MADISON, Wis. (2/2/11)--Corporate stabilization and interchange, which dominated the News Now
monthly top 10 stories list all year during 2010, didn’t crack the January top 10 list. The stories are: 10. CU Times’ parent co. files for Ch.11 bankruptcy
NEW YORK (1/28/11)--Summit Business Media, the parent company of trade newspaper Credit Union Times
and 12 other business-to-business publications, announced Wednesday it was filing for a Chapter 11 reorganization in a U.S. Bankruptcy Court in Wilmington, Del. 9. Four banned from future FCU work
ALEXANDRIA, Va. (1/21/11)--Four former credit union employees have been banned from future work at any federally insured financial institution under prohibition orders issued by the National Credit Union Administration (NCUA). 8. CU-to-bank conversions declining
MADISON, Wis. (1/14/11)--2010 was a year without a single credit union-to-bank conversion, and it arrived on the heels of two years in which only one such conversion per year occurred. News Now
, sniffing a trend, decided to look closer and noted a decline in conversions since they peaked at eight conversions in 2001. 7. Technology 2011: What's next?
Just three years ago, someone who mentioned “twitter” or “tweet” in a business meeting would draw blank stares. Today “Twitter” and “tweet” is part of the everyday lexicon, and using Twitter is an important branding vehicle for many companies, including credit unions. Who would have thought 140-character micro-blogging would become so vital? 6. NCUA applies salary freeze to part of work force
ALEXANDRIA, Va. (1/5/11)--The National Credit Union Administration (NCUA) said yesterday it will apply President Barack Obama’s recent executive-ordered federal pay freeze to those agency employees whose salary increases were not negotiated under existing union contracts. These employees’ salaries will be frozen, NCUA Chairman Debbie Matz said, "and we will reduce our budget accordingly." 5. Truth-in-Savings changes finalized by NCUA
The National Credit Union Administration (NCUA) on Jan. 13 finalized a rule that requires credit unions to disclose overdraft and returned item (NSF) fees on their members’ periodic statements. Under the rule, fees for both the statement period and for the year-to-date must be included on the disclosures. These and other changes to Regulation DD, the Truth in Savings Act, took effect on Jan. 1. 4. CUNA concerned by CARD Act creditworthiness standard
WASHINGTON (1/5/11)--The Credit Union National Association (CUNA) in a recent comment letter said it is concerned by a Federal Reserve proposal that would require creditors to consider only an individual credit applicant's ability to make payments, and not other household income, when determining an individual's creditworthiness. 3. CUNA unveils extensive guidance on CU exam issues
WASHINGTON (1/18/11)--After an exhaustive look at credit unions’ increasing frustrations, the Credit Union National Association (CUNA) has developed a bill of "examination rights," which is detailed and cross-referenced to the National Credit Union Administration's (NCUA) own examiner guide. 2. Supreme Court’s bankruptcy ruling a ‘positive for CUs’
WASHINGTON (1/13/11)—Tuesday’s 8-to1 ruling by the Supreme Court of the U.S. in favor of a creditor who contested a bankruptcy filer's disposable income deduction is a "positive for credit unions" or any creditor of unsecured debt in a Chapter 13 bankruptcy, according to Michael Edwards, Credit Union National Association (CUNA) counsel for special projects. 1. What CUs should do in 2011--CUNA economist
MADISON, Wis. (1/7/11)--The Credit Union National Association’s (CUNA) 2011 Economic and Credit Union Forecast reflects expectations that the economy will improve, but the level of growth associated with the rebound will be lower than what is typically seen in an economic recovery. This has implications for credit unions' actions, says a CUNA economist.