Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Michigan league meets with OFIR (10/17/2011)
LANSING, Mich. (10/18/11)--Michigan Credit Union League (MCUL) representatives and legislative and regulatory affairs staff met with John Kolhoff, deputy commissioner of the state’s Office of Financial and Insurance Regulation (OFIR), Oct. 4 to discuss industry trends and concerns that have surfaced since the last bi-annual meeting in March. One objective of the meetings is to determine opportunities in which league resources can best be used (Michigan Monitor Oct. 17). Kolhoff reported that in the quarter ending June 2011, Michigan credit unions’ financials reflected slow but continued improvement. While the agency is optimistic, it remains cautious as the economy continues to struggle, loan demand remains low, and interest-rate risk concerns are prevalent, said the league. Hot exam topics continue to focus on three key areas: member business lending and its associated risks and controls; the need for interest-rate risk modeling especially for credit unions with a concentration of long-term, fixed-rate loans; and liquidity risk concerns--especially for credit unions that are slow to re-price deposits in a weak lending environment. OFIR said it continues to experience interest in the state charter due primarily to field-of-membership flexibility contained in the Michigan Credit Union Act, and anticipates adding to the number and size of the credit unions it oversees. The agency is posting on its website a post-exam survey for credit unions to give feedback on the exam experience. The survey will assist OFIR in identifying strengths and weaknesses in the exam process, so it can take quick action if required. The appeal process also will be posted. OFIR is developing a set of exam policy guidelines that acknowledge credit union concerns, Kolhoff said. As a result of the National Credit Union Administration’s recent Letter to Credit Unions announcing that it would share CAMEL ratings with federally insured credit unions, OFIR also will begin sharing its ratings and supporting information, Kolhoff reported. He anticipates a future OFIR Letter outlining this new step.


RSS





print
News Now LiveWire
Record # of applicants for Crash the GAC means every state & D.C. will B represented by young #CU professional at #CUNAGAC #crashthegac15
7 hours ago
.@WOCCU and @CUNA are co-hosting 2015 America’s CU Conference July 12-15 in Denver. Registration is open here: http://t.co/FanFeaO0bC
8 hours ago
Recording of @CUNA Jan. 26 #rbc2 webinar is now available online here: http://t.co/jgxkd65Fj0 Just sign in and listen.
8 hours ago
.@SEC_News 2/19 proxy voting roundtable: contested director elections, increasing retail shareholder participation http://t.co/8k0p6ZvNL8
8 hours ago
.@TheNCUA posted resources 2 help consumers protect themselves,take action if they believe they were ID theft victims:http://t.co/HVaikbuT9H
10 hours ago