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ARROWHEAD CU EXITS CONSERVATORSHIP
updated 05/24/13 08:59 AM
First CU Since 2007
After nearly three years, the National Credit Union Administration (NCUA) has released and returned control of Arrowhead Central CU in California back to its members. It is the first credit union since 2007 to emerge from NCUA conservatorship.

“This is an extraordinary success story resulting from an extraordinary effort,” said NCUA Board Chairman Debbie Matz. “Arrowhead provided essential financial services for more than 100,000 ethnically diverse members. When the credit union was on the brink of failing in June of 2010, NCUA, working with the California Department of Financial Institutions, placed Arrowhead into conservatorship. From day one, we were dedicated to restoring sound operations and safeguarding members’ hard-earned money.”

A new 10-person NCUA-recruited advisory board is now Arrowhead’s new board of directors and supervisory committee. In their first board meeting, Arrowhead reported a net worth ratio of 10.5 percent, quarterly net income of $5.6 million, and membership of more than 116,000.

“This historic success story was made possible thanks to years of tireless, collaborative efforts,” Matz concluded. “NCUA staff, the California Department of Financial Institutions, Arrowhead’s interim and current management teams and staff, the new board of directors, and members never wavered in their commitment to save this credit union. Together, we pulled Arrowhead from the brink of insolvency to become a strong credit union again, providing essential financial services for its community.”

 
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ANNUAL FED WEBINAR ON REGS, GUIDANCE updated 11/21/14 10:32 AM
Also, FinCEN Issues Advisories
Senior staff at the Federal Reserve will host an annual webinar to provide a recap of recent regulatory changes and highlight various inter-agency guidance. The webinar will also discuss current hot topics in the financial services industry and give a glimpse of future regulatory changes.

DIANA DYKSTRA RECEIVES 'EAGLE AWARD' updated 11/20/14 10:41 AM
Outstanding Record of Achievement
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, was presented with the American Association of Credit Union Leagues’ highest honor—the Eagle Award—this week during AACUL’s winter meeting in Hawaii.

LEAGUE SURVEY EXTENDED TO NOV. 21 updated 11/19/14 10:57 AM
Overdraft and Courtesy Pay
The deadline for the California and Nevada Credit Union Leagues’ survey to obtain information about credit unions’ overdraft and courtesy-pay programs has been extended to Nov. 21.

CUs RECEIVE UNRIVALED SURVEY SCORE updated 11/18/14 11:10 AM
Ranked First in 'Customer Satisfaction'
Credit unions are ranked first in customer satisfaction, significantly outpacing all other financial services, according to findings released Tuesday by the American Customer Satisfaction Index (ACSI).