The NCUA Board will experience significant turnover in 2013 when President Obama is expected to appoint candidates to fill two out of three spots left vacant by Gigi Hyland, who resigned in October 2012, and Michael Fryzel, whose term ends Aug. 2, 2013.
According to industry veteran John McKechnie, who was working on Capitol Hill back in 1986, the last time credit union tax exemption was on the Congressional chopping block, a volatile environment on Capitol Hill means credit unions should be vigilant when it comes to protecting their tax-exempt status in 2013.
It seems likely that 2013 will contain two distinct aspects for credit union mortgage programs. On the one hand, it seems certain that credit unions will continue to take a greater share of the overall mortgage market.
It's tempting to attempt to predict how many credit unions might try to jump to a bank charter in 2013. But that is hard to say. It's easier to observe some trends that came to the fore in 2012 and are likely to continue next year.
Regulatory compliance, invoicing and other areas that may have been under the priority radar a few years ago, have aggressively come to the forefront at many credit unions.
