Firefighter's Credit Union Newsroom

State of the Art: OnLive Desktop Plus Puts Windows 7 on the iPad in Blazing Speed - State of the Art

2012-02-23T10:04:00.002-05:00

The fastest high-speed Internet service is courtesy of OnLive Desktop Plus. The “plus” is a 1-gigabit-a-second Net connection with the ability to view Flash videos on your iPad ****READ MORE: State of the Art: OnLive Desktop Plus Puts Windows 7 on the iPad in Blazing Speed - State of the Art:

Why Does U.S. Lead World in Credit Card Fraud?

2012-02-23T09:37:00.003-05:00

Meanwhile, a handful of banks and credit unions have started issuing EMV cards to select customers, primarily American travelers who have run into trouble with magnetic stripe credit card acceptance abroad. Last August, Visa announced an **** READ MORE: Why Does U.S. Lead World in Credit Card Fraud?:

Treasury to Halt Savings Bond Fee Payments

2012-02-23T09:29:00.002-05:00

Bonds must be received by the Treasury Retail Securities site at the Federal Reserve Bank of Minneapolis by 12:30 p.m. CT on April 10 to receive an EZ Clear redemption fee ****READ MORE: Treasury to Halt Savings Bond Fee Payments:

Just Say No: NAFCU on NCUA’s Liquidity ANPR

2012-02-23T09:26:00.001-05:00

In a blunt document, the National Association of Federal Credit Unions has come out with a big no in regard to the recent NCUA Advanced Notice of Proposed Rulemaking (ANPR) designed to force credit unions to get in place approved liquidity ****READ MORE: Just Say No: NAFCU on NCUA’s Liquidity ANPR:

CFPB to Inquire About Overdraft and Courtesy Pay Programs

2012-02-23T09:23:00.002-05:00

There was no shortage of information yesterday regarding the CFPB's first steps toward reviewing overdraft programs. I was just mentioning a few weeks ago how the CFPB has the ability "to drop" a new issue without advanced notice to the industry. This could be labeled as Exhibit A. I'm sure quite a few other folks where enjoying a quiet Wednesday (yeah right) until they saw the news "CFPB to Review Overdraft Programs" come across their email inboxes. And, while we are at it - what do the regulators have against February 22nd? I know a lot of folks still get heartburn thinking about the February 22, 2010 deadlines from the Credit CARD Act. **** READ MORE: http://bit.ly/x7WM2j

Steal This Idea: Cash Mobs | The Financial Brand: Marketing Insights for Banks & Credit Unions

2012-02-22T08:28:00.002-05:00

Michelle McGovern, Chief Marketing & Development Officer for Firefighters Community Credit Union, agrees. “The basic foundation of credit unions were as grassroots institutions, so a cash mob is an absolutely natural fit,” she says.**** READMORE: Steal This Idea: Cash Mobs The Financial Brand: Marketing Insights for Banks & Credit Unions

Liquidity Regs Battle Lines Are Drawn

2012-02-21T09:29:00.001-05:00

Are your credit union’s pockets deep enough to satisfy the NCUA?

Many inside the credit union industry said they loudly oppose the NCUA’s attempt to draw a road map for liquidity. “Some believe that they are being forced to put money where they don’t want to,” ****READ MORE: Liquidity Regs Battle Lines Are Drawn:

P2P Breakout Awaits

2012-02-21T09:23:00.002-05:00

You don’t need cash to buy a box of Girl Scouts’ Thin Mints from David Cale, CEO of Financial Plus Credit Union ****READ MORE: P2P Breakout Awaits:

Succession Planning a Challenge for CEOs and Boards

2012-02-21T09:18:00.000-05:00

Maximizing and ensuring member value and performance requires an ongoing review of the depth of talent in your credit union as well as the right complement of skills to lead effectively and navigate changing strategies. As markets become more global and technology continues to play an even greater role in strategy, the criteria established for both CEOs and succession planning candidates emerges and changes over time ****READ MORE: Succession Planning a Challenge for CEOs and Boards

Asset Quality Holds Steady in 4Q11

2012-02-21T09:12:00.003-05:00

FirstLook Data indicates that credit unions may be able to improve 2012 outlook as asset quality remains stable and some delinquency rates are improving ****READ MORE: Asset Quality Holds Steady in 4Q11:

Housing Market Outlook: Affordability Is Best In Years

2012-02-21T09:10:00.004-05:00

The recovery of the under-built housing market may be on track as builders say they are more confident, investment purchase pick up and as affordability improves **** READ MORE: Housing Market Outlook: Affordability Is Best In Years:

NAFCU Compliance Blog: Finding the CFPB's Regulations

2012-02-21T09:01:00.002-05:00

Dodd-Frank transferred authority for the "enumerated consumer laws" to the CFPB on July 21, 2011. In late December, the CFPB officially republished the regulations that implemented these "enumerated consumer laws" in its own section of the Electronic Code of Federal Regulations.For credit unions, this means we need to use the CFPB's regulations for our research and our citations. For example, the correct citation for Regulation Z is now 12 C.F.R. 1026 and not 12 C.F.R. 226.

NAFCU Compliance Blog: Finding the CFPB's Regulations

Mobile Bill Pay Demand Is the Future

2012-02-21T08:51:00.000-05:00

Imagine paying your house payment while riding in a double decker bus in London or making your Visa payment while waiting for a plane.
According to the Javelin report, after a pause in 2010, mobile banking adoption surged by 63% in 2011, rising to 57 million from 35 million in the United States. That’s a meteoric increase of 22 million consumers in one year. Over the next five years, mobile banking is projected to increase at a steady compound annual growth rate of 10.3% as financial institutions roll out new offerings, the data showed. **** READ MORE: Mobile Bill Pay Demand Is the Future:

Foreclosures climbed in January

2012-02-21T08:47:00.000-05:00

Foreclosures picked up in January, yet another sign that the nation's huge glut of delinquent homes may soon start making their way onto the market **** READ MORE: Foreclosures climbed in January:

City Room: A Fire Squad Ordered to Stop Responding to Emergencies

2012-02-18T18:40:00.000-05:00

A volunteer fire department in the Bronx has been told by the city to stop responding to emergencies because it lacks proper certification **** READ MORE: City Room: A Fire Squad Ordered to Stop Responding to Emergencies:

Gadgetwise Blog: To Do: Check Out Clear

2012-02-17T10:00:00.001-05:00

A new to-do list app, Clear, does away with traditional interface features to create something both new and compelling. Is it the solution to your organization woes? Probably not. ****READ MORE: Gadgetwise Blog: To Do: Check Out Clear:

CUNA Paper Reveals Why Board Makeup Must Change

2012-02-17T08:10:00.002-05:00

The typical credit union board member is a 61‐year‐old white male, has served for well over a decade and has a better-than-average chance of serving for years to come. ****READ MORE: CUNA Paper Reveals Why Board Makeup Must Change:

CUs Encouraged to Promote Automatic Savings Plans

2012-02-17T08:02:00.002-05:00

America Saves Week and Military Saves Week kick off this weekend. The week-long, national campaigns will begin Feb. 19 with events that aim to unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. This year’s campaign theme – “Set Goals, Make a Plan, Save Automatically” – promotes the need for families to get aggressive with automatic savings.****READ MORE: CUs Encouraged to Promote Automatic Savings Plans:

Peek Inside: Sunova Credit Union's Marketing Department | The ...

2012-02-15T18:06:00.000-05:00

One of Canada's larger credit unions, South Interlake in Manitoba, changed names and become Sunova. The credit union uses one of the most unique branding tools you've ever seen in the financial industry: dogs. As in real one **** READ MORE: Peek Inside: Sunova Credit Union's Marketing Department >: ...

CU*Answers Sending Out Board Literacy Lessons

2012-02-15T17:44:00.002-05:00

Michigan CUSO said it has sent its financial literacy for board members material to more than 200 recipients who requested the free series.*** READ MORE: CU*Answers Sending Out Board Literacy Lessons:

Researchers Find Flaw in an Online Encryption Method

2012-02-15T07:30:00.002-05:00

A study of a widely used security system for Internet shopping, banking and other services showed that it failed to work correctly in a small number of cases. **** READ MORE: Researchers Find Flaw in an Online Encryption Method:

3 Tips to Address the Social Media Resources Question from Management

2012-02-15T06:51:00.000-05:00

3 Tips to Address the Social Media Resources Question from Management:
Originally published on CUinsight.com.

In honor of Social Media Week (Feb 13 – 17), I want to offer some helpful tips to social media champions that are struggling to get upper-level support to move their credit union into the new millennium of marketing (and attract the new millennium of membership while they’re at it).

Putting aside the obvious question of ROI – One of the most common and major roadblocks for gaining management support for a social media strategy at your credit union stems from two simple questions: 1.) How are we going to come up with the content to share? 2.) Who has the hours of extra time to create it?

Two very important questions, no doubt, and resources are often scarce, especially in marketing. However, the resources dedicated to a successful social media plan don’t have to be extraordinary, (especially when you’ve only been granted the opportunity to dip a toe in the water promising that your other work won’t suffer). Here are some tips that might help you answer these important questions of content and resources and help you start to build the business case for getting your credit union to finally hop on the social media train or get more out of your current social media strategy.

Tip #1: Include Social Media in Your Overall Marketing Mix

Social media should be looked at as another channel in your overall marketing mix. As with all of the other marketing channels you use – website, email, direct mail, statement inserts, ATM ads, etc. – social media is one other channel that your members have chosen to receive information and one other channel for your credit union to distribute information.

It’s about the content, not the delivery mechanism. When you set up a marketing campaign, don’t set up a Facebook campaign. Set up a first time home buyer campaign where you use email, direct mail, website AND social media to deliver your message. Make sense? Social media is not a stand-alone revenue generator – it’s an important part of your overall marketing strategy. One person might read your direct mail piece and never connect with you on Facebook. Another might throw away every piece of snail mail they get, but always read their email. Yet another might only pay attention to Facebook and the Web. The same message is going out, but in different channels so you have a better chance of reaching your audience through their communication channel of choice. By not using one of your marketing channels (i.e. social media), you risk not reaching a group of members that prefer to receive their information in that specific way.

Tip #2: Repurpose Your Content

Keeping in mind that social media is a channel in your overall marketing mix, it’s important to help your managers understand that social media doesn’t have to require generating brand new content and therefore, it doesn’t have to be a huge time suck like many managers fear. Don’t get me wrong, social media might be the perfect channel to share something new, but it’s also the perfect place to re-share what you’ve already created. Here are some ideas for repurposing content:

Rewrite a press release in a conversational tone and post it on your blog.
Have a library of brochures, FAQs, disclosures that you hand out to members? Talk about information overload! Get the message out more effectively by putting the FAQs you already came up with into a presentation and post it on SlideShare, embed it on your website or blog. Or explain those disclosures in a casual, easy-to-understand podcast and post it online or link to it in your e-statements.
Record your latest first time homebuyer workshop for a downloadable podcast or video.
Put those handy online financial calculators on your blog or Facebook for your members to figure out “how long until I can pay off my credit cards.” (Don’t forget to offer a link to your debt solutions!)

You have ready-to-go, sharable content. You just have to think outside the box a little bit as to how you can repurpose it.

Tip #3: Build a Social Media Team from Your Existing Content Experts

Finally, the weight of your social media content shouldn’t be on one person’s shoulders or on one person’s time card. Your credit union is full of expert content authors. The loan officers, member services reps, credit card and rewards program managers, even the Webmaster – they all have unique expertise that is valuable to and welcome by your members. Your loan officer can probably talk about the typical home loan process without even thinking about it – think she could write it down in a simple list in 15 minutes? Probably. Voila – a blog post…that you can email…and link to on your website…and mention in direct mail with your latest rates and offers…sorry, just reiterating my first tip. How about the Webmaster – he spent all month writing SOPs and directions for your new home banking with bill pay system – think he can give a quick overview in 10 minutes? Probably. Voila – a downloadable podcast to promote the new features….that you can put in your e-newsletter, your statement inserts……you get the idea.

The underlying point for all of these tips is that social media works…and it doesn’t have to be a huge time suck! Trust me, as the original social media champion of NAFCU Services, I’ve had to do a little of my own convincing on this topic. I hope these tips can help you start to build your business case for social media use at your credit union or at least help you answer that pesky question of resources.

Think you need more? There are tons of resources out there to help you get your management to see the social media light…even ones just for credit unions. So, don’t give up – once you get the buy-in, and put together a proper strategy, your social media success will speak for itself.
Post written by Kirstin Orr, Senior Associate Director of Marketing, NAFCU Services Corp.

CFPB outlines plans for mortgage servicers

2012-02-14T19:13:00.002-05:00

The government’s new consumer watchdog on Monday outlined the first steps of its plans to regulate mortgage servicers, which have come under fire for fraudulent foreclosure practices. The Consumer Financial Protection Bureau will revamp the billing statements sent to homeowners and the disclosures required for some complicated mortgages. It also is drafting new rules to prevent servicers from improperly charging consumers for homeowner’s insurance.
**** READ MORE: CFPB outlines plans for mortgage servicers:

Firefighter released from hospital after fall

2012-02-14T18:59:00.001-05:00

MIAMI (WSVN) -- A Miami firefighter has been released from the hospital after falling from the second floor of a South Florida pharmacy. Outside Jackson Memorial Hospital, Tuesday morning, Miami Fire Rescue Captain Ray Pampin responded to waiting media ...**** READ MORE: Firefighter released from hospital after fall:

FASNY seeks firefighters with college tuition offer

2012-02-14T18:57:00.004-05:00

There remains yet a very narrow window, but a window nonetheless, for volunteer firefighters in the area to attend community college — well, for free, if you become a volunteer firefighter. The Firemen's Association of the **** READ MORE: FASNY seeks firefighters with college tuition offer: By Jim Planck GREENPORT —

NCUA, Other Regulators Urged to Audit Examinations

2012-02-14T18:50:00.000-05:00

Senate Banking chair wants to know if examination procedures are hurting the ability of small financial institutions to do responsible lending. **** Read More; NCUA, Other Regulators Urged to Audit Examinations:

Become More Optimistic: 6 Smart Tricks

2012-02-13T21:27:00.000-05:00

To acquire a more positive attitude, all you really need is a more powerful vocabulary. Try these linguistic shifts **** Read More ; Become More Optimistic: 6 Smart Tricks:

Nice Girls Brag: Here’s How

2012-02-13T21:26:00.001-05:00

Women are told that it’s not ladylike to brag. But done right, it can be one of the most effective ways to grow your business and your influence. ** Read More; Nice Girls Brag: Here’s How:

Is Your Document Management System Obsolete?

2012-02-13T21:21:00.002-05:00

This checklist will help credit unions quickly determine if it is time to replace their current document management system....**** Read More; Is Your Document Management System Obsolete?:

Community banks and credit unions brace for end of Fannie, Freddie

2012-02-13T11:14:00.002-05:00

As the Obama administration forges ahead this spring with plans to wind down mortgage giants Fannie Mae and Freddie Mac, community banks and credit unions are bracing for the impact.

The government-sponsored entities are the most active buyers on the secondary market for residential mortgages, where a growing number of small financial institutions sell the home loans they originate. Private investors remain largely inactive in acquiring mortgages, leaving originators to question how the industry will function without government support. Read full article >>

CUNA Mutual’s New Structure Opens the Door for Acquisitions

2012-02-12T19:24:00.001-05:00

While the 550,000 policyholders of the newly restructured CMFG Life Insurance Co. may not see any substantial changes, the firm’s parent company is looking forward to how the move will help it diversify and expand beyond the credit union industry. **** Read More; CUNA Mutual’s New Structure Opens the Door for Acquisitions:

Residential RE investment to more than double GDP growth in 2012

2012-02-12T19:23:00.000-05:00

Investment in residential property will grow more than double the rate of gross domestic product in 2012, according to analysts at Bank of America Merrill Lynch. **** Read More; Residential RE investment to more than double GDP growth in 2012:

Lack of lending to creditworthy borrowers restricting housing: Bernanke

2012-02-12T19:22:00.002-05:00

Mortgage originators who are reluctant to extend credit to potential borrowers who meet underwriting standards set by Fannie Mae and Freddie Mac are hindering the nation's economic turnaround. **** Read More; Lack of lending to creditworthy borrowers restricting housing: Bernanke:

Orman Site Goes Dark on CU Cards

2012-02-12T19:22:00.001-05:00

Celebrity financial adviser Suze Orman has removed a link from her website to a site that helps consumers find credit union-issued credit cards and replaced it with a link to the NCUA's credit union locator site. **** Read More; Orman Site Goes Dark on CU Cards:

Mortgage deal means more foreclosures

2012-02-11T05:28:00.000-05:00

Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new forclosures. **** Read More; Mortgage deal means more foreclosures:

Supplemental Capital: Not Without Taxation, Says ABA's Leggett

2012-02-11T05:08:00.004-05:00

ABA economist says supplemental capital bid "another attempt by credit unions to be more like banks." *** More; Supplemental Capital: Not Without Taxation, Says ABA's Leggett:

Banks vs CUs Keep Up Indirect Auto Loan Competition

2012-02-11T05:07:00.002-05:00

When it comes to five-year, new, indirect auto loans, credit unions and banks are running pretty close with their rates. According to Informa Research Services, credit unions offered an average of 4.21% compared with 4.36% at banks as of Thursday. The rates were for the A tier category, which are borrowers with credit scores between 680 and 719.**** Read More; Banks, CUs Keep Up Indirect Auto Loan Competition:

Banks paying delinquent borrowers to sell their homes

2012-02-10T09:49:00.004-05:00

In an effort to cut their losses, banks are paying some struggling homeowners as much as $35,000 to sell their homes before they end up in foreclosure.**** Read More; Banks paying delinquent borrowers to sell their homes:

Users of Citibank Bill-Pay App Charged Twice

2012-02-10T09:44:00.001-05:00

The bank would not disclose how many customers were affected by the problem, which prompted bogus payments big and small. **** Read More; DealBook: Users of Citibank Bill-Pay App Charged Twice:

CAMEL Disclosure: SECU's Blaine Says NCUA ‘Declared War on the Innocent’

2012-02-10T09:40:00.002-05:00

Self-Help CU CEO Martin Eakes calls for NCUA Chairman Debbie Matz to come to North Carolina to settle the dispute. **** read More; CAMEL Disclosure: SECU's Blaine Says NCUA ‘Declared War on the Innocent’:

Additional Facts About the National Flood Insurance Program (Pt. 3)

2012-02-10T09:38:00.001-05:00

While flood insurance is not mandatory for homeowners outside of a high-risk area, anyone can be financially vulnerable to floods. People outside of high-risk areas file more than 25% of NFIP claims and receive one-third of disaster assistance for flooding. Residential and commercial property owners who are not located in high-risk areas should ask their agents if they are eligible for the Preferred Risk Policy, which provides affordable flood insurance protection, starting as low as $129 a year. ****Read More; Additional Facts About the National Flood Insurance Program (Pt. 3):

Supplemental Capital Bill Introduced in House

2012-02-10T07:50:00.003-05:00

Credit unions could accept supplemental capital that wouldn’t be insured by the NCUSIF and would be subordinated to other claims, according to provisions of a bill introduced Thursday by Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.).Under the measure, credit unions could accept non-share capital accounts and could use the money to cover operating losses in excess of its retained earnings. The accounts would be subject to maturity limits set by a credit union’s board. **** Read More; Supplemental Capital Bill Introduced in House

More Facts About the National Flood Insurance Program (pt. 2)

2012-02-09T08:19:00.002-05:00

Windsor, Conn. -- In 1968, Congress created the National Flood Insurance Program (NFIP) to enable property owners to protect themselves against flood losses. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. Today, more than 20,000 communities participate in the NFIP nationwidem **** More Facts About the National Flood Insurance Program (pt. 2):

Gadgetwise Blog: Tip of the Week: Customizing Folder Previews

2012-02-09T08:07:00.003-05:00

If you would prefer to give your desktop folders a more distinctive look so you can find certain ones more easily, you can choose a specific picture to peep out of each folder instead **** Gadgetwise Blog: Tip of the Week: Customizing Folder Previews:

Fannie Mae survey shows Americans expect home prices to improve

2012-02-09T08:02:00.002-05:00

A majority of Americans believe mortgage rates will remain steady over the next year, while home price expectations in January improved for the fourth month in a row, Fannie Mae said in its latest consumer sentiment report **** Fannie Mae survey shows Americans expect home prices to improve:

IRS Admits Error on CUs' Tax-Exempt Status

2012-02-09T07:53:00.000-05:00

Record-keeping error led to letter to several dozen credit unions saying they were no longer tax-exempt. **** Read More; IRS Admits Error on CUs' Tax-Exempt Status:

Two Things Charles Dickens Can Teach Us About Successful Presentations

2012-02-08T08:37:00.000-05:00

Two Things Charles Dickens Can Teach Us About Successful Presentations
From Nick Morgan

Charles Dickens is 200 today, and in his honor, this blog will explore a little-known side of the great novelist: his public speaking, and in particular 2 lessons the great Boz still can teach us today.

Dickens, a keen amateur actor, carried out several speaking tours of England and the United States during his later life, partly to indulge his love of theatrics, partly to raise money, and partly because he had more energy than a half-dozen ordinary people. In addition, he gave many speeches at the meetings and dinners a popular public figure of the day was expected to attend.

He was phenomenally successful at his public readings, though some say the stresses of his last speaking tour hastened his death at 58. Tickets for his American performances were set at $2.00, but sold on the black market for as much as $26.00 each, a large sum in those days.

One of his most popular readings was a shortened version of A Christmas Carol, and I’m looking at a facsimile of the prompt copy now that he used for these performances. It yields some interesting Dickensian secrets.

First of all, he cut ruthlessly. What’s left is the bones of the narrative, with the occasional bit kept in because it was pure fun. At the same time, Dickens adds direction to himself, to remind him of the emotional note he’s supposed to be striking at each point in the story. So, he starts out “cheerful” when Scrooge’s nephew enters the scene, transitioning to “mystery” for Marley’s Ghost, and “melted” when Scrooge begins his transformation to kindly old man. And he gives himself stage directions too, noting when he’s supposed to sit, stand, and move.

This shows Dickens’ keen understanding of the importance of conveying not just the words, but also the emotion, of the story he is performing – while concentrating on the essentials of the narrative. The same advice holds for speakers today, and raises the question, why don’t more speakers imitate Dickens and put directions for their performances in the margins of their speeches, as well as keeping ruthlessly focused on the point they’re trying to make?

The second Dickensian tip comes from his after-dinner speeches. Attendees often marveled at his prodigious memory, as he always spoke without notes, sometimes for an hour or more. How did he do it?

Dickens broke his speeches down into sections, and then used an Ancient Greek trick to remember the sections. He would associate a section with a room in his house, linking them in his mind, so that all he had to do was “walk” through the house room by room to remember what he was supposed to say.

At 200, Dickens can still teach us a thing or two about speaking, performance, and memory.

First Mortgage Originations Accelerate In 4Q 2011

2012-02-08T08:31:00.001-05:00

The fourth quarter of 2011 was one of the strongest quarters for first mortgage originations for 6,445 FirstLook credit unions....[Read Article]

Evolving Mortgage Modification Scene

2012-02-08T08:28:00.002-05:00

An examination of credit union and bank modification trends..With housing prices bouncing along the bottom and unemployment starting to fall, the outlook for 2012 is stronger than when we entered 2011. However, there are still millions of Americans who have not had a chance to take advantage of low interest rates by refinancing their mortgage or other debts, a fact **** Read More; Evolving Modification Scene:

Regulatory Review: A Look at Part 701.33; Reg Alert on TDRs

2012-02-08T08:20:00.000-05:00

Yesterday, we discussed NCUA's annual regulatory review. I mentioned a couple of weeks ago that I hoped NCUA would review their guidance as well. An example might help illustrate how NCUA could review their guidance and reduce the headaches for compliance officers.

Part 701.33. NCUA will be reviewing Part 701.33 of its regulations which addresses reimbursement, insurance, and indemnification of officials and employees. To me, it would be very beneficial to credit unions if NCUA's review of Part 701.33 involved an analysis of their opinion letters and whether it would be appropriate to clarify the regulation.
Example. An advanced search on NCUA's website (under the Legal Opinion Letters category) for "701.33" comes up with 30 NCUA Legal Opinion Letters. There are extremely old letters as well as quite a few recent letters.
Suggestion. Considering the current 12 C.F.R. 701.33 has resulted in 30 formal legal opinion letters over the years, wouldn't it make sense for NCUA to update the regulation to codify these interpretations? Perhaps NCUA could issue Official Staff Commentary that would provide clarity to credit unions to prevent compliance officers from having to wade through numerous legal opinion letters to ensure they have correct interpretation from NCUA.
NAFCU Members. NAFCU's Regulatory Alert on Loan Workouts and Nonaccrual Policy and Regulatory Reporting of Troubled Debt Restructured Loans is available. The proposal has a short comment period with comments due to NAFCU on February 17th. NCUA is accepting comments until March 1st. **** Written by Steve Van Beek NAFCU

Trades Seek Clarity on IRS Retirement Plan Definition

2012-02-08T08:13:00.002-05:00

CUNA, NAFCU offer agency feedback on definition of "governmental plan." **** Read More; Trades Seek Clarity on IRS Retirement Plan Definition:

Savings Account Rate Deal of the Day: Waterbury Firefighters Credit Union at 0.50% APY - Current Rates, News and Information about Savings Accounts

2012-02-07T08:24:00.000-05:00

Simply opening a savings account is a smart and practical approach to earning and saving money. Waterbury Firefighters Credit Union offers a 0.50% APY that motivates depositors in Waterbury, CT to reach their personal financial finish line, without strict penalties for withdrawing funds. **** Read More; Savings Account Rate Deal of the Day: Waterbury Firefighters Credit Union at 0.50% APY - Current Rates, News and Information about Savings Accounts

Capital Economics: REO to rental 'best housing fix so far'

2012-02-07T06:04:00.002-05:00

Capital Economics called the program to move REO properties to rentals the “best housing fix so far” and “possibly more significant” than President Obama’s refinancing proposals announced late last month. **** Read More; Capital Economics: REO to rental 'best housing fix so far':

Mayor Sam Adams announces 'responsible banking' proposal

2012-02-07T06:03:00.000-05:00

Portland Mayor Sam Adams has proposed amending the city's investment policy to allow the city to deposit up to $250000 in 10 credit unions and other community banks in 2012. Portland Mayor Sam Adams wants to steer more of the city's money to credit ... **** Re3ad More; Mayor Sam Adams announces 'responsible banking' proposal:

Childrens Miracle Network Change Drive 2012 » Credit Unions for Kids

2012-02-06T21:14:00.000-05:00

Children’s Miracle Network
The Credit Unions for Kids' Change a Child's Life coin collection campaign is a great way to engage members in your fundraising initiatives. Simply place the ... **** Read More; ChangeDrive2012 » Credit Unions for Kids:

Foreclosure deal: Closer, but not there yet

2012-02-06T21:03:00.004-05:00

States have until the close of the business day to agree to the latest draft deal aimed at relieving homeowners struggling with mortgages bigger than their home's value. **** Read More; Foreclosure deal: Closer, but not there yet:

Succession Planning a Challenge for CEOs and Boards

2012-02-06T20:51:00.004-05:00

Criteria established for both CEOs and succession planning candidates emerge and changes over time.**** Read More; Succession Planning a Challenge for CEOs and Boards: ;

CUNA Says CU Membership Growth Strong In December, 4th Quarter

2012-02-06T16:59:00.002-05:00

The trade association estimates that total membership at credit unions had a net increase of 1.9 million members in 2011. **** ReadMore; CUNA Says CU Membership Growth Strong In December, 4th Quarter:

Understanding Credit Union Salary Surveys

2012-02-06T06:18:00.000-05:00

Guest post by Jack E. Clark, PhD, Clark & Chase Research, Inc.With executive compensation under scrutiny, salary surveys are increasingly important. If done correctly, surveys provide reasonable estimates of what you could expect if you had access to this data for every credit union. Surveys are far superior to decisions based on guesswork or anecdotal information picked up from some of your colleagues. However, not all surveys are the same and the user needs to know what to look for.

How representative is the sample?

A good survey should obtain a sample representative of the larger population. For example, were all credit unions in the population of interest approached or did they at least have an equal chance of being approached? Was there anything in the selection that may have excluded important groups or favored others? If so, how would that affect results?

Some factors cannot be controlled but can be taken into account when analyzing the results. For example, the smaller the credit union, the more likely it is to forego this type of survey. As a result, the total sample may be over-represented by larger credit unions. This can have a misleading impact on overall findings especially anything influenced by asset size. However, an adjustment can be made during analysis (weighting) that brings asset size back into proper proportion, allowing for a more realistic estimate.

Is the sample size adequate?

A larger sample lowers a survey’s margin of error and increases our level of confidence in the results. However, it is not enough to only pay attention to the overall survey’s sample size. Since decision-makers are mostly interested in the findings for credit unions similar to theirs, the results are broken down by various groups. And the sample size for each group is what really matters.

The problem occurs when findings are reported based on very small sample sizes. For example, findings based on a sample size of five have such a high margin of error that the results are unreliable and meaningless, even if they look official.

What minimum sample size is recommended? There is no single standard but most recommendations range between 30 and 100. A single standard is difficult because it is a matter of degree – we cannot say a sample size of 30 is clearly adequate but 29 is clearly inadequate. Decision-makers would be well-served to simply pay attention to sample size and adjust their level of caution based on that.

Percentile Ranges

Compensation is typically presented in percentiles. If compensation is $90,000 at the 25^th percentile – it means 25% of those surveyed are compensated at or below $90,000. Percentiles can help you see the range of compensation paid by credit unions.

It is recommended the decision-maker initially focus on the compensation between the 25^th and 75^th percentiles. Some compensation experts feel this inter-quartile range (IQR) provides a more meaningful measure.^[1] We can see the reason for this in the following table from a recent survey.

When we focus on the amounts at the 10^th and 90^th percentiles, there is overlap as you move from one asset group to the next. The compensation at the 90^th percentile is often higher than the 10^th percentile in the next larger asset group – seemingly contradicting the tendency for compensation to increase with asset size.

The 10^th and 90^th percentiles represent values at extremes of these ranges – sometimes referred to as outliers. When we focus on values between the 25^th and 75^th percentiles, there tends to be much less overlap.

Besides asset size, there are other reasons that may influence the compensation figures we see at the extremes of these ranges. Every credit union’s situation is unique. And even though you may initially focus attention on the IQR, your credit union’s situation may justify a figure above or even below that range. In short, the IQR is meant as a guideline but should not be seen as a constraint.

Comparing Results From Two or More Surveys

You can enhance your compensation strategy by reviewing the results of more than one salary survey, if they are conducted in a valid and reliable manner. However, you will want to consider if there are differences between them and how those differences may impact results.

For example, we conduct a survey of all Federal credit unions for NAFCU and Burns-Fazzi Brock. If another survey includes both state and Federal credit unions, you would want to consider if and how that difference affects comparability.

Perhaps most difficulties in comparing survey results are due to differences in how each survey groups the data. For example, your credit union has $200 million in total assets. One survey includes your credit union in an asset group of $100 million to $300 million and the other survey includes it in a group of $200 million to $400 million. Because asset size and compensation are strongly related, the compensation figures for these two asset ranges will be different, making the comparison more challenging.

The Methodology section for any survey report is worthwhile reading. It can provide you information to help you decide on the survey’s worth as well as its limitations. And if the information you are looking for is not provided, you may want to consider asking for it.

Opportunity Alert! Sign up to participate in the 2012 NAFCU & Burns-Fazzi, Brock Executive Compensation & Benefits Survey for Federal Credit Unions and get the results report FREE!

^[1] Haley, R.M., Measures of Central Tendency, Location and Dispersion in Salary Survey Research, Compensation and Benefits Review, September/October, 2004, pp. 39-52.

10 Best Practices of Compensation Oversight by Your Credit Union Board

The NCUA Examiner as the Examined

2012-02-05T06:59:00.000-05:00

The examination process at the NCUA went on trial last week. Not before a court but before Congress, though it could end up in court, too. To claim NCUA is unbiased would be a farce. To say an examiner won’t retaliate if they’re made to look bad by a credit union availing itself of this process would be ludicrous. The NCUA tends to lean in favor of protecting the NCUSIF, which all federally insured credit unions want to remain strong, but it also can mean less flexibility in an activity that might pose a risk to the fund. Credit unions are in the business of mitigating risk, yet in some instances it seems the agency wants to eliminate it.**** Read More; The Examiner as the Examined: Editor's Column:

Overdraft Revenue Declines, Study Finds

2012-02-05T06:46:00.002-05:00

Credit unions lost $1.4 billion in overdraft revenue in 2011 due to a bank-initiated overdraft price increase and the increasing popularity of alternative short-term loans, according to a new study from Lake Bluff, Ill.-based research firm Moebs Services. *** Read More; Overdraft Revenue Declines, Study Finds:

Business Lending Gains May Come From Fresh Capital Seekers

2012-02-05T06:44:00.001-05:00

While the degree of optimism varies, a sampling of perspectives from business lending CUSOs suggests an economic upturn may be underway. One sign of how widespread member business lending has become can be seen from figures provided by the Regional CUSO Alliance, which is a collaboration of business lending CUSOs. The group represents 16 regional business lending CUSOs involving 330 credit unions and an aggregate loan portfolio of $2.5 billion.**** Read More: Business Lending Gains May Come From Fresh Capital Seekers:

Missing housing recovery hurts the economy: Bernanke

2012-02-03T16:29:00.003-05:00

How many times does someone have to tell them this!!

Federal Reserve Chairman Ben Bernanke told lawmakers a recovery minus housing growth is hurting the American economy. **** Read More; Missing housing recovery hurts the economy: Bernanke:

This and That: Power of Attorney; Current Issues; Disaster Recovery; Newsletters

2012-02-03T16:25:00.003-05:00

Written by Steve Van Beek NAFCU

With all the regulatory proposals, final rules, hearings, actions by the CFPB and other happenings, I thought we'd slow it down a bit for Friday. Below are just a few links that might be useful.
Power of Attorney. Andy Keeney had a great article in the CU Times discussing issues to consider when reviewing and accepting a Power of Attorney from a member.
Current Issues in Credit Unions. The latest podcast (Episode 67!!!) features discussion on writing comment letters, TDRs, loan participations and more.
Webcast on Disaster Recovery. On Wednesday, February 8th, NAFCU will have a webcast on Disaster Recovery Plans featuring Rob Rutkowski (who you may recognize from the Current Issues podcasts).
February 2012 Compliance Monitor. The latest issue of the Compliance Monitor is available for NAFCU-members. This month, the articles focus on the loan participation and Reg Flex proposed rules as well as a brief recap of the rules issued at the tail end of January.
BSA Blast. The January 2012 issue of the BSA Blast (which is quarterly) is also available. As usual, the Blast is followed by a BSA Quiz - with answer sheet - that serves as a useful training tool for staff. **** Read More; This and That: Power of Attorney; Current Issues; Disaster Recovery; Newsletters:

Basel III Could Impact Credit Unions

2012-02-03T16:21:00.002-05:00

Under proposed Basel III guidelines, credit unions must treat shares members can redeem without restriction as liabilities on their balance sheets. Westley noted shares a credit union can unconditionally refuse to redeem can be treated as capital that can remain with the credit union in times of financial trouble. **** Read More; Basel III Could Impact Credit Unions:

The Facts About the National Flood Insurance Program

2012-02-03T15:48:00.000-05:00

Windsor, Conn. -- Federal Emergency Management Agency officials are clearing up some misconceptions about the National Flood Insurance Program (NFIP), which offers federally-backed flood insurance to property owners and renters in communities that participate in the program. **** Read More; The Facts About the National Flood Insurance Program:

Mortgage rates hit another new low

2012-02-02T19:08:00.001-05:00

Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.
The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey. Read More; Mortgage rates hit another new low:

How credit unions and financial institutions use social media ...

2012-02-02T18:51:00.001-05:00

Posted by Josh Jones CUNAverse A friend was recently hired into the credit union industry. As she got up-to-speed with credit unions she wanted to get a better sense for how financial institutions use social media and asked if I would supply her with resources on the subject.
I said to myself after replying to her request: “Self… CUNAverse readers might find this information useful!” I agreed with myself, as I often do.
Read More; How credit unions and financial institutions use social media >:

Beware of CD Alternatives Being Pushed By Banks

2012-02-02T18:31:00.003-05:00

One of my readers told me in an email that an investment guy at his bank was trying to sell him on bonds while he was redeeming a matured CD. In the last month I also have seen this. While I was at PNC and Chase, the bankers referred me to one of their investment advisors. It should be noted that you may also see this at credit unions. Some examples at large credit unions include Golden 1 Investment Services and BECU Investment Services. So I thought it was worth repeating the following advice from Clark Howard: ***** Read More; Beware of CD Alternatives Being Pushed By Banks:Deposit Accounts

Fiserv, a NCOFCU Supporter, Notches Record Year

2012-02-02T18:13:00.000-05:00

EPS growth of 20% in the fourth quarter helped propel the year-end figure to the new record, the company said.

The company said it signed 219 person-to-person payments clients in the quarter and more than 580 in the full year, bringing to nearly 1,400 the number of P2P it now serves.
Individual signings of note during the year, Fiserv said, included selling its new Acumen core platform to the $5 billion Suncoast Schools FCU in Tampa, Fla., the $4.3 billion Randolph-Brooks FCU in Live Oak, Texas, and the $1.2 billion Navigant Credit Union of Smithfield, R.I., and the XP2 platform to the $232 million Members CU in Winston-Salem, N.C. Read More at; Fiserv Notches Record Year:

In a Surprise, Car Sales Start New Year Strongly

2012-02-02T07:11:00.003-05:00

Chrysler and Ford were among several auto companies that reported healthy increases for January, but General Motors posted a 6 percent decrease from a year ago. **** More At; In a Surprise, Car Sales Start New Year Strongly:

FEMA Announced Grant Opportunities for Firefighting

2012-02-02T06:32:00.001-05:00

“The life of a firefighter requires a steadfast commitment to service and demands many sacrifices, especially of time, to family and friends. Local towns deserve a shot at fair competition with large cities for the talented pool of individuals, **** Read More; Grant Opportunities Announced for Firefighting:

CFPB Issues Final Rule on Remittance Transfers; Proposes Changes As Well

2012-02-02T06:25:00.000-05:00

On January 20, 2012, the CFPB adopted a final rule amending Regulation E (Electronic Fund Transfers) to include consumer protections for various types of remittance transfers. The rule was originally proposed by the Federal Reserve Board last May; however, authority to finalize the rule-making transferred to the CFPB on July 21, 2011 ****More At; CFPB Issues Final Rule on Remittance Transfers; Proposes Changes As Well:
Written by Bernadette Clair, Regulatory Compliance Counsel

NAFCU Services Corp. Opens Executive Comp Survey

2012-02-02T06:06:00.002-05:00

NAFCU Services Corporation's sixth annual Executive Compensation and Benefits Survey is now open for federal credit unions to participate. *** More; NAFCU Services Corp. Opens Executive Comp Survey:

Trades to Urge Lawmakers to Revamp Exam Process

2012-02-02T06:03:00.003-05:00

The NCUA’s decisions aren’t reviewed by third parties and credit unions don’t receive consistent messages, trades testify to Congress. **** More At; Trades to Urge Lawmakers to Revamp Exam Process:

NAFCU Asks NCUA Cease Using Orman Material

2012-02-02T06:01:00.002-05:00

NAFCU has asked that NCUA stop using material from controversial consumer advocate Suze Orman after Orman launched a prepaid debit card program that has the potential to hurt credit unions. **** Read More; NAFCU Asks NCUA Cease Using Orman Material:

Guidance out on secondary liens | NAFCU

2012-02-01T07:18:00.003-05:00

Feb. 1, 2012 – NCUA, the Federal Reserve, the Office of the Comptroller of the Currency and the FDIC issued supervisory guidance Tuesday related to the allowance for loan-and-lease losses estimation practices associated with loans and lines of credit secured by secondary liens on residential property **** Guidance out on secondary liens NAFCU

Become your kid's mortgage lender

2012-02-01T07:02:00.002-05:00

Between slumping prices and low mortgage rates, it's a good time to look for real estate bargains. But thanks to tightened lending standards, legions of young would-be homebuyers aren't exactly in a position to take advantage of the opportunity. That's where their parents come in: One in three first-time buyers received either a gift or a loan from their families to help buy a home in 2011, according to the National Association of Realtors. **** More At; Become your kid's mortgage lender:

Three Types of People to Fire Immediately

2012-02-01T06:56:00.002-05:00

“I wanted a happy culture. So I fired all the unhappy people.” Show of hands: How many of you out there have gotten the “what took you so long?” question from your staff when you finally said goodbye to a teammate who was seemingly always part of problems instead of solutions? **** Read More; Three Types of People to Fire Immediately:

MasterCard Introduces Chip Card Plan

2012-02-01T06:36:00.002-05:00

MasterCard has become the second major card brand to announce the intent to move payments from cards which supply consumer data on magnetic stripes to cards which encode such information on embedded computer chips.Card brand joins rival Visa in planning EMV technology adoption for U.S. cards. **** More At; MasterCard Introduces Chip Card Plan:

What Happens When You Walk Away From Your Home? - Yahoo! Finance

2012-02-01T06:27:00.002-05:00

It was just last summer that Charlotte Perkins made the hardest decision of her life as she and her husband Jim were caught in the vise of the housing bust.

Wanting to downsize their lives as they headed toward retirement, they bought a new house in Mesa, Arizona, before they sold the old one, also in Mesa. Their previous home had been appraised at nearly $400,000 at the height of the market, but as the housing crisis ravaged Arizona, they were told they'd be lucky to get $200,000 for it **** Read More At; What Happens When You Walk Away From Your Home? - Yahoo! Finance

Upcoming Durbin Amendment's Network Exclusivity Requirement

2012-01-30T20:14:00.003-05:00

Coming up is an important date, April 1, 2012, for the Federal Reserve’s interchange rule. On that day, the network exclusivity provisions go into effect for issuers. The interchange rule requires debit card issuers to ensure debit cards may be processed on at least two unaffiliated networks. For example, a credit union could comply by permitting personal identification number (PIN) transactions to be processed on one network and signature transactions to be processed on another, unaffiliated network. Issuers are – of course – free to enable more than two networks if they choose. Debit card issuers must be in compliance with this rule by April 1, 2012.

This requirement leads to two other questions.

Would it be permissible to comply with this requirement by using regional networks?
What should an issuer do if the two unaffiliated networks that it uses merge?

The Federal Reserve answered those questions in § 235.7(a)(2)-(4).
Regional Networks. Sections (a)(2)-(3) covers this question. The proposed rule would have required issuers to use two unaffiliated networks that are both accepted on a nationwide basis. The final rule, however, is more flexible. An issuer may comply with the rule by using a regional network provided the network does not, by rule or policy restrict the operation of the network to a limited geographic area, specific merchant, or particular type of merchant. Additionally, the network must take reasonable steps to enable it to actually process the transactions it expects will be routed to it.
Subsequent Network Mergers. Section 235.7(a)(4) discusses the issue of network mergers. If the two networks a credit union uses to route transactions merge, the credit union would have six months from the official date of the merger to add a new network and, thus, meet the unaffiliated network requirement again.

Read More At : Upcoming Durbin Amendment's Network Exclusivity Requirement:

Written by Dillon Shea, Regulatory Affairs Counsel NAFCU

Bank Transfer Day: Credit Unions Need to Up Technology Game

2012-01-30T18:21:00.002-05:00

Javelin Strategy & Research founder says credit unions need to offer more Web and mobile products or "go the way of the Oldsmobile." **** Bank Transfer Day: Credit Unions Need to Up Technology Game:

Suze Orman talks about Credit Unions for NCUA - Bigger Hot News

2012-01-30T08:50:00.004-05:00

Suze Orman discusses the National Credit Union ShareInsurance Fund (NCUSIF) insuring the savings of 80 million account holders’ іnаƖƖ federal credit unions.**** Watch Video At; Suze Orman talks about Credit Unions for NCUA - Bigger Hot News:

10 Often-Missed Signs of Heart Attack in Women - Via A Viral Video

2012-01-30T07:16:00.002-05:00

Women often don't realize they're having a heart attack because their symptoms are different from the traditional signs depicted in movies and warning materials. The American Heart Association's video "Just a Little Heart Attack," is going viral highlighting 10 often-missed symptoms of heart attack in women. **** Read More At; 10 Often-Missed Signs of Heart Attack in Women - Via A Viral Video:

LA County firefighters help each other cope with toughest part of the job

2012-01-30T07:10:00.003-05:00

This is an excellent program, and no matter what size yourdepartment is, you should be prepared.

Scott Ross talks over issues with Firefighter Richard Conejo who was recently affected by the death of a fellow firefighter. They meet under the auspices of the LA County Fire Department's Peer Support Program. **** Read More; LA County firefighters help each other cope with toughest part of the job:

BlackBerry, Aiming to Avoid the Hall of Fallen Giants

2012-01-29T16:43:00.003-05:00

Some tech gadgets that once seemed indispensable have been mercilessly superseded over the years, and Research in Motion is trying to avoid that fate for its BlackBerry.**** BlackBerry, Aiming to Avoid the Hall of Fallen Giants:

Seeking Gen Y as Credit Unions Invest in Members of the Future: Online Only

2012-01-29T16:38:00.002-05:00

Check out this article and the slide show that follows to see how some credit unions are getting creative to help build young adult membership.**** Seeking Gen Y as Credit Unions Invest in Members of the Future: Online Only:

Seeking Gen Y as Credit Unions Invest in Members of the Future: Online Only

2012-01-29T16:36:00.000-05:00

Check out this article and the slide show that follows to see how some credit unions are getting creative to help build young adult membership.***** Seeking Gen Y as Credit Unions Invest in Members of the Future: Online Only:

Obama expands foreclosure prevention program

2012-01-28T10:11:00.000-05:00

The Obama administration is taking another swing at improving its main foreclosure prevention program. **** Obama expands foreclosure prevention program:

Hooking Up With Gen Y - Challenge for Business

2012-01-28T09:43:00.001-05:00

Tim Smith blogs on the "Echo Boom", also known as Generation Y (Americans born between 1980 - 1995). Tim has previously appeared here discussing his generation's attitude towards homeownership and education. They don't date, they hook up. They don't marry, they cohabit. They prioritize parenthood more than anything, even when they remain single. Who ...**** Hooking Up With Gen Y - Challenge for Business: ??

Top Ten Tips from the Experts on Making Better Mobile Web Experiences

2012-01-28T09:36:00.002-05:00

My upcoming piece on ESPN?s mobile website yielded a trove of useful advice about how companies can improve their mobile web experiences for their customers. For people who don?t want to wait until Monday (mobile people hate to wait!) I thought I would extract the take away bits into a handy package. So here are ... ****Top Ten Tips from the Experts on Making Better Mobile Web Experiences:

TDR Rule Draws Praise from Trades, Explanation from Matz

2012-01-27T15:04:00.001-05:00

The NCUA achieved a rare feat this week when it released its proposed rule on troubled debt restructuring: favorable reviews from two of its most frequent critics. **** TDR Rule Draws Praise from Trades, Explanation from Matz:

#5 - 5 Quick Takes for Improving Your Speaking in 2012.

2012-01-27T11:54:00.000-05:00

5. Make your speaking personal – talk to individuals. Many people have been told to talk the foreheads of the audience, or look just over their heads. That’s the wrong approach ***** Read More At; by Nick Morgan #5: 5 Blogs. 5 Days. 5 Quick Takes for Improving Your Speaking in 2012.:

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NCUA proposes eased TDR reporting | NAFCU

2012-01-27T07:53:00.001-05:00

The rule would allow credit unions to report TDRs based on their original contract terms, removing the current requirement that TDRs are reported as delinquent for six months based on the original contract terms. In addition, credit unions will not need to maintain TDRs in nonaccrual status until they receive six consecutive payments. NAFCU has persistently sought for some time to mitigate the burden that each of these two current requirement pose for credit unions. **** Read More At; NCUA proposes eased TDR reporting NAFCU

Credit union trio merging, but keeping their identities

2012-01-27T07:41:00.002-05:00

Three Central Ohio credit unions are merging to cut costs and boost services in a deal that also will allow each to maintain their names. Members First , Powerco and Western credit unions say the combination is expected to trim back-office and ... **** Credit union trio merging, but keeping their identities:

U.S. Credit Unions Collaborate in Afghan Prosthetic Hand Project ...

2012-01-27T07:37:00.002-05:00

A group of U.S. credit unions and supporting organizations have come together to assemble prosthetic hands to help civilians in northern Afghanistan who have ... **** U.S. Credit Unions Collaborate in Afghan Prosthetic Hand Project ...:

NCUA Board Action Bulletin January 26, 2012

2012-01-27T04:26:00.001-05:00

NCUA Supports Regulatory Relief in Loan Modification Proposal

Board also Finalizes Interest Rate Risk Rule, Proposes Derivatives for Credit Unions to Hedge Interest Rate Risk

ALEXANDRIA, Va. (Jan. 26, 2012) – The National Credit Union Administration (NCUA) Board convened its first open meeting of 2012 at the agency’s headquarters here today and unanimously approved three items: READ MORE AT; Board Action Bulletin January 26, 2012

NCUA Issues Interest-Rate Risk Rule: On-Site Coverage

2012-01-26T13:03:00.001-05:00

Approximately 45% of federally insured credit unions would have to develop extensive interest rate risk management policies that include extensive use of risk measurement systems and internal controls, according to a rule issued by the NCUA today. **** READ MORE; NCUA Issues Interest-Rate Risk Rule: On-Site Coverage:

Troubled Debt Restructuring Proposed Rule Approved by NCUA: Onsite Coverage

2012-01-26T11:49:00.001-05:00

ALEXANDRIA, Va. — The NCUA board approves rule requiring FCUs to to have written loan workout policies and calculate and report troubled debt restructuring loan delinquency based on restructured contract terms. *** Read More At;Troubled Debt Restructuring Proposed Rule Approved by NCUA: Onsite Coverage: