NCUA Increases Definition of 'Small' CU To $50 Million
ALEXANDRIA, Va.-The NCUA Board last week approved a rule broadening the definition of "small credit union" to $50 million from $10 million, thereby exempting an additional 2,400 CUs from the agency's rules on risk-based capital and interest-rate risk. The broadening of the "small credit union" definition will also expand to almost 4,700 the number of CUs eligible for grants and consulting help under NCUA's Small Credit Union Assistance program.
The exemption from the agency's risk-based net worth rule reduces the chances that a "small credit union" could become subject to additional PCA provisions due solely to a risk-based net worth requirement. The designation also exempts CUs from NCUA's new interest-rate risk rule requiring credit unions to develop and adhere to an interest-rate risk policy.
NAFCU Names Berger To Succeed Retiring Becker
ARLINGTON, Va.-NAFCU has named EVP-Government Affairs Dan Berger to succeed Fred Becker as president and CEO of the trade group following Becker's retirement on July 31. Berger joined NAFCU as SVP-government affairs in January 2006 and was promoted to EVP in July 2009.m During that time he has managed five divisions within NAFCU. He has more than 20 years in government relations.
"As our national leader, Fred Becker's skillful hands-on governance drove the association's many successes as indicated by NAFCU's increased membership and significantly enhanced financial footing," said NAFCU Chair Mike Parsons, president and CEO of First Source FCU, New Hartford, N.Y. "Under Fred's guidance, NAFCU has clearly become an exceptional full-fledged trade association in every sense of the word."
More Bonus Dividends Paid
CRANBERRY TOWNSHIP, Penn.-U$X FCU has paid its members $420,000 in member loyalty rewards. The member loyalty reward is an interest rebate given to members in good standing with deposit accounts and/or loan accounts, with the exception of select mortgages. The reward was equal to six cents on every $1 of dividends earned and/or loan interest paid during 2012. U$X FCU said it has paid its members $6.6 million in member loyalty rewards over the past 11 years. In Joliet, Ill., Numark CU paid its members a bonus amounting to a 5% auto loan interest rebate and a $5 checking bonus for December, a total of $230,000.
In Schaumburg, Ill., meanwhile, Motorola Employees Credit Union (MECU) returned $750,000 as a Special Patronage Dividend. Most of MECU's nearly 39,000 members received an average payment of $19, but the most active members were paid on average roughly $86. And in Menominie, Wis., WESTconsin CU paid members nearly $1 million in bonus dividends and interest rebates.
NCUA Releases New Video
ALEXANDRIA, Va. -NCUA has released a new, free consumer video, "Your Money Is Safe," on its YouTube channel. "At NCUA we're using a variety of channels to communicate to consumers that their savings are insured up to $250,000-just like at banks," said NCUA Board Chairman Debbie Matz. The new video explains how the NCUSIF protects deposits and offers info on visiting the NCUSIF resource page, identifying a federally insured CU and using NCUA's online E-Calculator to maximize insurance coverage. For info: www.ncua.gov.
Graham Elected To CUNA Board
MADISON,Wis.-John Graham, CEO of Kentucky Employees CU, Frankfort, Ky., has been elected to CUNA's board, representing District 2, Class A. Graham defeated Joe Thomas, CEO of Fairfax County FCU.
Tiny Wisconsin CU Shuttered
MILWAUKEE, Wis.-The Wisconsin Office of Credit Unions has liquidated the $585,000 New Covenant Missionary Baptist Church Credit Union in Milwaukee, Wis., and appointed NCUA as liquidating agent.
Ex-Manager Is Sentenced
SALT LAKE CITY - Carrie Zenger, 46, former branch manager at Intermountain CU, has been sentenced to 36 months probation and six months home confinement for stealing $152,000 from ICU. Intermountain CU merged with America First CU in 2008.