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.