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July 31, 2014

NEW: $1.1M mid-year budget reduction OK'ed by NCUA

ALEXANDRIA, Va. (7/31/14, UPDATED 11:19 a.m. ET)--The National Credit Union Administration this morning approved changes to its 2014 operating budget, reducing that budget by $1.1 million. ReadMore

NEW: Some relief proposed for NCUA's fixed-asset management rule

ALEXANDRIA, Va. (7/31/14, UPDATED 10:34 a.m. ET)--As National Credit Union Administration Chair Debbie Matz said it would earlier this month, the agency just approved a proposal for comment that would allow federal credit unions to manage their own fixed-asset purchases without having to seek supervisory permission or waivers. ReadMore

House passes SAFE enhancement, cyber protection acts

The House passed the SAFE Confidentiality and Privilege Enhancement Act (H.R. 4626) and the National Cybersecurity and Critical Infrastructure Protection Act of 2014 (H.R. 3696) this week. ReadMore

FHFA Announces Atlanta HARP Outreach Program

Noting that Atlanta is one of the cities with the highest number of borrowers who could benefit from a federal mortgage refinancing program, the Federal Housing Finance Agency Wednesday announced an outreach event there for Aug. 14. It is intended to reach remaining homeowners who could benefit from the Home Affordable Refinance Program. ReadMore

Two bills with CU relief approved by House panel

The House Financial Services Committee passed two more regulatory relief bills that were held over for a recorded vote from Tuesday's hearing ReadMore

Fixed-asset cap, mid-year budget on today's NCUA agenda

Elimination of the 5% fixed-asset cap and a mid-year operating budget report highlight today's monthly National Credit Union Administration board meeting. ReadMore

Court orders BoA to pay $1.3B for Countrywide's risk disguise

Bank of America is the subject of a court order to pay a penalty in excess of $1.27 million in a case that charges that subprime lender Countrywide disguised risks associated with some of the mortgages it sold to the government-sponsored housing enterprises, Freddie Mac and Fannie Mae. A jury found Countrywide at fault. ReadMore

Growth continues, interest rates could rise, says NCUA economist

Increased loan demands, delinquency reductions and other positive performance indicators show an economy on the rise, but also bring the potential for higher interest rates, according to the latest economic update released by the National Credit Union Administration. ReadMore

30 days added to CFPB complaint narrative comment period

The Consumer Financial Protection Bureau received a number requests for a longer comment period on its recent proposal to allow consumers to include narratives along with complaints posted to the bureau's database and the CFPB has pushed the deadline out by one month. ReadMore

HELOC reporting burden unjustified, CUNA tells CFPB

With an eye toward reducing regulatory burden on credit unions, CUNA has sent a letter to the Consumer Financial Protection Bureau outlining several concerns with the bureau's proposed changes to Home Mortgage Disclosure Act rules. ReadMore

Senators introduce more reg relief for CUs, small banks

U.S. Sens. Angus King (I-Maine), Deb Fischer (R-Neb.), Mark Warner (D-Va.), and Jon Tester (D-Mont.) unveiled new legislation Wednesday intended to provide immediate regulatory relief for America's credit unions and community banks. ReadMore

Consumer Rates


Daily rates from Informa Research Services for deposit, consumer loan, mortgage, credit card, and indirect auto loan products.


Fed continues easing, stands pat on interest rates

WASHINGTON (7/30/14)--Citing "sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions," the Federal Open Market Committee announced Wednesday it will continue the pace of its quantitative easing program and stand pat on interest rates. ReadMore

Business Rates


Get daily financial rates for the last five business days, including Treasury Yield Curve, Treasury Bills, Prime Rate, Federal Funds, Freddie Mac and Fannie Mae 30-day commitments, LIBOR, and 90-day Commercial Paper.


Idaho Business Review: CU growth outpacing banks'

CU System
A July 21 Idaho Business Review article highlighted the success of Idaho's credit unions, noting that the state's cooperative financial institutions have more than doubled in size in the past decade. ReadMore

World Council speakers advise on young adult membership strategies

CU System
Credit unions' challenges worldwide are more similar than ever before, including young adult membership growth, which drives the demand for credit unions to provide competitive mobile and digital payment systems, according World Council of Credit Unions President/CEO Brian Branch who spoke Monday at his group's World Credit Union Conference here. ReadMore

CU System briefs (07/31/2014)

CU System

GARDEN CITY and WICHITA, Kan. (7 31 14) Golden Plains CU, Garden City, Kan., $444 million in assets, with  and $75 million asset  Central Star CU, Wichita, Kan., with $75 million in assets, have announced their


MnCUN backs Emmer for 6th district House seat

CU System
On Wednesday, the Minnesota Credit Union Network announced its endorsement of former State Rep. Tom Emmer for the open 6th Congressional District seat and encouraged all credit union advocates in that district to vote for him in the Aug. 12 primary. ReadMore

Three incumbents re-elected to N.J. league board

CU System
Three incumbents were elected to three-year terms on the New Jersey Credit Union League board. ReadMore

Budget for winter holidays in July

Pondering Christmas in July is a good idea if it gets you saving. ReadMore

2015 CUNA Volunteer Institute topics announced

Session topics have been announced for the CUNA Volunteer Institute, to be held January 18-21in Cancun, Mexico. ReadMore
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