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News Now

Washington
Inside Washington (10/03/2011)
* WASHINGTON (10/4/11)--Amendments to the Federal Credit Union Act's definitions regarding the National Credit Union Share Insurance Fund's (NCUSIF) equity ratio and credit union net worth will be effective on Oct. 31, according to a document published in the Federal Register Friday. The National Credit Union Administration (NCUA) approved the equity ratio and net worth changes in September. They clarify that the NCUSIF’s equity ratio must be based solely on the financial statements of the NCUSIF, without consolidation with other statements such as those of conserved credit unions. They also allow Section 208 assistance, which is provided to troubled credit unions, to qualify as regulatory net worth for natural-person credit unions under the NCUA’s Prompt Corrective Action authority. The Credit Union National Association (CUNA) strongly opposes a requirement that credit unions must deduct the amount of any bargain purchase gain from the net worth of a target credit union before a merger, saying it “could result in a lower post-merger net worth, potentially discouraging mergers”… * WASHINGTON (10/4/11)--The Housing and Urban Development (HUD) inspector general (IG) is recommending that the Federal Housing Administration (FHA) ban corporate officers who have left companies that have not met indemnified the government for delinquent loans. The recommendation was made in a HUD IG report issued Friday (American Banker Oct. 3). The report provides examples of seven companies that had $7.3 million in outstanding indemnification obligations when their FHA-approved lender status was revoked. Twelve corporate officers from those firms re-entered the FHA program through another company or by starting a new firm. FHA will need new legal authority to prevent corporate officers from reentering the FHA program, according to the IG. The FHA cannot block the re-entry of the executives unless it can prove the individuals are personally responsible for loan losses, FHA acting deputy assistant secretary Deborah Holston said … * WASHINGTON (10/4/11)--Wisconsin credit union activists met with the state’s congressional delegation as part of Wisconsin Credit Union League’s (WCUL) annual Hike the Hill event in Washington, D.C. This year’s trip was productive in gaining support for legislation that would raise the member business lending (MBL) cap. U.S. Rep. Tom Petri (R-Wis.) pledged to co-sponsor the bill. Activists also met with Elizabeth Vale, Consumer Financial Protection Bureau assistant director for community banks and credit unions. Vale urged credit unions to keep in direct contact with the bureau so regulatory problems can be averted before they need correction. The group also met with National Credit Union Administration Chairman Debbie Matz, who provided insights on topics such as credit union service organization rules, assessments and examinations, and multi-featured open-ended lending. The Credit Union National Association and credit unions are pressing Congress to increase credit unions’ MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said. From left, Brett Thompson, WCUL; Sarah Wainscott, WCUL; Pat Lowney, Lakeview CU, Neenah; Ken Beine, Shoreline CU, Two Rivers; Chip Coenen, Lakeview CU; Petri; Sharon Tome, Shoreline CU; and John Morrissey, Southern Lakes CU, Kenosha. (Photo provided by the Wisconsin Credit Union League) …


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