MADISON, Wis. (8/5/14)--An article detailing a decision by Patelco CU, Pleasanton, Calif., with $4.1 billion in assets, to erase 39 of its service fees as a move to enhance the member experience grabbed top honors in News Now's Top 10 articles for July.
The Patelco piece outdueled coverage of potentially harmful changes to Home Mortgage Disclosure Act (HMDA) reporting rules and of an announcement from National Credit Union Administration Chair Debbie Matz that three regulatory relief proposals would soon be considered by the board.
The proposals included eliminating the 5% cap on a credit union's fixed assets, modernizing the member business lending (MBL) rule and updating appraisal provisions, which were issued for public comment at the agency's July 31 board meeting.
The Top 10 articles in July were:
ALEXANDRIA, Va. (7/31/14)--As Matz said it would earlier this month, the agency just approved a proposal for comment that would allow most federal credit unions to manage their own fixed-asset purchases without having to seek supervisory permission or waivers. However, the proposal has limitations.
WASHINGTON (7/2/14)--The NCUA, along with other federal financial regulatory agencies and the Conference of State Bank Supervisors, issued guidance Tuesday regarding home equity lines of credit (HELOCs).
8. CUs differ from banks in approach to subprime auto loans
MADISON, Wis. (7/28/14)--A July 21 article in The New York Times described how the subprime auto loan market has grown 130% in the five years since financial crisis, with roughly one in four new auto loans last year going to borrowers with credit scores at or below 640. Credit unions and banks approach the market quite differently.
ST. LOUIS (7/10/14)--A shared branching video created by the Missouri Credit Union Association has developed a growing national audience.
WASHINGTON (7/28/14)--The House Financial Services Committee will begin a markup of the Regulation D Study Act (H.R. 3240) Tuesday, a bill supported by the Credit Union National Association.
WASHINGTON (7/30/14)--Citing "sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions," the Federal Open Market Committee announced Wednesday it will continue the pace of its quantitative easing program.
WASHINGTON (7/31/14)--U.S. Sens. Angus King (I-Maine), Deb Fischer (R-Neb.), Mark Warner (D-Va.), and Jon Tester (D-Mont.) unveiled new legislation intended to provide immediate regulatory relief for America's credit unions and community banks.
ALEXANDRIA, Va. (7/24/14)--The NCUA is planning to unveil three regulatory relief proposals in upcoming open board meetings. They will include plans to eliminate the 5% cap on a credit union's fixed assets, to modernize the member business lending (MBL) rule, and to update appraisal provisions, according to Matz.
WASHINGTON (7/25/14)--The negative impact of the Consumer Financial Protection Bureau's proposed changes to HMDA reporting rules will far outweigh any benefit to credit unions--or their members, CUNA Associate General Counsel Jared Ihrig said.
PLEASANTON, Calif. (7/21/14)--Thirty-nine member service fees erased. Balance transfer: gone. Card replacement: gone. Early mortgage payoff: gone. It's all part of Patelco's mission--to remove any barriers to creating a great experience of banking for its members. And it's a mission driven by Erin Mendez as she closes in on her first anniversary as Patelco's president/CEO.