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

Washington
Fee relief will promote CU investment
WASHINGTON (5/6/09)--The Credit Union National Association (CUNA) this week praised a proposed rule change that would allow credit unions to remove investments in CU SIP or CU HARP from their total operating fee calculations. The Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) were created by the National Credit Union Administration (NCUA) to prop up the corporate credit union system. Under CU SIP, credit unions may invest funds that are borrowed from a Central Liquidity Facility (CLF) in corporate credit union. CU HARP allows credit unions to invest money borrowed from the CLF in two-year guaranteed CU HARP notes that are issued by corporate credit unions. These funds may then be used to modify at-risk mortgages. Although NCUA continues to encourage credit union participation in these programs, the agency has said that increased operating fees could prevent some credit unions from participating. In a comment letter posted Monday, CUNA said that removing these investments from operating fee calculations would “facilitate participation in the [CU SIP and CU HARP] programs by removing the disincentive related to the calculation of the operating fee.” CUNA asked for individual credit unions to provide their comments on the proposal in a March 25 comment call. To read more about CUNA’s comment letter, use the resource link below.


RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
6 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
12 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
12 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
12 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
13 hours ago