Feb. 28, 2012 – Credit unions have two days to complete and submit their 2011 mortgage loan/application registers to the Federal Reserve Board processing center.The registers, maintained under the Home Mortgage Disclosure Act, must be submitted by March 1 in an automated, machine-readable form unless lenders had 25 or fewer entries to the registers last year. (If there were 25 or fewer entries, the data can be submitted on paper.) ****READ MORE: CUs’ 2011 mortgage loan registers due NAFCU
The National Credit Union Administration has finalized a rule to improve board and executive succession planning within the credit union industry. This strategic move aims to curb the trend of mergers driven by technological stagnation and poor succession strategies, ensuring more credit unions maintain their independence and enhance their technological capabilities. By Ken McCarthy, Manager of marketing communications at Tyfone Credit unions are merging out of existence because of an inability to invest in technology, the National Credit Union Administration Board wrote when introducing its now finalized rule on board succession planning. The regulator now requires credit unions to establish succession planning for critical positions in their organizations. But it’s likely to have even wider effects, such as preserving more independent charters and shaking up the perspectives of those on credit union boards. “Voluntary mergers can be used to create economies of scale to offer more or ...
Comments
Post a Comment
Please no profanity or political comments.