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Relevant Information—For You, By You

updated 04/04/14 10:42 AM
Avoid Penalty Fees
Attention credit unions! First quarter Call Reports are due to the National Credit Union Administration (NCUA) on April 25. Failure to meet the deadline may result in a civil money penalty.

  • Up to a maximum of $1 million, or 1 percent of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.
  • " rows="5" cols="100" WRAP="physical">Potential penalties for late filers include:
    • Up to a maximum of $2,000 per day for each day a required report is minimally late or contains uncorrected false/misleading information if the late or false/misleading filing is unintentional and the credit union has reasonable procedures in place to avoid such errors.
    • Up to a maximum of $20,000 per day for each day a required report is late or contains false/misleading information if the late or false/misleading filing is not covered by the "unintentional" safe harbor outlined above.
    • Up to a maximum of $1 million, or 1 percent of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.

    The size of the fine will take into consideration the size of financial resources and good faith of the credit union, the gravity of the violation, the history of previous violations, and other circumstances.

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    THREE TOPICS SHAPING ‘GAC’ THIS YEAR updated 03/02/15 05:08 PM
    Data Security Will Top GRR
    Next week the Credit Union National Association’s 2015 Governmental Affairs Conference (GAC) will kick off in Washington D.C.—a conference that, unlike others, is focused on bringing the credit union message to Congress and the administration.

    Holbrook Served For 36 Years
    Evangelical Christian CU's Mark Holbrook will retire in May after 36 years as CEO. He is widely acknowledged for growing the 50-year-old institution to an alliance of more than 11,000 members and ministries in 130 countries.

    ROYCE REINTRODUCES MBL CAP BILL updated 03/02/15 03:31 PM
    Raises Limit to 27.5 Percent of Assets
    Today, Congressman Ed Royce (R-CA) reintroduced legislation raising the member business lending (MBL) from 12.25 percent to 27.5 percent of assets.

    CUs LEND UNIQUE VOICE TO NEWS MEDIA updated 03/02/15 02:55 PM
    Stories Garner Spotlight in CA, NV
    Only two months into 2015, local news media across California and Nevada are highlighting credit unions’ positive impact on their communities as the economy continues strengthening and the industry seeks how it can uniquely serve members.

    VETERANS MBL BILL INTRODUCED updated 02/27/15 01:27 PM
    Service Member Loans Exempt From Cap
    This morning, Reps. Julia Brownley (D-CA) and Jeff Miller (R-FL) introduced H.R. 1133, legislation that will help the nation’s veterans establish themselves as small business entrepreneurs. With many service members already credit union members, this new bill would exempt small business loans issued to veterans from the member business lending (MBL) cap.

    CUs TESTIFY ON FIN. LITERACY updated 02/25/15 10:50 AM
    Nat'l. CU Foundation Speaks at FLEC
    Gigi Hyland, executive director of the National Credit Union Foundation toured the movement's dedication to youth financial literacy today in a presentation to the U.S. Treasury's Financial Literacy Education Commission (FLEC).

    WINE AUCTION RAISES RECORD AMOUNT updated 02/24/15 10:27 AM
    More Than $1 Million for Children’s Hospitals
    More than $1 million was raised for 11 Children’s Miracle Network Hospitals in California and Nevada during the annual Credit Unions for Kids Wine Auction last Friday night—a record amount in the event’s 10-year history.

    REACH INNOVATION GROUP KICKS OFF updated 02/23/15 03:15 PM
    Two-Day Discovery Experience
    The California and Nevada Credit Union Leagues’ REACH Innovation Group officially launched last week with a two-day experiential learning session, immersing the 17 participants in the Filene Method of Innovation.

    CONGRESSMEN VISIT CA, NV CU LEADERS updated 02/23/15 01:53 PM
    Plus, Nevada HOA Super Lien Update
    Two members of Congress visited credit unions in California and Nevada last week during the President’s Day district work period.

    NCUA APPROVES 'SMALL CU' PROPOSAL updated 02/20/15 03:17 PM
    Plus: Reg Burden Examples Needed
    A proposal to amend the Regulatory Flexibility Act (RFA) definition of “small entity” was approved during last week’s National Credit Union Administration (NCUA) board meeting, which would increase the asset threshold definition of “small” federally-insured credit unions from $50 million to $100 million.

    CUNA PLEDGES $1M TO MUSEUM updated 02/18/15 04:23 PM
    Sponsors ‘Legacy Campaign’
    The Credit Union National Association (CUNA) has pledged $1 million toward America’s Credit Union Museum Legacy Capital Campaign to help ensure the rich history of the credit union system is preserved.

    LONGTIME CU LEADER PASSES updated 02/17/15 10:41 AM
    Larry Sharp—Advocate and Volunteer
    Longtime credit union advocate and former Arrowhead Credit Union CEO Larry Sharp passed away on Monday morning, leaving a 45-year legacy of volunteerism and leadership within the California credit union movement and the local Inland Empire community. He was 72.

    CO-OP TO BUY COVERA SOLUTIONS, INC. updated 02/13/15 02:11 PM
    Enters Agreement with NY CU Assoc.
    California-based CO-OP Financial Services has signed a letter of intent with the New York Credit Union Association (NYCUA) to purchase the association's subsidiary, Covera Solutions, Inc. The purchase is expected to be completed by the end of the first quarter. Covera provides 248 credit unions with credit, debit, ATM, and prepaid cards solutions.

    Urges Reducing Reg., Leg. Burden
    During a hearing in front of the Senate Banking Committee last week, Nevada Credit Union League Chairman and Greater Nevada CU CEO Wally Murray addressed 191 regulatory changes handed down to financial institutions from three dozen federal agencies since January 2008.

    CO-OP RE-LAUNCHES MOBILE BANKING APP updated 02/11/15 09:09 AM
    P2P Payments, Remote Check Deposit
    CO-OP Financial Services is re-launching CO-OP Mobile, its mobile banking application, which now features optional real-time, person-to-person payments, and remote check deposit.

    CUs POST IMPRESSIVE GAINS IN 2014 updated 02/09/15 10:20 AM
    Membership, Loan Portfolios Up
    In 2014, the credit union industry experienced impressive membership and operational success, suggesting Americans are starting to recognize the value proposition of credit unions and are utilizing their products and services.

    CEO TO TESTIFY ON BANKING COMMITTEE updated 02/09/15 02:06 PM
    Regulatory Relief, MBL, Supplemental Capital
    Wally Murray—chairman of the Nevada Credit Union League and CEO of Greater Nevada CU—will be testifying at a hearing before the U.S. Senate Banking Committee on regulatory relief for credit unions this coming Thursday morning.

    NV LEADERS MEET WITH STATE LAWMAKERS updated 02/09/15 01:33 PM
    HOA Lien Foreclosures Discussed
    Delegates from credit unions throughout Nevada descended upon the state capitol in Carson City on Feb. 4 for the Nevada Credit Union League’s 2015 Government Relations Rally.

    CATALYST: PARTICIPATIONS CLEAR 100M updated 02/06/15 11:55 AM
    California CUs Included in Deals
    Since launching earlier in 2014, the Catalyst Corporate FCU loan participation program has helped 41 credit unions buy and sell more than $100 million in loans, closing five deals in less than one year.

    LEAGUE OVERDRAFT SURVEY POSTED updated 02/05/15 11:38 AM
    View Results and Final Report
    During CEO roundtable discussions last summer, it was decided the California and Nevada Credit Union Leagues must take a proactive approach regarding likely rulemaking by the Consumer Financial Protection Bureau (CFPB) on overdraft programs.

    OIL'S DECLINE PUTS CUs ON THE ALERT updated 02/04/15 02:09 PM
    California Members Face Varying Impact
    Credit unions headquartered in the heart of California’s largest oil-producing counties are bracing for members in need of financial assistance as the recent spill in oil prices puts a dent in local commerce and employment.

    RMJ CREATES NEW ADVISORY COMMITTEE updated 02/03/15 09:19 AM
    Plus, Designation of Excellence for CUs
    The Richard Myles Johnson (RMJ) Foundation has a new advisory committee that will provide advice, guidance, and active support of the Foundation’s initiatives, including Bite of Reality—a hands-on simulation program that teaches budgeting skills to young people.

    WORLD COUNCIL YOUNG CU PEOPLE updated 02/02/15 03:25 PM
    Nominate a Professional Today
    The World Council of Credit Unions is now accepting nominations for the World Council Young Credit Union People (WYCUP) scholarship program, an international networking and educational opportunity for promising credit union leaders.

    CLARK COUNTY CU CEO TO RETIRE updated 01/29/15 10:54 AM
    Wayne Tew Served 29 Years at CU
    Clark County CU President/CEO and former Chairman of the Nevada Credit Union League Wayne Tew plans to retire this summer after 29 years with the credit union.