|June 24, 2014|
|CUNA rebuts the recent "Credit Unions Ramp Up Risk" article in WSJ|
Interim President/CEO Bill Hampel underscored that credit unions have
always taken a conservative stance in their stewardship of member assets
in managing interest-rate and credit risk. The letter was penned in
response to a June 6 Wall Street Journal article focusing on interest-rate
risk at credit unions, and included comments by NCUA Chairman Debbie Matz.
Hampel reminded, "Credit unions' exposure to long-term assets is
well-managed and poses no undue risk to the federal insurance fund
protecting credit union members' savings. Further, the lending of these
consumer-owned financial institutions remains prudent. Although
long-term assets stand at 35 percent of total assets, they are dwarfed by the
51 percent of total funds from long-term sources: net worth and core deposits."
That mix, Hampel explained, means that when interest rates do rise,
credit unions' interest costs will increase by much less. The CUNA
leader also reiterated that credit unions' moderate approach to credit
standards is borne out by their loss record.
"Credit-union loan losses were less than half those at for-profit
banking institutions throughout the recession and have since returned to
very low pre-recession levels," Hampel said.
Click here to read Hampel's Op-ed.
|Kidnapped member rescued at Tinker FCU branch|
In Oklahoma City, a Tinker FCU member was rescued from kidnappers Saturday by an
off-duty police officer who was working security at the credit union.
According to police, the credit union member, whose identity has not
been released, was picked up by a group of men Friday after the
member's car broke down.
The men allegedly held the member against his will overnight, and on
Saturday morning the victim told the men he had money at the credit
Authorities reported that the men took the victim at gunpoint to the credit union.
The victim was able to tell the off-duty officer what was going on.
The suspects were arrested, according to police, who have not released
This is the last week Congress is in
session before Independence Day. At the conclusion of this week’s session, the
House and the Senate will both be in recess until the week of July 7.
Here is what you need to know about credit
unions on Capitol Hill this week:
Financial Services Committee Chairman Jeb Hensarling (R-TX) and Financial
Institutions Subcommittee Chairman Shelley Moore Capitol (R-WV) sent a letter
to NCUA regarding the risk-based capital proposal. Additional
Congressional letters are expected in the coming weeks.
Financial Services and General Government Appropriations bills will be
marked-up in both the Senate and House Committees. This legislation
includes funding for the NCUA’s Community Development Revolving Loan Fund
Program, as well as the Community Development Financial Institution Fund
at the Treasury Department.
For more on the above topics, plus this week's floor schedules click here.
|InfoSight spotlight: FRB Regulation D|
The Federal Reserve Board’s (FRB) Regulation D was established in 1980.
It contains these four primary provisions that affect depository
institutions, including natural person credit unions with more than
$11.5 million in net transaction accounts:
- Credit unions may be required to maintain reserves.
- Credit unions may have to place limits on certain deposit accounts in order to avoid having to reserve against those accounts.
- Credit unions are required to impose certain penalties for early
withdrawal from time deposit accounts in order to avoid having to
reserve against the time deposit.
- Credit unions may be required to report account information to the Federal Reserve.
Regulation D controls how credit unions define certain terms and
conditions of deposit accounts, since the characteristics of the
accounts determine whether the credit union must reserve against the
Visit the Reserve Requirements: Regulation D
topic on the Accounts channel of InfoSight to read more.
|Important dates for Southeast Supervisory Committee Conference approaching!|
The Southeast Supervisory Committee Conference is right around the corner, Aug. 3-6, at the Grand Hotel Marriott Resort, Golf Club & Spa. And the dates to register for the conference at the earlybird rate and to reserve a hotel room
at the group rate are approaching fast. By registering for the conference and
reserving your hotel room by the dates listed below, you can save up to 13
percent off the normal cost.
conference has a full
agenda of the latest information and updates regarding credit union
auditing, compliance, and fraud.
- July 1,
by this date to take advantage of earlybird registration savings for attendees
- July 3,
your hotel room by this date to receive the hotel group rate.
To learn more about the
topics, speakers, and registration, visit the Southeast
Supervisory Committee Conference event page. There you will find hotel
information, conference details, and the agenda.
|NCUA hosts webinar on mobile apps|
Attend NCUA's free webinar, “Mobile Applications – The Next Step,” on Wednesday, July 9 at 2 p.m. EST and learn more about the growing use of mobile applications and the risk/rewards associated with their usage.
Webinar participants will learn how consumers are using mobile technology and mobile applications to meet their financial needs. In addition, participants will hear from credit unions that have successfully developed and implemented their own mobile strategies.
Click here to register. Participants will also use this link to log into the webinar. Registrants should allow pop-ups from this website.
Click here to submit questions in advance and here to submit technical questions.
|LSCU & Affiliates Media|
has a contract management solution that is web based and easy for your
credit union to stay on top of all of the credit union's various
Southeastern Credit Union Foundation
The Southeastern Credit Union Foundation works hard for Alabama and Florida credit unions. The foundation offers five pillars: financial education, professional development, disaster relief, fundraising, and the credit union philosophy. This video gives a better explanation to what the foundation offers credit unions.
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