|July 17, 2014|
|180 reg changes since '08 impose high costs for CUs, CUNA testifies|
CUNA made its case on the costly effect of regulatory burden on credit unions before the House Financial Service subcommittee on financial institutions and consumer credit Tuesday. Doug Fecher, president/CEO of $2.8 billion-asset Wright-Patt CU, Beavercreek, Ohio, testified before the subcommittee on behalf of CUNA.
The hearing was a look at nine different bills aimed at regulatory relief. Having last testified before the House Committee on Oversight and Government Reform on financial regulation and its effect on access to credit two years ago, Fecher underscored the message he delivered then.
"Credit unions face a crisis of creeping complexity with respect to regulatory burden. It's not just one new law or revised regulation that challenges credit unions, but the cumulative effect of all regulatory changes," he said. "The frequency with which new and revised regulations have been promulgated in recent years and the complexity of these requirements is staggering."
Since 2008, CUNA estimates that more than 180 regulatory changes from at least 15 different federal agencies have affected credit unions. He said the costs to credit unions in terms of time and money diverts resources from member services.
In his testimony Fecher also commented on NCUA's proposed risk-based capital requirement, laying out for subcommittee members CUNA's significant concerns regarding the proposed rule. CUNA urges the NCUA to withdraw the proposal, due to the belief that it would "seriously constrict credit union growth and financial performance." If not withdrawn, CUNA urges significant changes to the plan as currently proposed.
The Community Bank Mortgage Servicing Asset Capital Requirements Study
Act of 2014 (H.R. 4042) was another bill discussed. The bill would
direct federal banking agencies to conduct a study of appropriate
capital requirements for mortgage servicing for nonsystemic banking
"We request the subcommittee amend H.R. 4042 to include NCUA among the
agencies conducting the joint study and to delay the implementation of
the NCUA's proposed rule until an appropriate period of time after the
study has been completed," Fecher said. "In any case, credit union
capital requirements on mortgage servicing rights should be no higher
than those imposed on small banks."
Visit CUNA News Now for the full article.
|Show your award-winning work by submitting an entry for CUNA Awards|
The CUNA Awards Program is a great way to be recognized for your good works with the community and with your members. Ask yourself the following questions. If you answered yes to one, two, or all three, your credit union is the perfect candidate for submitting a winning entry.
Is your credit union involved with your community through special programs? For example, some credit unions have ongoing programs and
establish a special relationship with local social service agencies or
school programs. If the answer is yes, submit it as an entry for the Dora Maxwell Social Responsibility Community Service Award.
Does your credit union offer an internal program to improve a member's life? For example, programs that provide special assistance to
low-income members struggling to pay heating bills or student-run
in-school or campus branches. If the answer is yes, submit it as an entry for the Louise Herring Philosophy-in-Action Member Service Award.
Does your credit union promote youth and/or adult financial literacy through special activities or programs? For example, face-to-face teaching, publicity, lobbying for curriculum requirements,
teacher and volunteer training, or promotion and use of educational
programs such as the NEFE High School Financial Planning Program®
(HSFPP). If the answer is yes, submit it as an entry for the Desjardins Youth or Adult Financial Education Award.
If you're interested in submitting but are unsure which award would be best suited to enter, feel free to contact LSCU Director of Communications Amy Jowers at 866.321.0545, ext. 1020, or check out the CU Awards Program webpage for a host of resources on the awards. Deadline in August 8.
|Miracle Treat Day - Aug. 14|
Celebrate Miracle Treat Day on
Thursday Aug. 14. One dollar or more from every Blizzard® Treat purchased at
participating DQ® stores will be donated to your local Children's
Miracle Network Hospitals® to help children in need. Together we can
provide hope and healing to sick and injured children in your community.
Let's make miracles happen! Click here to find a
participating Dairy Queen.
|CUNA 2013 Annual Report now available|
CUNA’s 2013 Annual Report is available for anyone who would like to have a
look at the association’s priorities, accomplishments, and events that shaped
The 2013 CUNA Annual Report is available here
and includes the following:
- Message from the Chairman
- Message from the President
- Treasurer's Report
- Legislative Advocacy
- Regulatory Advocacy
- State of the Government Affairs
- Political and Grassroots Advocacy
- Investing in Your Staff
- Investing in Your Members
- Investing in Your Strategy
- Our Shared Credit Union Vision
- Credit Union Data Book
- CUNA Directors and Their Districts
- CUNA Strategic Services
|LSCU & Affiliates Media|
2014 Southeast Credit Union Conference and Expo
The LSCU & Affiliates hosted the Southeast Credit Union Conference and Expo. The conference featured former Florida State Football Coach Bobby Bowden, National Credit Union Foundation Executive Director Gigi Hyland, CUNA Mutual Group CEO Bob Trunzo, and Filene Research Institute CEO Mark Meyer.
President's 2Q Video
The LSCU & Affiliates President/CEO Patrick La Pine provides an update from the second quarter and also looks ahead to the rest of the summer.
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