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Metsger Sworn In As NCUA Board Member

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WASHINGTON (8/26/13)--New National Credit Union Administration Board Member Richard Metsger outlined his vision for the credit union system in a Friday private swearing-in ceremony on Capitol Hill.
Click for slide showRichard Metsger, left, was sworn in as the National Credit Union Administration's newest board member this morning by NCUA General Counsel Michael Mckenna. Looking on is Velma Hall, Metsger's mother. Credit Union National Association President/CEO Bill Cheney attended the ceremony. (Photo provided by NCUA)

"As I said during my confirmation hearing, my vision is for NCUA to be recognized as an agency that manages its own fiscal house well, proposes regulatory action that is effectively targeted to achieve the desired outcome without placing unnecessary burdens on the credit unions themselves and, above all, maintains the confidence and trust the American public places in their local credit union," Metsger said.

Metsger, who will serve as the 20th NCUA board member, was sworn in by NCUA General Counsel Michael McKenna. He fills the seat vacated late last year after the term of board member Gigi Hyland expired.

Credit Union National Association President/CEO Bill Cheney attended the swearing in. "CUNA looks forward to working with Mr. Metsger as he starts his tenure on the board, knowing that he can rely on his experience as a credit union board member in dealing with the challenges that credit unions face today," Cheney said after the ceremony.

Immediately following the swearing-in, Metsger attended a reception in his honor organized by the Northwest Credit Union Association (NWCUA) at Credit Union House.

A number of credit union leaders from throughout the system, including CUNA, the American Association of Credit Union Leagues, and state leagues, were in attendance. NWCUA President/CEO Troy Stang; Spokane Media FCU CEO and NWCUA Board Chair Debie Keesee; Rivermark CU, Beaverton, Ore., President/CEO Scott Burgess; and Seattle, Wash.-based BECU President/CEO Benson Porter were among those attending the swearing in and reception.

"We certainly are honored to have witnessed Mr. Metsger--a fellow Northwest citizen--take the oath of office, and we look forward to his leadership at the agency," said Stang.

A former Oregon state senator, Metsger was named as an NCUA Board candidate by President Obama in June. His nomination moved quickly through the confirmation process, receiving Senate approval just before the August recess.

He will attend his first NCUA board meeting as an agency leader on Sept. 12.

Cheney Report Calls On CUs To Respond To Bank Attacks

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WASHINGTON (8/26/13)--More and more members of Congress are coming out in support of the credit union tax status, and Credit Union National Association President/CEO Bill Cheney in this week's Cheney Report said banks are responding the only way they know how: By attacking credit unions with outrageous arguments and vitriol.

One bank tactic is breaking apart credit unions by size or growth or some other category that has nothing to do with structure. "Don't they get it? Whether a credit union has $1 million in assets or $10 billion, a credit union is a credit union because of its structure," Cheney wrote.

And, while the banks continue their outrageous attacks via opinion pieces, ads and social media posts, Cheney said credit union members continue to recognize the benefit and necessity of the not-for-profit, member-owned cooperative structure.

"While these tired banker arguments are an annoyance, we must remain active in telling our story to members, consumers and lawmakers," Cheney said. Credit union advocacy efforts through the Don't Tax My Credit Union campaign have remained strong, with more than 715,000 contacts coming through CUNA's donttaxmycreditunion.org website.

Credit unions must continue to engage their members as the banker rhetoric heats up, Cheney said. "Now is the time for us to collectively be at our best in educating credit union members on why the exemption is so important and urging them to tell that story to Congress," he added.

The latest developments in the Federal Reserve's ongoing interchange case are also outlined in this week's Cheney Report.

Each Friday, The Cheney Report provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership. To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.

Everbank Accepts OCC Order To Repay

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WASHINGTON (8/26/13)--Everbank Financial has agreed to pay more than $40 million to homeowners and housing assistance groups under the terms of a settlement with the Office of the Comptroller of the Currency (OCC).

The OCC said EverBank was subject to a cease and desist order for unsafe and unsound practices in mortgage servicing and foreclosure processing. According to the OCC, the Jacksonville, Fla., financial firm will pay:
  • Approximately $37 million in cash payments to more than 32,000 eligible mortgage borrowers whose homes were in foreclosure during 2009 and 2010; and
  • $6.3 million to housing assistance groups.
Aggrieved customers are scheduled to receive between $1,050 and $125,000, plus equity in some cases. Borrowers will be contacted by a third party, and will not need to take further action to receive payment.

The housing assistance funds are scheduled to go to U.S. Department of Housing and Urban Development certified groups. Certain tax-exempt organizations that provide affordable housing, foreclosure prevention and/or educational assistance to low- and moderate-income individuals and families will also be eligible for funds, the OCC added.

For the full OCC release, use the resource link.

NEW: Matz Welcomes Metsger At NCUA Reception

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ALEXANDRIA, Va. (8/26/13, UPDATED 10:24 a.m. ET)--National Credit Union Administration Chair Debbie Matz this morning welcomed Richard Metsger to the NCUA board in a special reception at the agency headquarters here.

Matz told Metsger, "It is a great honor to join this board. We welcome you and welcome having our full three-person board again."

Metsger responded, "We all share a common goal of having a strong credit union system. Why we are here is to ensure those 95 million Americans that are members can continue their trust of credit unions.

"At the end of the day, what is really important under Chairman Matz's leadership, we will speak with one voice."
 
Matz presented Metsger with his official name plaque as the newest member of the board. He will attend his first open meeting as an agency leader on Sept. 12.

Metsger, who will serve as the 20th NCUA board member, was sworn in Friday by NCUA General Counsel Michael McKenna. He fills the seat vacated late last year after the term of board member Gigi Hyland expired.

Immediately following the swearing-in, Metsger attended a reception in his honor organized by the Northwest Credit Union Association  at Credit Union House.

See News Now LiveWire for photos.