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CUNA, CUs Support 'Run' Raising $6M Total for Kids' Hospitals

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WASHINGTON (4/8/13)--More than 15,000 runners signed on for Sunday's annual Credit Union Cherry Blossom Ten Mile Run and anyone venturing out on the National Mall--even in the pre-dawn hours--would assure you that it seemed they were all there for the teeming and lively scene.

Click for slide show The 41st running of the Credit Union Cherry Blossom Ten Mile Run took place Sunday, April 7. (CUNA Photo)
More than 160 members of Congress were honorary chairs of this year's event, nearly 800 Capitol Hill staffers participated in the race, and the event was blanketed with credit union volunteers supporting the effort, including a strong contingent form the Credit Union National Association. Four former Members of Congress also signed on to be Honorary Race Chairs.

A kick-off press conference was held in the Capitol Visitor Center Thursday, April 4, and a Kids' Play Day at Children's National Medical Center in Washington' DC' was a Friday highlight of the weekend's credit union activities surrounding the race.

Credit Union Miracle Day (CUMD) is the title sponsor group of the race. Sunday was the 41st year of the annual run, and twelfth with credit unions as chief sponsor.

"We are very proud of the way credit unions and their business partners, including our lead partner, PSCU, and runners have all united and collaborated to raise funds for Children's Miracle Network Hospitals under the umbrella of Credit Unions for Kids," CUMD Chairman Juri Valdov said about the 2013 race.

CUMD's 2013 donation of $483,000 will bring the 12-year total of funds donated to Children's Miracle Network Hospitals nationwide to over $6 million. Approximately $112,000 alone was raised by runners and their families and friends in 2013.

Credit Union Miracle Day is slated to sponsor the race through 2016.

CUNA volunteers once again showed the credit union difference by taking on bag check responsibilities for the 10-mile run and 5k run/walk event. And CUNA athletes, including Executive Vice President of Government Affairs John Magill, also made a good showing in the main event.

USA Track and Field has named this year's Credit Union Cherry Blossom Ten Mile as the USA Women's 10-Mile Championship, Presented by America's Credit Unions. As a result, top American female athletes, including five-time U.S. National Road Running Champion and London Olympian Janet Cherobon Bawcom were scheduled to run. U.S. Olympians Jen Rhines and Colleen De Reuck also signed on to compete in to run the race.

Boston Half Marathon record holder and 2012 Credit Union Cherry Blossom Ten Mile champion Allan Kiprono went up again 2012 runner-up Lani Kiplagat and others in the men's race.

The CUMD Family of Races has expanded beyond the Washington event. Also on Sunday, the second annual Credit Union SacTown 10 Mile Run took take place in downtown Sacramento, Calif., to raise money for Children's Miracle Network hospitals in California and Nevada.

And two "freedom runs" were organized: One held Sunday at Camp Arifjan in Kuwait, sponsored by the Defense Credit Union Council Overseas Subcouncil, and the other scheduled for April 20 at Army Garrison Wiesbaden, Germany, sponsored by Andrews FCU.

CFPB To Release Plain Language Compliance Guide

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WASHINGTON (4/8/13)--The first documents in a series of plain language compliance guides and other informational materials on pending Consumer Financial Protection Bureau mortgage regulations will be released this week, the agency said.

The agency in January released a slew of final mortgage rules, many of which are scheduled to go into effect in January 2014. The CFPB regulations address mortgage servicing, mortgage loan originator compensation, high-risk-mortgage appraisals, ability to repay requirements, escrow accounts and "high-cost" mortgages.

More plain language compliance resources and updates of official regulatory interpretations, examination procedures and other materials addressing these regulations will be unveiled in the coming months, the agency added.

"A good implementation plan reduces confusion and costs for industry. That means less time figuring out what the rules mean and more time designing business practices that serve consumers and follow the rules. That's a market that works better for everyone," the CFPB said in a Friday release.

The CFPB has promised easy-to-understand summaries of the regulations in both written and video format. The "official interpretations" of the rules will provide guidance on how to comply with the rules and allow the agency to address industry, consumer and regulatory questions regarding the regulations, the CFPB added. Mortgage originators and servicers will also be provided with a checklist of implementation, training and policy revision plans. The bureau also plans to inform consumers about the new mortgage rules through a broad-reaching education campaign.

The Credit Union National Association has produced a set of charts covering the CFPB mortgage rules and their key components. For the CUNA charts, use the resource links.

Reg Relief Testimony Gets Cheney Report Preview

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WASHINGTON (4/8/13)--Wednesday's House Financial Services subcommittee hearing on credit union regulatory relief "will be a good day for credit unions," and Credit Union National Association President/CEO Bill Cheney previewed the issues that CUNA's witness will emphasize this week in the latest edition of The Cheney Report.

"We're set for the great opportunity presented by Wednesday's House subcommittee hearing on regulatory relief," Cheney said. The last 12 times Congress has looked at this issue, Cheney noted, hearings have been under the banner of regulatory burden. "This is the first characterization as 'relief', and this characterization, Cheney said, is "more than semantics...It signals the Financial Services Committee's intent to move actual legislation, the first of its kind in years."

In her testimony on behalf of CUNA and credit unions, Pamela Stephens, CEO of $55-million-in-assets Security One FCU, Arlington, Texas, plans to recommend nearly three dozen statutory changes or studies, all aimed at delivering substantive regulatory relief to credit unions. The recommendations will address:
  • Exam fairness and the appeals process;
  • Greater openness in the National Credit Union Administration's budgeting;
  • Assessing the unintended consequences of accounting standards;
  • Increasing maturity limits on student loans; and
  • Expanding investment authority in credit union service organizations.
Implementing capital reforms, making greater use of Consumer Financial Protection Bureau exemption authority for credit unions, and adding small business service flexibility are other topics the CUNA witness plans to touch upon, Cheney added.

This week's Cheney Report also includes:
  • Recent regulatory relief efforts by the Credit Union Association of the Dakotas;
  • News on NCUA legal actions against Wall Street firms;
  • An update on how credit unions are working together to foster service excellence; and
  • Encouraging credit union financial data.
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership, CUNA Executive Vice President of Strategic Communications Paul Gentile notes.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.

Registration For NCUA/League CEO Boot Camps Opens

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ALEXANDRIA, Va. (4/8/13)--Registration for the National Credit Union Administration's series of Credit Union CEO Boot Camps is now open.

The NCUA has partnered with state credit union leagues to develop a significant number of the training sessions.

Succession planning will be the central topic at the Office of Small Credit Union Initiatives boot camps. Representatives from the California & Nevada Credit Union Leagues, Maryland and D.C. Credit Union Association, the Virginia Credit Union League, the Illinois Credit Union League, the Missouri Credit Union Association, the Ohio Credit Union League, the Texas Credit Union League and the League of Southeastern Credit Unions are developing separate agendas for the different boot camp sessions.

Representatives from the Credit Union Executive Society, CUNA Mutual Group, the National Credit Union Foundation and the National Federation of Community Development Credit Unions are also scheduled to particpate in the meetings.

The NCUA has designed the boot camps, which were announced earlier this year, to serve as an intense, full day of managerial education. Each session will also include round-robin discussions. Key ratios, loan underwriting, collections, new products and services for small credit unions, and pricing are among the topics to be addressed.

The first of these six boot camps is scheduled for May 4 in Ontario, Calif. A second boot camp will be held near the NCUA's Alexandria, Va. headquarters on May 8.

Others are scheduled for:

  • June 11 in Collinsville, Ill.;
  • July 17 in Columbus, Ohio;
  • Sept. 18 in Dallas, Texas; and
  • Sept. 25 in Birmingham, Ala.
To register for the NCUA OSCUI boot camp sessions, use the resource link.

CUNA to NACHA: Mind Compliance, Implementation Costs

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WASHINGTON (4/8/13)--The Electronic Payments Association (NACHA) must minimize implementation and compliance costs as it works to clarify the meaning or intent of certain provisions, improve processing efficiency, and eliminate requirements that no longer add value to the ACH network, the Credit Union National Association said in a new comment letter.

The CUNA comment letter is in response to NACHA's latest compliance and operational topics proposal, which was released in February.

NACHA has proposed amending its operating rules by:

  • Removing change code C04 (incorrect individual name/receiving company name) to reduce compliance and liability challenges associated with name changes;
  • Reducing the mandatory six-day waiting period associated with prenotification (prenote) entries; and
  • Making technical corrections to the rules on the authorization of reclamation entries.
Originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs) would be impacted by these changes, CUNA Assistant General Counsel for Regulatory Research Dennis Tsang noted.

Tsang said CUNA generally supports the changes.

Reducing the mandatory six-day waiting period on prenotification entries, as proposed by NACHA, should help facilitate a more timely use of the prenote, and could also help reduce exceptions, Tsang wrote.

The proposed technical changes on authorization of reclamation entries would make the rules for reclamation entries consistent with the rules for reversing entries, he added.

For the full CUNA comment letter, use the resource link.