Credit Union Industry News & Updates

The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.

WHAT’S GOING ON AT CREDIT UNIONS?

NCUA Draft 2027-2028 Budget

AGENCY: National Credit Union Administration (NCUA) SUMMARY: NCUA's draft “detailed business-type budget” is being made available for public review as required by federal statute. The proposed resources will finance the agency's annual operations and capital projects,...

Conversion to State-Chartered Credit Union

AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board (Board) solicits public comment on a proposal to remove a regulatory provision regarding the process for maintaining federal share insurance following the conversion of a federal credit union...

Nonconforming Investment Special Reserve

( printed page 66532) AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board (Board) is proposing to amend its regulations governing the requirements for federal share insurance. This action would remove the requirement for federally insured,...

CUNA Files Suit Against Equifax

CUNA has made good on its promise to go after Equifax over the credit-rating bureau’s recent data breach.  On Wednesday, the credit union industry trade association filed a class-action lawsuit in a Georgia District Court against Equifax, alleging that...

2.1% Proposed Boost in NCUA 2018 Operating Budget

The NCUA on Friday released a proposed 2018 operating budget totaling $298.2 million, a $6.1 million boost from the 2017 level. That represents a 2.1% increase from 2017.  “The 2018-2019 budget proposal is another step in our broader effort to re-align our...

CU Teller Pleads Guilty to Embezzlement

Former teller Teresa Ann Perkins admitted earlier this week that she embezzled $320,000 from members for nearly 11 years at the $23 Community United Federal Credit Union. She was indicted in June, two months after the NCUA placed the Waycross, Ga.-based credit union...

In Memoriam: Kenneth Holden

Kenneth "Bunky" Holden, one of the first members of the Tewksbury Federal Credit Union and its former CEO, passed away Oct. 3. He was 81. Holden was one of the first 20 members to join the Tewksbury, Mass. credit union in 1960 and became its CEO/treasurer in 1980. He...

Payday Rules Are Better Than Expected: CU Trades

After more than a year of hand wringing, credit union officials said Friday that the CFPB’s payday loan rules will affect credit unions far less than they had feared. "Overall, based on our initial analysis and a conversation between Director Cordray and NAFCU...

The ‘Secret Weapon’ for Hiring & Keeping Employees

The U.S. economy is improving and unemployment rates are nearly back to pre-recession levels. This economic upswing has intensified an already competitive labor market where job vacancies and the inability to hire quickly can have negative business...