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for Friday, January 9, 2015
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Revised RBC Proposal on NCUA's January Board Agenda
Credit unions will get their first look at a revised regulatory risk-based capital (RBC) plan from the NCUA next Thursday. The new plan will be unveiled at the January 15 open board meeting - an expectation made fact by a meeting agenda released late Thursday afternoon.

It will come out almost a year after the NCUA first proposed a RBC regime, one that met with a serious outcry from stakeholders, federal lawmakers and more.

CUNA president/CEO Jim Nussle thanked the NCUA for slating the RBC discussion for the January meeting.

"CUNA will review and carefully evaluate the second risk-based capital proposal from the NCUA at the agency's Jan. 15 board meeting," he said. "We remain deeply concerned regarding several aspects of the original risk-based capital proposal.  (News Now, 1/9/15)
"We know some of the concerns we raised in our comment letter are being considered in the second proposal, including, but not limited to: the 10% requirement to be well capitalized, risk weights, ensuring a second comment period and the allotted time for the implementation period."

Nussle added, "We hope the agency will adequately address our concerns given the significance to the credit union system and the feedback that the agency received from both the credit union movement and policymakers."

CUNA, noting the NCUA's continuing strides to increase transparency, has requested the agency look into cost-efficient ways to live stream discussions as important to the credit union movement as the RBC proposal, and then going forward for all public meetings. The NCUA has stated that increased transparency is an agency priority

The national trade association has organized a webinar taking place on January 26 at 1 PM to detail and discuss the new RBC proposal and answer questions as time permits.  Entitled "Update on NCUA's Risk Based Capital Proposal," AVCU will provide further updates in Newslines Express once CUNA announces registration details.
AVCU Delivers Services Rebate, Graphs 2014 Advocacy Efforts
As 2014 came to a close, AVCU delivered to the CEO of each of our member credit unions a package of information which represented a sort of "time sheet" on how your state trade association worked on behalf of all our members last year.  Dovetailing with CUNA's Power of Association brochure, inside of which AVCU's document (click to view) was delivered, each package also included a check from the AVCU Services Corporation to pay the credit union an annual rebate in proportion to the volume of 2014 business they did with AVCU's own service programs, as well as those of our endorsed partners,  all of which were profiled on the document's back page.
As President/CEO Joe Bergeron explained in his cover letter, "Among all of the efforts at which AVCU and CUNA work together for your credit union, 'Advocacy' rises to the top as our number one reason for being.  Although intangible in many ways, our combined strength in state and federal advocacy impacts most everything your credit union does for its members."
 
"And since nobody else is competing to advocate for credit unions before lawmakers, regulators and the public, that makes your credit union's membership in our Association all the more important, both to us and to credit unions throughout Vermont", he added.

The graph displays where AVCU's advocacy efforts were concentrated last year, essentially presenting a detailed breakdown of the many ways we work on behalf of our members each day.  Not surprisingly, much of that focus is political or regulatory in nature, tied to the Vermont legislature, statehouse, Department of Financial Regulation (DFR), NCUA, and leading our state's delegation to CUNA's Governmental Affairs Conference.  However those better known efforts are balanced by other less visible areas such as patent infringement claims, the alarming growth of merchant data breaches, working with the state to curb illegal lenders, and a growing focus on consumer outreach and awareness of credit unions.

"Regardless of which form advocacy takes," Bergeron's letter concluded, "our Association’s efforts benefit from the combined support of member credit unions, replicated across the country.  Thank you for helping us fulfill our mission of advocating for credit unions."
 
Bennington E/E FCU and VSECU Announce Merger Plans
In a media release this week, the second largest credit union in Vermont and one of the smallest jointly announced plans to merge their memberships.   Robert Denue, Board Chair of Bennington E/E FCU and Kim Cheney, Board Chair of VSECU, also took the opportunity to invite members to participate in an open house that will take place at the Bennington Firehouse on Saturday, January 24 from 10 AM to 12 PM.  VSECU is Vermont's largest state chartered credit union and the only one to hold a statewide field of membership.  As of September 30, 2014 it had $650 million in assets and more than 55,000 members.  Bennington E/E FCU, which serves the plant employees of Bennington's Everyready Battery Company, Inc. and their families, had assets of $3.3 million and 467 members as of 9/30/14.
Citing a growing desire among Bennington E/E FCU members to expand services and increase access to technology, the release noted that plant management supports the Board’s decision to present this merger opportunity as a solution to bring additional services and benefits to their employees.  VSECU offers Bennington E/E FCU members the opportunity to reach their financial goals through a complete line up of products and services, adding that servicing, supporting, and welcoming them is "part of our mission and in alignment with the cooperative spirt – people helping people."

"The Directors of each credit union are excited about this venture and voted unanimously in favor of the merger. We hope in the spirit of people helping people we can depend on your support to move forward with this partnership. We look forward to the outcome of being able to better serve you in the future," the release concluded.

A website dedicated to the merger plan has been created to keep members of both credit unions apprised of further developments.  In 2014, members of PMH Credit Union, also located in Bennington, and VSECU members voted to approve a similar membership merger.
Thank You to Our Early Dues-Paying Members!
It is always an incredible feeling to know that our work is appreciated by our members.  Especially at this time of year however, it is very gratifying to see that appreciation expressed by such quick payment of annual CUNA and AVCU dues.  We thank these credit unions for again demonstrating their faith in the Association and allowing us the pleasure of continuing to serve the interests of their management, staff, volunteers, and members.
  • Credit Union of Vermont
  • ORLEX Government Employees Credit Union
  • Northeast Schools & Hospital Credit Union
  • VSECU
  • White River Credit Union
CUNA Announces Expanded Structure, Reorganization
On Wednesday, CUNA president/CEO Jim Nussle announced a reorganization of his senior leadership team to streamline and unite the association to better serve the needs and interests of credit unions.

Distinctions between internal departments, and between CUNA’s Washington and Madison offices have been replaced by a unified structure and team called 1CUNA. With common goals and priorities under the new umbrella structure of 1CUNA, there is one team focused on understanding and meeting the needs of credit unions so that they can better serve their members.  The new structure will improve and streamline communication and collaboration throughout CUNA’s staff.
“With this new structure we are moving forward with a strong and forceful agenda to advance our shared vision that Americans choose credit unions as their best financial partner,” said Nussle.  “CUNA will become even more responsive to the needs of our members. To do that, we'll continue to work on our three priorities: removing barriers, creating awareness and fostering service excellence for credit unions.”

Under CUNA’s new structure, Rich Meade will serve as Chief Operating Officer and Jill Tomalin will serve as Deputy Chief Operating Officer.  In addition, the following executives have been named to new positions:
  • Bill Hampel – Chief Policy Officer
  • Susan Newton – Chief Engagement Officer
  • Ryan Donovan – Chief Advocacy Officer
  • Todd Spiczenski – Chief Products & Services Officer
  • Brian Nelson – Chief Financial Officer
  • Susan Parisi – Chief Legal Officer
  • Richard Gose – Chief Political Officer
  • Kathy Thompson – Chief Compliance Officer
As part of this reorganization, the positions of General Counsel Eric Richard and Senior Vice President of Communications Pat Keefe have been eliminated.  Nussle praised Richard and Keefe who served CUNA and the credit union system for many years.  Hampel will serve as interim Chief Strategic Communications Officer.

Management Minute, News & Notes, Calendar & Employment
Recent Headlines from Management Minute
  • NCUA defines supervisory priorities: Cybersecurity, IRR top 2015 list
  • Poll: Reaction to NCUA Data Breach
  • Chicago Fed examines road map to improved payments system
  • S.F. Fed president forecasts gradual rate hike
Upcoming Education & Event Calendar
1/13 Reg CC Ken Otsuka
1/13 HMDA: What to Know Now & What’s on the Horizon? Susan Costonis
1/14 IRA Series: IRA & HSA Update 2014-2015 Tax Years Frank J. LaLoggia
1/15 Robbery Prevention, Response, Aftermath Dana Turner

Employment Opportunities

Marketing Specialist, Heritage Family Credit Union (NEW Today!)

Financial Services Rep (Hooksett, NH), Heritage Family Credit Union (3rd and final post)

These positions and others previously posted in Newslines Express are available here.

Share With Us - We're always looking for pictures, press releases, and news that helps tell the story of why credit unions in general, and yours in particular, are so special to Vermont consumers.  Send submissions to jcote@vcul.org.

National News & Updates
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News Now - view today's issue or archives
Regulatory Advocacy Report - member login / registration required
Legislative Update - member login / registration required

Daily Rates
CUNA's Financial Rates page offers information from the Wall Street Journal and other sources
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