MADISON, Wis. (9/3/14)--An article describing how National Credit Union Administration's (NCUA) fixed-assets proposal could apply to state-chartered credit unions in certain states was the most read News Now story in August.
The NCUA's fixed-assets proposal is meant to apply to federal credit unions. It would allow federal credit unions with assets of $1 million or more to exceed the limit on the purchase of fixed assets, currently 5% of shares and retained earnings, without receiving a waiver from the agency. This is provided the credit union maintains a fixed-assets management program.
However, credit unions in Alabama, Arizona, Illinois, Iowa, Maine, Oklahoma, Rhode Island and Texas are permitted by their state credit union acts to exercise powers conferred on federal credit unions without seeking approval from the state's regulator.
In addition to the story on the NCUA's proposal, the 10 most-read articles in August included:
LINTHICUM, Md. (8/19/14)--Using down-payment assistance programs, credit unions across the country are helping members, particularly first-time homebuyers, finally achieve their dreams of homeownership.
ALEXANDRIA, Va. (8/5/14)--Sixty-two credit unions were identified by NCUA as being subject to civil money penalties for the late filing of their first-quarter call reports, and all 62 have consented to those penalties, the NCUA announced today.
WASHINGTON (8/15/14)--The Credit Union National Association has sent a survey to credit union officials asking for opinions on the NCUA's 5300 Call Reports. The survey aims to gather information on credit unions' experiences with the call reports and completing and submitting the required data.
ALEXANDRIA, Va. (8/26/14)--The number of late call report filers in the second quarter dropped to 75 credit unions from 104 in the first quarter, but NCUA Chair Debbie Matz said the goal still is full compliance.
ALEXANDRIA, Va. (8/28/14)--J. Mark McWatters, one day after being sworn in as the newest NCUA board member, has announced his top priorities for his term at the agency. In a statement, he named regulatory relief, transparency, accountability, supporting low-income credit union members and promoting greater industry diversity as among items high on his list.
MADISON, Wis. (8/25/14)--Shared branching: It may be the most distinctive feature of cooperative credit unions, but one of the least understood--at least until you need it.
SAN JOSE, Calif. (8/11/14)--The most-used credit score in the country will no longer include records of consumers failing to pay bills if the bills are paid or settled, according to a report by The Wall Street Journal.
WASHINGTON (8/22/14)--CUNA reiterated its "strongest opposition" to a Financial Accounting Standards Board proposal involving credit losses in a letter sent to the board today. The letter, signed by CUNA interim President/CEO Bill Hampel, states that the proposed changes are likely to have a "significant detrimental" impact on a number of credit unions and their members.
NEW YORK (8/14/14)--A group of electronic payment industry organizations have predicted more than 575 million chip-enabled credit and debit cards will be issued by the end of 2015.
ALEXANDRIA, Va. (8/13/14)--While the NCUA fixed-assets proposal is meant to apply to federal credit unions, it could also apply to state-chartered credit unions in certain states. A number of states have a statutory provision that allows state-chartered credit unions to exercise powers allowed for federal credit unions.