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Archive February 2010

Video: CNN Reports Why Credit Unions Are Better

Submitted by mhand on February 1, 2010 |

CNN’s Gerri Willis highlights differences between banks and credit unions.Read More

A Game Changing Year

Submitted by ekashner on February 2, 2010 |

The general narrative of credit unions, particularly during this recession, is complex and profound, which is why it takes many individuals to craft and tell the credit union story. At times, the disconnection of these leaders hampers collaboration and collective action; however, this year provides the opportunity for a confluence of disparate elements to drive real and tangible change in the credit union industry.

First, there is a renewed government commitment to move the financial sector toward the practices and traditions that have guided credit unions through this recession.Read More

Video: Banks vs. Credit Unions

Submitted by ekashner on February 2, 2010 |

This is the very popular clip from CBS that highlights the credit union advantage over banks.  It originally aired the week of December 14, and was posted online on December 17.

Here’s a link to the original article, and the video itself is embedded below:
Read More

Corporates Report Less Red Ink Than in 2008

Submitted by user00 on February 3, 2010 |

Of the five corporates that have posted unaudited December and
year-end figures, three reported net losses and two net profits.
However, all are anticipating better bottom lines than those recorded
in 2008.

On-Site Coverage: TARP Funds Will Be Available to CDFI CUs at 2%

Submitted by user00 on February 3, 2010 |

Community Development Credit Unions that are have been certified as
community development financial institutions will be eligible to
receive capital in the form of subordinated debt at an interest rate of
2% for eight  years, Obama Administration officials explained today.

Where are NCUA’s “Honest Numbers"?

Submitted by cfilson on February 3, 2010 |

It is almost a year since the NCUA took over WesCorp, asserting that the credit union was not preparing “honest numbers” about its financial situation as of December 2008. The Agency conserved the credit union. As conservator the Agency reclassified all investments as available for sale and gave the auditor, BDO Seidman, the assumptions the Agency wanted used in estimating OTTI losses on those securities. Two months later the Agency got the audited numbers it wanted.Read More

NCUA’s Missing 2008 Annual Report: A Case for Sherlock Holmes or a Court?

Submitted by cfilson on February 3, 2010 |

The federal credit union statute is very clear: “Not later than April 1 of each calendar year, and at such other times as the Congress shall determine, the Board shall make a report to the President and Congress. Such a report shall summarize the operations of the Administration and set forth such information as is necessary for the Congress to review the financial program approved by the Board.”
Read More

Why NCUA’s Silencing of WesCorp was a Terrible Mistake and How to Correct it

Submitted by cfilson on February 3, 2010 |

WesCorp staff, like all corporates, has been devoting much time and resources to analyzing the proposed 704 corporate rule. Their 25-page analysis was published on December 22, followed by an email letter to WesCorp members on why they “must demand changes to Rule 704.” One town hall meeting had been held and more were scheduled.Read More

Video: Bill Cheney on Credit Unions

Submitted by mhand on February 3, 2010 |

Rep. Michaud: CUs should make business loans

Submitted by user00 on February 3, 2010 |

Legislation that would enable credit unions to help the economy rebuild by offering member business loans received support from Rep. Mike Michaud (D-Maine) in an article in the Bangor Daily News Tuesday.

CUNA blankets Capitol Hill with MBL letters

Submitted by user00 on February 3, 2010 |

Responding to the Obama administration’s recent decision to funnel $30 billion of unspent Troubled Asset Relief Program (TARP) funds into smaller banks for business lending, CUNA President/CEO Dan Mica said that “there is no good public policy reason to deny credit unions greater capacity for making business loans to their members, while at the same time giving community banks a subsidy to do so.”

$1B TARP plan includes CDFI CUs

Submitted by user00 on February 3, 2010 |

The U.S. Department of the Treasury on Wednesday announced that it will set aside up to $1 billion in Troubled Asset Relief Program funds for use by Community Development Financial Institution credit unions and other financial institutions.

Reverse mortgage guidance generally helpful: CUNA

Submitted by user00 on February 16, 2010 |

CUNA in a Feb. 16 comment letter to the Federal Financial Institutions Examination Council said that it generally supports the FFIEC’s proposed guidance for reverse mortgages.

VolCorp reports 2009 losses, doesn't expect more

Submitted by user00 on February 16, 2010 |

Volunteer Corporate CU announced its 2009 unaudited financials, saying it continues to have positive retained earnings of $2.8 million after writing off all its remaining capital at U.S. Central—$2.1 million—on Dec. 31.

Consumer satisfaction strong at CUs--new survey

Submitted by user00 on February 16, 2010 |

Credit unions just added another notch to the consumer satisfaction belt. Credit unions—again—outscored other financial institutions in customer satisfaction—this time in the just-released University of Michigan’s American Customer Satisfaction Index.

Examiner Focus; Member Call-in Follow-up; Webcast Prep

Submitted by user00 on February 17, 2010 |

Posted by Anthony Demangone

NCUA Board members members are often invited to speak at credit union conferences.  These speeches often are made available after the fact.  It is always worth it to scan the speech from a compliance officer’s point of view.  You might find the following hidden gem in this speech by Chairman Debbie Matz back in December.  She said: Read More

Increasing the MBL Cap: The ABA's Argument Against It

Submitted by ekashner on February 18, 2010 |

Recently, the American Banks Association (ABA) distributed an email to bank executives urging them to oppose an increase in the credit union business lending cap. The email reads:Read More