Login to View Full Member Content:

CURRENT Newsletter

November 20, 2014

Headline News

News About Credit Unions

Compliance/Regulatory Affairs News

Financial Services/Marketplace News

News From Credit Unions

Chapter News

Marketing News

Headline News

We Need You! Recruitment for Smart Credit Check Launch Continues

Want to serve as a pilot site for the Smart Credit Check rollout in January? Of course you do! Learn more about the program through our archived webinar. (It will look like you are registering for the webinar, but simply enter the required information and you'll be directed to the archived video.)

The recording lasts about 30 minutes. The goal of the program is simple: Ask members and potential members to pull their credit reports and talk with your credit union about it! This offers you the opportunity to help members create an action plan to improve their credit scores, while also providing your credit union the chance to get your consumer-friendly products and services in front of them.

All project resources for Smart Credit Check are made available to you for FREE. The resources that are available to your credit union through this project are like an ultra-expanded version of those off-the-shelf workshops typically costing hundreds of dollars. 

[LEARN MORE]

We now have firm commitments from Call Federal Credit Union, CommonWealth One Federal Credit Union, FedStar Federal Credit Union, Fort Lee Federal Credit Union, Norfolk Municipal Employees Federal Credit Union, NSWC Federal Credit Union, URW Community Federal Credit Union, UVA Community Credit Union and Virginia Credit Union.  

back to top

Mark Your Calendars! Chapters Plan Visits to General Assembly

Mark your calendars! Our chapters have just about wrapped up dates for their Credit Union Days at the General Assembly. Chapters will be providing more details soon. Your League will hold a webinar in early January to discuss logistics and legislation.

Here is the current list of events:

  • Jan. 20: Roanoke Valley & Southwestern Virginia
  • Jan. 21: NoVA
  • Jan. 22: Hampton Roads & Tidewater
  • Jan. 27: Richmond & Southside
  • Jan. 28: Central Virginia

back to top

NCUA Approves 2015 Budget Up 4.2% from 2014: CUNA Concerned

The National Credit Union Administration approved its 2015 budget this morning--okaying a spending plan that is up 4.2% over last year. The vote was 2-to-1, with board member J. Mark McWatters casting the dissenting vote.
The total budget amount is set at $279.5 million--up $11.187 million. While retiring CFO Mary Ann Woodson noted that the 2015 increase represents the smallest since 2008, it is still the eighth consecutive jump in year-to-year spending.
The largest area of increase is contracted services at 8.5%; travel expenses up 2.7%. The largest expense in the budget is pay and benefits ($ 201.895 million) and travel ($29.288 million).
The Credit Union National Association submitted a letter to the agency last week and questions the annual increase in the budget. CUNA urged the agency to refrain from an increase in 2015.

[READ MORE]

CUNA has produced a detailed summary of NCUA's board meeting.
[VIEW IT HERE]

back to top

STATE CHARTERS: League Schedules Dec. 2 Webinar With Commissioner Joe Face on Planned Restructuring at BFI

State-chartered credit unions: please make plans to attend an important Dec. 2 webinar with Commissioner of Financial Institutions Joe Face. Commissioner Face will discuss his planned restructuring within the Bureau of Financial Institutions.

Some of you may have already heard that the Commissioner plans to combine regulatory oversight of state banks and credit unions into one division within BFI. It's important that you or a representative participate in the webinar to hear firsthand how the restructuring will impact your credit union and your examination.

[LEARN MORE/REGISTER] (You'll need to be logged into our website to access the information; register here if you need a password.)

back to top

News About Credit Unions

Large Credit Unions Post Most Auto Loans

Borrowers at the largest credit union auto lenders have taken out a total of $48.37 billion in auto finance loans as of Sept. 30, according to SNL Financial, a bank and credit union data firm.

The Charlottesville, Va.-based firm reported that just over half of those balances (53.25%) were held in used car loans and rates for a direct five-year, new-car loan averaged 3.96% across the U.S. as of Nov. 7.

Rates for three-year, used-car loans averaged 4.18% and both rates fell over the past year.

Auto loan delinquencies at the largest credit union auto lenders also crept up nine basis point since the third quarter of 2013 to stand at 1.50% as of the end of September, according to SNL Financial.

The report comes at the same time that WalletHub, a national consumer finance website, reported that auto manufacturers charged the lowest interest rates for auto loans at 40% below average, while credit unions charged the second lowest at 24% below average, according to the National Auto Dealers Association.

[READ MORE]

back to top

Compliance/Regulatory Affairs News

NCUA to Incorporate More FFIEC Cybersecurity Guidance Into Exams

An assessment conducted over the summer by the Federal Financial Institutions Examination Council (FFIEC) to evaluate financial institutions' preparedness to mitigate cybersecurity risks could have a bearing on future National Credit Union Administration examinations. 
That is according to Tim Segerson, deputy director of the agency's Office of Examination and Insurance, who spoke at the inaugural Credit Union Cybersecurity Symposium about the approach the NCUA is taking when it comes to the increasing threat of cyberattacks.

While the NCUA's current program remains policy, Segerson said that since cybersecurity is among the top priorities for the agency every year, it could have an increased role in how it looks at credit unions. 
"Right now we are not making radical changes to our process. Our goal here is to be efficient and effective. And part of what we want to do is make sure that whatever we do is well-coordinated with our counterparts in the banking system," he said. "We are essentially working to align the changes we plan with our banking counterparts, and we're in the process evaluating what we worked on this summer, developing a game plan to go into 2015 and beyond based on that assessment." 
The assessment included more than 500 financial institutions, and according to Segerson, credit unions made up more than half of those institutions.

[READ MORE]

back to top

Financial Services/Marketplace News

For Millions of Americans, It Sure Doesn't Feel Like a Recovery

Millions of Americans still don't feel like they've recovered from the Great Recession. While official unemployment rates have declined and approximately 10 million private sector jobs have been added since June 2009, many say those numbers don't tell the full story.

As of August 2014, 3 million Americans had been unemployed for more than six months, and more than 2 million had been unemployed for more than a year, according to a new study from the John J. Heldrich Center for Workforce Development at Rutgers University. And even among those who are employed, many are underemployed or simply holding placeholder jobs until they can find a more fulfilling (and, often, higher-paying) position.

[READ MORE]

back to top

Zillow: Housing Won’t Normalize for at Least 3 Years

While a small percentage of people said they believe the housing market either already has returned to normal, or will in the next 12 months, 40% said it would take 3-5 years, which would be close to the 10-year anniversary of the financial crisis.

According to a recent survey by Zillow that interviewed 107 panelists, shifting demographics and would-be first-time homebuyers financially ill-prepared to buy will continue to hold back the housing market over the next several years.

The survey interviewed 107 panelists, asking them to predict the path of the Zillow home value index into 2019.

When asked when they expect the U.S. housing market to normalize, 30% of panelists said they expected the market to stabilize one to two years from now, and 40% said it would take 3-5 years. Just 20% said they believe the market either already has returned to normal, or will in the next 12 months.

[READ MORE]

back to top

News From Credit Unions

UVA Community Credit Union Cuts Ribbon for Orange Branch

Oct. 24 marked the official opening of UVA Community Credit Union’s first branch in Orange County, Virginia with a ribbon cutting ceremony attended by 60 community leaders and citizens. Jeff Moscicki, chairman of the credit union’s Board of Directors, welcomed the gathering and then cut the ceremonial ribbon with the Town of Orange Mayor Chuck Mason. “This new branch is a reflection of our desire to provide local, personal service,” stated Moscicki.

[READ MORE]

back to top

1st Advantage Welcomes Two New First Mortgage Loan Originators

1st Advantage Federal Credit Union is pleased to announce that Alicia Westfall and Jessica Cecil have joined the credit union as First Mortgage Loan Originators.

[READ MORE]

back to top

Chapter News

Richmond Chapter to Host Annual Legislative Breakfast Dec. 11

The Richmond Chapter will host its annual Legislative Breakfast on Dec. 11 at the Omni Hotel (100 South 12th Street, Richmond). RSVP by Nov. 28 for the discounted rate of $35 per person. State Sen. John Watkins will be the featured guest speaker.

[LEARN MORE]

back to top

Marketing News

Next-Gen Branches Call for Major Personnel, Layout Changes

What's a bank to do when its oldest sales channel is expected to be eclipsed by younger and cheaper digital alternatives — but not for a number of years?

This existential dilemma continues to unsettle financial institutions across the country looking to find a new role for their branches as transaction volume dips but sales continue to be made there.

The topic secured a standing-room-only crowd at a session during BAI's Retail Delivery conference in Chicago this week. What to do with branches remains a point of fierce debate, but the need to dosomething is abundantly clear to financial institutions of all sizes. A new Celent report found that more than half of surveyed financial institutions ranked branch transformation as an important initiative. 
[READ MORE]

back to top

5 Trends That Will Change How You Use Social Media in 2015

It can be difficult to predict the future of social media. With that caveat in mind, here’s a look into the crystal ball at five ways social media will (likely) evolve in 2015.
(1) Your social network wants to be your wallet.
(2) New networks proliferate, but will they last?
(3) Shopping finally comes to social media.
(4) Smart devices get more social.
(5) The illusion of social media privacy gives way to the real thing.

[READ MORE]

back to top


CURRENT Newsletter Archives

Archived Editions of the League's CURRENT Newsletter