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The recognition of Adams marks the first time in recent memory that a credit union representative has been honored as a financial services champion for small businesses. NLCUP was created to expand the market share of credit unions serving Latino communities and to increase Latinos’ representation and participation in the credit union movement. Credit unions in Kansas originated $354 million in first mortgages during the year, nearly 22.5% of total loan originations. The fourth quarter of 2011 was one of the strongest quarters for first mortgage originations in Kansas credit union history, with more than $120 million loaned out. This was the second highest quarter in more than five years, since $128.8 million was originated in fourth quarter 2010, said KCUA’s report. He also discussed recent sales of banks to credit unions, the need for regulatory relief, recent loan growth seen by credit unions, and the U.S. economy in general.

“The average credit union business loan is a little over $200,000,” said Haegelin. “These are quite literally the loans that banks do not want to make because are too small and because it doesn’t provide enough return on investment for .” Banking conditions remained stable with modest improvements in demand for lending, said the report. Demand for commercial and industrial loans remained steady while several districts reported an increase in commercial real estate lending activity. The Cleveland and Richmond Districts reported increased home equity and auto lending, while Chicago reported improved credit availability for auto loans and credit cards.

Credit unions can use the hashtag #raiseMBLcap in all MBL-related Tweets to make it easier for others to search for the topic and share information. Fuhrman added that credit unions can set up Google Alerts for keywords related to the topic, which will alert them each time a new article appears online. Also, consistently post in the story’s comment section, which ensures that accurate information and positive comments remain near the top income summary of the comments. The Texas Credit Union League told the story of the Frescas family who sought to open a daycare center and was turned down by 15 banks in El Paso, Texas. Also, when looking to open a bagel shop, Suzanne and John Hermann were turned down by six banks in San Antonio. And Mike McLean, who was a commercial customer at a bank for 15 years, was denied a loan when he looked to expand his successful business, the league said .

NEW YORK (5/3/12)–The April nonfarm government payrolls report due out Friday can have considerable impact on the psyche of consumers, a Credit Union National Association economist told The Street Monday. The scammers leave messages claiming a card has been lost or stolen and the member needs to verify credit information.

  • For more on the CFPB’s potential mortgage servicing rules, use the resource link.
  • “As the economy is struggling to kick-start, this bill would give businesses much-needed capital to expand by simply raising the arbitrarily low lending cap.”
  • Each of the small business owners had approached multiple banks but was unable to obtain necessary funding to grow and expand its business.
  • Hammond also noted that business lending at banks has plummeted in recent years.
  • Members can transfer money to anyone having a deposit account in the United States or send money instantly via PayPal.

Families have a household net worth of less than $10,000 at the time of application to the IDA program. Events such as youth week and the savings challenge offer credit unions an opportunity to differentiate themselves within their communities, said JoAnne Sepich, CUNA’s Youth Week coordinator. For that reason credit unions should spread the news that they are participating, she added. Credit risk and strategic risk were major factors in the failures of both of these credit unions, and the NCUA OIG in an earlier report on both failures said the management of each credit union failed to adequately manage and monitor the credit risk within their loan programs.

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“It is essential to simplify and automate as many processes as possible for mortgage servicers with the ever-increasing number of regulations and growing workloads,” said Jack Bryant, MSI executive vice president of client relations. “Our partnership with GCC provides servicers a simpler, automated ordering process. All appraisals and inspections can be ordered with data uploaded and housed in one location, streamlining the way mortgage servicers and field service providers collaborate.” The convention will feature the keynote and awards ceremony, in which credit unions and individuals will win accolades for their accomplishments for the past year, including one inductee into the Illinois Credit Union Hall of Fame and one recipient of the Illinois Credit Union Foundation’s Tribute Award. An April 8 article that appeared in in the Winston-Salem Journal cited Credit Union National Association statistics that indicate credit unions hold less than 6% of all small-business loans, or a combined value of about $40 billion. Within the first year of enactment, the increased MBL authority would help to inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, Credit Union National Association estimates show.

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Panel participants also reviewed the CFPB mortgage servicer proposals under consideration, discussed the direct and indirect impact on businesses and consumers, responded to CFPB staff questions, and provided detailed examples from their experiences. Calley said that like credit unions, the state has focused on customer satisfaction. He also challenged credit unions to learn what their members dream of and find out what they can do to help. For the first time in 15 years, patelco turbotax the state’s tax policy is not designed to promote outside businesses coming in, meaning existing businesses actually pay more, Calley said. To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the FOMC expects to maintain a highly accommodative stance for monetary policy. Strains in global financial markets continue to pose significant downside risks to the economic outlook.

Ion Gangura, standing, chairman of Central Association of Savings and Credit Associations, Moldova’s credit union trade association, moves to apply for World Council of Credit Unions membership at the organization’s annual general meeting as Efim Lupanciuc, CASCAs chief executive officer , looks on. Its affiliates control 42%, or $12.7 million, of Moldova’s credit union assets and account for 32%, or 40,735, of the country’s credit union members. CASCA, provides representation, training and liquidity management services for its members. Shepard said her credit union is prevented from making new small-business loans because it has already reached its MBL cap–about $230 million.

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And military personnel performed nearly one million additional transactions at CashPoints machines in the past year. Bainter recalls that her two favorite departments to work in were member services and lending. Credit unions should alert members to be aware–especially in the next several days or weeks–of any suspicious e-mails, text messages or phone calls requesting any personal or financial information, especially card data, said CUNA Mutual’s risk alert, the second issued since the Global Payments breach. The crux of Wachovia’s motion to dismiss focused on NCUA’s meeting requirements for statute of repose and statute of limitation deadlines for filing the lawsuit and whether an extender statute applies to the case. Wachovia noted that the three-year statute of repose extinguishes NCUA’s federal claims and that the extender statute, which would grant an extension to the deadline for filing in some cases, does not apply.

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Sens. Carl Levin and Debbie Stabenow, and nine of Michigan’s 15 members of Congress, including Reps. Gary Peters, Thaddeus McCotter and Bill Huizenga, who sit on the House Financial Services Committee. The legislation is expected to come before the full Senate in the next few weeks. “Your hard work, innovative ideas and dedication to your community have helped you succeed,” SBA Administrator Karen G. Mills wrote in the letter announcing the award. “The SBA is pleased to recognize your achievements and your role in driving our nation’s economic growth.” TREVOSE, Pa., and HOUSTON, Texas (4/5/12)–Two mergers of credit unions in Pennsylvania and Texas are in the works. CUNA commended the NCUA for taking on the derivatives issue, and said it supports allowing well-managed credit unions to invest in derivatives through third-parties.

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NCUA Chairman Debbie Matz said both Levine and Segerson will play key roles in shaping the agency’s future. The program, designed for credit union professionals and volunteers under the age of 35, provides specialized educational and networking sessions, bookkeeping and allows participants to participate in the conference networking and general sessions. Five WYCUP participants will receive scholarships that provide all-expense-paid trips to the 2013 World Credit Union Conference in Ottawa, Canada.

And while there are very few (zero?) users searching inside Facebook for a bank, prospects will stumble on to your Facebook page from Google searches . It is largely a cosmetic change, akin to swapping out the window coverings in a branch. But it’s still annoying that the Internet giant only allowed 30 days to make the change. Obviously, the company still doesn’t know how long it takes to revise marketing materials in the real world.

“Since the beginning of the economic decline, when many banks began limiting access to credit, Ohio credit unions saw demand soar, increasing outstanding business loans by 98.5% from December 2007 to December 2011,” Mercer wrote. During the past 12 months, loans to businesses by Ohio credit unions grew 24% to $430 million. Roughly 57% of small business owners who sought financing from banks were turned down, he wrote, citing statistics from Pepperdine University. (4/10/12)–The New Jersey Credit Union League is publicizing the promise of credit union member business lending legislation through an in-state radio ad and a postcard campaign ahead of a possible vote on a Senate MBL bill later this month. Under the legislation, higher education institutions would also require the prospective borrower’s school to confirm the student’s enrollment status, cost of attendance and estimated federal financial aid assistance before the private student loan is approved, according to a release on Durbin’s website. The bill, the release said, would make lenders provide students with quarterly updates on the status of their loans, including details on accrued interest and capitalized interest. Lenders would also be required to inform the Consumer Financial Protection Bureau on their student lending activities.

DALLAS (4/6/12)–Credit union mortgage services provider CU Members Mortgage signed 11 new credit union clients in the first quarter. The NLCUP conference is designed to help Latino credit union professionals gain exposure in the larger credit union movement and forge connections among fellow Latino credit union leaders. This year’s conference theme, “Creating Opportunity ~ Creando Oportunidad,” will feature journalist, author and performer Ruben Martinez and nationally syndicated journalist Ruben Navarette Jr. In addition, the conference will offer workshops and events in partnership with major system players. “Our goal is to help credit union leaders connect with the greater Latino community and raise awareness amongst the credit union community of the incredible opportunities that exist in serving the Hispanic market,” said Maria Martinez, NLCUP chairman. “The momentum-driving content and leadership focus of ACUC is a perfect match with our vision for a more vibrant Latino presence in credit union movement.”

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Make sure you listen and notice how your colleagues communicate in a team setting and mimic them. Your co-workers will respect what you have to say even if you’re the youngest one in the office. Solvay is community bank along the lines of a credit union serving the Greater Central New York Area for almost a century. It offers no monthly service charges, no minimum balance requirements, free online banking and only a $15 minimum to open an account with them.

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“We had a great response to our scholarship program this year, and the insightful responses to the essay question made it tough to choose our winners,” said Bridget Moeller, FIC Chair. “The quality of applicants we have each year makes it clear that credit union members in Minnesota care about their education and the credit unions they belong to.” The scholarship program is the focus of FIC’s mission to provide financial awareness to families and to further the education of Minnesota credit union members. Scholarship applicants submit information about their extra-curricular activities and accomplishments, and an essay on an FIC-selected topic. However, the report noted, these risks, when coupled with the recent recession, created issues in some cases. While the majority of CDFI credit unions examined in the report had excellent loan quality, some CDFI credit unions experienced greater amounts of delinquent loans, higher operating expense ratios, declining earnings, and higher delinquency rates between 2005 and 2010. “This was an extremely successful event,” said federation program associate Elizabeth Friedrich, who coordinated the credit union volunteers participating at the festival.

The $100 million asset CODE CU, Dayton, has issued a fraud alert on its website. The credit union reports that fraudulent transactions have taken place at several Walmart locations. The campaign is funded by voluntary contributions from member credit unions, which will be listed in the newspaper and broadcast ads. MERIDEN, Conn. (5/2/12)–The Credit Union League of Connecticut Monday kicked off its 2012 CULCT Cooperative Advertising Campaign, educating the public about the credit union difference and directing them to the website.

Find the Habitat for Humanity Voluntary Tax Contribution Fund and enter your donation amount in the box on the right of your screen. Click for larger viewCredit union total assets passed the $1 trillion mark for the first time in March–ending the month at $1.02 trillion. Credit union assets have more than doubled since year-end 2000, when they were $450 billion. MADISON, Wis. (5/4/12)–Credit unions in the U.S collectively reached a major milestone–$1 trillion in assets–as of the end of March, according to the Credit Union National Association’s monthly sample of credit unions. The event is slated to start with a briefing from Obama administration staff, and attendees will also discuss financial cooperative issues, job creation, business development, and agriculture programs in separate breakout sessions with members of the administration.

“Financial Forecasting and Analysis in Turbulent Times” identifies the issues credit unions face in producing effective forecasts in volatile times and highlights several strategies and best practices. “DuTrac’s focus is always finding new and improved ways to serve our members’ financial needs,” said DuTrac President/CEO Andrew Hawkinson, adding the partnership will provide more ways for members to access cash free of charge. Also, the $551 million asset, Dubuque, Iowa-based credit union has begun branding ATMs inside the Walgreens stores in Dubuque and on the Iowa side of the Quad Cities area. Ohio Credit Union League President Paul Mercer noted, “This is another example of how credit unions are making a difference in the communities they serve.” In New York, credit unions are engaging their members in MBL advocacy and have reported “extremely positive results,” said the Credit Union Association of New York .

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Consequently, the committee anticipates that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate. “The Fed reiterated that ‘economic conditions … are likely to warrant exceptionally low levels for the Federal Funds Rate at least through late 2014,'” Steve Rick, CUNA senior economist told News Now.

“It was gratifying to see so many of our member credit unions participate in this annual event with such enthusiasm,” said League President/CEO Tony Emerson. Elections bring many opportunities for credit unions to engage with candidates, volunteer for campaigns and build relationships. Early relationship building of this type is how credit unions gain friends in the state General Assembly and some have risen to become members of Congress, PCUA said.

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Many credit unions offer no-surcharge ATMs that any credit union member can use. National shared ATM networks mean you can find ATMs where you live and work. “Not only were we able to gather more than 60 young professionals on a Saturday, but we were able to ignite a passion in the next generation of our credit union leaders,” said Hardy. “Many people expressed how inspired they felt when they left. Our goal is to continue to ignite this drive, passion and energy in our generation for the sustained growth of our Louisiana credit union movement.” It aimed to compel young professionals to get involved in the movement, connect them with other young professionals and encourage collaboration to create long-term success for the credit union movement. In Delaware, 12 young credit union professionals were selected to be among the 155 attendees at Delaware Credit Union League’s annual convention April 19-21, according to the league .

Legislation that would increase the MBL cap for credit unions from 12.25% of assets to 27.5% of assets is active in both the U.S. 509, the Senate bill, is expected to take place once Congress returns from its spring recess. Cheney said “the reality is that credit unions have money to lend, their track record is considerably better than the banks, and freeing up credit unions to do more will enhance competition and marketplace choice.” CUSN developed its Connection Series to expand the depth of its partnerships with credit unions throughout the region. Several events planned for 2012 focus on topics related to credit union growth and development. Time is included in each event for networking and roundtable discussions on key topics. “Additionally, about three in four prepaid debit card users indicated they believed prepaid cards are a better value for their money compared to a credit card or debit card connected to a traditional bank account,” Trusko added.

For this pilot counseling program, in-person sessions are being offered on six campuses–UW-Madison, UW-Milwaukee, UW-Stevens Point, UW-Whitewater, UW Oshkosh and UW-Green Bay. The credit union provides student loans for students attending any UW System school, Madison College or Edgewood College. Sessions will cover topics such as UW Credit Union Loan information, including estimated payments, repayment options and whom to contact with questions. Also, federal financial aid information, budgeting after college and the ways student loans can affect personal credit history will be discussed. REV is an auto refinance solution that creates multichannel campaigns to target qualified candidates. The integration of direct mail and Web-based marketing with automotive refinance has proven to drive new account activity and expand existing relationships for credit unions and banbank. Using a calculator and personalized URLs, REV uses direct mail pieces to help members make informed decisions on terms and associated refinance savings.

Author: Mary Fortune

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