First-responder Credit Union Newsroom

  Invest in a Charitable Donation Account (CDA) In December of 2013, the NCUA Board approved a final rule amending the incidental powers rule (Part 721) to clarify that a federal credit union is authorized to fund a CDA, a hybrid charitable and investment vehicle, as an activity  incidental to the business for which a FCU is chartered, provided the account is primarily charitable in nature and meets  other regulatory requirements. A Charitable Donation Account (“CDA”) investment allows a credit union to make a charitable contribution while allowing the contribution to pay for itself.  Over the last 3-5 years, an investment in the CDA would have allowed a CU  to increase its charitable contributions while retaining a net return significant higher than generated on  its traditional  investments. Please see below the Investment Return Chart. Learn More:         What Is A Charitable Donation Account? ALM Advant...

  First and foremost, let’s be clear: NAFCU listened to its members in 2009, and we listen to them now. We fight every day to make our members and the credit union movement stronger. As noted correctly in Ms. Anderson’s column, NAFCU has always been steadfast in strongly opposing the CFPB’s rulemaking authority over credit unions. At every possible opportunity, in hearings and in myriad letters to Congress, NAFCU has been unequivocal in its conviction. Throughout the legislative negotiations in 2009, NAFCU strongly challenged the CFPB’s authority over credit unions.  Specifically, it was at the hearing before the House Committee on Small Business on Sep. 23, 2009, where Price Choppers Employees Federal Credit Union President and CEO Dawn Donovan, testifying on behalf of NAFCU, clearly stated our position. Notably, this was the only official hearing where credit union trade groups testified before Congress on financial reform, including the creation of the CFPB (earlier pro...

  In response to a letter from House Financial Services Chairman Jeb Hensarling (R-Texas), NCUA Board Chairman Debbie Matz wrote that the NCUA has not and will not participate in Operation Choke point. “NCUA does not dictate which businesses credit unions can serve as long as these businesses are legal and within the credit union’s field of membership, and the credit union can serve them safely and soundly,” she wrote in the letter dated April 15. “Going forward, the NCUA will continue to ensure that all our material and guidance clearly outline these policies.” Matz explained that the NCUA issued a memorandum to all field staff in August of 2014, which stated the agency’s policy for opening and closing accounts is a decision generally left to the credit union. “The decision may be based on a credit union’s particular business objectives, its evaluations of the risks associated with offering particular products or services and its capacity and systems to effectively manage tho...

Do you believe someone is actually measuring how much it costs to comply with all the new regulations. BCI stands for Bank Compliance Index, a quarterly evaluation system created by financial experts at Continuity (formerly Continuity Control ), a New Haven, Conn.-based provider of automated compliance solutions, to track the incremental burden on financial institutions of keeping up with regulatory changes. The number 1.35 represents the number of employees needed to address just the new regulations issued during the first three months of 2015. “In real terms, Perdue said the BCI was calculated by measuring specific variables within the financial compliance realm. In this case, the 1.35 ranking is drawn from the efforts it would take to respond to the 61 new regulatory items issued during first quarter that comprised an aggregate 1,605 pages. At an estimated 331 hours necessary to address the regulations, multiplied by an average salary-and-benefits rate of $44.22 per hour for empl...

Is your credit union being pressured by auditors to close or not open certain accounts because they feel they are too risky. Not sure if you know about Operation Choke Point so I have included these 2 article's, One from a company complaining Operation Choke Point Accuser Speaks Out When Mike Schuetz, owner of Hawkins Guns LLC in Hawkins, Wis., asked the branch manager for an explanation, he was told the credit union had received pressure from regulators. He recorded his conversation with the manager, who also explained the credit union did not serve businesses associated with guns and ammunition. Schuetz is convinced the situation occurred as a result of Operation Choke Point, which the U.S. Department of Justice established to reduce fraud and reputational risk to financial institutions by pressuring them to refuse business from risky sectors. “They told me I had to close it because I was a high-risk industry and they were not able to service me,” Schuetz told CU Times . “...

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