Twitter & Facebook

You can follow cuinsight.com on Twitter and Facebook.

http:www.cuinsight.com

Bloggers and Events

We've added many new bloggers to the blogroll on the CU Blogs page of CUiNSIGHT.com.

Also many new webcasts and conferences have been added to the CU Events page.

New Partner and a great new blogger

We are welcoming a new partner this week: CU Members Mortgage

Also I was informed of a great blog on the corporate credit union situation that is now on the CU Blogs Page: Unrealized Losses

Keep them coming and keep spreading the word about CUiNSIGHT.com.

CUES® Releases Credit Union Financial Impact Study

Check out the CUES press releases on their Credit Union financial impact study in the CU Press Center.

www.cuinsight.com

NCUA Fraud Alert

The National Credit Union Administration (NCUA) is alerting all federally insured credit unions about a fraudulent Letter to Credit Unions.

Read the full NCUA Media Release on CUiNSIGHT.com

New Partner and 2010 Events

We are proud to announce a new Partner to the CU Community:
Ventelligence

We also updated the CU Events page with many 2010 conferences posted.

http://www.cuinsight.com

New Events Posted and New Partners Coming Monday

The CU Events calendar has been updated with even more coming over the weekend. We also will be featuring a new Partner on Monday and a new Case Study from Adapt.

Don't forget to join us on Facebook; Search "CUiNSIGHT.com"

www.cuinsight.com

Today’s CARD Act Deadline is Tip of the Iceburg

A good post from the TMG blog on CU Blogs today talking about the CARD Act and what's to come.

Check it out on CUiNSIGHT.com

New Bloggers, Events & Vendors

The newest vendor added to the directory: ATM Ventures

The NACUSO added new events for the rest of 09 and into 2010. Anda few upcoming webcasts have been added for the CU community in August and September on the CU Events Page.

New Bloggers were added to the blog roll over the weekend. The latest three additions to the blog roll are:

The Story
LoveMyCreditUnion.org
Credit Union Cheat Sheet

CUiNSIGHT.com on facebook

If your on facebook join the CUiNSIGHT.com community. Become a fan and join the CUiNSIGHT.com group.

Just search CUiNSIGHT.com once your in facebook.

Some Great Blogs this Week

There are some great blogs from the CU community this week.

Check them all out on the CU Blogs page at CUiNSIGHT.com.

A few that I enjoyed:

Dear Deborah! from Ron at CU Soapbox

Credit Unions, To Arms! from TMG

Big Bailout Banks Belly-up to the Bond Buying Bar. from Credit Union Cheat Sheet

A Low Tolerance for Pain and Everything I Know About Lending I Learned From Wii Fit from both the CUES blogs

The Keith Leggett Watch from The Credit Union Warrior.

You get them all in one place at CU Blogs on CUiNSIGHT.com

New Updates

New bloggers. New Events. New Partners.

Many new additions daily to CUiNSIGHT.com. Today a new CU blogger was added. The blog is the Credit Union Cheat Sheet.

SecureWorks has added a new Webcast for August.

And all week we've been featuring our newest partner the Conference Group, LLC.

Thank you for your continued support.

Randy

The All New CUiNSIGHT.com

Check out the all new CUiNSIGHT.com

Updated throughout the day.

New sections: CU News, CU Press Center, CU Events, CU Jobs, CU Blogs.

CU News: Current Credit Union news from around the country.

CU Press Center: Press Releases from the Credit Union Community.

CU Events: Webcasts, Conferences, Events for the Credit Union Community

CU Jobs: Job board of Credit Union and Vendor job openings.

CU Blogs: All your favorite Credit Union bloggers in one place.

CUiNSIGHT.com
A One Stop Place For All Things CU

Registration Deadline for the NCUA’s 75th Anniversary Symposium

Registration Deadline for the NCUA’s 75th Anniversary Symposium
June 2, 2009 – Randall C. Smith, Managing Editor

Registration for the NCUA 75th Anniversary Symposium will close on Wednesday June 3 at 4:00 PM. The Symposium will be held June 9 and 10, 2009, at the Hyatt Regency Washington D.C. on Capitol Hill. The free, two-day event will celebrate 75 years of federal credit union history while providing a forum to discuss the future of federal credit unions in the 21st century.

The speaker line-up features special addresses by Representative Paul Kanjorski, currently Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and John Hope Bryant, Founder and CEO of Operation HOPE, Inc. and Vice Chairman of the U.S. President's Advisory Council on Financial Literacy.

More Information
NCUA Media Release

CUiNSIGHT.com Welcomes a New Premier Sponsor

CUiNSIGHT.com Welcomes a New Premier Sponsor
May 27, 2009 – Randall C. Smith, Managing Editor

We would like to welcome our newest premier sponsor, CU Conferences, to the CUiNSIGHT.com community.

Now celebrating their 30th year, CU Conferences has led credit union management education and professional development. Each year, thousands of CEOs, Directors, Executives, Committee Members, and management staff from credit unions across the country and around the globe participate in CU Conference programs to learn about the latest asset management, marketing, operations, staff development, technology tools and to get the most targeted credit union management training available.

To learn more and support CUiNSIGHT.com’s newest partner follow the link below.
CU Conferences

New NCUA Letter to Credit Unions: 09-CU-10

New NCUA Letter to Credit Unions: 09-CU-10
May 26, 2009 – Randall C. Smith, Managing Editor

The NCUA released a new letter to credit unions. The purpose of the letter is to respond to the many inquiries from members concerning their “paid in capital” (PIC) and “membership capital” (MCA) accounts at the corporates, and how those accounts are applied to absorb losses that U.S. Central and WesCorp are each required to recognize.

View full letter at CUiNSIGHT.com

New White Paper: A Guide to Enterprise Content Management

New White Paper: A Guide to Enterprise Content Management
April 19, 2009 – White paper submitted by OnBase a Hyland Software solution

The potential of Enterprise Content Management (ECM) to transform your organization from the slow and error-prone paper shuffling of today into tomorrow’s environment of highly-efficient and accurate product servicing processes is tremendous. ECM is about more than signature cards and promissory notes; there are many other areas in your organization that can benefit from an ECM investment. If your financial institution has not installed an ECM solution or if you have only minimally exploited the potential, investing resources to take advantage of the efficiency opportunities will pay big dividends for you and your customers/members. This white paper will help you explore all of the benefits of ECM within a credit union.

Read full case study on the Technology page of CUiNSIGHT.com.

Chief Financial FCU Servicing Rouge Employees Credit Union Members

Chief Financial FCU Servicing Rouge Employees Credit Union Members
May 18, 2009 – Randall C. Smith, Managing Editor

The NCUA was appointed the liquidating agent of Rouge Employees Credit Union on Friday by the Michigan Office of Financial & Insurance Regulate. Today Chief Financial Federal Credit Union purchased and assumed Rouge Employees Credit Union assets, loans and shares. This will allow Rouge’s members to receive uninterrupted service.

Rouge had 6,200 members and $23 Million in assets that will be added to Chief Financial FCU’s 13,480 members and almost $83 Million in assets. The credit union will continue serving members from employee and associational groups, along with an underserved area encompassing portions of Dearborn Heights, Inkster, Romulus, Taylor, Wayne, and Westland, Michigan. Chief Financial FCU has three branch offices serving members throughout its service area. The credit union also offers online transaction service.

NCUA Media Release

Credit Union Cooperation Saves Member in Shanghai

Credit Union Cooperation Saves Member in Shanghai
May 11, 2009 - Shannon Perry – Group Health Credit Union

What do you do if you’re stranded in Shanghai at midnight with no money and no Mandarin? Well, if you’re a credit union member, you have an entire network of help, just a phone call away.

Difficulties with his debit card had left Randy P. dangerously low on cash—too low to take a taxi to the nearest Western Union, had he even known where that was. Feeling a little desperate, he phoned Dow Louisiana Federal Credit Union, where he is a member, to see if the necessary funds could be wired from his account to his hotel.

Read full article on CUiNSIGHT.com

Senate Passed Bill Funding Corporate Bailout

Senate Passed Bill Funding Corporate Bailout
May 7, 2009 – Randall C. Smith, Managing Editor

With a vote of 91-5 the Senate overwhelmingly passed the bill that included the corporate stabilization fund. The bill also extended share insurance coverage on accounts up to $250,000 through 2013. This gives the NCUA $6 billion in borrowing authority and $30 billion in emergency authority.

The corporate stabilization fund is financed from a line of credit through the Treasury Department and must be paid back over the next seven years. Natural persons credit unions will pay an assessment between 8 and 20 basis points per year over the next 7 years.

The bill now moves to the House where a committee will work out the differences between the two bills.

NCUA Statement

NCUA Chairman Encourages Credit Unions to be Optimistic

NCUA Chairman Encourages Credit Unions to be Optimistic
May 6, 2009 – Randall C. Smith, Managing Editor

In remarkets to practically 150 credit union officials at the Illinois Credit Union System’s Governmental Affairs and Legislative Day in Springfield, NCUA Chairman Michael E. Fryzel stated, “Looking ahead, I encourage credit unions to be optimistic about our shared future. I have repeatedly expressed my intention to take whatever steps necessary to preserve the safety and soundness of the credit union industry.”

The most immediate priority at the NCUA was Congressional approval of the Corporate Stabilization Plan. The final vote on the corporate credit union bailout bill should happen this morning in the senate. The NCUA is also looking to the future and wants dialogue with credit unions on how to improve the corporate system.

Read Full NCUA Media Release

NCUF offers New Grants in Tough Times for CU Innovations

NCUF offers New Grants in Tough Times for CU Innovations
May 1, 2009 – Randall C. Smith, Managing Editor

The National Credit Union Foundation is excepting applications for Innovation Grants between now and June 30th. To be eligible you must be a credit union, CUSO, state credit union association, state credit union foundation, or any organization owned or controlled by a credit union.

The grants are aligned with the NCUF’s REAL Solutions® program but participation in REAL Solutions is not required. The five service areas are education, transaction services, savings, credit, and homeownership.

NCUF Deputy Director Steve Bosack stated, “Based on what we’re hearing from credit unions that want to apply for grants this year, their needs are greater than ever.” For more information on the grant process follow the link below.

CU Innovation Grant Link

Credit Unions Prepare for Swine Flu Virus

Credit Unions Prepare for Swine Flu Virus
April 29, 2009 – Randall C. Smith, Managing Editor

With the first reported death in the United States from the Swine Flu virus and more than 150 suspected deaths in Mexico credit unions around the country are implementing their pandemic preparedness plans. In a press release, the Golden 1 Credit Union, based in Sacramento, CA, is proactively providing employees and branches with supplies, information, and instructions for use of materials in its pandemic preparedness kits.

“Preparation and communication are key to minimizing the impact of any potential pandemic outbreak,” says Teresa Halleck, Golden 1 President and CEO. “Our concern is focused equally on the protection of our employees and our continued ability to provide service to our members.”

CUiNSIGHT.com Premier Sponsor, FISolv, has announced an educational webcast next week on Pandemic Planning with a focus on the Swine Flu Virus and what credit unions need to do to prepare for and how to mitigate the impact of a pandemic outbreak. “Every credit union should have a pandemic preparedness plan as part of the overall business continuity plan,” stated Didi Dunagin of FISolv. “Pandemic Preparedness Kits need to include; antibacterial cleaner, latex gloves, masks, and instructions on what to do, how to do it, and who to contact.”

For more information follow the links below:
The Golden 1 Credit Union Press Release
FISolv Webcast Information

Space Coast Credit Union and Eastern Financial Florida Credit Union to Merge

Space Coast Credit Union and Eastern Financial Florida Credit Union to Merge
April 28, 2009 – Randall C. Smith, Managing Editor

Just days after the NCUA assumed control of Eastern Financial Florida CU it was announced that the credit union would merge with $1.6 billion Space Coast Credit Union. Space Coast will also function as interim management for Eastern until the merger is complete.

Doug Samuels, Space Coast’s President and CEO, stated in a credit union release that “We are excited about being able to apply the operating efficiencies SCCU has built to the new, larger credit union, and ensure that the member-owners receive a good return on their investment in the cooperative.”

Post merger Space Coast Credit Union will have over 350,000 members, over $3 billion in assets, and more than 60 branches.

Read the full release on the Press Release page of CUiNSIGHT.com

Agencies Propose Clarifications to Credit Card Rules

Agencies Propose Clarifications to Credit Card Rules
Randall C. Smith, Managing Editor

The Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union Administration today proposed clarifications to aspects of their December 2008 final rules under the Federal Trade Commission Act (FTC Act) prohibiting certain unfair credit card practices. The Federal Reserve Board also proposed clarifications to its December 2008 final rule under the Truth in Lending Act (TILA) amending Regulation Z to improve the disclosures consumers receive in connection with credit card accounts and other revolving credit plans.

The proposals are intended to facilitate compliance with the December 2008 final rules without reducing protections for consumers. They would resolve areas of uncertainty and make technical corrections to ensure that institutions are able to come into compliance with the rules on or before the July 1, 2010 effective date.

Read Full Release

Update: FASB to Change Mark-to-Market Rules

Randall C. Smith, Managing Editor

The Federal Accounting and Standards Board today announced a change in accounting rules that allows companies to use their judgment when determining fair value of an asset on their books. The changes will take effect for the second quarter of 2009.
The credit union lobby has pushed hard for this change along with the banking community. This is good news for CUs because it allows credit unions to value their assets at what they could sell for in an orderly sale where existing rules forced credit unions to take losses during economic downturns due to the fact that the investments had to be valued lower.

New Accounting Rules Wanted to Help Corporate CU’s

New Accounting Rules Wanted to Help Corporate CU’s
Randall C. Smith, Managing Editor

The corporate credit union system has sent its representatives to Washington to lobby the Financial Standards Accounting Board to amend the rules on mark-to-market losses. The corporate CU’s would like this done quickly to due to the fact that they are buried under billions of dollars in mark-to-market losses.

Amending some of the mark-to-market rules would allow corporate CU’s to cast off some of their losses and clean up their balance sheets.

U.S. Central and Western Corporate Update

U.S. Central and Western Corporate Update
Randall C. Smith, Managing Editor

The NCUA placed U.S. Central and Western Corporate Credit Union into conservatorship to stabilize the corporate system and clear up balance sheet issues. The action was predicated on both due to credit losses the exceeded capital which impaired liquidity to retail credit unions without government support. This action also removes obstacles for the NCUA to take actions to protect retail credit union deposits and the interests of the NCUSIF.

As a result of the NCUA’s conservatorship board and senior management changes have taken place at both corporates as mandated by the NCUA. During the NCUA’s webinar updating the corporate stabilization plan, Executive Director David Marquis announced that you can“completely take out PIC and member capital accounts, and still leaves a rather sizable hole, which we will cover.”

Rating agency, Fitch affirmed the Issuer Default Rating on eight corporate credit unions yesterday based on NCUA actions. With the NCUA statement and action taken, Fitch expects support to be coming that will allow the corporates to operate at current rating levels.

CU Leaders in Front of Senate Committees Today

Three leaders from the NCUA and CEO’s from two credit unions representing CUNA and the NAFCU will testify at Senate hearings today on deposit insurance and help paying for the $5 billion corporate credit union bailout.

The NCUA would like to expand the powers of the Central Liquidity Fund (CLF) and widen out the assessment for the bailout for up to 8 years. The NCUA announced in a media release that Chairman Michael E. Fryzel and Executive Director David M. Marquis are scheduled to testify before the Senate Banking, Housing, and Urban Affairs Committee at a hearing on “Modernizing Bank Supervision and Regulation.” Associate General Counsel Sheila Albin is scheduled to testify before the House Subcommittee on Financial Institutions and Consumer Credit at a hearing on “H.R. 627, the Credit Cardholders’ Bill of Rights Act of 2009; and H.R. 1456, the Consumer Overdraft Protection Fair Practices Act of 2009.”

CUNA and the NAFCU will be represented by Terry West, pres/CEO of Vystar Credit Union and David J. Wright, pres/CEO of Services Center Federal Credit Union.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Impact of NCUSIF Premium Survey

The results are in from the NAFCU’s March flash report. Almost 98% of those surveyed predict their CUs net income growth will be effected by the premium. The NCUA decided to levy a 1.3 percent premium on CUs to steady the NCUSIF as part of the corporate stabilization plan. The premium is projected to cost credit unions on average 62 basis points in return on assets.

According to the report over 80% of CUs surveyed expect net income growth to decline this year. Less than 35% expect an increase in asset growth for 2009 and 70% of credit unions have adjusted their forecasts.

The credit union community is split on asset quality, with just over half anticipating it to stay the same in 2009. You can read the full report on the NAFCU website.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

NAFCU Webcast with Fannie Mae

The NAFCU is offering a free webcast to members on March 25th sponsored by Fannie Mae. The webcast will focus on how to leverage DU(r) for a more efficient and effective refinance offering. DU RefiPlus™ will be available in the DU 7.1 release on April 4, 2009. Also, learn how to use it effectively at the point-of-sale, in your business process, and with technology integration.

For more information or to register follow the link in the CUiNSIGHT.com Webinar Calendar.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

CUiNSIGHT.com Welcomes a New Premier Sponsor

We would like to welcome our newest premier sponsor, Marquis, to the CUiNSIGHT.com community.

For over 20 years, Marquis has provided scalable, results-driven marketing, sales and compliance solutions designed exclusively for financial institutions. They have three ways to help credit unions: easy to use software, outsourced services, and professional consulting. Marquis guarantees results with MCIF software, services and consulting.

To learn more about and support CuINSIGHT.com’s newest sponsor follow the link below.
Marquis Page

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Bill on CRA Introduced Against CU Community Opposition

Rep. Eddie Bernice Johnson of Texas introduced a bill that would include credit unions in the expansion of the Community Reinvestment Act (CRA). In the bill credit unions along with mortgage companies, insurance companies and securities firms would require a CRA exam to judge how well the institutions serve minorities and low income groups.

The NCUA, CUNA and NAFCU have all stated that they oppose the addition of credit unions to the CRA.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Plan for Largest CU Merger Ever

GTE Federal Credit Union and Suncoast Schools Federal Credit Union announced a proposal to merge the two multi-billion dollar credit unions. The merger would be the largest credit union merger ever with combined assets reaching nearly $8 billion.

Both Florida credit unions have been hard hit by the housing market collapse and an increase in bankruptcy filings of their members. Tom Dorety, President of Suncoast, stated “The problems both of us are seeing are consumer driven and clearly due to where we live.”

The merger isn’t expected for another year. Suncoast and GTE will review financial statements, operation, contracts, underwriting standards, IT systems, human resources, and regulatory examinations for the next six months before submitting the merger proposal to the NCUA for approval.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Central State Mortgage Suspends Operations

The Wisconsin based CUSO, Central State Mortgage, suspended operations on Monday. The CUSO is one of the nation’s largest mortgage companies serving 250 credit unions nationwide.

On Monday the Milwaukee Journal Sentinel stated that Central States “has been involved in numerous controversial dealings and recently filed a racketeering suit against Richard Jungen, its founder and former CEO. The suit against Jungen and other former executives charges they defrauded the company out of at least $15 million.”

Central States Mortgage is owned by 25 Wisconsin based credit unions and the Wisconsin Credit Union League.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Credit Unions Oversubscribe CU SIP Offering

A NCUA Media Release dated March 6th announced that the Credit Union System Investment Program (CU SIP) has been extremely successful due to the high level of support from credit unions.

Over $7.7 billion has been issued to corporate credit unions during the first two subscriptions. The CU SIP remains open for subsequent offerings if the need arises. The corporate CU’s have used the dollars to pay down external borrowing, freeing collateral for future contingency liquidity needs.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Update: House Passes Cram Down Bill Over CU Objections

Update: House Passes Cram Down Bill Over CU Objections

The House passed the Mortgage Bankruptcy Bill yesterday intended to ease the burden on homeowners facing struggles to pay their mortgage. The legislation now heads to the Senate for consideration, if passed empowers federal judges to modify mortgages for borrowers who file for bankruptcy.

The credit union community has lobbied strongly against this bill.

Randall C. Smith, Managing Editor
CUiNSIGHT.com

Credit Union Community Continues Fight Against Cramdowns

With a vote on the compromised bill coming to the House as early as this afternoon the credit union community has continued its lobby against the measure. The bill allows bankruptcy courts the authority to modify mortgages.


The credit union lobby has strongly opposed and continues to oppose cramdowns. In polling the vast majority of credit union professional views it as a bad deal for the credit union community.

More Information on www.cuinsight.com.

Randall C. Smith - Managing Editor
CUiNSIGHT.com

Visa States There is No New Data Breach

Visa informed card issuers that recent alerts were actually part of an existing investigation and were not related to a new event. In the end it looks like Heartland Payment Systems may be the only new data breach this year. Visa did not name the company that is the focus of the existing investigation.

More information at www.cuinsight.com


Randall C. Smith - Managing Editor
CUiNSIGHT.com

NCUA Guidance on Recognizing Corporate Impact

On Friday the NCUA provided examiners guidance on the potential impact of the Corporate Stabilization Program on credit unions balance sheets. Supervisory Letter 09-01 instructs examination staff to differentiate between the impact of recent NCUA Board actions and operational activities by credit union management when evaluating credit union performance and risk profile.


NCUA Chairman Michael E. Fryzel stated, “This Supervisory Letter is part of overall NCUA efforts to recognize and mitigate the impact of the Corporate Stabilization Program on credit union earnings and net worth.”


The goal of the guidance is to allow members to see the factors that are affecting their credit unions bottom line.


More information on http://www.cuinsight.com/


Randall C. Smith - Managing Editor
CUiNSIGHT.com

New Security Breach Warning

Visa and MasterCard have issued warnings of another breach of a payment processor, and it’s not Heartland Payment Systems. According to an announcement posted by Tuscaloosa VA Federal Credit Union, malicious software was placed on the network of another payment card processor. The announcement stated that Visa and MasterCard are not willing to identify the processor due to the fact that they have not made the breach public yet.


The breach is said to involve purchases made over the phone or on the internet. Card numbers and expiration dates were exposed but not other personal information or PINs. It is not know yet how many cards are at risk due to this security breach.


This is the second breach of data from a processor this year. The number of credit unions affected is still unknown.

Randall C. Smith - Managing Editor

CUiNSIGHT.com

FBI Investigating Massive Fraud at C.U. National Mortgage

The FBI is investigating claims that a massive fraud has taken place at U.S. Mortgage Corp. This is the privately held owner of C.U. National Mortgage that halted loan originations on February 6th and filed for chapter 11 bankruptcy protection earlier this week.


A release by the company stated, “Although (crisis management firm NachmanHaysBrownstein) had sought to avoid a bankruptcy filing in order to save costs and prevent delay, and was supported in this effort by the vast majority of affected credit unions, a credit union insisted upon advising its members to stop sending payments normally to the company on their mortgages.”


The same release also acknowledged “irregularities in the company’s accounts and recordkeeping.”

More information at www.cuinsight.com


Randall C. Smith - Managing Editor
CUiNSIGHT.com

CUiNSIGHT.com "Bringing Credit Unions Together"

CUiNSIGHT.com is built on “Bringing Credit Unions Together”. This is the credit union communities one stop source for all information related to credit unions. This is not a bank website.

CUiNSIGHT connects the credit union community with each other and vendors/service providers who partner with the credit union community.

CUiNSIGHT.com is driven by the credit union community for credit unions. Share successes, news, and stories, ask questions, get answers, solve problems, share best practices and learn from others.

Randall C. Smith - Managing Editor
CUiNSIGHT.com

www.cuinsight.com