November 19, 2015
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- FOM Proposal Intends to Help Consumer Access to CUs
- #CUstrong Campaign in Full Swing; Thanks for Leading the Charge at Your CU!
- Last Chance to Apply for Crash the GAC
- CUNA Mutual Continues to Deliver Needed Support for the System, Quality Products and Services
Compliance/Regulatory Affairs News
News From Credit Unions
- Park View FCU Observes Veterans Day with 360 Hours of Service to the Community
- Belvoir Federal Shares the Love with St. Jude Children’s Research Hospital
- Call Federal Continues Chesterfield Expansion, Announces New Retail Branch
- DCCU Announces Opening of Lexington Location
- Northwest FCU's Chris McDonald to Serve as Vice Chair/Chair-Elect of CUES
- Richmond Chapter Plans Dec. 10 Legislator Appreciation Event
- Tidewater Chapter Raises $10,000 for CHKD
The National Credit Union Administration (NCUA) voted today to put out for comment its proposal to modernize credit union field-of-membership rules.
CUNA has launched a full analysis of the proposal and shares early highlights.
The proposed rule would modify the definition of service facility for multiple common bond credit unions to include a transactional website or mobile platform that, at a minimum, accepts deposits or loan applications, or disperses loans.
Additionally, the rules would grant FOM regulatory relief to state-chartered credit unions, too.
"While this proposed rule would remove some disparity between federal and state charters, it would also benefit many state charters. In states with wild card or parity provisions, state charters would be authorized to add new provisions granted to federal credit unions. We even received support from several state regulators as we developed this proposal," NCUA Chairman Debbie Matz said.
The rule does not propose expanding the community charter core area population limit beyond 2.5 million. However, the plan would expand the rural district population limit to 1 million, regardless of the state in which the majority of the district’s population is located.
For community credit unions, the 2.5 million population limit will be expanded under the proposed rule beyond a core-based statistical area to include any well-defined portion thereof.
A number of items to report on the legislative front as we continue to ramp up the #CUstrong campaign in support of two bills we'll introduce in the 2016 General Assembly. The bills cover charter flexibility and public deposits. By the way, our charter flexibility bill is the perfect way to influence the discussion of field-of-membership and chartering at the federal level (see above).
As more states enact progressive chartering and field-of-membership regulation, NCUA will feel pressure to follow suit!
(1) We've added additional campaign resources on our website, including:
-A listing of newly elected delegates and senators. We've provided addresses if they were available, so please begin ramping up correspondence to them. We cannot add them to the My Credit Union Is Me website until they've taken the oath of office, so personal letters and postcards are the best way to reach them.
-We have an assortment of web banners you can use to promote the #CUstrong campaign and the My Credit Union Is Me site on your own website. Don't see the size you need? Drop an email to Lewis Wood at email@example.com with your web banner specs.
-Postcards that your members can send to lawmakers are now available. Drop an email to Cathy Baldwin at firstname.lastname@example.org to place an order. Most of our credit unions are requesting 50 or 100 postcards per branch depending on lobby traffic.
(2) Thanks for encouraging staff, volunteer officials and members to email lawmakers in support of our legislation. To date, we've generated 2,204 emails on the charter flexibility issue and 1,869 emails on the public deposits issue. So yes, a good start, but we have a long way to go in creating enough awareness of our issues that they become top-of-mind for our lawmakers.
(3) Please don't forget to forward copies of the personal letters your credit union has sent to lawmakers, as well as a quick summary of any in-person visits you might make to lawmakers in which a League representative was not present.
Anything you can do to provide the number of postcards reaching each legislator from your credit union is also appreciated! Drop them by email to email@example.com. (NOTE: We can track all emails sent through My Credit Union Is Me.) Tracking is a critical component of this campaign, so your help is appreciated!
Just ONE DAY left until applications close for Crash the GAC 2016! The deadline is 2:59 a.m. on Nov. 21. Applications will be accepted at www.crashthegac.com!
Since 1935, CUNA Mutual Group has worked tirelessly to deliver product and service solutions that meet the unique challenges and needs of credit unions and their members. With a reputation built on best-in-class products, superior service and a long history of innovation, CUNA Mutual Group has earned its place among credit unions' most trusted partners. Their impact on the system, however, goes far beyond a simple business relationship.
Compliance/Regulatory Affairs News
The NCUA released recently an informative video on the risk-based capital rule and its three-year implementation process.
Available online, the footage covers the rule's framework, changes made in the rulemaking process and the NCUA's plan for rolling it out.
Approved in October by the NCUA board, the rule will be effective Jan 1, 2019, and will apply to federally insured credit unions with $100 million or more in assets.
The NCUA also has other materials available to credit union professionals seeking more information on the rule on its resource page.
News From Credit Unions
Park View Federal Credit Union lived out its heritage of “Neighbors Serving Neighbors” by observing Veterans Day in active service to the community. PVFCU hosted a Community Connection service day on Nov. 11 to show their appreciation to many who have served the community, country and world.
PVFCU employees and members served a total of 360 hours together around the community. Volunteers helped with tasks such as fall yard and garden work, sorting donations and books, food preparation, maintenance projects, cleaning, office work, and wood splitting.
Belvoir Federal Credit Union participates in the Share the Love Campaign, hosted by CU Solutions Group. The credit union submitted a video that showcases how Belvoir Federal helps the community in an effort to gain votes to win $10,000 for St. Jude Children’s Research Hospital.
Call Federal, a local not-for-profit financial institution, has signed a lease for a 1,400 square foot space in the Iron Bridge Marketplace in Chesterfield. Call Federal plans to open a retail branch in the Chester shopping center in fall 2016.
The credit union opened its first retail-style branch in Chesterfield’s Hancock Village in October.
The retail model is a departure from Call Federal’s traditional branches. The new branch features a greeter station and kiosks instead of teller lines. It is also equipped with enhanced technology that will improve the user experience for members and allow more time for financial advice and consultation.
DuPont Community Credit Union (DCCU) is pleased to announce the opening of its Lexington location, which is situated on Route 11 just north of I-64 in Lexington. The branch officially opened on Nov. 16.
“We look forward to serving existing and future members in the Lexington/Rockbridge County communities,” said Steve Elkins, DCCU’s Senior Vice President for Retail and Lending. “This branch opening is part of DCCU’s continued commitment to providing outstanding service, value, and convenience to our members. We also look forward to getting involved in the community in a variety of ways.”
CUES has elected its board officers for 2015-16 during its recent CEO/Executive Team Network™ in Scottsdale, Ariz. Northwest Federal Credit Union President/CEO will serve as Vice Chair/Chair-Elect.
The Richmond Chapter will hold its annual Legislator Appreciation event on Dec. 10 at the Credit Union House of Virginia in downtown Richmond. Join us as we honor our lawmakers for their service and educate them about the “Credit Union Difference.” Lawmakers will have the opportunity to offer remarks.
Please note: With two potentially controversial credit union bills on tap for the 2016 General Assembly, this is also the perfect opportunity to make our case for those proposals. Time: 5:30 p.m. until 7:30 p.m.
The Tidewater Chapter has donated $10,000 to Children’s Hospital of the King’s Daughters, the Children’s Miracle Network Hospital serving Greater Hampton Roads. The funds were raised through the Chapter’s 3rd Annual Charity Golf Challenge, which was held last month. Chapter Board Member Leigh Ann Graham (Beach Municipal Federal Credit Union) thanked the almost two dozen sponsors for helping make the tournament possible and area credit unions, who provided most of the teams that played in the tourney.
“We’re very proud of the fact that we’ve raised $55,000 for Children’s Hospital during the past three years,” said Graham. “That’s been made possible by the generous support of credit unions, sponsors and our golfers.”
NOTE: We hope you’ll mark your calendar for May 19, 2016 for the 4th Annual Charity Golf Challenge. By popular demand, we’ll be returning to Sewells Point Golf Course.
Sad news to pass on to all of you: Madeline Krantz, the League’s first administrative assistant, passed away last Saturday at the age of 83. She had a storied career with the League that spanned 35 years.
The number of financial institutions with mobile apps grew at a rate of 25% over the past two years, according to research from the Austin, Texas-based mobile and Internet banking provider Malauzai Software.
While uncovering the growth rate, Malauzai, which looked at financial institutions with assets ranging from $50 million to $15 billion, discovered more than 150 mobile apps specifically built for businesses and more than 140 apps for stand-alone remote deposit capture. According to Malauzai, a stand-alone RDC app is necessary when the institution’s primary mobile vendor cannot build RDC technology fast enough.
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