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Northern Eagle FCU First New CU Charter Of 2013

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ALEXANDRIA, Va. (10/11/13)--Northern Eagle FCU, Minnesota, a multiple common-bond credit union that will serve the 4,900 members and employees of the Bois Forte Band of Chippewa, is now the first new federal credit union of 2013. Approval of the credit union's charter was announced by the National Credit Union Administration Thursday.

"It's always a great day when a new credit union is formed, particularly in an underserved community," said Bill Cheney, President/CEO of the Credit Union National Association. "We hope this is the first of many new credit unions created in 2013."

Every American deserves access to affordable financial services, but many Native Americans unfortunately lack access to federally insured financial services providers or only have access to predatory lenders," NCUA Chairman Debbie Matz said in an agency statement. "The chartering of Northern Eagle FCU addresses a real need," and the credit union "has the potential to play an important role in improving the lives and financial well-being of Northern Minnesota's Chippewa communities," she added.

The low-income designated credit union (LICU), which is sponsored by the Bois Forte Band of Chippewa Reservation Tribal Council, is scheduled to open in December.

Members will be able to access regular share accounts, unsecured loans, other secured loans, share drafts, credit repair loans, prepaid debit cards, share certificates, anti-predatory loans, money orders, club accounts, share secured loans, cashier checks, non-member deposits, auto loans and direct deposit within the first year of the credit union's operation. The credit union also plans to offer online banking services, and financial literacy education will also be an area of emphasis.

The LICU designation brings benefits that include the ability to accept supplemental capital and an exemption from the 12.25%-of-assets MBL cap under certain circumstances.

For more on the new credit union, use the resource link.

CUNA, Coopera Team Up For Oct. 30 Webinar

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WASHINGTON (10/11/13)--Engaging Spanish-speaking members to help protect the credit union tax status will be the central topic of a Wednesday, Oct. 30 webinar hosted by the Credit Union National Association and Coopera, a Hispanic market solutions company with a focus on credit unions nationwide.

The webinar, which is scheduled to begin at 3 p.m. ET, will be presented by Coopera CEO Miriam De Dios and Coopera's Anna Pena.

CUNA and Coopera have partnered to introduce new Spanish resources available as a part of the national "Don't Tax My Credit Union" campaign ("No Le Cobren Impuestos a Mi Credit Union," in Spanish).

The credit union tax advocacy initiative urges lawmakers as part of any final tax reform plan to preserve the federal tax exemption credit unions receive as not-for-profit, member-owned cooperatives. Credit unions and their members are using CUNA and the state credit union leagues' resources, social media sites including Facebook, and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union!"

This pro-credit union message is also being shared through Twitter feeds, CUNA's Twitter handle @CUNAadvocacy and the hashtag, #DontTaxMyCU.

To date, the campaign has generated more than one million messages to members of Congress.

Webinar attendees will have the opportunity to learn about the key "Don't Tax" Spanish message points for Spanish-speakers, the new tools that are available, and how to use them.

The webinar will address:
  • A video and website, www.NoImpuestosAMiCU.org;
  • Form letters that members can send to Congress;
  • A Spanish option on the toll-free number, 877-642-4223;
  • Instructions for social media engagement; and
  • Graphics, posters, statement stuffers and flyers that are being made available to credit unions.
The webinar is free, but registration is required, and only CUNA-affiliated credit unions may register. Affiliation with CUNA/league is required for attendance. Use the resource link for more on the webinar.

FASB Releases Disclosure Framework Q-and-A

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WASHINGTON (10/11/13)--Questions, answers and clarifications regarding the Financial Accounting Standards Board's (FASB) Disclosure Framework project are provided in a new document released by that agency.
 
FASB's ongoing disclosure project is a bid to create disclosures that clearly communicate vital information to users of financial statements released by public firms, private companies and not-for-profit organizations. As the project moves forward, FASB is focused on two items: Its own decision-making process, and the decision-making processes of firms producing financial statements.
 
In one response, FASB said the objective of the disclosure framework project is to improve the effectiveness of disclosures in notes to financial statements, not necessarily to reduce the volume of notes. "By clearly communicating the information that is most important to users of reporting organizations' financial statements, the disclosure framework project aims to make disclosure requirements more effective and useful," the board said.
 
Other questions answered in the FASB document include:
  • Will FASB's decision process require preparers to disclose predictions and forecasts of future cash flows?;
  • Will disclosure overlap between U.S. Generally Accepted Accounting Principles, Securities and exchange Commission rules, and other regulatory requirements be eliminated?;
  • Will FASB's decision process address interim reporting?;
  • How are investor concerns being taking into account in the project?; and
  • How does the disclosure framework project relate to private companies?
For the full disclosure document, use the resource link.

The Credit Union National Association has repeatedly urged FASB to understand the unique nature of credit unions, which are member-owned, not-for-profit financial cooperatives, as it develops the framework and works on other accounting changes.

Spanish Language Consumer Sites Unveiled By NCUA

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ALEXANDRIA, Va. (10/11/13)--Updated Spanish versions of the National Credit Union Administration's consumer website MyCreditUnion.gov and financial literacy microsite Pocket Cents were unveiled on Thursday in observance of National Hispanic Heritage Month.

"During the last two decades, the number of Spanish speakers in America has more than doubled. Today, more than 36 million Americans speak Spanish at home," NCUA Board Chair Debbie Matz said in an agency release. "It is critical that these Spanish speakers have access to reliable resources for financial information," she added.

The agency's Pocket Cents and MyCreditUnion.gov sites cover credit union basics and provide financial tips for consumers of all ages, including details on the cost of education and homeownership, and information to help retirement planning, debt management, online financial security and emergency planning. The NCUA has recently added new content that could help older consumers avoid scams and protect their finances. "I encourage everyone to take full advantage of all the tools we have made available to them free of charge," Matz wrote.

The new sites can be found at http://espanol.mycreditunion.gov/.