Colorado Credit Unions Show Marked Improvement vs. National Data~Denver Post
Colorado-based credit unions fared better than the national average on a number of fronts, quarterly data released Tuesday by the National Credit Union Administration show, lending credence to early reports that credit unions might be recovering slightly faster than banks
With the nation's fourth-lowest delinquency rate for the first quarter of 2013 and one of the sharpest quarterly increases in the number of member-business loans since at least 2008, Colorado credit unions overall "generally outperformed" the rest of the country, NCUA said. Read More
CFPB Overdraft Report Out: Study Will Continue
Consumer Financial Protection Bureau Director Richard Cordray states clearly in the bureau's report on financial institutions' overdraft programs, released at midnight, that the bureau does not intend to impede the offering of this service. CUNA was among stakeholders included in an early briefing on Monday afternoon and CUNA President/CEO Bill Cheney had a personal call from Cordray. Read More
Myth Of Uneven Playing Field Debunked In Report
All major claims made by critics of credit unions about an uneven playing field are unsubstantiated, according to an economic analysis released Friday. The study also found there is "no evidence that state and federal tax policies give credit unions unfair competitive advantages over banks." Read More
Tax Policy Developments As Congress Returns
The Credit Union National Association continued to talk tax reform with Capitol Hill staff members during last week's recess, and CUNA remains focused on the U.S. Congress's ongoing efforts at tax reform as legislators return to Washington this week.
The Senate Finance Committee is expected to continue to discuss staff-prepared tax reform options papers in private meetings. One paper of particular importance to credit unions is the Exempt Entities paper, which is expected to be discussed either this week or next, Donovan added.
Leaders on the House Ways and Means Committee are also continuing their own tax reform work, he said. Read More
Very recently, a new group calling itself the “Alliance for Competitive Taxation (ACT)” was formed as a coalition of 42 politically influential companies to advocate for bipartisan comprehensive tax reform. You can read the press release here. Credit union tax status continues to remain a top priority and it's more important than ever to protect credit unions as this reform is considered.
As a reminder, campaign tools are always available for credit unions on CUNA's Tax Advocacy Toolkit
CU, Bank Reg Relief Bill Could Come Soon
Comprehensive regulatory relief legislation could be considered by the House Financial Services Committee in the coming weeks. The Credit Union National Association is urging legislators to include greater supplemental capital and member business lending authority to this package, Ryan Donovan, CUNA senior vice president of legislative affairs, said Monday. Read More
CUNA Urges FASB To Drop Credit Impairment Plan
A Financial Accounting Standards Board (FASB) proposal that would change the methodology for recognizing credit impairment would be detrimental to the credit union system and could have serious, unintended consequences for borrowers and the economy, the Credit Union National Association warned last Wednesday, urging the accounting board to abandon the plan. Read More
CFPB Issues Exemptions To Ability-to-Repay Rule
The Consumer Financial Protection Bureau (CFPB) Wednesday finalized changes to rules issued in January that require lenders to determine a borrower's ability to repay before writing a mortgage loan. The changes are designed to make it easier for some credit unions and other small creditors to make mortgage credit available to their communities by exempting them from some provisions of the rule. Read More
CU Loan, Membership Growth Strong In First Quarter
The National Credit Union Administration released figures Thursday that claim the fastest first-quarter loan growth for federally insured credit unions in five years, as well as dramatic membership growth of more than 800,000 new members. Read MoreSee quarterly growth in AZ, CO & WY
Colorado-based credit unions fared better than the national average on a number of fronts, quarterly data released Tuesday by the National Credit Union Administration show, lending credence to early reports that credit unions might be recovering slightly faster than banks. READ MORE
Credit Union National Association (CUNA) has announced that the U.S. theme for International Credit Union (ICU) Day® in 2013 is “Credit Unions Unite for Good,” which conveys the movement’s shared vision of Americans choosing credit unions as their best financial partner.
This announcement is made in concert with World Council of Credit Unions’ announcement of the 2013 international theme, “Credit Unions Unite for Good: A Better Way,” emphasizing the benefits of cooperation among credit unions worldwide. As ICU Day is held annually on the third Thursday of October, both themes will be celebrated this year on Oct. 17, 2013.Member resources are now available!
Gessler Offers Tips For Charitable Efforts After OK Tornado
Colorado Secretary of State Scott Gessler today urged Coloradans to ensure they donate wisely, so their contributions go to legitimate charities that will meaningfully help victims, families, and Oklahoma residents recover from this disaster. Gessler offered guidance to help Coloradans avoid scams and efficiently direct money to those in need. Read More
Larimer County Credit Unions, Banks at Odds Over Lending Cap
Public Service Credit Union expects to max out how much it can loan to its small business members within a year unless Congress lifts the cap on commercial lending.
“I know we will hit the limit,” said David Maus, CEO of Public Service Credit Union, which has several offices in Fort Collins. “That causes us not to be as helpful or aggressive as we would like to be.” Read More
Credit unions were featured in a number of high-profile articles in recent weeks, in some popular publications and websites.
No doubt, these items contributed to a strong April for aSmarterChoice.org with nearly 19,000 visits being made and the total number of searches reaching nearly 18,000. Add April's numbers to the first quarter totals and it shows that aSmarterChoice.org has drawn just over 78,000 visits and a total of just over 68,000 credit union searches.
In April, Wisconsin Credit Union League and Mountain West Credit Union Association
upped the count to eight leagues that have joined the recognition program and are stepping up their game by promoting aSmarterChoice.org on their websites, using aSmarterChoice.org as a press resource, and including aSmarterChoice via their social media outreach. Read More
40 CU Professionals Become Certified CU Development Educators (CUDEs)
Forty credit union professionals became Credit Union Development Educators (CUDEs) last week after being guided by eight dedicated program facilitators and mentors through the intensive Credit Union Development Education (DE) Training from the National Credit Union Foundation (NCUF). The May 1-8, 2013 training was held at the Lowell Center on the University of Wisconsin campus in Madison, Wisconsin.
The Spring 2013 graduating class included credit union movement representatives from across the U.S., the Caribbean, and from the Philippines. Mountain West Credit Union Association graduates were Lisett Olsen, Alhambra CU in Arizona and Chris Kemm, Mountain West CU Association in Colorado
“My experience at DE training was eye-opening and inspirational,” said Lisett Olsen, Business Development Officer at Alhambra CU in Phoenix, Ariz. “We need to go out and tell our story so we can keep the unique legacy and vision of our founders alive of ‘people helping people.’ The DE program is the electricity that we need to light our continuing path to the future.” Read More
Don't Let Congress Tax Our Credit Unions!
Unfortunately, some in Congress want to raise taxes and impose new fees on 96 million credit union members who represent 40% of all Americans, yet represent only 6% of the assets in financial institutions. And, they want to do this despite the fact that credit unions are not-for-profit and meeting their core mission every day.Visit Don't Tax My Credit Union.org to learn more and take action!Credit unions may also access the credit union Tax Status Advocacy Tool Kit for member communication resources!
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