(please click ad for more information)

Current News

Relevant Information—For You, By You

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.”

print   email   share   share   share

Networking and Awards after 'REACH'
Credit union chapter members from across California and Nevada gathered Oct. 23 at the JW Marriott (L.A. Live) in downtown Los Angeles to attend the 2014 Chapter Forum, which offered a full day of valuable networking and educational sessions for attendees who were eager to share individual stories about the work their chapters are accomplishing.

NEEN JAMES CHALLENGES CUs AT 'REACH' updated 10/27/14 04:17 PM
'Time is the New Currency'
By Wednesday afternoon, nearly 700 credit union CEOs, professionals, industry vendors, and guests had attended REACH 2014, the California and Nevada Credit Union Leagues’ Annual Meeting and Convention from Oct. 20-22 at the JW Marriott (L.A. LIVE) in downtown Los Angeles.

Latino Consumers Discussed
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) recently hosted an all-day forum on “Debt Collection and the Latino Community,” which brought together consumer advocates, industry professionals, and regulators to discuss how debt collection issues affect Latino consumers, especially those with limited English proficiency (LEP).

FinCEN: QUARTERLY UPDATE ON 'SARs' updated 10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.