Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Hyland urges due diligence diversity at CUs
OXFORD, Ohio (9/15/10)--Speaking on Tuesday, National Credit Union Administration (NCUA) Board Member Gigi Hyland urged credit unions to continue their due diligence efforts and “actively monitor” their loan portfolios and collection efforts. Hyland, speaking before the seventh mid-sized credit union CEO conference, said that “the marketplace is still immensely challenging,” and credit unions need to keep their “proverbial ear to the ground” to assure that they are “responding to members' needs while executing sound, timely risk management practices.” Credit unions should also take a “fresh view” toward all of their business practices, including how member needs are addressed and how risk management is handled. Additionally, credit unions should examine their investments to ensure that the appropriate asset liability management triggers and controls are in place. Hyland noted that credit unions should be aware that the number of credit union members that declare bankruptcies in 2010 will likely exceed the prior year’s total, and credit union earnings have “reflected members’ struggles.” Hyland said that credit unions’ overall return on average assets (ROA) dropped to 0.41% during the second quarter, down from the 0.47% ROA recorded during the previous quarter. Still, credit unions’ aggregate net worth ratio “held steady” at 9.9%, she said. Hyland also called on credit unions to “explore new avenues to serve everyone within their field(s) of membership” and to assure that their “board, management and staff are as diverse, in age, gender and ethnicity,” as their membership. For the NCUA release, use the resource link.
Other Resources

RSS print
News Now LiveWire
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
5 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
7 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
8 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
8 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
9 hours ago