ASI Assessing Nine BPs, Will Boost Equity to 1.60%
DUBLIN, Ohio-Private deposit insurer American Share Insurance announced a special premium last week, its fourth in a row, this one of nine basis points. The amount of the premium mirrors a 9.5 BP assessment NCUA charged federally insured credit unions this year to pay for the corporate credit union resolution. ASI has also loaned $26.4 million to Silver State Schools CU in Las Vegas. The premium will be assessed of all primary insured member CUs of ASI, approximately 140 across nine states. With the payment of this Assessment, the company anticipates ending the year sustaining its equity ratio of 1.60%.
NAFCU Study Sees Big Impact If Exemption Revoked
WASHINGTON--At its Congressional Caucus last week, NAFCU last week released results of a study of the credit union tax exemption (see story, page 10).
Commonwealth CU Explains Pension Participation
FRANKFORT, Ky.-Following a report in Credit Union Journal on Sept. 3, Commonwealth CU last week issued a statement explaining how its employees came to be enrolled in the Kentucky Retirement System. CCU said that when it was formed in1951 all of its founders and employees were state employees. "On Oct. 1, 1974, Kentucky Revised Statutes 61.520 authorized the employees of Commonwealth Credit Union to enroll in the state's retirement system, and we have continued to be participants in the system since that time," the credit union said. "As such, state law requires that Commonwealth Credit Union shall continue to participate in the system as long as it remains qualified."
The $924-million CCU did not respond to the focus of the Credit Union Journal report, however, that it may have an outstanding liability to the pension fund. It stated that it does have 18% capital and that there never has been a "question of our ability to fully fund all of our employees' pensions while maintaining our exemplary, sound financial position."
NCUA To Host Webinar Oct. 4
ALEXANDRIA, Va.--NCUA Chairman Debbie Matz will host a town hall webinar open to all CUs on Thursday, Oct. 4, beginning at 3 p.m. EDT. The webinar will include updates on industry performance, the agency's low-income CU eligibility initiative and Regulatory Modernization Initiative, the corporate CU resolution, the new Office of National Examinations and Supervision, and the finalized and proposed rules. Participants will be able to submit questions in advance by e-mailing email@example.com. The subject line should read "Matz Town Hall Webinar."
For info: www.ncua.gov.
MasterCard Notes 'Liability Shift'
PURCHASE, N.Y.--MasterCard last week announced a "liability shift" effective October 2016 for ATMs, when it will expect card issuers to adopt and implement EMV standards. EMV, sometimes called "chip cards," replace mag stripes and improve security.
Kloiber Joins Hall of Honor
OKLAHOMA CITY, Okla.--Tinker FCU CEO Michael D. Kloiber last week was inducted into the Defense Credit Union Council's Hall of Honor. The Council's Recognition Task Force selected Kloiber for his "passionate advocacy on behalf of the credit union movement and his steadfast support of the defense community."
Resources On New Rules
MADISON, Wis.-CUNA Mutual said last week it is offering a myriad of no-cost tools, including a white paper, webinars and other alerts to help CUs comply with final rules amending Reg E related to remittance transfers.
For info: ww.cunamutual.com.