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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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SUPP. CAPITAL FOR RBC GAINS ADVOCATE updated 12/16/14 11:04 AM
McWatters Supports Model for CUs
National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters recently said he supports including a supplemental capital provision in the agency's risk-based capital (RBC) rule to help credit unions meet the rule’s requirements.

CU DIRECT TO DONATE 20K TO CMN updated 12/16/14 11:03 AM
‘20 for 20’ Anniversary Campaign
CU Direct, the nation’s leading provider of lending, automotive, and strategic solutions for credit unions, is celebrating its 20th anniversary by holding a contest to donate $20,000 to one of the nation’s Children’s Miracle Network (CMN) hospitals.

NCUA MAY BE LIABLE FOR DATA BREACH updated 12/16/14 10:05 AM
Flash Drive with Member Info Lost
The National Credit Union Administration (NCUA) confirmed on Dec. 15 that a flash drive containing the personal information of Palm Springs FCU member was lost during a recent audit. The loss of data includes names, addresses, Social Security numbers, and account information.

PREPARE FOR HEALTH CARE REQUIREMENTS updated 12/16/14 09:42 AM
Also, Digital Media and Marketing
Federal health care law requirements, creating a quick digital message, and the marriage of innovation with marketing are all highlighted within the latest “Problem? Solved!” column in Credit Union Digest!