New NCUA Rules Require Written TDR Policies, Ease Reporting Burdens: Onsite Coverage

ALEXANDRIA, Va. — The NCUA Board extended regulatory flexibility standards but required written loan workout policies for troubled debt restructuring by Oct. 1....New NCUA Rules Require Written TDR Policies, Ease Reporting Burdens: Onsite Coverage: .

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'Tis the season for fraud! Teller questions if member fraud is suspected.

When a credit union employee suspects a member may be subject to fraud, they should initiate a careful conversation focusing on the nature of the transaction and external influences. The goal is to help the member identify red flags without the employee asking for sensitive personal information that the credit union should already have on file. Initial Verification Questions .pdf Before discussing the specifics of the suspicious activity, the employee should confirm the member's identity in accordance with established internal protocols. Questions About the Transaction/Activity If the member confirms they are conducting a suspicious transaction (e.g., a large wire transfer or purchase of gift cards ), the employee should ask questions to help the member pause and think critically: "What is the purpose of this transaction?" "Do you personally know the person or business you are sending money to?" "Have you ever met the...

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Have a Safe and Happy Thanksgiving!

Thanksgiving, is a day when we pause to give thanks for what we have! www. NCOFCU .org Have a Safe a...

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Hybrid? Work from Home? Office? The Debate Over The Ideal Work Environment Continues in CUs

The Still-to-be-Answered Question About Work By Ray Birch MADISON, Wis.—With several years’ experience now under their belts, what has turned out to be the most productive work structure for credit unions in the wake of the pandemic—return to office, work from home, hybrid? It’s a challenging question, one compounded by the fact many CUs lack objective metrics for measurement, according to one person. “As we all know, credit unions first jumped to remote work and then things came back a bit as they tried to create a work environment that as closely as possible reflected ‘normal,’” explained Lesley Sears, VP of consulting services at CUES. Sears pointed out when credit unions shut down at the b...

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Are You Holding Your Credit Union Back? A Directors’ Guide to Stepping Up Your Game & Staying Relevant

These are harder questions ... May Blog - Asking Some Harder Questions ...

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Sunday reading - What's the story behind Thanksgiving?

What's the story behind Thanksgiving? While European settlers in North America had long observed days of thanks, prayer, and reflection, the “ first Thanksgiving ” most often refers to a 1621 meal between the Pilgrims and the native Wampanoag people. In 1863, Abraham Lincoln declared a national Thanksgiving Day on the final Thursday of November to be celebrated each year. A large meal shared with loved ones is the centerpiece of most Thanksgiving celebrations, where the average gathering size is seven and most people consume 3,150-4,500 calories . What began as a neighborly meal to celebrate a successful harvest has transformed into an annual economic and cultural powerhouse: The day before Thanksgiving is one of the busiest days of the year for air travel as Americans prepare to eat upward of 40 million turkeys and 80 million pounds of cranberries. ... Read what else we learned about the holiday here . ...

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Trump Administration Reverses Course, Restores CDFI Fund Staff In Major Win for Credit Unions

WASHINGTON—In a sharp reversal of the Trump Administration’s earlier move, the mass reduction-in-force (RIF) notices issued to all employees of the CDFI Fund last month have been rescinded, according to internal emails reviewed by Punchbowl News. The notices had threatened terminations in December as part of a broader effort by the Office of Management and Budget (OMB) under Director Russ Vought to pressure congressional Democrats to drop their objections in the budget-funding fight. For the credit-union movement, the signal is loud and clear: critical community-development infrastructure may yet be preserved, sources stated. “Reinstating the entire CDFI Fund staff is an essential and welcome step toward restoring a program that has proven itself indispensable to underserved and military communities,” said DCUC Chief Advocacy Officer Jaso Stverak. “The CDFI Fund isn’t just another federal initiative—it is a lifeline for servicemembers, veterans, and low-income families who rely on miss...

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Sheehans Consulting LLC - "We only have one goal in mind!"

We have one goal in mind: “What is best for you? We achieve strategic initiatives, develop products, optimize profitability and productivity through best practices, and make our firm a strong asset for professional services. With over 30 years of experience in public administration, credit union, and association management, I have developed a solid track record in leadership and development. Please visit us at https://www.sheehansconsultingllc.com/ to learn more about what we can do for you. _________________________________________ Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board

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Loan Growth Part 3

MADISON, Wis.–Credit union loan balances rose 1.1% in February, faster than the 0.2% reported in February 2021, even as membership growth slowed significantly during the first two months of 2022, according to data released as part of CUNA Mutual’s April Trends Report. The Report, which is based on data through February, showed overall loan growth was 9.6% during the last 12 months. What is actually happening below the surface? According to the Trends Report, consistent with the trend line the analysis shows large credit unions reported significantly faster loan growth in 2021 as compared to smaller credit unions. Credit unions with assets greater than $1 billion reported loan growth of 8.4% compared to credit unions with assets less than $20 million, reporting loan growth of 0.9%. Here's a look at how credit unions performed by category, according to the newest Trends Report” ...

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A Preview of What Call Reports Are Likely to Reveal

By Ray Birch LAKE FOREST, Ill.—An early analysis of what call reports are likely to show this year when it comes to overdraft revenue indicates credit unions should be prepared for increased scrutiny and criticism from legislators, the media, consumer groups and, of course, the banking industry. All credit unions of more than $1 billion in assets—438 out of 4,702 CUs—will need for the first time ever to report their overdraft revenue separately this year. And when they do, data from the latest Moebs $ervices OD survey—which is based on a company poll in January of FIs’ 2023 year-end data—indicates the attention being paid to how credit unions price overdrafts and the income generated is going to heat up, according to Michael Moebs, economist and chairman of Moebs $ervices. ...

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Fed cuts interest rates for the second time this year

The Federal Reserve on Wednesday lowered interest rates for the second time this year in a continued bid to prevent unemployment from surging. Fed officials voted for another quarter-point rate cut, lowering their benchmark lending rate to a range between 3.75% and 4%, the lowest in three years. It is the first time since the Fed’s rate-setting committee was established in the 1930s that officials have set monetary policy while lacking an entire month of crucial government employment data due to a government shutdown. ____________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

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