NCUA's Marquis expects 2010 to be pivotal year

National Credit Union Administration Executive Director David Marquis told America's Credit Union Conference this morning that 2010 will be a pivotal year, with more reserve losses. "Reserve losses will go up, not down," he noted. He estimates that credit unions will pay 10 to 15 basis points over the next seven years. As for the corporate stabilization efforts, he didn't know how many corporates the system will end up supporting, but added corporates are being "sustained for now. If we don't sustain them, that will force our hand and there will be bigger losses."

2010 will be a pivotal year. In the 1980s, the movement lost 1,300 credit unions during that recession, and in the 1990s, the movement lost money. "There's a potential for a small tidal wave coming," he said, adding that typically the biggest loss to a share insurance fund comes at the end of a recession. 

CUNA Chairman notes grass roots history of CUs

CUNA Chairman Kris Mecham outlined credit unions' history of grassroots activism during today's closing General Session of America's Credit Union Conference and Expo in Boston. He pointed out that tradition started  in  Boston, the home of the father of the CU movement Edward A. Filene., and that today's CUs should continue grass roots efforts in the face of today's challenges.

WOCCU, CUNA join to co-host 'The 1 CU Conference'

The World Council of Credit Unions (WOCCU) and CUNA announced Tuesday that they will combine two of the credit union movement's largest educational conferences--the World Credit Union Conference and CUNA's America's Credit Union Conference--next year into a single event, called The 1 Credit Union Conference.

The combined conference is scheduled for held July 11-14, 2010, in Las Vegas and will mark the first time WOCCU has held its conference on U.S. soil in more than a decade.

 

 

ACUC to live stream NCUA webinar

The National Credit Union Administration's webinar Wednesday afternoon discussing the recently enacted corporate credit union stabilization fund's benefits and requirements will be streamed live to the America's Credit Union Conference. The webinar begins at 1 p.m. EDT and will be in room 312 of the Hynes Convention Center, according to an announcement by CUNA President/CEO Dan Mica during today's general session.

New breakout session to include NCUA's Marquis

Wednesday morning's new Legislative, Regulatory and TARP Update breakout session will include David Marquis, executive director of the National Credit Union Administration, according to CUNA President/CEO Dan Mica. Mica announced during today's question and answer general session that Marquis had been added to the lineup. The session will meet in Room 312.

Lending and assets up, says Mica

CUNA  President/CEO Dan Mica also noted that mortgage lending is up and that CUNA is getting support  for its efforts in getting member business legistation through Congress.Mica noted that U.S. Rep. Barney Frank supports the issue, which is on the legislative schedule but not finalized for next year. "We are going to get that legislation ready and if there's an open time or day, with Frank's support, we'll move that through," he told ACUC attendees.

Assets are also up, largely because credit unions are beating banks in the area of consumer trust. Mica noted that for 22 years, bankers' surveys consistently showed credit unions shining on consumer trust. "We won every year, so they stopped doing (the surveys)," he said. "They don't want another year where credit unions come out on top." Now, other groups have begun conducting similar surveys and credit unions are at the top of those also.

"Banks are as low as they've ever been," Mica said. Credit unions have the kind of delinquency numbers that the for-profits envy, he said.

 

Other good news centers on economy

More good news, CUNA President/CEO Dan Mica said this morning at the ACUC general session:  Lending is up. "Banks are good for credit unions," he said, noting that during the recession many banks and for-profits have nearly shut lending down. But membership in credit unions is up 1.6% and projected to reach 100 million in the next five to six years. "If banks keep acting the way they do, that (the 100 million milestone) could happen earlier," he said.

New York Times article points out good news--Mica

A New York Times article this morning points out some good news, said Dan Mica, at the beginning of today's general session at the ACUC. It discusses the fair practices of many financial institutions on credit cards and points out that "banks don't have to be ruthless, don't have to punish their customers with card fees" and don't have to charge, Mica said. They don't have to because they "can study credit unions and see how credit unions do it right."

"The whole system of credit cards ought to take a look at how credit unions do it," Mica said, quoting the article.

Two minutes and counting

In two minutes, America's CU Conference will begin its Tuesday General Session. That ends at about 11 a.m. ET, followed by "thought leader sessions."  Beginning now....

What's in store today at ACUC

We're sitting in the General Session waiting for America's Credit Union Conference to begin in five minutes. First up will be Dan Mica, CUNA's president/CEO, who will talk about the hottest topic to hit credit unions in several years--the issues surrounding corporate credit unions and the plan to stabilize them. Mica will be answering questions from attendees today.

After that, the session will move right into the economy and its affect on CUs. CUNA's economists--Bill Hampel, chief economist, and Mike Schenk, senior economist--will put the economic outlook into black and white for CUs.

 

CUs really, really, really wanted that book

After Bert Jacobs delivered his keynote address Monday morning, he spent time with credit unions as he signed his new book based on his Life is good company's experiences. He told credit unions he was donating 100% of the book's sales to a children's charity. Credit unions stood in line for two hours after the address--even through lunch--to snap up the autographed books.

There's more than just '10 emerging risks' for CUs

Ann Davidson's breakout session Monday afternoon limited itself to "Top 10 Emerging Risks Facing Credit Unions." However, Davidson, who is CUNA Mutual's product manager for its Credit Union Protection risk management area, told a media conference Monday morning that there's "not just 10" emerging risks. "There are a whole slew (of risks) facing credit unions," she said. "It's scary. In these economic times, people are looking for ways to make a few bucks."

A special brand of optimism- Bert Jacobs

With frisbees sailing over the general session attendees, Bert Jacobs of the Life is good T-shirt enterprise, let loose his special brand of optimism during this morning's keynote address. He noted his company is 15 years old, while credit unions are 100 years old. "Anything that lasts 100 years deserves applause," he told the crowd.  Children are the foundation of optimism because adults see obstacles while kids see opportunities, he said. His company has come a long way from selling T-shirts from the back of  van to a multi-million dollar enterprise, but it works to mitigate negative information from the media and "focus on what's right with the world."

New members are the most optimistic

CUNA President/CEO Dan Mica noted credit unions' newest members are the most optimistic, even though they they have been hit by the economy. Seventy-six percent believe that their personal financial situation will improve.He noted that young people want credit unions and says that in 5 or 6 years membership is projected to reach 100 million members.

Mica discusses optimism

While banks are having a tough year with regulators, Congress, shareholders and others on their backs, credit unions have reason to be optimistic, according to CUNA CEO Dan Mica in his welcoming speech at ACUC. "We don't have a single group in that situation."

Massachusetts league welcomes ACUC

Dan Egan, president/CEO of the Massachusetts Credit Union League, welcomed conventioning credit unions by summing up some credit union history in the state and introducing CEOs from St. Mary's Bank CU, the nation's first CU; St. Jean's Parish CU, the first CU in Massachusetts; and the state's second credit union, formed by the Women's Educational and Industrial Union.One of the CEOs, Roy Campana, is the great-nephew of Joe Campana, one of the original signers of the CUNA charter in Estes Park, Colo. in 1934.

CUs: What banks would be if they weren't evil.

Jimmy Tingle video is doing man on the street interviews in Boston. One man who was asked what a credit union is said, "Credit unions are what banks would  be if they weren't evil."

Monday general session starting momentarily

Jimmy Tingle, local entertainer, has just kicked off the General Session for Monday morning with a bit of local color.  Soon up will  be CUNA President/CEO Dan Mica, with his welcome, and Bert Jacobs, author of Life is good, based on his T-shirt empire.

Bergengren's granddaughter lives in his house

While waiting for tonight's General Session to gear up, I found myself sitting next to Charlie Pelletier of Berlin, Vt.  His wife, Kathy Pelletier, is the granddaughter of Roy F. Bergengren, one of the founders of CUNA and  pioneer in the American credit union movement. Kathy Pelletier was one of the speakers in tonight's session. They drove down from Vermont, a mere three hours, and he noted that they live in her grandfather's  house. "Her father was in World War II and built a house after he returned from the war right next door. And Kathy's sister built her home next to Bergengren's home on the other side. We have three houses in a row in the same family."

America's CU Conference off to sweet start

The 1,500 or so attendees at CUNA's America's Credit Union Conference & Expo got off to a sweet start in Boston Sunday afternoon with birthday cake--for both CUNA (celebrating its 75th year) and the nation's credit unions (celebrating 100 years).  As the night's emcee, Patrick Adams, president of St. Louis Community CU put it, how often does one get to celebrate two significant milestones in a single year?  He noted "the first 100 years are the hardest..."

 

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  • NCUA's Marquis expects 2010 to be pivotal year
  • CUNA Chairman notes grass roots history of CUs
  • WOCCU, CUNA join to co-host 'The 1 CU Conference'
  • ACUC to live stream NCUA webinar
  • New breakout session to include NCUA's Marquis
  • Lending and assets up, says Mica
  • Other good news centers on economy
  • New York Times article points out good news--Mica
  • Two minutes and counting
  • What's in store today at ACUC
  • CUs really, really, really wanted that book
  • There's more than just '10 emerging risks' for CUs
  • A special brand of optimism- Bert Jacobs
  • New members are the most optimistic
  • Mica discusses optimism
  • Massachusetts league welcomes ACUC
  • CUs: What banks would be if they weren't evil.
  • Monday general session starting momentarily
  • Bergengren's granddaughter lives in his house
  • America's CU Conference off to sweet start