Courts. Both business and nonbusiness filings increased but personal filings lead the way with 8% growth. A total of 1,547,669 cases were filed in FY 2002,...

ALEXANDRIA, Va.-In unanimous decisions, the NCUA Board passed a final field of membership rule and a member business lending proposal that will each serve to invoke broad change in the way credit unions do business, and likely bring further wrath from the bankers. The long-awaited and controversial FOM amendments will...

DENVER - Colorado Financial Services Commissioner David Paul said that he could not approve state chartered credit unions' use of private deposit insurance because it lacked comparability with the National Credit Union Share Insurance Fund in three areas. Colorado's law requires credit unions to be insured by the NCUSIF or...

WASHINGTON-Amidst a montage of bills affecting the financial services industry, the House Financial Services Committee approved an amendment to the business checking and sterile reserves bill, which would continue the Federal Reserve's bank fee study and include credit unions. In a mark up of several bills, the Fed's Annual Report...

WESTBOROUGH, Mass.-Since 1961, the Massachusetts Credit Union Share Insurance Corporation (MSIC) has provided excess insurance to all its state chartered credit unions. Federal credit unions may also opt for excess coverage from MSIC. Massachusetts state law requires excess deposit insurance coverage for Massachusetts customers of cooperative and savings banks and...

ALEXANDRIA, Va.-Recent Call Reports and examination cycles have indicated that 3,650 federal credit unions are eligible for RegFlex treatment. RegFlex is a program initiated by NCUA Chairman Dennis Dollar to reward well-managed federal credit unions with a reduction in regulator burden. RegFlex eligible credit unions represent 61% of the 5,978...