Berger defends CUs, merger process against banker attacks
NAFCU President and CEO Dan Berger is defending credit unions, their mission to help members and the NCUA's merger process against an attack by the Independent Community Bankers of America (ICBA). ICBA has called for the House Financial Services Committee to review the NCUA's decision to authorize an emergency merger between PenFed Credit Union and Progressive Credit Union.
"We are disappointed that the ICBA has chosen to continue its long history of attacking credit unions at a time when our industry is hard at work trying to meet the needs of hundreds of thousands of federal employees and contractors negatively impacted by the current ongoing federal government shutdown," wrote Berger to House Financial Services Committee Chair Maxine Waters, D-Calif., and Ranking Member Patrick McHenry, R-N.C.
Berger goes on to highlight specific efforts by PenFed and other credit unions to help furloughed federal workers, including "skip payment" options, discounted loan products and direct deposit assistance.
"Credit unions are about helping their members, not trying to limit competition, as appears to be ICBA's motive here," Berger said.
ICBA's attack stems from NCUA's recent emergency merger authorization between PenFed and Progressive. Berger explained that the "NCUA has a mission to oversee the National Credit Union Share Insurance Fund (NCUSIF), which, in turn, protects credit union members and ultimately the American taxpayer."
"NCUA has used similar emergency authority to resolve issues with other credit unions and keep them out of conservatorship in the past," Berger added. "So this action was nothing new, and it helped prevent a charge to the NCUSIF and a loss of financial services to Progressive Credit Union's members."
NAFCU will continue to defend the industry against unwarranted attacks.
Growth & Retention
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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