WASHINGTON (3/10/08)—Reps. Joe Wilson (R-S.C.) and Bill Pascrell (D-N.J.) added their official support to the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537) just as the four-day Credit Union National Association Governmental Affairs Conference—complete with grassroots Hill visits--ended. The addition of the two names brings the total of official CURIA supporters in the House to 147.
Credit union representatives from both South Carolina and New Jersey were among the hundreds flooding Capitol Hill to garner support for CURIA and other credit union issues. Also, it was at the CUNA GAC that Sen. Mary Landrieu unveiled her plan to introduce a Senate version or CURIA.
The general visibility of the cornerstone credit union legislation was acutely heightened last week, between Landrieu's announcement, the credit union Hill visits, and a comprehensive House Financial Services Committee hearing on credit union regulatory relief issues, which highlighted CURIA.
Please call, email or write Rep. Wilson to thank him for his support of credit unions through this important legislation. Contact information can be found at http://joewilson.house.gov/.
A fundraising lunch for Rep. Wilson is scheduled for March 25, 2008 at the Capital City Club in Columbia.
March 4 , 2008
Video reports from the CUNA GAC
WASHINGTON (3/4/08)--The Michigan Credit Union League (MCUL) is producing daily video reports from the 2008 Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) in Washington D.C.
Mike Bridges, MCUL director of public affairs, will file video reports daily. The reports will focus on the general sessions, the speakers and Capitol Hill visits. Views also will also see some of the flavor of the conference, according to Bridges.
WASHINGTON (3/4/08)—Reps. Barney Frank (D-Mass.), Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) introduced a new credit union bill Monday, one which would offer regulatory relief in 12 areas but does not go as far as the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537).
The bill was introduced just four days before a scheduled House Financial Services Committee hearing CURIA. Frank is chairman of that committee and Kanjorski heads that panel's subcommittee on capital markets.
Although it touches on many areas of CURIA, the new bill (H.R. 5519) does not contain language to increase the credit union member business lending ceiling or to transform prompt corrective action into a more risk-based system. H.R. 5519 is entitled the Credit Union Regulatory Relief Act (CURRA) of 2008.
Credit Union National Association (CUNA) President/CEO Dan Mica said Monday, "We commend and thank Chairman Frank and Reps. Kanjorski and Royce for taking this bold step aimed at reducing the regulatory burden on credit unions. This timely legislation will get us a long way toward credit union goals--but not all the way: More needs to be done."
"Easing restrictions on business lending and providing more flexibility for credit unions in net worth requirements remain key goals for us. We will continue to urge Congress to consider CURIA, and will continue to seek co-sponsors for this important legislation," Mica said from CUNA's Governmental Affairs Conference (GAC) here.
As of Monday evening, CURIA carried 145 official supporters in the House.
The new CURRA bill would:
Permit the purchase of investment grade securities by federal credit unions;
Increase the investment limit in credit union service organizations;
Exclude from the member business lending cap any loans to nonprofit religious organizations;
Allow the National Credit Union Administration (NCUA) to establish longer maturities for certain credit union loans;
Give the NCUA greater flexibility in responding to market conditions;
Permit, under certain circumstances, a federal credit union converting to a community charter to continue to serve groups outside the community;
Enable credit union participation in the Small Business Administration's 504 programs;
Permit federal credit union to add service to underserved areas regardless of original field of membership;
Permit federal credit unions to provide for short-term payday loan alternatives for nonmembers within a the credit union ' s field of membership;
Permit a federal credit union to expel a member for cause, and to institute term limits for board members if it so chooses;
Encourage small business development in underserved urban and rural communities by providing for the exclusion of member business loans made in underserved areas from the business lending cap ; and
Provide an exemption from pre-merger notification of the Clayton Act.
Reps. Frank, Kanjorski and Royce are each scheduled to address the record 4,500 credit union representatives attending CUNA's GAC this week.
FEBRUARY
February 25 , 2008
National Savings Week has begun
WASHINGTON (2/25/08)--America Saves Week kicked off Sunday, with organizations--including the Credit Union National Association (CUNA) and credit unions--encouraging people across the nation to save and build wealth, not debt.
This year's focus is encouraging people to save through automatic transfers into a savings account. Learn more at http://www.americasaves.org/.
The week is also designated MilitarySaves Week. Many installation credit unions and banks will offer reduced minimum deposits for savings accounts and have special offers to help service members make short- and long-range savings plans, according to the Department of Defense (US Fed News Feb. 20).
A recent survey by Thrift Savings Plan found that of nearly 20,000 uniformed and civilian federal employees, less than 21% of active duty service members are saving for retirement. They cited lack of funds as the key reason for not contributing to a savings or retirement account.
Of course, credit unions aren't tied to promoting savings just one week a year. Next week, March 3-7 is National Consumer Protection Week, according to the National Credit Union Administration, and some credit unions will urge savings at that week's events. The Ohio Credit Union League is partnering with the state and other organizations to host financial education events throughout the state (eLumination Newsletter Feb. 13).
But this week might be a good time for credit unions to start preparing for the National Youth Saving Challenge, when credit unions encourage youth to make deposits at their credit union. The challenge, sponsored by CUNA, occurs during National Credit Union Youth Week, April 20-26. It's a free program that helps credit unions build strong relationships with youth and their families. Get more details at http://finlit.cuna.org/saving_challenge.html.
February 4 , 2008
CUs on the Tube: Victory Junction Gang touts CUs
GREENSBORO, N.C. (2/4/08)--The Carolinas Credit Union Foundation was recently recognized by the Victory Junction Gang Camp for its support of the camp, which serves chronically ill children.
A video shows scenes of the camp, including activities from NASCAR Week in 2007. The foundation provided funding so children with Spina Bifida could attend the camp free. Volunteers from the foundation also helped staff the camp during sponsorship week (Weekly Update Jan. 29).
Credit unions also are commended for their five-year commitment to the camp, which is located in Randleman, N.C. The camp's founders, Kyle and Patti Petty, who created the camp in memory of their late son Adam, thanked credit unions for their support.
In order to encourage all credit unions to submit applications, the South Carolina Credit Union League Diversity Council has extended the deadline for nominations for the Excellence in Diversity Award to Friday, February 1.
Across South Carolina, credit union staff and volunteers are making significant contributions to moving the credit union movement forward in diversity initiatives. Take this opportunity to nominate your credit union or another organization that you feel has been a leader in effectively promoting diversity.
The top credit unions in the field of diversity will be recognized on April 19, 2008 during the SCCUL Annual Meeting. To download a nomination form, go to http://www.sccul.org/07DiversityAward.pdf.
January 2 , 2008
Certificate program changes in effect
As of Jan. 1, STAR, MERIT, VAP, and VLP certificate program study material and exam orders previously handled by SCCUL are now handled by CUNA’s Center for Professional Development (CPD). Applicable certificates and pins will be sent directly to credit unions from CUNA Center for Professional Development (CPD), as will billing for book orders. Please follow these guidelines:
Place STAR, MERIT, and VAP/VLP material orders through CUNA Customer Service at 800-356-8010, extension 3. Call this same number with questions on invoices or for returning purchases.
For help with questions on such subjects as exams and certificate processing, call CUNA CPD at 800-356-9655, ext. 4072.
For general information on certificate programs, call CUNA CPD (#2) or contact SCCUL’s Director of Conferences and Training Barbara Lehew-Bickley (blehew@sccul.org) at 800-235-4290, ext. 419.