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“Great things happen when credit unions serving first responders come together. Our face-to-face and online interaction is the platform where collaboration begins, and GREAT ideas are generated”
Wednesday, July 8, 2020
Are you missing out on 30% of the auto lending sector?
Tuesday, July 7, 2020
NCUA: Field of Membership - Rural Districts
REQUIRED INFORMATION FOR CREDIT UNION BOARD
CHAIRMEN AND MANAGEMENT
Dear Boards of Directors and
Chief Executive Officers: |
Monday, July 6, 2020
Retail Banking Without Branches
Retail Banking Without Branches: 7 Critical Elements of the New Reality
In the blink of an eye the world of retail banking has changed. Traditional branch banking, long a pillar of the sales strategy for financial institutions, has all but disappeared. Furthermore, consumer habits and behavior have permanently changed. When the current health crisis is finally behind us, we will not be returning to the high-touch world of the recent past.
Retail executives across industries know this and are racing to improve their digital sales, service, and fulfilment capabilities in the knowledge that digital-first is the only viable strategy for continued survival. For banks and credit unions that have long relied on relationships and consultative person-to-person (P2P) selling practices, a rapid shift in channel priorities and tactics will be necessary to remain viable.
Data and polling reinforce the consensus view that consumers will not be returning to the branch anytime soon — if at all. An ABC News/IPSOS poll released - continue reading
Wednesday, July 1, 2020
NCUA Releases Q1 2020 Credit Union System Performance Data
REQUIRED INFORMATION FOR CREDIT UNION BOARD
CHAIRMEN AND MANAGEMENT
ALEXANDRIA, Va. (July
1, 2020) – Data
on the financial performance of federally insured credit unions for the
quarter ending March 31, 2020, are
now available from the National Credit Union Administration. |
Monday, June 29, 2020
Great News! Get your Vital Signs
About this FREE Event
Date and Time; Tue, July 14, 2020
2:00 PM – 3:00 PM EDT
Add to Calendar
Location; Online Event
Register HERE
Who should attend? CEO's, CFO's and Directors
When you go to the Doctor, one of the first things to happen is the taking of your Vital Signs.
Health professionals know that these key Vital Signs provide an immediate picture of your body’s overall health. Monitoring your Vital Signs is an effective way to identify where your health in strong as well as where and when it requires attention. But it must be the right Vital Signs: for example, blood pressure, not hair length, or eye color.
Just like people, Credit Unions have Vital Signs too. These vital signs indicate the overall financial health of the credit union. But, again, it must be the correct group of Vital Signs. Any indicator that is outside the healthy range means credit union health is out of balance which threatens its overall vitality.
TCT Risk Solutions has developed a robust KFI report that focuses on a set of statistically verified Vital Signs. In the report, any sign that is outside the healthy range is highlighted in either yellow or red. Yellow means the indicator is just outside the range and needs monitoring, while red indicates a significant problem that requires immediate attention.
Over time these indicators pose a significant risk to the financial health of the credit union. Using the TCT solutions management can bring these indicators back to a healthy level to support the health of their credit union.
All registered attendees will receive a FREE Vital Signs Report
When you go to the Doctor, one of the first things to happen is the taking of your Vital Signs.
Just like people, Credit Unions have Vital Signs too. These vital signs indicate the overall financial health of the credit union. But, again, it must be the correct group of Vital Signs. Any indicator that is outside the healthy range means credit union health is out of balance which threatens its overall vitality.
TCT Risk Solutions has developed a robust KFI report that focuses on a set of statistically verified Vital Signs. In the report, any sign that is outside the healthy range is highlighted in either yellow or red. Yellow means the indicator is just outside the range and needs monitoring, while red indicates a significant problem that requires immediate attention.
Supreme Court Won't Hear FOM Appeal ABA Rendering Case Void
On Monday, the Supreme Court of the United States denied an appeal from the American Bankers Association to review the NCUA’s field of membership (FOM) rules.
This decision by the Supreme Court brings to an end an almost four-year legal battle by the AMA against the NCUA.
Shortly after the Supreme Court’s decision, CUNA, NAFCU and CUNA Mutual Group released a joint announcement stating the groups “have long supported the rule and the NCUA’s authority to provide oversight for the credit union industry.”
“Today is a great day for anyone hoping to access the financial well-being afforded by credit unions,” said CUNA President/CEO Jim Nussle. In denying the bankers’ lawsuit, the Court has established credit unions’ mission and structure as part of the fabric of America. In recognizing the NCUA’s right to oversee our system, the Court has also established a much-needed firewall from spurious attacks by the bankers. CUNA looks forward to working with the NCUA and credit unions to find new opportunities to expand people-over-profit financial services to communities across the country, and thanks to the Court for today’s decision.”
“The Supreme Court’s decision to decline to hear the banker’s case is an indication that the case is and has always been a baseless one,” said NAFCU President and CEO Dan Berger. “For years, bank lobbyists have been unrelenting in their hollow efforts to maximize their own profits by working to undermine credit union growth and the financial well-being of America’s communities and small businesses. NAFCU stands firmly in support of the NCUA’s field of membership rule. It is well within the agency’s legal authority and works in favor of consumers, especially those that are underserved.”
“This is fantastic, and we applaud the Supreme Court for correctly rejecting the bankers’ appeal,” said Robert N. Trunzo, CUNA Mutual Group president & CEO. “This is a great win for credit unions and consumers during what could possibly be the most challenging period our nation and world have faced. As we continue to navigate through this extraordinarily difficult time, the Court’s decision will ensure people have continued access to vital credit union services as they seek to build a brighter financial future.”
In March 2018, Judge Dabney Friedrich of the U.S. District Court for the District of Columbia struck down parts of a rule the NCUA issued in 2016. Those sections automatically qualified a Combined Statistical Area or a contiguous portion of it with fewer than 2.5 million people to be a local community and increased the population limit to one million people for rural districts.
However, a three-judge panel from the U.S. Court of Appeals for the District of Columbia overturned large parts of that decision, ruling that major sections of the FOM rule complied with federal law.
The ABA then asked the high court to review that decision, contending that the rules give credit unions an unfair advantage.
This decision by the Supreme Court brings to an end an almost four-year legal battle by the AMA against the NCUA.
Shortly after the Supreme Court’s decision, CUNA, NAFCU and CUNA Mutual Group released a joint announcement stating the groups “have long supported the rule and the NCUA’s authority to provide oversight for the credit union industry.”
“Today is a great day for anyone hoping to access the financial well-being afforded by credit unions,” said CUNA President/CEO Jim Nussle. In denying the bankers’ lawsuit, the Court has established credit unions’ mission and structure as part of the fabric of America. In recognizing the NCUA’s right to oversee our system, the Court has also established a much-needed firewall from spurious attacks by the bankers. CUNA looks forward to working with the NCUA and credit unions to find new opportunities to expand people-over-profit financial services to communities across the country, and thanks to the Court for today’s decision.”
“The Supreme Court’s decision to decline to hear the banker’s case is an indication that the case is and has always been a baseless one,” said NAFCU President and CEO Dan Berger. “For years, bank lobbyists have been unrelenting in their hollow efforts to maximize their own profits by working to undermine credit union growth and the financial well-being of America’s communities and small businesses. NAFCU stands firmly in support of the NCUA’s field of membership rule. It is well within the agency’s legal authority and works in favor of consumers, especially those that are underserved.”
“This is fantastic, and we applaud the Supreme Court for correctly rejecting the bankers’ appeal,” said Robert N. Trunzo, CUNA Mutual Group president & CEO. “This is a great win for credit unions and consumers during what could possibly be the most challenging period our nation and world have faced. As we continue to navigate through this extraordinarily difficult time, the Court’s decision will ensure people have continued access to vital credit union services as they seek to build a brighter financial future.”
In March 2018, Judge Dabney Friedrich of the U.S. District Court for the District of Columbia struck down parts of a rule the NCUA issued in 2016. Those sections automatically qualified a Combined Statistical Area or a contiguous portion of it with fewer than 2.5 million people to be a local community and increased the population limit to one million people for rural districts.
However, a three-judge panel from the U.S. Court of Appeals for the District of Columbia overturned large parts of that decision, ruling that major sections of the FOM rule complied with federal law.
The ABA then asked the high court to review that decision, contending that the rules give credit unions an unfair advantage.
CU Times
Friday, June 26, 2020
NCUA to Delay Start of Phased Resumption of Onsite Operations ALEXANDRIA, Va. Due to the evolving nature of the COVID-19
NCUA
to Delay Start of Phased Resumption of Onsite Operations
ALEXANDRIA, Va. (June
26, 2020) – Due to
the evolving nature of the COVID-19 pandemic, the National Credit Union administration is delaying the start of its phased resumption of onsite
operations. The agency’s leadership determined, in consultation with public health professionals, that a delay was warranted based on a variety of factors, including recent trends in public health data and administrative considerations.
The NCUA’s top priority is ensuring the health, safety, and well-being of its staff while carrying out its mission. The agency will continue to monitor the pandemic’s developments and provide updated information on its plans to resume onsite examinations and operations as national, state, and local conditions permit.
The agency will continue to coordinate offsite examination and supervision efforts with state supervisory authorities.
Stakeholders that have any questions about this delay should contact the appropriate NCUA regional office.
View the entire press release
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