Credit Unions Boost Lending, Cut Long-Term Investments in First Quarter, 2015
NCUA Reports Loan Delinquencies Fall to Lowest Level in Eight Years
Federally insured credit unions relied more on lending and less on investments to generate income during the first quarter of 2015, the National Credit Union Administration reported yesterday.
"Credit unions are continuing to make the loans needed to grow local economies," NCUA Board Chairman Debbie Matz said. "As a result, their members are buying houses and cars, and they're paying for college to give young people a better start in life. At the same time, credit unions are curbing long-term investments. The switch from long-term investments to loans is decreasing interest-rate risk, a positive development for the credit union system as a whole."
Cooperative Credit Union Association Takes Effect Jan. 1
Massachusetts credit unions voted in unanimous fashion to join forces with the credit unions of New Hampshire and Rhode Island in a merged credit union trade association. The result of that vote, together with similar votes taken earlier this month in New Hampshire and Rhode Island, means that the credit union Leagues in the three states will merge to form the Cooperative Credit Union Association.
CFPB Finalizes Rule Regarding Online Privacy Disclosures
The CFPB has finalized a rule allowing financial institutions, including credit unions, to post privacy notices online rather than in paper, if certain conditions are met. This rule simplifies notice requirements for institutions that limit their consumer data-sharing. This rule was proposed in May and generally supported by CUNA and the League; the rule will become effective upon publication in the Federal Register.
League Launches “Commitment to Cooperation” to Honor the Past, Prepare for the Future
Credit unions are built on the time and effort of dedicated volunteers and professionals who work with the members' best interests at heart. In Massachusetts, New Hampshire, and Rhode Island there are many credit union leaders who have devoted many years to improving their individual credit unions as well as the larger credit union system.
CUNA’s 2015 GAC: Events Include Special MA/NH/RI Reception on March 8th
Preparations for the 2015 CUNA Governmental Affairs Conference (GAC) are well underway. In addition to political advocacy, the program offers attendees networking opportunities, keynote speakers, industry-focused breakout sessions, and the largest financial services exhibitor showcase.
Governor Patrick Signs Massachusetts Credit Union Investment Authority Bill into Law
Massachusetts Governor Deval Patrick signed into law yesterday House 3954, An Act Relative to the List of Legal Investments prepared by the Commissioner of Banks. The measure improves the investment authority for state chartered credit unions in three ways.
Small Credit Union Conference Features Lively Discussion on Key Issues Facing Small CUs
Over sixty representatives from small credit unions in New England and beyond met in Portsmouth, New Hampshire, to attend the 7th annual Small Credit Union Conference, and thriving-not just surviving-was on the minds of small credit union leaders.
CUs Discuss Loan Participation, Exams, & Cybersecurity at MA Division of Banks Regional Roundtable
On October 2, the Massachusetts Division of Banks jointly sponsored a regulatory roundtable with the League for Massachusetts credit unions. League President Paul Gentile facilitated this lively session at which member credit unions directed a number of questions on a wide range of subjects to Commissioner David Cotney and members of his senior staff.
MA, NH and RI Merger Vote Schedule and Documents are Published
The credit unions of Massachusetts, New Hampshire, and Rhode Island will be voting on a plan to merge their three Leagues next month. A voting schedule for each state has been established, which includes the opportunity to vote electronically on a secured website using a unique password or to vote in person at a polling place set in the state in which they are located. (See the schedule shown below.)
NCUA’s McWatters Says New RBC Comment Period is Needed
NCUA Board Member J. Mark McWatters confirmed that he would not vote in favor of any risk-based capital (RBC) proposal if it does not include a second comment period.
MA, NH and RI Officials attend NCUA Board Meeting as Part of Hike the Hill
The NCUA Board met briefly yesterday to discuss the Temporary Corporate Credit Union Stabilization Fund quarterly report, and issued a final rule regarding several technical amendments. This was the first meeting for new NCUA Board Member Mark McWatters and NCUA Board Member Rick Metsger's first meeting as Vice Chairman.
Credit Unions from MA, NH and RI Head to Washington, D.C. to Hike the Hill and Meet with Lawmakers
A sizable contingent of credit union leaders representing the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island traveled to the nation's capital on September 17, to meet with lawmakers and discuss a number of issues that are of critical concern to credit unions and their members.
Gentile Urges NCUA to Issue Supplemental Risk Based Capital Rule for Additional Comment
In a letter to the NCUA Board, League President Paul Gentile requested that the NCUA Board issue a supplemental rule on Risk Based Capital that would include an additional comment period.
Congresswoman Tsongas Meets with Credit Union Leaders at Jeanne D’Arc Credit Union
Jeanne D'Arc Credit Union President and CEO Mark Cochran welcomed Congresswoman Nikki Tsongas and a group of credit union leaders to the credit union headquarters in Lowell, MA, on Friday, September 5, for a wide-ranging discussion of topics related to credit unions, the economy, and the community.
Massachusetts Credit Union League Welcomes Direct Federal Credit Union as a New Affiliate
The Massachusetts Credit Union League is pleased to welcome $420 million asset Direct Federal Credit Union, based in Needham, MA, as a new League affiliate.
Bernie Winne Named to CFPB Credit Union Advisory Council
Boston Firefighters Credit Union President/CEO Bernie Winne, who also serves as a Massachusetts CU League Board Member, was appointed to serve on the Credit Union Advisory Council (CUAC) of the Consumer Financial Protection Bureau (CFPB). Winne joins seven other credit union leaders who were named to the council. The CUAC advises the CFPB on regulating consumer financial products or services, specifically to share the unique perspectives of credit unions.
MA League Charity Golf Tournament Raises More than $27K for the Homeless
The 100 golfers who traveled to Juniper Hill Golf Course in Northboro, MA, for the Massachusetts Credit Union League's Charity Golf Tournament to benefit the Massachusetts Coalition for the Homeless raised $27,000 for this great cause and they enjoyed a fabulous summer day out on the course.
League Submits Comment Letter to NCUA on Proposed Appraisal Reg
League President Paul Gentile submitted a comment letter to NCUA on behalf of member credit unions regarding two regulations that NCUA proposed at its June board meeting. The comments were made on Proposed Rulemaking on Appraisals - Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit.
Nationally Renowned Strategic Governance Expert Added to 2014 Fall Leadership Conference Lineup
Strategic governance can make the difference in a credit union's growth and future viability. The upcoming Fall Leadership Conference features one of the nation's leading governance experts in Stuart R. Levine, chairman and CEO of Stuart Levine & Associates LLC, who will cover "dynamic" governance.
City of Boston CU CEO Trombley Voices Support of Jimmy Fund as Part of Radio-Telethon during Red Sox
Dan Trombley, CEO of the City of Boston Credit Union, Boston, MA, joined Red Sox radio announcers Joe Castiglione and Dave O'Brien during the seventh inning of the Red Sox game against the Angels at Fenway Park. Dan was there to help promote the annual radio-telethon held to raise money for the Jimmy Fund.
League Announces Speaker for 2014 Fall Leadership Conference
The 2014 Fall Leadership Conference at the Wentworth by the Sea resort in New Castle, New Hampshire, on October 24-26, features a number of nationally acclaimed speakers and industry experts. One of the featured speakers, Michael B. Rubin, president of Total Candor who is from New Hampshire, is the bestselling author of "Beyond Paycheck to Paycheck,"
Massachusetts Division of Banks Calls Credit Union Attention to Reg Review Comment Period for EGRPRA
The Massachusetts Division of Banks recently sent an email to Massachusetts state chartered credit unions reminding them that an important federal regulation review process is taking place and is currently open for comment.
MA League Charity Golf Tournament Rescheduled to August 26
The Massachusetts Credit Union League charity golf tournament to benefit the MA Coalition for the Homeless has been rescheduled due to extreme weather conditions. The tournament will now be held on Tuesday, August 26 at Juniper Hill Golf Course.
Fall Conference Registration Opens, Innovative Content Drives Strong Agenda
The League's Fall Leadership Conference is scheduled for October 24 - 26, 2014, at the beautiful and historic Wentworth by the Sea in New Castle, NH, but this year's agenda is about much more than a beautiful venue.
Interest Rate Risk: Seeking Member Feedback on IRR Exam Experience
The National Credit Union Administration continues to indicate that Interest Rate Risk remains a top regulatory concern. The agency has not only addressed IRR in regulation and exam focus in recent years, but IRR is also tightly woven into the proposed Risk-Based Net Worth proposal
MA Legislature Concludes Formal 2013-2014 Session Late Last Night
The Massachusetts General Court concluded formal sessions early on the morning of August 1 with both the House of Representatives and Senate completing work at approximately 1:00 a.m. The current legislative session marked the advancement of a number of bills beneficial to credit unions, including regional branching and legal list investments. Both issues have been key strategic legislative objectives for the League.
Matz Addresses Cybersecurity, Interest Rate Risk and Supplemental Capital at AACUL Meeting
During a discussion with credit union officials yesterday as part a meeting of the American Association of Credit Union Leagues (AACUL), NCUA Chairman Debbie Matz addressed several timely topics of interest.
Final NCUA RBNW Listening Session Was Held in VA
Yesterday at its third listening session held in Alexandria, VA, NCUA made it clear that the agency's risk-based capital proposal will undergo changes in key areas before it is made final.
Credit Unions Sponsor Reality Fair at MA State House for Legislative Interns
Massachusetts House of Representatives and Senate legislative interns experienced their first reality fair yesterday sponsored by the City of Boston Credit Union, Boston, MA; Mass Bay Credit Union, South Boston, MA, and Metro Credit Union, Chelsea, MA.
League Hike-the-Hill Program Set for September 17, Registration Open
The Massachusetts Credit Union League, the New Hampshire Credit Union League, and the Credit Union Association of Rhode Island are sponsoring their 2014 Hike-the-Hill program in Washington, DC, in conjunction with CUNA on Wednesday, September 17, at Credit Union House. Credit union officials are encouraged to participate in this important event.
League Speaks Out on NCUA Field of Membership Proposal
In a comment letter to NCUA dated June 30, League President Paul Gentile offered comment of four different aspects of this proposed rulemaking which would amend the NCUA Chartering and Field of Membership Manual.
Congresswoman Clark Meets with Credit Union Officials at RTN Federal Credit Union
Massachusetts Congresswoman Katherine Clark, the newest member of the Congressional Delegation, met with credit union officials yesterday at RTN Federal Credit Union in Waltham, MA.
Presidential Message Celebrates 80th Anniversary of Federal Credit Union Act
The White House has issued a Message from the President about the 80th anniversary of the Federal Credit Union Act, praising credit unions for their dedication to providing affordable financial services.
Directors Re-Elected and Long Time Employees Honored at MA League Annual Meeting
The Massachusetts Credit Union League held its annual meeting at the Charleston Place Hotel on June 25, the culminating event of the League's Annual Meeting and Convention.
Hughes to Step Down after 50 Years at Brookline Municipal CU; DeMaio Named New CEO
Jim Hughes began his career at Brookline Municipal Credit Union in1964 and never looked back.
‘Local Service, Global Good’ is Theme of 2014 International Credit Union Day
The 2014 International Credit Union (ICU) Day theme -- "Local Service. Global Good" -- announced last week by the World Council of Credit Unions, emphasizes the positive effect credit unions have in their communities and worldwide.
Gentile Cited in CU Times Column Questioning the WSJ Report on Credit Union Investment
In a column entitled NCUA, CUs, RBC, IRR and the WSJ, Sarah Snell Cooke, publisher and editor in chief of CU Times questions the motivation for and the research behind a Wall Street Journal piece which raised many questions about credit union investment practices, lending and financial management and did so with scant evidence or direct quotes from named experts.
15 Reasons Why You Should Only Bank at a Credit Union - #8 You are in Control
The League's new consumer education book 15 Reasons Why You Should Only Bank at a Credit Union lets the consumer know that their interests guide the credit union.
Fox Business News Interviews Gentile after President Obama Announces New Student Loan Initiative
President Obama signed an executive order yesterday to expand the2010 Pay as You Earn program that caps some college graduate's student loan payments at 10% of their monthly discretionary income. In a Fox Business news story about this development Laegu President Paul Gentile was asked to share some thoughts on student lending.
State Data Show Loan, Membership Growth Gain Speed in First Quarter 2014
A new analysis of state-level data released this week by NCUA shows several key performance measures, particularly loan and membership growth, rising at federally insured credit unions in the 12 month period ending March 31, 2014.
Student Essay Contest Winners Honored at the State House
On June 4, the winners of the Massachusetts Credit Union 24th Annual Essay Contest for 7th and 8th Grade Students were honored in the Great Hall at the State House. Sponsored by the Massachusetts Credit Union League and the Massachusetts Credit Union Share Insurance Corporation (MSIC), the event recognizes the efforts of the young people who wrote the winning entries in a statewide essay contest for 7th and 8th graders.
Shondek Interviews Gentile on WSAR –AM CU Wednesday Radio Show
Every Wednesday afternoon Matt Schondek, CEO of the Fall River Municipal Credit Union takes to the airwaves to talk to his listeners about important financial matters. This week he sat down with League President Paul Gentile to talk about credit unions, the economy and why credit unions are the best choice for consumer financial services.
League Convention Destination Charleston Voted #1 US City 3rd Year in a Row!
In addition to an outstanding education program and many great networking opportunities the 2014 Massachusetts Credit Union League Annual Convention is going to take place in America’s favorite city.
Credit Unions Honored at MA Coalition for the Homeless Gala
The Massachusetts Credit Union League’s longtime charitable partner, the Massachusetts Coalition for the Homeless honored the credit unions of Massachusetts for their many years of generous support last night at their annual fundraising gala at the Liberty Hotel in Boston, MA.
League Publishes 15 Reasons Why You Should Only Bank at a Credit Union
This week the League unveiled a new consumer education tool it is making available to help credit unions explain who they are, what they do and why they are the only financial institution that the consumer should use. It is entitled: 15 Reasons Why You Should Only Bank at a Credit Union. This concise book written by League President Paul Gentile lays out the facts in clear, easy to understand and engaging language.
Special Risk-Based Net Worth Session Draws a Crowd at GNECUS
Attendees packed the room to hear a panel of experts, moderated by League President Paul Gentile, discuss a number of aspects of the Risk-Based Net Worth Proposal that the NCUA is currently seeking comments on. As he opened the session, Gentile reiterated the need for credit unions to get comments in to the NCUA on this topic, saying that if enacted this proposed regulation will have far reaching implications, which will make it difficult for credit unions to make independent business decisions.
Twelve CU Rising Stars Honored at GNECUS Breakfast
The Rising Stars Breakfast has become a highly anticipated part of the Great New England Credit Union Show and once again it got the day off to a terrific start. League President Paul Gentile, who served as Master of Ceremony at the breakfast, spoke about how inspiring it was to hear the presentation by featured speaker Major General (Ret,) Timothy McHale and then to watch the Rising Stars accept the honors that they have earned.
CU Officials Turnout in Big Numbers for Great New England Credit Union Show
This year's Great New England Credit Union Show attracted a tremendous number of credit union professionals and officials from Massachusetts, New Hampshire, and Rhode Island as well as a large contingent of people representing companies that serve the credit union community. Altogether the show played host to more than 500 people over the course of the day.
League Announces New Financial Literacy Group for Credit Unions
What better time than Financial Literacy Month to roll out a new initiative that encompasses all of the financial literacy work being done credit unions in Massachusetts, New Hampshire and Rhode Island. The umbrella identity is the CU Effect which stands for Enhancing and Fostering Financial Education and Capability Together. A number of initiatives and activities, which are detailed below, have already been planned.
Consumer Finance Protection Bureau (CFPB) representative Jenefer Duane to Speak at League Program
Jenefer Duane has been added to the agenda for the League’s April 15 program, “Preventing, Detecting and Addressing Elder Financial Abuse". Ms. Duane currently serves as the Senior Program Analyst in the CFPB’s Office of Financial Protection for Older Americans and joined the bureau in 2011.
Creating Cooperative Power: League Convention Charleston, SC—June 22 -25
Credit Union leaders from all across Massachusetts are going to be Creating Cooperative Power from June 22 – 25 at the Massachusetts Credit Union League’s Annual Meeting and Convention. And what better place to do that than in beautiful Charleston South Carolina, voted the best city in America in 2013 by Conde’ Nast Traveler Magazine. You won’t want to miss this high energy event in this seaside city, where southern charm, historic attractions and terrific nightlife all come together.
Gentile Shares PR Insights with Marketers Network
The League’s Marketers Network gathered together at the Credit Union Center in Marlborough on March 11. The featured speaker for the meeting was League President Paul Gentile who shared the insight he has on how the media works which he gained while working as a reporter and then as the editor of Credit Union Times.
NCUA Board Member Rick Metsger to Speak at MA Convention in Charleston, SC
The Massachusetts Credit Union League is pleased to announce that NCUA Board Member Metsger will be a featured speaker at the League’s Convention which will be held at the Charleston Place Hotel in Charleston, SC. Mr. Metsger will address the group in the morning on Tuesday, June 24. The Convention begins on Sunday, June 22 and concludes on Wednesday June 25.
League Asks Credit Union CEOs to Complete Risk Based Net Worth Survey
Credit Union CEOs in Massachusetts, New Hampshire, and Rhode Island received an e-mail Tuesday, February 18 asking them to participate in a very important survey designed to gather their thoughts and concerns regarding the NCUA’s proposed Risk Based Net Worth proposal. This proposal would mean that many credit unions that have a set percentage of loans in certain business lines would have to substantially increase the amount of capital that they hold. (Click here to take the survey.)
@DailyCUScan Now on Twitter
The League’s newsletter Daily CU Scan is staking out space on Twitter (@DailyCUScan) in order to get the latest breaking news out to member credit unions on a real time basis. “A daily newsletter is a tremendous communication tool,” said League President Paul Gentile, “but when it is coupled with the ability to get the word out in real time we can really take the idea of timely information to the next level.”
NCUA Confirms: No TCCUSF Assessment in 2014—and Less Likely After
The NCUA confirmed February 11 that there will be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment charged in 2014 and the agency further stated that credit unions are much less likely to be charged another TCCUSF assessment going forward.
League presents $120,000 Check to MA Coalition for the Homeless
On January 23, 2014, the League’s Social Responsibility Committee Chair, Nicole James and League President/CEO Paul Gentile, along with several committee members presented the Coalition’s Executive Director Robyn Frost with a ceremonial check for $120,000 representing the overall donation to the Coalition.
Daily CU Scan – Daily credit union news from the League
On Monday, credit union executives and volunteers in Massachusetts, New Hampshire, and Rhode Island are going to have access to a new daily information source from the League called the “Daily CU Scan.” This new publication will put important credit union news in front of you while it is fresh and relevant as well as giving the League the chance to expand coverage in a number of areas.
Target breach to cost credit unions estimated $25M-$30M, CUNA study shows
Preliminary data from a Credit Union National Association (CUNA) survey show that credit unions have already incurred costs estimated to be in the range of $25 million to $30 million in costs as a result of the Target stores data security breach. Locally, credit unions in Massachusetts have reported that more than 100,000 credit and debit cards have been affected at a cost of $530,000. In New Hampshire, 54,000 cards have been affected to the tune of $144,862; and Rhode Island credit unions indicate that they have 23,000 cards impacted costing $60,495.
NCUA operating fees decline—Invoices will come out in March
2014 natural person federal credit union operating fee rate reduction of 18.4%, and 5.1% increase in the asset dividing point for the 2014 operating fee scale, are detailed in a new National Credit Union Administration (NCUA) letter to federal credit unions (14-FCU-01).
Appeals court to closely examine lower court interchange ruling
U.S. Court of Appeals for the District of Columbia Circuit Judges David Tatel, Harry Edwards, and Stephen Williams asked questions at oral arguments, on January 17, that raised questions about whether they will fall in line with a lower court ruling that sought to overturn the Federal Reserve’s debit interchange fee cap regulations.
Learn more about NCUA’s new examination report process
The National Credit Union Administration (NCUA) will host a free webinar, “NCUA Examination Modernization,” on Wednesday, January 22, 2014, at 2:00 p.m. Eastern Standard Time.
CFPB seeks new Credit Union Advisory Council members
The Consumer Financial Protection Bureau (CFPB) announced January 15 that it is seeking applications for positions on its advisory groups, including the Credit Union Advisory Council (CUAC).
Gentile: NCUA should focus on working with credit unions not late file fees
The National Credit Union Administration (NCUA) issued a letter to credit unions (14-CU-03), which detailed the agencies plans to impose fines on credit unions that file their quarterly reports late. In the letter, NCUA Chairman Matz stated, “Late filings of quarterly Call Report and Profile data have become a serious problem.”
Gentile writes on credit unions fighting to curb elder abuse
League President Paul Gentile recently authored a Guest Opinion entitled Credit Unions Combat Elder Financial Abuse for Credit Union Times. The piece, which appears in the paper’s January 8 edition, touches on some of the steps that credit unions are undertaking to address this huge problem.
Risk-based capital rule would affect fewer than 200 credit unions, Metsger says
As the National Credit Union Administration (NCUA) works to modernize the 15-year-old credit union capital regime, board member Rick Metsger said Monday, January 13 that fewer than 200 credit unions would be required to make adjustments under a new risk-based capital proposal now being developed.
League President Paul Gentile special guest at Metro-Boston/Tri-County North joint chapter meeting
League President Paul Gentile will be joining credit union professionals and volunteers from the Metro-Boston Chapter and the Tri-County North Chapter at their joint chapter meeting on February 12. This meeting will be held at Seasons 52, located at 6 Wayside Place in Burlington, MA.
Filene Research Institute seeks responses on revenue survey—January 17 deadline
Filene and Aite Group are asking credit union CEOs, CFOs, and other finance professionals to complete a survey on how their credit unions are addressing the revenue imperative. Responses are due January 17. Filene will share a complimentary copy of the report with survey respondents.
Paul Gentile begins work as President of Massachusetts Credit Union League
Paul Gentile’s tenure began this week as the new president/CEO of the Massachusetts Credit Union League. Already, Gentile has been out visiting with credit union CEOs and made his first visit to the Massachusetts State House on a bill related to investment authority for state-chartered credit unions.
CFPB’s Cordray Letter to Credit Unions on Mortgage Deadline
A letter from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, dated January 3, 2014, reminds credit unions that new Ability-to-Repay/Qualified Mortgage (ATR/QM) rules are set to take effect on Friday, January 10. He also thanked credit unions for “all of your hard work in preparing to implement these rules.”
CUNA Survey Seeks Data Breach Cost Details – CUNA News Now, Jan. 6
What was the cost of the Target breach on your credit union? The Credit Union National Association is asking credit unions for cost information, and details on how the breach has impacted members, through a new online survey.
Unite for good at the GAC
This year’s Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) theme is Unite for Good. CUNA plans to highlight real stories about how credit unions Unite for Good. They are looking for video, photos, and write-ups to be used in a video montage celebrating credit unions and on a huge wall at the event.
Target breach effect on payment systems debate—CUNA News Now, Jan. 2
While credit unions and other financial institutions reissue millions of debit and credit cards compromised by the Target data breach last month, security and payments industry experts are debating the implications of the breach on payment systems.
CUNA Governmental Affairs Conference
The Credit Union National Association (CUNA) will be hosting its annual Governmental Affairs Conference (GAC) from February 23-27, 2014 and there is still time to register for this important event. The GAC is the single largest gathering of credit union officials, volunteers, and executives held in the nation each year. A tremendous number of high profile speakers from lawmakers to business leaders will be addressing the event. The GAC also features a truly impressive exhibit hall and great opportunities to network with credit union peers from around the nation.
Mark your calendars for conferences, convention, and The Great New England Credit Union Show
Dates have been set for the League’s marquee events for 2014 and it’s time to get them into your calendar. These programs draw the largest crowds of any credit union events in New England and each provides a tremendous opportunity to network and learn.
Filene report: Why credit unions should be allowed to accept public deposits
Allowing credit unions to accept public deposits increases choice in the marketplace, provides greater competition, and in many cases, provides better convenience for trustees of the public’s money, according to a new report from the Filene Research Institute.
CUNA exam survey —Deadline extended to Jan. 10
The League is reaching out to ask credit unions to make certain they complete the Credit Union National Association’s (CUNA) examination survey.
Financial regulators issue final guidance on social media
On December 11, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its six members (which includes the National Credit Union Administration), released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau. The guidance is effective immediately.
MBL cap increase would boost small biz cash access, CUNA says
Credit unions share the U.S. House Small Business Committee’s goal of increasing small business access to capital through the reduction of statutory and regulatory impediments. The Credit Union National Association (CUNA) suggested several ways that access could be improved, including increasing the member business lending (MBL) cap, in a letter sent to committee members last week.
Fed released Beige Book December 4
The Federal Reserve Bank’s Beige Book, released on December 4, reports that the economy continued to expand at a modest to moderate pace from early October through mid-November. The report from the Boston Fed stood out in that it reported economic expansion during this period.
CFPB to oversee nonbank student loan servicers
The Consumer Financial Protection Bureau (CFPB) issued a rule December 3 that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years.
CUNA launches new survey seeking credit union exam challenges
Credit union experiences and impressions of the examination process are again being requested by the Credit Union National Association (CUNA) which has just released a new edition of its survey that gives credit unions the chance to provide feedback to CUNA and state leagues on their most recent examinations by the National Credit Union Administration (NCUA) and/or state regulators.
Chapters collect toys for underprivileged kids at December meetings
The credit unions of Massachusetts are demonstrating their holiday spirit in a variety of ways this year. One special tradition that marks every holiday season is chapter toy drives for underprivileged children. This month four chapters are conducting such drives.
Third quarter data shows credit union loan growth up 2.9 percent
America’s 6,620 federally insured credit unions continued positive trends in most metrics during the third quarter of 2013, including loans, membership, and net worth, according to new data released by the National Credit Union Administration (NCUA).
Paul Gentile named League President/CEO
The Massachusetts Credit Union League Board of Directors has named Paul Gentile as President/CEO effective January 6, 2014.
Filene survey: credit union challenges and opportunities
The Filene Research Institute has requested the League’s assistance in getting the word out about a survey they are conducting to learn about the challenges and opportunities faced by employees and volunteers at credit unions around the world.
NCUF’s non-prime auto lending program to be tested by Filene Research Institute
The National Credit Union Foundation (NCUF) recently announced that the Filene Research Institute will test its non-prime auto lending program in Filene’s new accessible financial services incubator. Funded by a $700,000 grant from the Ford Foundation, the incubator will test, package and scale innovative, viable, financial products that benefit low-and-moderate-income US consumers.
NCUA announces that there will be no TCCUSF assessment in 2014
The National Credit Union Administration (NCUA) will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. The National Credit Union Share Insurance Fund assessment for 2014 will be between zero and five basis points (bp), the agency added.
Fryzel discusses “right sizing” risk-based capital rules at AACUL Winter Meeting
National Credit Union Administration (NCUA) Board Member Michael E. Fryzel discussed a changing regulatory landscape and called for “right sizing” the agency’s rules on risk-based capital.
Minority-owned credit unions equal 12% of FICUs, hold 3.5% of assets
The 805 credit unions that met minority depository institution criteria as of June 30 held $36.9 billion in assets, and are owned by 4.8 million members, the National Credit Union Administration (NCUA) said in its Minority Depository Institutions (MDI) Congressional Report.
MA Credit Union League encourages credit unions to support WOCCU Philippines relief effort
In the wake of super typhoon Haiyan, one of the most powerful storms ever recorded, the World Council of Credit Unions (World Council/WOCCU) is in contact with local authorities in the Philippines and the organization’s Australian member, Customer Owned Banking Association, to assess how to best help the 4.5 million people affected.
Egan retirement celebration
On November 7, hundreds of people gathered at Gillette Stadium in Foxborough, MA for a gala celebration of Dan Egan’s career. The crowd included credit union friends from the Massachusetts, New Hampshire, and Rhode Island credit union communities as well as guests from all across the United States representing the national credit union movement.
Credit union reg relief bill set for markup
The House Financial Services Committee announced that it will mark up a bill November 14 on a credit union regulatory relief measure supported by the Credit Union National Association (CUNA), one that would extend share insurance coverage to trust accounts held in the name of nonmembers.
CUNA contacts FFIEC to urge delay of mortgage reg legal liability, sanctions
Federal financial regulators should work with the Consumer Financial Protection Bureau (CFPB) to provide a short-term reprieve, until September, from examiner sanctions for noncompliance that might be imposed on regulated financial institutions that are making good faith efforts to comply with upcoming mortgage regulations, the Credit Union National Association’s (CUNA’s) CEO Bill Cheney urged in a letter to the Federal Financial Institutions Examination Council (FFIEC).
CFPB announces Boston Field Hearing—November 20
At the League’s Hike-the-Hill last week, the Consumer Financial Protection Bureau (CFPB) Deputy Director Steve Antonakes announced that the CFPB will be hosting a field hearing in Boston on November 20, 2013 at 11:00 a.m. The location has yet to be announced.
CUNA asks CFPB to delay credit union compliance deadline for QM rule
Continuous communication with the Consumer Financial Protection Bureau (CFPB) is one way the Credit Union National Association (CUNA) is working to minimize the regulatory burdens faced by credit unions, and CUNA in recent meetings has suggested steps that could ease qualified mortgage (QM) regulation compliance issues, CUNA Deputy General Counsel Mary Dunn said recently.
Values & Visions—new improved design
The November edition of Values & Visions, the League’s monthly electronic newsletter, is going to have a new look and increased functionality. The redesign incorporates “flip book” technology, which allows the reader to page through the publication much like they would with a paper newsletter.
Credit unions report strong loan growth in September
Loan growth at credit unions in September continued to rise, with the past 12 months’ growth pace the fastest since before the Great Recession, according to the Credit Union National Association’s (CUNA) Credit Union Monthly Estimates for September, released November 1.
Filene offers report on credit union financial sustainability
A new white paper from the Filene Research Institute explores the sustainability of the credit union model, and offers credit unions ideas for maintaining sustainably “excellent” organizations.
CLF, Fed discount window are only sources for emergency liquidity in NCUA rule
A new rule addressing emergency liquidity and contingency funding plans for credit unions contains some important changes that improve the final rule compared to the proposal and the Credit Union National Association (CUNA) said it appreciates these revisions. However, CUNA does not agree the rule is needed at this time.