NAFCU: Small, low-income CUs will benefit from shares proposal
The NCUA Board unanimously approved during yesterday's meeting a proposed rule to allow federal credit unions (FCUs) to accept nonmember and public unit shares up to 50 percent. The board also heard updates on the Office of Credit Union Resources and Expansion (CURE) and from NCUA staff on the National Credit Union Share Insurance Fund (NCUSIF).
The proposed rule – which will open for a 60-day comment period following publication in the Federal Register – would amend the NCUA's public unit and nonmember shares rule to allow all FCUs to receive a great amount of shares, as well as some conforming amendments. The agency's Regulatory Reform Task Force previously recommended this increase to provide regulatory relief and flexibility to FCUs.
Board Chairman Rodney Hood noted that he looks forward to seeing responses to the proposal and said he shared the belief of the task force that this change will specifically help small and low-income credit unions.
"Most credit unions will be constrained by their net worth ratio, but this will give FCUs the ability to optimize their funding sources. Although this proposed rule would provide relief to all FCUs, it benefits small and low-income credit unions the most. NCUA staff concluded that it provides responsible regulatory relief without imposing undue risk to the NCUSIF," wrote NAFCU Director of Regulatory Affairs Ann Kossachev in an update to members after the meeting.
Also during the meeting, CURE announced that it will offer more resources for credit unions to identify low-income areas they might serve and increased assistance with the chartering process. Immediately following, the NCUA published a new low-income designation area workbook.
CURE announced that, in addition to training and online meetings, a new chartering modernization effort to automate and streamline the process is underway. This includes a new web portal and pre-developed business models.
Also during the meeting, Hood pointed to the Federal Reserve's report on the economic well-being of U.S. Households – published Thursday. Most notably, the report estimated that only 61 percent of households could cover an unexpected $400 expense via cash or immediately pay off a credit card, while 26 percent of non-retirees are not saving for retirement.
The NCUSIF quarterly report revealed that total assets increased from $15.8 billion to $16.2 billion in the first quarter of 2019. Earlier this week, the agency announced that more than 5,500 credit unions would receive $160.1 million in equity distributions.
Add to Calendar 2019-09-19 14:00:00 2019-09-19 14:00:00 Cyber Training for Board Members According to the 2018 FFIEC Management Handbook, the "board of directors sets the tone and direction for an institution's use of IT." What does your Credit Union Board need to be doing to demonstrate that they value the cybersecurity risk in your Information Security Program and can meet the "credible challenge to management" threshold? The board should approve the IT strategic plan, information security program, and other IT-related policies. To carry out their responsibilities, board members should understand the IT activities and risks within the credit union. This webinar will explore the latest in FFIEC guidance, examiner expectations, and the cybersecurity landscape. Key Takeaways: Review best practices to meet the credible challenge to management Learn what you should be asking for and receiving from management Discuss the latest in cybersecurity failures Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until September 19, 2020. Already registered? Go to the Online Training Center to view. Who Should Attend? Board members Board chairs and Vice-Chairs Presidents and Chief Executive Officers Executive Vice Presidents Chief Operating Officers Chief Information Officers Chief Technology Officers Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCVEs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review best practices to meet the credible challenge to management. Learn what you should be asking for and receiving from management. Discuss the latest in cybersecurity failures. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: 1. Regulatory Ethics – Technical 2. Information Technology - Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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 email@example.com America/New_York public
Credits: NCCO, NCRM, NCVE, CPE
Add to Calendar 2019-09-19 14:00:00 2019-09-19 14:00:00 Financial Wellness: Addressing the Barriers to Retirement Readiness Watch the Webinar On-Demand About the Webinar Financial wellness, done right, is an employer-paid benefit, where employees have unlimited access to best-in-class financial coaching. Many credit unions offer financial education with the goal of helping their members live a financially secure life, but very few offer these same types of valuable tools to their own employees. When you help your employees by offering a financial wellness program that provides financial education and assistance, everyone wins. You get better productivity and less distraction among your staff. Learn how to bring comprehensive fiscal well-being to your employees by understanding the value of reducing employee financial stress at work, focusing on real behavior change, and measuring results. Web NAFCU firstname.lastname@example.org America/New_York public
Securian Financial Group, Inc.
Add to Calendar 2019-09-19 10:00:00 2019-09-19 10:00:00 Management & Leadership Institute Prep NAFCU's Management and Leadership Institute provides students with an excellent foundation for becoming leaders now and in the future. The act of continued learning will build upon your new skills and experiences even more. But don’t wait until the Institute starts! Join Anthony Demangone, NAFCU’s EVP & COO, for this informative webinar as he reviews the day-to-day schedule, group work and the final project to help you get the most of your experience! Register Now Registration is free, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until September 19, 2020.Already registered? Go to the Online Training Center to view. Who Should Attend? Management and Leadership Institute 2019 registrants Education Credits No NAFCU Credits and No CPE Credits National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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 email@example.com America/New_York public
Get daily updates.
Subscribe to NAFCU today.