Credit Unions Boost Lending, Cut Long-Term Investments in First Quarter, 2015

NCUA Reports Loan Delinquencies Fall to Lowest Level in Eight Years

Federally insured credit unions relied more on lending and less on investments to generate income during the first quarter of 2015, the National Credit Union Administration reported yesterday.

"Credit unions are continuing to make the loans needed to grow local economies," NCUA Board Chairman Debbie Matz said. "As a result, their members are buying houses and cars, and they're paying for college to give young people a better start in life. At the same time, credit unions are curbing long-term investments. The switch from long-term investments to loans is decreasing interest-rate risk, a positive development for the credit union system as a whole."

Unite for good at the GAC

This year’s Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) theme is Unite for Good. CUNA plans to highlight real stories about how credit unions Unite for Good. They are looking for video, photos, and write-ups to be used in a video montage celebrating credit unions and on a huge wall at the event.

Target breach effect on payment systems debate—CUNA News Now, Jan. 2

While credit unions and other financial institutions reissue millions of debit and credit cards compromised by the Target data breach last month, security and payments industry experts are debating the implications of the breach on payment systems.

CUNA Governmental Affairs Conference

The Credit Union National Association (CUNA) will be hosting its annual Governmental Affairs Conference (GAC) from February 23-27, 2014 and there is still time to register for this important event.  The GAC is the single largest gathering of credit union officials, volunteers, and executives held in the nation each year.  A tremendous number of high profile speakers from lawmakers to business leaders will be addressing the event.  The GAC also features a truly impressive exhibit hall and great opportunities to network with credit union peers from around the nation.

Mark your calendars for conferences, convention, and The Great New England Credit Union Show

Dates have been set for the League’s marquee events for 2014 and it’s time to get them into your calendar.  These programs draw the largest crowds of any credit union events in New England and each provides a tremendous opportunity to network and learn.

Filene report: Why credit unions should be allowed to accept public deposits

Allowing credit unions to accept public deposits increases choice in the marketplace, provides greater competition, and in many cases, provides better convenience for trustees of the public’s money, according to a new report from the Filene Research Institute.

CUNA exam survey —Deadline extended to Jan. 10

The League is reaching out to ask credit unions to make certain they complete the Credit Union National Association’s (CUNA) examination survey.

Financial regulators issue final guidance on social media

On December 11, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its six members (which includes the National Credit Union Administration), released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau.  The guidance is effective immediately.

MBL cap increase would boost small biz cash access, CUNA says

Credit unions share the U.S. House Small Business Committee’s goal of increasing small business access to capital through the reduction of statutory and regulatory impediments.  The Credit Union National Association (CUNA) suggested several ways that access could be improved, including increasing the member business lending (MBL) cap, in a letter sent to committee members last week.

Fed released Beige Book December 4

The Federal Reserve Bank’s Beige Book, released on December 4, reports that the economy continued to expand at a modest to moderate pace from early October through mid-November.  The report from the Boston Fed stood out in that it reported economic expansion during this period.

CFPB to oversee nonbank student loan servicers

The Consumer Financial Protection Bureau (CFPB) issued a rule December 3 that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years.

CUNA launches new survey seeking credit union exam challenges

Credit union experiences and impressions of the examination process are again being requested by the Credit Union National Association (CUNA) which has just released a new edition of its survey that gives credit unions the chance to provide feedback to CUNA and state leagues on their most recent examinations by the National Credit Union Administration (NCUA) and/or state regulators.

Chapters collect toys for underprivileged kids at December meetings

The credit unions of Massachusetts are demonstrating their holiday spirit in a variety of ways this year.  One special tradition that marks every holiday season is chapter toy drives for underprivileged children.  This month four chapters are conducting such drives.

Third quarter data shows credit union loan growth up 2.9 percent

America’s 6,620 federally insured credit unions continued positive trends in most metrics during the third quarter of 2013, including loans, membership, and net worth, according to new data released by the National Credit Union Administration (NCUA).

Paul Gentile named League President/CEO

The Massachusetts Credit Union League Board of Directors has named Paul Gentile as President/CEO effective January 6, 2014.

Filene survey: credit union challenges and opportunities

The Filene Research Institute has requested the League’s assistance in getting the word out about a survey they are conducting to learn about the challenges and opportunities faced by employees and volunteers at credit unions around the world.

NCUF’s non-prime auto lending program to be tested by Filene Research Institute

The National Credit Union Foundation (NCUF) recently announced that the Filene Research Institute will test its non-prime auto lending program in Filene’s new accessible financial services incubator. Funded by a $700,000 grant from the Ford Foundation, the incubator will test, package and scale innovative, viable, financial products that benefit low-and-moderate-income US consumers.

NCUA announces that there will be no TCCUSF assessment in 2014

The National Credit Union Administration (NCUA) will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. The National Credit Union Share Insurance Fund assessment for 2014 will be between zero and five basis points (bp), the agency added.

Fryzel discusses “right sizing” risk-based capital rules at AACUL Winter Meeting

National Credit Union Administration (NCUA) Board Member Michael E. Fryzel discussed a changing regulatory landscape and called for “right sizing” the agency’s rules on risk-based capital.

Minority-owned credit unions equal 12% of FICUs, hold 3.5% of assets

The 805 credit unions that met minority depository institution criteria as of June 30 held $36.9 billion in assets, and are owned by 4.8 million members, the National Credit Union Administration (NCUA) said in its Minority Depository Institutions (MDI) Congressional Report.

MA Credit Union League encourages credit unions to support WOCCU Philippines relief effort

In the wake of super typhoon Haiyan, one of the most powerful storms ever recorded, the World Council of Credit Unions (World Council/WOCCU) is in contact with local authorities in the Philippines and the organization’s Australian member, Customer Owned Banking Association, to assess how to best help the 4.5 million people affected.

Egan retirement celebration

On November 7, hundreds of people gathered at Gillette Stadium in Foxborough, MA for a gala celebration of Dan Egan’s career. The crowd included credit union friends from the Massachusetts, New Hampshire, and Rhode Island credit union communities as well as guests from all across the United States representing the national credit union movement.

Credit union reg relief bill set for markup

The House Financial Services Committee announced that it will mark up a bill November 14 on a credit union regulatory relief measure supported by the Credit Union National Association (CUNA), one that would extend share insurance coverage to trust accounts held in the name of nonmembers.

CUNA contacts FFIEC to urge delay of mortgage reg legal liability, sanctions

Federal financial regulators should work with the Consumer Financial Protection Bureau (CFPB) to provide a short-term reprieve, until September, from examiner sanctions for noncompliance that might be imposed on regulated financial institutions that are making good faith efforts to comply with upcoming mortgage regulations, the Credit Union National Association’s (CUNA’s) CEO Bill Cheney urged in a letter to the Federal Financial Institutions Examination Council (FFIEC).

CFPB announces Boston Field Hearing—November 20

At the League’s Hike-the-Hill last week, the Consumer Financial Protection Bureau (CFPB) Deputy Director Steve Antonakes announced that the CFPB will be hosting a field hearing in Boston on November 20, 2013 at 11:00 a.m.  The location has yet to be announced.

CUNA asks CFPB to delay credit union compliance deadline for QM rule

Continuous communication with the Consumer Financial Protection Bureau (CFPB) is one way the Credit Union National Association (CUNA) is working to minimize the regulatory burdens faced by credit unions, and CUNA in recent meetings has suggested steps that could ease qualified mortgage (QM) regulation compliance issues, CUNA Deputy General Counsel Mary Dunn said recently.

Values & Visions—new improved design

The November edition of Values & Visions, the League’s monthly electronic newsletter, is going to have a new look and increased functionality.  The redesign incorporates “flip book” technology, which allows the reader to page through the publication much like they would with a paper newsletter.

Credit unions report strong loan growth in September

Loan growth at credit unions in September continued to rise, with the past 12 months’ growth pace the fastest since before the Great Recession, according to the Credit Union National Association’s (CUNA) Credit Union Monthly Estimates for September, released November 1.

Filene offers report on credit union financial sustainability

A new white paper from the Filene Research Institute explores the sustainability of the credit union model, and offers credit unions ideas for maintaining sustainably “excellent” organizations.

CLF, Fed discount window are only sources for emergency liquidity in NCUA rule

A new rule addressing emergency liquidity and contingency funding plans for credit unions contains some important changes that improve the final rule compared to the proposal and the Credit Union National Association (CUNA) said it appreciates these revisions. However, CUNA does not agree the rule is needed at this time.

NCUA: No NCUSIF assessment in 2013

The National Credit Union Administration (NCUA) open board meeting held on October 24 featured good news for credit unions: There will be no National Credit Union Share Insurance Fund (NCUSIF) premium assessment in 2013, agency Chief Financial Officer Mary Ann Woodson reported.

Federal regulators provide guidance on Qualified Mortgage fair lending risks

Five federal regulatory agencies (the NCUA is among them) recently issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages.  For the reasons described in the statement, the five agencies do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.

CUNA Brief: Fed interchange rule bad, court ruling worse

The Federal Reserve Board (Fed) has made errors in implementing the Dodd-Frank-imposed debit interchange fee cap, the Credit Union National Association (CUNA) said in a legal brief, but a July 31 court ruling overturning the rule would make things “significantly worse.”

The Massachusetts Financial Education Collaborative 5th Annual Summit

The Massachusetts Financial Education Collaborative (MFEC) is hosting its 5th Annual MA Summit on Financial Education: Showing Results & Telling Your Story, at the Federal Reserve Bank of Boston on October 29th from 8:00 AM to 3:30 PM. The Show & Tell theme of this year’s Summit was inspired by the 700 plus educators, institutions, and organizations that have shared with MFEC about innovative financial education programming, outcomes, and best practices in regions across the state.

CUNA survey shows new mortgage regs could force credit unions to reduce programs

Some credit unions indicate that they may be forced to discontinue, delay, or reduce their mortgage loan product offerings due to Consumer Financial Protection Bureau (CFPB) mortgage regulation changes that are set to take effect in January, a Credit Union National Association (CUNA) survey has revealed.

Fall BAEI date is set – November 19

The Boston Alliance for Economic Inclusion (BAEI) will hold its Fall Forum on Tuesday, November 19, at the O’Neil Building in Boston.  The program will begin at 8:30 a.m. with continental breakfast and registration and conclude at 12:30 p.m.

HMDA Resubmission Schedule and Guidelines released by CFPB

New Home Mortgage Disclosure Act (HMDA) Resubmission Schedule and Guidelines, and factors the Consumer Financial Protection Bureau (CFPB) may consider when evaluating whether to pursue a public enforcement action for HMDA violations, are outlined in a new bureau release. There are also tips on how best to run an effective HMDA compliance system.

An Expert’s View of the Economy—October 24

On Thursday, October 24, the Credit Union Center will host an event—An Expert’s View of the Economy —at the DoubleTree Hotel in Westborough, MA, bringing each of its Network members and CEOs into one venue. Mike Schenk, the vice president of economics for CUNA, is our presenter for the program.  Mr. Schenk is a nationally recognized economist and is regularly interviewed by the media for stories appearing in national news outlets including: The Wall Street Journal, MarketWatch, CNBC, Reuters, CNN, The Washington Post, The New York Times, Dow Jones News Service, and USA Today.  He has presented for the League at conferences in the past, and he is an outstanding resource whom we are excited to have for this program.

New Blog Post—Another look at the Latino market

Prior to the recession, the senior managers and directors at credit unions in the northeast spent a fair amount of time trying to get a handle on ways that they could make their credit unions, and credit unions in general, more visible and more appealing to the Latino community.  While the recession and the subprime crisis forced all of us to realign strategic priorities, the importance of the Latino community in our market remains constant.

Division of Banks Credit Union Roundtables

The Massachusetts Division of Banks and Loan Agencies is jointly sponsoring two regulatory roundtables with the Massachusetts Credit Union League to benefit Massachusetts credit unions.  The first will be held on Tuesday, October 15, in Chicopee and the second will be on Thursday, October 17, in Westborough.

Fannie Mae and Freddie Mac foreclosure prevention actions top 2.9 million

Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than 1.4 million who received permanent loan modifications according to the Federal Housing Finance Agency.

Filene Research Institute “Impact Boston” on October 16

The Filene Research Institute is holding a gathering called “Impact Boston” at the Seaport Boston Hotel on Wednesday, October 16, from 8:30 a.m. until noon.  Credit unions are invited to participate at no cost.

NCUA reminds credit unions about Cybersecurity Awareness Month

On the eve of Cybersecurity Awareness Month, National Credit Union Administration (NCUA) Board Chairman Debbie Matz reminded credit unions about the importance of fighting cybercrime and protecting online the personal and financial information of their members.

Credit unions and NCUA respond to government shutdown

The National Credit Union Administration (NCUA) has made it clear that it will be open for business during the “government shut down and it encouraged credit unions to “maintain a state of readiness to help their members who may be affected by a potential government shutdown.”

Some SBA 7(a) fees dropped on October 1

The U.S. Small Business Administration (SBA) said some 7(a) loan program fees will be reduced, beginning on October 1.

Interchange rule stay will keep order

Credit Union National Association (CUNA) President/CEO Bill Cheney said a September 20 court decision to allow existing debit interchange fee cap rules to stay in place during an appeals means there will be an order in place that will provide certainty, at least for now.

Several states raising minimum wage

Federal minimum wage increase legislation continues to make news, and minimum wage action is already taking place in many states.  Connecticut, New York, and Rhode Island have passed bills providing for minimum wage increases starting in 2014.

New blog post—Rethinking PFI

The financial services industry has been throwing the phrase Primary Financial Institution (PFI) around for decades.  Credit unions are no less enamored of the concept than are their for-profit competitors.  Certainly on the face of it there is a good reason for pursuing this lofty status with the consumer.  Strong relationships and share of wallet are the pathway to marketing efficiency, better share of wallet, and long term loyalty, which the data prove yield increased revenue.

Fed issues payment system improvements paper

The Federal Reserve Banks (Fed) recently conducted payment systems research and recently unveiled its findings in its “Payment System Improvement—Public Consultation Paper.”  The Credit Union National Association (CUNA) met with the Fed regarding the study prior to its release.

NCUA approved fixed-asset regulation changes

The National Credit Union Administration (NCUA), on September 12, approved a final version of fixed-asset regulation changes that does not make any substantive changes to regulatory requirements. Rather, the revisions are intended to clarify the rule by improving its organization, structure, and “ease of use.”

“An Expert’s View of the Economy” with CUNA Economist Mike Schenk—October 24

A national conference favorite and Credit Union National Association (CUNA) Environmental Scan contributor, Mike Schenk will share the economic look-back, and more importantly, will share a forecast for what lies ahead for credit unions in the upcoming months. Mike delivers a tremendous amount of information but does so in a way that is easy to comprehend and to put to use.

Consumer credit increases 4.5% in July, credit unions see rise

U.S. consumer credit increased a seasonally adjusted 4.5% or $10.4 billion in July, for a total of $2.852 trillion borrowed during the month, according to the Federal Reserve’s Consumer Credit report.  Money borrowed from credit unions totaled $254.7 billion.

Employees expect managers to help with emotional issues

The Society of Human Resource Management (SHRM) recently referenced a report in the latest issue of Academy of Management Journal which found that while managers see themselves as going beyond the call of duty when they help employees sort out their personal and job-related woes, workers see it as part of a supervisor’s job.

CUNA notes right to credit union membership through association

Following the National Credit Union Administration’s Letter to Credit Unions on common bond advertising requirements, Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn urged federal credit unions with associational memberships to review their policies and practices, as they do periodically, to ensure their continued compliance with federal regulation.

Fall edition of CenterPoint focuses on succession planning

The fall 2013 issue of the League’s quarterly magazine, CenterPoint is in the mail and it features an extensive article on succession planning entitled The Domino Effect: CEO Turnover Becomes a Serious Game for Executive Management.

Federal regulators release risk-retention proposal

Another round of proposed credit risk-retention regulations, including a new definition of “qualified residential mortgage” (QRM) with modifications that the Credit Union National Association (CUNA) had urged, was released by the Federal Reserve (Fed), Federal Deposit Insurance Corp. (FDIC), and four other federal regulators on Wednesday, August 27.

Loan growth, net worth, membership all up in second quarter

Loan growth, net worth, and membership are the biggest stories told in the National Credit Union Administration’s (NCUA) second-quarter data, according to the agency.  The data show federally insured credit unions (FICU) saw brisk loan growth, their highest net worth ratio since 2008 and record membership levels.

Local credit union people recognized at National Youth Involvement Board conference

The National Youth Involvement Board (NYIB) held its annual meeting and conference on July 29 - August 1, 2013 in San Diego, CA.  Each year financial educators from across the country come together to share ideas, resources, best practices as well as celebrate the successes achieved in the number of training presentations made to America’s youth, as well as the number of students reached.

September chapter meeting schedule

One of the good things about autumn is that it gives us the chance to reconnect at chapter meetings; that and the fact that the exhibition season is over and we can see the Patriots play some real football.  Four chapters have opened registration for their September meetings.

Planning season tools

Credit unions are gearing up to dive into the planning process for 2014.  The League and the Credit Union National Association (CUNA) have some great materials and seminars available to help with that work.  Among them are the 2013-14 E-Scan, a look forward at the Prospects for the Economy in 2014, and an Overview of the new CFPB Mortgage Rules.

Metsger sworn in as NCUA Board Member

New National Credit Union Administration (NCUA) Board Member Richard Metsger outlined his vision for the credit union system in a private swearing-in ceremony on Capitol Hill on August 23.

Credit Union Community Hope Initiative raises more than $30K for the homeless

Sunny, bright blue skies and temperatures climbing to the high 70s was the start of a picture perfect day for the 106 golfers who traveled to Juniper Hill Golf Course to participate in the Credit Union Community Hope Initiative’s Charity Golf Tournament to benefit the Massachusetts Coalition for the Homeless (Coalition) on August 14.  The group enjoyed a wonderful day of golf and camaraderie while their generosity was the overall winner with more than $30,000 raised from the day’s event for the Coalition.

Winners of Banker & Tradesman Credit Union Heroes awards have been chosen

Banker & Tradesman has named its 2013 Credit Union Heroes, an award recognizing local credit union professionals who go above and beyond to better their institution and community. The Credit Union Heroes award celebrates those individuals who have made outstanding contributions to the industry and the community, giving freely of their time, energy and resources for volunteerism, community service, and charity.

CFPB releases second update of exam procedures for mortgage rules

On August 15, the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as the rules become effective.

NCUA on secondary capital accounting issues

In the second part of its three-piece series on secondary capital benefits for small credit unions, the National Credit Union Administration’s (NCUA’s) Office of Small Credit Union Initiatives (OSCUI) outlined rules and regulations governing secondary capital accounting treatments and the net worth valuation of such accounts.

CUNA survey identifies top credit union concerns with CFPB remittance rule

While the Consumer Financial Protection Bureau’s (CFPB) tweaks to its remittance rule provided some significant, helpful changes, credit unions remain concerned about the overall rule, a Credit Union National Association (CUNA) survey has revealed.

What is the upside and downside to part-time employees?

A recent article on discussed the many advantages of providing part-time employment.  But as with most things in life, one needs to be aware of all the parameters involved to make a good decision. Many managers operate under the misguided belief that part-time employees have fewer rights than full-time employees, but that’s not so. In fact, the Department of Labor (DOL) does not make any distinction between part time and full time.

Cap back in place on federal student loans

President Barack Obama signed a bill August 9th that lowered the federal student loan rate to 3.86% for direct loans for undergraduate students, after it shot up to 6.8% in July.

Credit unions must improve among non-members

To expand their membership ranks, credit unions must improve awareness—especially among Generation Y and Hispanics—about the advantage of using their products and services, according to the Credit Union National Association’s (CUNA’s) 2013-2014 National Member and Nonmember Survey Results.

Credit union loans up, savings down in June

Credit union loans outstanding increased in June, while savings balances dropped, according to the June monthly sample of credit unions by the Credit Union National Association (CUNA).

Senate approves Metsger for NCUA board

The nomination of Richard Metsger to be the third member of the National Credit Union Administration (NCUA) board has been approved by the full U.S. Senate. All that remains to be done before Metsger takes his place on the board is for him to be sworn in.

New blog post—An opportunity named Santander

Changing a financial institution’s name is a very delicate exercise as many in the credit union world can attest.  The institution must keep the existing customer base loyal while creating excitement and energy around the new identity in the hope of attracting new business.

Remittance requirements compliance deadline reminder issued

The National Credit Union Administration (NCUA) has reminded credit unions of recent major changes to the remittance transfer rule by the Consumer Financial Protection Bureau (CFPB), and the upcoming October 28 compliance date, in a new Regulatory Alert (13-RA-06).

Senate relief bill would help credit unions

Senators Jon Tester (D-MT) and Jerry Moran (R-KS), both members of the Senate Banking Committee, are preparing to introduce a bill that would provide some regulatory relief for both community banks and credit unions.

CUNA contends corporate assessments should end if current trends continue

The National Credit Union Administration (NCUA) approved a corporate stabilization fund assessment of eight basis points (bp) at the July 25 meeting of its board after reporting on strong performance of the corporate legacy assets.  Credit Union National Association (CUNA) Chief Economist Bill Hampel believes future assessments may not be necessary, based on that performance as well as housing and economic trends.

It’s time to register for the League’s Annual Charity Golf Tournament

Now that our latest heat wave has broken, it is time to think about golf again and get the golfers from your credit union registered for the Massachusetts Credit Union Community Hope Initiative annual tournament to benefit the Massachusetts Coalition for the Homeless!

Senate confirmation vote is next, final stop for Metsger nomination

In a voice vote, the Senate Banking Committee cleared the nomination of Richard Metsger to the National Credit Union Administration (NCUA) Board. The nomination will move forward to the full Senate floor for a confirmation vote.

Filene report suggests credit unions mine big data to predict member behavior

Credit union members follow simple paths during their life cycle and adopt different consumer products at each stage, according to a new Filene Research Institute report.

Senate confirms Cordray for five-year term

The U.S. Senate voted last night (July 16), 66 to 34 to confirm Richard Cordray to be the director of the Consumer Financial Protection Bureau (CFPB) for a five-year term.

New England College of Business/NECUS Partnership—Informational Webinar July 24

On July 24, 2013, from 11:00 - 11:30 AM EDT the New England College of Business (NECB) and New England Credit Union Services (NECUS) will be hosting a webinar to provide an overview of the career-focused academic programs offered by NECB, including tuition and admission requirements, and the online learning platform.

PBG to host free webinar on importance of compliant summary plan documents

Partners Benefit Group (PBG) will present a special webinar to review the Department of Labor requirements that every company needs to have in place and the importance of having a summary plan description document for protection if your company were to be audited for ERISA compliance.  The webinar will take place on Monday, July 22, at 2:00 p.m.

Egan defends credit union tax status

In a column entitled “Credit Unions Fight To Protect Tax Exemption” which appeared in the July 8 edition of Banker and Tradesman, League President Dan Egan explained that credit unions have been successfully defending their tax status against banker attacks since the earliest days of the movement.  In the piece, Dan presented the cornerstone argument for tax exemption for credit unions: “We were set up as a not-for-profit.  It’s a cooperative.  And I’ve always said to any bank, including mutual community banks, we’d be more than glad to see you convert, as long as you deal with the restrictions the credit unions have.”

NCUA Board revises effective date for loan participation rule

National Credit Union Administration (NCUA) Board members decided unanimously by a notation vote to extend the effective date of the agency’s new loan participation rule (Parts 701 and 741) from July 25, 2013, to September 23, 2013.

CU Direct/Lending Insight’s webcast: An Introduction to Portfolio Management and Analytics

This webcast series, scheduled for Tuesday, July 16, will provide credit unions with the latest industry thinking and perspectives on the lending marketplace from the credit union community’s leading experts, as well as insight to the latest industry trends and analysis.

Credit union loans, savings up in May

Savings growth outpaced loan growth at credit unions in May, leading the credit union movement’s aggregate loan-to-savings ratio to fall to 67.7% from 68% in April, according to the Credit Union National Association’s (CUNA) Monthly Credit Union Estimates.

Filene report on CEOs: Personality matters more than ability

CEOs’ personality is more important than CEOs’ ability in influencing employee engagement and organization performance, according to a new study from the Filene Research Institute.

The Fair Labor Standards Act (FLSA) celebrates an anniversary

Seventy-five years ago, President Roosevelt signed the Fair Labor Standards Act (FLSA) into law.  According to the Department of Labor’s (DOL) website, “Among several features of the law that transformed the way we work was the establishment of a national minimum wage, set at 25 cents an hour.”  It was not until 1956 that the minimum wage hit $1.00 per hour.

Freddie Mac confirms fee reversal for credit unions

The Credit Union National Association (CUNA) quickly secured confirmation last week: Freddie Mac will reverse course and refrain from imposing fees on mortgage sellers and servicers—including credit unions—that do not meet minimum activity thresholds.

First Data survey shows smartphones are shaping mobile banking

If credit unions need more evidence about the importance of offering mobile banking, another study concludes that consumers want it all—in the palms of their hands.

NCUA nomination could move quickly

Former Oregon State Senator Rick Metsger’s (D) nomination to become a member of the National Credit Union Administration (NCUA) board could progress quickly if, as expected, it is approved by the Senate Banking Committee by the end of June.

CUNA urges full credit union exemption to ability-to-repay

On June 18, Credit Union National Association (CUNA) witness Jerry Reed detailed credit union concerns with the Consumer Financial Protection Bureau’s (CFPB) ability-to-repay and qualified mortgage (QM) rules.  Reed, who is chief lending officer at Alaska USA Federal Credit Union, said credit unions commend the CFPB for listening to their concerns and for incorporating many of their concerns into amendments to the mortgage rules, but he underscored that credit unions continue to have serious apprehensions about how the QM rule will be implemented and believe that it could have the unintended effect of reducing credit union members’ access to credit.

Filene paper links member satisfaction, share of deposits

A new paper from the Filene Research Institute addresses how credit unions can translate high member satisfaction scores into improved share of deposits.

Bloomberg notes credit unions’ strong support for small business hurt by cap

A Bloomberg Business Week/em> article cites the strong support credit unions provided small businesses during the Great Recession, and credited them with picking up the slack created as banks clamped down on credit to small business owners. But the article notes the statutory member business lending (MBL) cap is constraining credit unions’ ability to keep lending.

CBS Sunday Morning rebroadcasts story on credit unions and America’s Credit Union Museum June 23

CBS will once again air a story on credit unions that they first broadcast a little over two months ago.  That segment centered on a profile of a small credit union in Nebraska that serves the members of a single family.  It also featured an extensive interview with Peggy Powell, executive director of America’s Credit Union Museum in Manchester, NH, who addressed the far more sizable national credit union movement and its history.

ABC Consumer News: Credit unions offer better rates, flexibility

Credit unions can be a great alternative for consumers who are fed up with banks because they offer better interest rates on financial products and greater flexibility in providing loans, said a consumer correspondent June 10 on

Fed report shows credit union members and consumers borrow more in April

Borrowing by U.S. consumers and credit unions marginally increased in April, continuing a trend that has been ongoing the past several months, according to the Federal Reserve’s Consumer Credit Report released June 7.

Report debunks myth of the uneven playing field

All of the major claims made by critics of credit unions in terms of uneven playing field are unsubstantiated, says an economic analysis recently released. What’s more, there is “no evidence that state and federal tax policies give credit unions unfair competitive advantages over banks.”

League President Dan Egan to retire in December

Daniel F. Egan, Jr., president of the Massachusetts Credit Union League, New Hampshire Credit Union League, and the Credit Union Association of Rhode Island, officially announced that he will retire on December 31, 2013.  Egan will be retiring as the President and CEO of these three trade groups as well as New England Credit Union Services, the jointly owned firm which manages and provides services to the three trade associations.

Auto-loan originations at eight-year high

Auto-loan originations and the number of new-auto loans in the U.S. each set eight-year highs during January and February, according to Equifax Inc.‘s National Consumer Trends Report, released on May 29.

Fastest annual pace for credit union loan balances since 2008

Over the past year, credit union loan balances are up 5.2%—the fastest annual pace since 2008, according to an analysis by a Credit Union National Association (CUNA) economist of CUNA’s monthly sample of credit unions for April.