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L-R: Lucy Ito, EVP and COO of the California and Nevada Credit Union Leagues; Dennis Flannigan, CEO of Great Basin FCU; Liz Whitehead, Region V Director for the National Credit Union Administration (NCUA); Dave Gunderson, CEO of Credit Union of Southern California; and Sharon Lindeman, Vice President of Regulatory Advocacy for the Leagues

EXAM, REG ISSUES DISCUSSED WITH NCUA
updated 03/28/14 11:05 AM
Leagues, CEOs Relay Concerns
In a continuing effort to effectively communicate regulatory concerns, representatives from the California and Nevada Credit Union Leagues joined other western state league officials and credit union CEOs in a meeting with National Credit Union Association (NCUA) Regional Director Liz Whitehead (Region V) last week.

Nevada credit unions moved back to Region V from Region I as of Jan. 1, 2013. California credit unions moved back to Region V from Regions II, III, and IV by Jan. 1 of this year.

The Leagues’ representatives included President and CEO Diana Dykstra, Executive Vice President and COO Lucy Ito, and Vice President of Regulatory Advocacy Sharon Lindeman. Joining the Leagues were Dave Gunderson, CEO of Credit Union of Southern California and the Leagues’ Regulatory Advocacy Committee chairman, and Dennis Flannigan, CEO Great Basin FCU.

“The meeting was a tremendous success,” Gunderson said. “Liz Whitehead and her team invested several hours to listen to our comments, perspectives, and recommendations. It was refreshing to discuss the NCUA and credit unions’ common goal of ensuring safety and soundness, as well as some respectful dialog regarding different strategies to achieve this goal.”

Flannigan added: “The meeting entailed good open constructive communication and discussion of the exam survey and other key issues. Liz Whitehead and her senior staff all seemed practical and hesitant to strict oversight without considering the context.”

Lindeman noted that the event provided an “excellent opportunity” for open, collaborative dialogue about regulatory and examination issues. "We appreciate Director Whitehead making time in her schedule to hear our concerns,” Lindeman said.

CUNA Exam Survey Report
The Leagues obtained an advance copy of the CUNA/League 2013 Exam Survey Report, which provided a basis for good dialog, including:

  • Region V exams are improving across the board. This is not true of other regions.
  • Region V attitudes towards exams were improved in 2013 (25 percent were dissatisfied) compared to 2012 (30 percent were dissatisfied). Nationally, there was a slight decline (in 2012, 25 percent were dissatisfied; and in 2013, 27 percent were dissatisfied).
  • Region V credit unions saw a substantial improvement in the use of Documents of Resolutions (DORs) between 2012 (46 percent) and 2013 (39 percent). Nationally, there was little change in examiners’ use of DORs (in 2012, 43 percent; in 2013, 41 percent).
  • Region V exams more closely resemble the exam experience of the other regions, but gaps remain. For example, in 2013, Region V credit unions were 30 percent more likely overall to be cited for one of the five most common exam issues than credit unions in other regions (compared to 38 percent more likely in 2012).

As to the use of DORs, Region V senior staff commented that their objective of the exam modernization and changes to DORs is not to ensure the number reduces, but to ensure the DORs are used for material findings—those that could cause a credit union to fail.

In regard to Region V exam findings, the five most common exam issues included: loan policies, Allowance for Loan Losses (ALL), strategic planning, interest rate risk, and loan concentration. Whitehead said the higher percentage of findings in Region V could simply be a result of the region having a higher percentage of larger credit unions.

The Leagues encourage all California and Nevada credit unions to complete the joint CUNA/League Exam Survey in 2014. The aggregate data will help ensure California and Nevada credit unions’ exam experiences are captured, and any negative trends can be brought to the region’s attention.

Supervision Consistency and Quality Control
In an effort to realize greater consistency across all NCUA regions and in examinations from credit union to credit union, NCUA has adopted two programs since California and Nevada credit unions were previously part of Region V. First, all NCUA examination staff are now guided by the National Supervision Policy Manual (NSPM), the agency’s internal policy for supervisory operations and procedures.

Second, all regions, including Region V, now routinely carry out Quality Control Reviews (QCRs) to specifically identify and address exam inconsistencies. Credit unions that experience quality control issues may contact Region V staff directly or via the Leagues.

Risk-Based Capital
The proposed risk-based capital rule was discussed, including remarks on how an examiner can require even greater capital than the proposed rule sets for an individual credit union.

Whitehead commented that any “individual minimal capital requirements” would have to go through the regional director and to the NCUA board for approval; that such a requirement would not be established by an examiner. In addition, a credit union can appeal the decision.

The Leagues strongly oppose any greater authority for the NCUA to impose additional capital requirements on a case-by-case basis. The Leagues encourage credit unions to review the proposal, the information and resources available on the Credit Union National Association’s (CUNA) website and in PowerComment, and submit a comment letter to NCUA on this and many other concerns with the proposal before the May 28 deadline. The Leagues also encourage credit unions to register for and attend NCUA Chairman Debbie Matz’s June 26 “Listening Session” in Los Angeles. Due to space constraints, registration is limited to 150 people.

Also, click here to access CUNA’s Risk-Based Capital Action Center.

 
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ACCEPTING APPS: CU ADVISORY COUNCIL updated 01/27/15 11:00 AM
Eight Seats Vacant in Fall 2015
The Consumer Financial Protection Bureau (CFPB) is accepting applications for membership on its Credit Union Advisory Council and inviting individuals who can provide the bureau with guidance as it carries out its work.

CONGRESSMAN VISITS TRAVIS CU LEADERS updated 01/27/15 10:39 AM
DeSaulnier Makes it a Top Priority
As first reported on the California and Nevada Credit Union Leagues’ Advocacy Blog, newly sworn-in Rep. Mark DeSaulnier, D-CA, attended a district meeting at Travis CU on Jan. 23.

CLARK COUNTY CU AWARDS DIVIDENDS updated 01/22/15 02:07 PM
$2.7 Million to 34,000 Members
For Clark County CU, 2014 was a successful year as the credit union closed out with a healthy net worth ratio of 11.77 percent and recorded an annualized net income of nearly $12.3 million. This afforded the credit union to award a whopping $2.7 million in bonus dividends to nearly 34,000 members. Each bonus averages $79 per member, with the highest single bonus totaling just more than $10,000.

BIZ KID$ FINANCIAL GRANTS AVAILABLE updated 01/21/15 12:41 PM
Application Deadline is March 31
Promote financial literacy at your credit union and in your community with a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (NCUF). Apply for the grant by March 31, 2015.

IMMIGRANT EVENT ANSWERS QUESTIONS updated 01/20/15 11:41 AM
Los Angeles Councilman Speaks
With President Barack Obama’s recently issued executive order on immigration, something transformative could be in store for credit unions serving immigrant communities—but it’s going to take more knowledge, more action, and a desire to understand the culture and language surrounding this group of individuals.

NCUA's SECOND RBC PROPOSAL updated 01/15/15 10:32 AM
New Draft More Favorable
The Leagues are thoroughly reviewing the National Credit Union Administration’s (NCUA) 450-plus page Risk-Based Capital Proposed Rule in detail to understand its components and potential impact. It seems this second proposed rule is more favorable than its first draft, and that most of our requests were at least partially addressed.

RBC DISCUSSION VIDEO AVAILABLE updated 01/15/15 03:45 PM
Captures Revised Plan
The Credit Union National Association (CUNA) video of today's National Credit Union Administration (NCUA) open board meeting discussion of a new risk-based capital (RBC) plan is now available for viewing.

NCUA PAYS FOR DATA BREACH updated 01/15/15 02:33 PM
Palm Springs FCU Receives Up To $50K
The National Credit Union Administration (NCUA) board has approved payment of up to $50,000 for costs associated with a data breach at Palm Springs FCU late last year.

CO-OP PROCESSED 3B IN 2014 updated 01/14/15 11:04 AM
Sets New Record
CO-OP Financial Services processed more than three billion electronic funds transfer (EFT) and shared branch transactions by credit union members in 2014—an 8 percent increase compared to 2013. This sets a new record for CO-OP.

CUs MEET WITH NCUA, CFPB OFFICIALS updated 01/13/15 09:44 AM
2nd RBC Proposal, Overdraft Discussed
California and Nevada credit union leaders met last week with officials from the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB) to discuss the agencies’ regulatory impact on credit unions.

CO-OP ANNOUNCES THREE PROMOTIONS updated 01/12/15 12:18 PM
New CIO, CMO, and SVP
CO-OP Financial Services has promoted three employees to new positions: Terrence Griffin has been promoted to chief information officer; Samantha Paxson to chief marketing officer; and Connie Trudgeon to SVP of network operations and implementation.

'GAC' AND 'GRR': TWO POWERFUL EVENTS updated 01/12/15 04:37 PM
Your Voice is Needed
The credit union movement needs YOUR voice in Washington, D.C., Sacramento, and Carson City this year as discussions take place on legislative policies that may affect credit unions at the state and federal levels, as well as regulatory issues.

WCMS PRES. RETIRES AFTER 44 YEARS updated 01/09/15 04:44 PM
James D. Likens To Serve Through 2015
Western CUNA Management School (WCMS) officials have announced that Dr. James D. Likens will be retiring from his post as president and CEO of the school at the end of 2015. Likens will continue to direct the school through the end of the year.

CA/NV CUs CAN VIEW RBC DIALOGUE updated 01/09/15 02:26 PM
CUNA to Record NCUA Session
California and Nevada credit unions will have the opportunity view the National Credit Union Administration (NCUA) risk- based capital (RBC) discussion meeting on Jan. 15.

SEN. BOXER NOT SEEKING RE-ELECTION updated 01/08/15 10:22 AM
Served Two Decades in U.S. Senate
In a video announcement earlier this morning, Senator Barbara Boxer (D-CA) stated she will not seek re-election in 2016 when her term expires. Her retirement announcement is not unexpected.

DYKSTRA TALKS LEADERSHIP updated 01/08/15 09:04 AM
CUToday.info Interview
California and Nevada Credit Union Leagues President and CEO Diana Dykstra was recently interviewed by CUToday.info to share her thoughts on leadership and management. In this interview, Dykstra talks about communication, working with board of directors, staying relevant, and more.

LEAGUES OFFICIALLY LAUNCH 'PLEXCITY' updated 01/06/15 10:13 AM
Unique Shared-Service Vision
The California Credit Union League, Maryland and District of Columbia Credit Union Association, and New Jersey Credit Union League officially launched Plexcity on Jan. 2—a new shared-services company that will aggregate accounting and finance, human resources, and information technology departments for trade associations across the nation.

CUNA ANNOUNCES REORGANIZATION updated 01/06/15 02:06 PM
Changes to Senior Leadership Team
The Credit Union National Association (CUNA) has announced the reorganization of its senior leadership team in an effort to streamline and better serve the needs and interests of credit unions.

114TH CONGRESS BEGINS TODAY updated 01/06/15 01:43 PM
Leagues Join Aguilar in Swearing-In
Today is the beginning of the 114th session of Congress and the California and Nevada Credit Union Leagues was there to welcome members.

JENSEN JOINS LEAGUES' ADVOCACY TEAM updated 01/05/15 11:29 AM
Will Represent CUs in Sacramento, Carson City
Courtney Jensen has joined the California and Nevada Credit Union Leagues as legislative advocate, where she will support and promote credit unions at the state level.

CMN FUNDRAISING REMITTANCE updated 01/05/15 10:51 AM
Submission Deadline: Jan. 16
If your credit union raised funds for Children’s Miracle Network (CMN) Hospitals in 2014, please submit your funds on or before Jan. 16 to count toward 2014 fundraising totals. Click here to access the form, which includes mailing instructions, along with your fundraising check.

CA CUs GAIN CORPORATE REPRESENTATION updated 01/05/15 10:15 AM
Steve Devan on Catalyst Board
For the first time since the corporate credit union world experienced enormous regulatory changes, a sizeable number of California credit unions are gaining a voice on the board of directors at a large corporate: Steve Devan, CEO of $90-million-asset Grossmont Schools FCU in El Cajon, CA.

NCUA'S MCWATTERS CONFIRMED FOR 'GAC' updated 01/05/15 03:31 PM
Private Session With CU Leaders
The California and Nevada Credit Union Leagues have confirmed a private session with National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters for California and Nevada leaders during the Credit Union National Association’s (CUNA) 2015 Governmental Affairs Conference (GAC).

EVENTS YOU DON'T WANT TO MISS updated 01/02/15 09:03 AM
Top Seven Events of 2015
We all realize how fast time flies, and 2015 will be no exception. Below are the top seven events designed specifically for you our members in 2015.