Tuesday, January 28, 2014

NCUA Launches Risk-Based Capital Calculator

By Heather Anderson
January 23, 2014

Fresh off the heels of its proposed risk-based capital rule, the NCUA Thursday launched a new online tool to help credit unions gauge their ability to comply.

The Risk-based Capital Calculator provides users a comprehensive overview of a credit union’s capital ratio and Prompt Corrective Action category under both the current rule and the proposed regulation, the NCUA said in a release. Those capital numbers would be visible to the public as well as credit unions.

Although the proposed rule would only apply to credit unions with assets of more than $50 million, the risk-based calculation tool is available to all federally insured credit unions. Users can search for a specific credit union by name or by charter number.

After selecting a credit union to review, users can see each component of that particular credit union’s risk-based capital ratio. Users also can click on the “formula” icon located by each individual component to see what data from the Call Report are used and how the proposed risk-weights are applied at each point in the ratio calculation.

This level of transparency will ultimately lead to a better final rule, the NCUA said.

Credit unions of all asset sizes are encouraged to utilize the calculator during their review of the proposed changes for calculating risk-based capital.

The calculator is available on the NCUA’s website; an accompanying instructional video is available on the regulator’s YouTube channel.

NCUA Launches Risk-Based Capital Calculator

Firefighters Community Credit Union puts chips on fraud protection - Cleveland Business News - Northeast Ohio and Cleveland - Crain's Cleveland Business

 

Firefighters Community Credit Union puts chips on fraud protection

Group is among first financial institutions in Northeast Ohio to issue more secure EMV cards to its customers

Photo credit: REBECCA R. MARKOVITZ

By MICHELLE PARK LAZETTE
4:30 am, January 26, 2014

When Firefighters Community Credit Union in Cleveland distributes 5,400 new credit cards to members early this year, it will become one of the first financial institutions based in Northeast Ohio — if not the first — to introduce a type of card to consumers that industry insiders say will proliferate this year and next in the United States.

It is called the EMV chip card. The slow adoption in the United States of the cards, which contain embedded microprocessors that provide security features not possible with traditional magnetic stripe cards, has been criticized following the Target breach, when criminals gained access to tens of millions of credit and debit card accounts between Nov. 27 and Dec. 15.

Read complete Story at; Firefighters Community Credit Union puts chips on fraud protection - Cleveland Business News - Northeast Ohio and Cleveland - Crain's Cleveland Business

Monday, January 27, 2014

TWO TOLEDO FIREFIGHTERS TRAGICALLY DIE IN THE LINE OF DUTY

  The Secret List http://www.firefighterclosecalls.com/ Badge DODAccording to a Toledo FF's memorial site (https://www.facebook.com/pages/Toledo-Fire-Rescue-Last-Alarm-1262014/623465154357449) , local media and city sources, two Firefighters were killed in the Line of Duty today, in an apartment over commercial fire near downtown Toledo. There is edited radio traffic linked below. The Mayor D. Michael Collins arrived at Mercy St. Vincent Medical Center after the two Firefighters were brought there, where naturally, a large crowd of Toledo Fire Rescue members gathered. MEDIA REPORT WITH PHOTOS: http://m.toledoblade.com/Police-Fire/2014/01/26/Fire-at-Huron-and-Magnolia-downtown-Toledo.html AUDIO: EDITED FIRE RADIO TRAFFIC AND VIDEO: http://www.firefightersworldwide.com/2014/01/toledo-firefighters/ RELATED TOLEDO FIRE WEBSITES: http://www.toledofirerescue.com/ http://www.iaff92.org/ https://www.facebook.com/pages/Toledo-Fire-Rescue-Last-Alarm-1262014/623465154357449

Saturday, January 25, 2014

“NEW” CREDIT UNION 24 EASYATM

 

Discover our new comprehensive, cost efficient, customizable outsourcing ATM management solution

With EasyATM you can eliminate or reduce your capital costs by offloading your existing ATMs, deploying new ATMs, or upgrading your ATM equipment. We buy the ATMs so you don’t have to.

EasyATM is a customizable solution–you can outsource as much or as little as you need:

  • Arrange for all, some or none of your ATMs to be acquired or leases to be absorbed.
  • For example, choose to continue to own your branch ATM locations, while offloading your offsite or SEG location ATMs.
  • Limit new ATM expenditures and still deploy new ATMs to expand member access – including new SEG locations.
  • In any combination you choose, your ATMs will continue to be branded and presented as your own credit union’s ATMs.

With EasyATM you can arrange for any level of servicing, branding and support – whatever you need to make your program more efficient while providing your members the access they need. With EasyATM you can reduce your program support and operating costs.

  • Reduce the hassle and resources needed to manage several vendors involved in your ATM program – first line maintenance, second line maintenance, ATM driving, communications management, cash handling, settlement.
  • One qualified, experienced, reliable vendor manages your program for a defined monthly fee – with no surprises or additional support fees.
  • No more “out-of-scope” or unbudgeted variable expenses.
  • Free up your staff to focus on your members and other critical programs and services.

EasyATM relieves the burdens of ensuring ATM program regulatory and security compliance:

  • EasyATM will ensure compliance with ADA requirements, EMV, PCI, and Regulation E.
  • EasyATM will perform an annual review of your program’s compliance with existing and emerging new regulations and security considerations.
  • Annual reviews to ensure compliance with local, state and federal laws.
  • Relieve the worry of “what’s next?” and “how much will it cost?”
  • Compliance upgrades are provided at no additional cost.

EasyATM is offered through a strategic service agreement with Dolphin Debit Access, a highly qualified, experienced provider of ATM management services.

Read More at ;CREDIT UNION 24>PRODUCTS SERVICES>EASYATM ENROLLMENT

Thursday, January 23, 2014

Staffing Tips To Stem Compliance Concerns - General Features - News | Credit Unions

All financial institutions operate in a restrictive regulatory environment, and the barrage of new rules from lawmakers and regulatory agencies makes the once-luxurious compliance department a now-vital resource. Yet acquiring talent and organizing it properly can be a haphazard undertaking. With significant variations in asset size, charter type, organizational complexity, budgetary allowance, and other considerations, credit unions often have a hard time finding the blueprint that’s right for them.

The two staffing approaches below look different in practice, but they target the same goal — addressing the growing complexity of the compliance space. Regardless of where your own strategy falls on this spectrum, there are tips here you can use to attract and retain top talent.

Invest More Now, Pay Less Later

As is the case with many cooperatives, the past few years have necessitated - Read More: Staffing Tips To Stem Compliance Concerns - General Features - News | Credit Unions

Saturday, January 18, 2014

What You Need to Know About Mortgages in 2014

 

The players may be the same but the game has changed a bit in “mortgage-world” 2014.

While the days of rock-bottom rates may be fading, plenty of deals are to be had, however timing and using your resources will be more important than ever.

One of the key differentiators in 2014 are new mortgage rules being imposed by the Consumer Financial Protection Bureau (CFPB), which impacts both lenders and borrowers.

Beginning Friday January 10, lenders will be required to obtain certain documentation to meet the Qualified Mortgage (QM) loan standards. Lenders must now have definitive proof that borrowers have the ability to repay the mortgage, in order to ensure the financial crisis of 2008 does not repeat itself.

Although this new requirement won’t exclude borrowers who have solid credit and the ability to repay, it will add a few extra steps and sometimes a few hurdles to the home buying process.

"People will still be buying houses and getting mortgages, but there will be tougher requirements with qualified mortgages (QMs)," David Carrier, Ph.D., chief economist and director of research for NAFCU said in a release. "That's a big unknown. We don't know what effect the [Consumer Financial Protection Bureau's] qualified mortgage rule is going to have."

What You Need to Know About Mortgages in 2014

Business is Booming at U.S. Credit Unions

Are you keeping up?

The migration to a credit union is starting to be more evident than ever as individual states report record smashing numbers:

Friday, January 17, 2014

Late Call Report Filers Could Face $1 Million-Per-Day Fine - Web Only Article | Credit Union Journal

ALEXANDRIA, Va. -- NCUA wants to make sure credit unions file their call reports on time, stating in a new letter that late filers could face a $1 million-per-day fine from the agency for each day the call report is late.

Fines would begin after the April 25, 2014, filing date. CUs that file late this month, after Jan. 24, will receive a warning letter. Chairman Debbie Matz explained in the letter, posted Thursday on the agency’s website, that $1 million daily is the maximum fine.

Matz said that late filings of quarterly call report and profile data have become “a serious problem.” For the third-quarter 2013 reporting cycle, more than 1,000 federally insured credit unions, ranging from large to small, filed their reports after the Oct. 22 deadline.

Late Call Report Filers Could Face $1 Million-Per-Day Fine - Web Only Article | Credit Union Journal

Sunday, January 5, 2014

Los Angeles Firemen’s Credit Union Pays $3 Million in Extraordinary Dividend Bonuses and Interest Refunds

LA Logo 1
At Los Angeles Firemen’s Credit Union, their members are truly shareholders. That’s why a portion of their profits are being returned directly to their members in the form of Extraordinary Dividend Bonuses and Interest Refunds. 

Maintaining a long tradition of paying out interest refunds and dividend bonuses, this year they are pleased to announce a record payout of over $3 Million in Extraordinary Dividend Bonuses and Interest Refunds to their members which equal's 30% of 2013 net income.

How They Did It

  • Constant improvements - competitive deposit accounts, loan products and convenience-based services rival those offered by other financial institutions.
  • Growth in membership - With each new fire department and new family members contributing to the success of the Credit Union, the rewards grow for our entire Fire Family.
LAFCU Demonstrates a Clear Difference

  • Extraordinary Dividend Bonuses and Interest Refunds are unique benefits among financial institutions and unheard of when it comes to large banks.
  • Extraordinary Dividend Bonuses and Interest Refunds enable Los Angeles Firemen’s Credit Union to truly demonstrate the board of director's intent to treat their members as member/owners and share in the credit unions success. 
2013 Amazing Member Payout!

  • LAFCU members earned over $1.5 Million in Extraordinary Dividends Bonuses from dividends earned on share, money market, certificate and IRA accounts.
  • Additionally, members earned nearly $1.5 Million in Interest Refunds from interest paid on most loans.
  • With this payout the credit union still continues to increase its capital ratio and maintain its safety and soundness. 
Proving One Important Point

  • The more business you do with Los Angeles Firemen’s Credit Union, the more you receive in return.
Michael L. Mastro
President/CEO
Los Angeles Firemen's Credit Union
T: 800.231.1626 ext. 2240
F: 323.550.2241

Thursday, January 2, 2014

NCOFCU Annual Convention Online Topic Proposal Form

NCOFCU Annual Convention Online Topic Proposal Form

In order for us to reach our goal as to providing an excellent educational conference, it is important we hear from you. Please take a minute and lets us know what you would like to see discussed/covered at the conference.

Complete FORM HERE

Thank you,

Your Conference Committee