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Top 10 INews NowI stories for August
MADISON, Wis. (9/2/10)--Regulatory reform dominated the list of the top 10 News Now stories for August; however, the month’s No. 1 story dealt with the Federal Open Market Committee’s decision to maintain the target rate for federal funds and reinvest in mortgage-backed securities. That story, which included perspective from Bill Hampel, the Credit Union National Association’s chief economist, said credit unions could draw two conclusions from the Fed’s decision. First, it will be well into next year before the federal funds rate is increased from its current range of 0 to 25 basis points, and second, should the economy show any more signs of weakening in the coming few months, the Fed is very likely to resume its purchases of longer term debt securities, known as “quantitative easing,” which would further lower longer term interest rates, Hampel noted. Here’s the top 10 list for August: 10. NCUA takes action on two CUs in conservatorship ALEXANDRIA, Va. (8/2/10)--The National Credit Union Administration last week was appointed liquidating agent of Fort Collins, Colo.-based Norbel CU, which was then purchased by Security Service FCU. And on Friday, the agency placed Family First FCU, Orem, Utah, into conservatorship. 9. NCUA provides CUs with opt-in guidance ALEXANDRIA, Va. (8/4/10)--National Credit Union Administration Chairman Debbie Matz on Tuesday strongly encouraged credit unions “to notify members of their opportunity to ‘opt in’ to overdraft protection before the Aug. 15 deadline.” 8. CUs at top of heap in new Kellogg Trust Index CHICAGO (8/6/10)--Credit unions are at the top of the heap--again--in the latest consumer poll on trustworthiness. This time 62% of American consumers surveyed said they trust credit unions. 7. CUNA: Dodd-Frank rule burden lighter than some fear WASHINGTON (8/25/10)--While the recently enacted financial regulatory reform package contains numerous changes to current financial laws, the Credit Union National Association’s Senior Vice President/Deputy General Counsel Mary Dunn said that many fewer of them than most fear, perhaps about 35 of the new anticipated regulations, may impact credit unions, with a number of the changes likely to only alter existing regulations. 6. CU attempts to block liquidation order WASHINGTON and ALEXANDRIA, Va. (8/10/10)--A hearing today in a U.S. District Court for the District of Columbia will determine whether a Texas-based virtual credit union that was placed into liquidation last week will get an injunction to prevent the National Credit Union Administration from carrying out the liquidation. 5. Teller shot escaping burglar, injuries minor BATTLE CREEK, Mich. (8/10/10)--An American 1 CU teller was shot in the arm, and another employee was carjacked at gunpoint Saturday by a robber who broke into the building overnight and waited for employees to show up for work. 4. CUNA responds to Durbin comment on CU credit cards WASHINGTON (8/5/10)--Credit Union National Association President/CEO Bill Cheney has urged Sen. Richard Durbin (D-Ill.) to “take a more complete look at the facts regarding how credit unions and banks offer credit cards differently” after Durbin recently criticized credit unions for increasing annual fees on credit card accounts. 3. Fed is reviewing checkhold rules WASHINGTON (8/11/10)--In reviewing the new financial reform law, comprised of more than 2,000 pages of text, Mike McLain has noted that among the big changes are nestled some seemingly small ones of which credit unions should be aware. 2. CUNA rep: GAAP changes would cost CUs thousands WASHINGTON (8/3/10)--Speaking during a recent Credit Union National Association (CUNA) audio conference on proposed changes to the Financial Accounting Standards Board’s Generally Accepted Accounting Principles, Mid Minnesota FCU’s Pam Finch said that the proposed changes could result in up to $40,000 in additional annual costs for her credit union. 1. CUs can draw two conclusions from Fed action, says Hampel WASHINGTON (8/11/10)--Credit unions can draw two conclusions from Tuesday’s action by the Federal Open Market Committee, the Federal Reserve policymakers, said Bill Hampel, Credit Union National Association chief economist, after the Fed announced it would maintain the target rate for federal funds and reinvest in mortgage-backed securities.


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