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CU System briefs (12/04/2008)
* HAVERHILL, Mass. (12/5/08)--Northeast Community CU, a Haverhill-based credit union whose merger with Haverhill Bank was approved last month, is expecting an easy transition. Peter L. DiBenedetto, CEO of the credit union, told The Boston Globe (Nov. 30) he anticipates the transition will go smoothly because both institutions already use the same computer and home banking computer systems. He also noted both have “deep local roots in the community and hold similar values.” The credit union will convert to a bank before its merger into the bank. Haverhill Bank will retain its name. DiBenedetto will become president of the bank, while the current bank president will become CEO … * MADISON, Wis. (12/5/08)--Filene Research Institute is inviting credit union professionals who are 30 or younger to participate in an online survey to gauge ways to attract more potential young adult employees into the credit union movement. It will publish the results in early 2009. For more information, check out the headline, “A Survey for Whippersnappers,” on Filene’s website … * NORWOOD, Mass. (12/5/08)—A school vice principal who serves as the treasurer of Norwood School Employees FCU has resigned and is on paid leave while police and the National Credit Union Administration are investigating the credit union’s finances, according to The Boston Globe (Dec. 4). Stephen Shinnick’s resignation will be effective Dec. 20. Paul Bishop, information officer of Norwood’s Police Department, said accounting practices are being investigated and that an audit will begin Monday … * WAYNESBORO, Va. (12/5/08)--Louis Hausrath, former president and board member of the former Waynesboro (Va.) DuPont CU, died Nov. 29 in Waynesboro at the age of 87. Hausrath was a former president and a board member of the Central Virginia Chapter of the Virginia Credit Union League and on the board of the Association of DuPont Credit Unions (Daily News Leader Nov. 30) …


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Matz notes: OIG and GAO say @TheNCUA needs effective RBC system: We are going forward with RBC but will address issues you all identified.
2 minutes ago
.@TheNCUA Fazio:No way 2 make a RBC system as precise as CUs indicate.RBC is not about expected losses but the unexpected. #listeningsession
4 minutes ago
Chr Matz says @TheNCUA anticipates more info being collected on call reports;says will reevaluate mortgages/CUSO risk wts. #listeningsession
7 minutes ago
After discussions,first CU table: Call reports need to reflect loan terms so different terms can have different risk wts. #listeningsession
10 minutes ago
RT @IllinoisLeague: Attendees of @TheNCUA Chgo #listeningsession take time to figure out key questions to be asked by each table. #fixRBC h…
22 minutes ago