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updated 10/02/15 12:38 PM
CRC FCU is now Novo FCU. Novo is latin for refresh/revive/make anew, fulfilling the board’s parameters for the name brand to be short, distinctive, and one that better represents the credit union’s mission and its membership.

Click to view the latest Member News

From the Editors of CU Weekly

updated 04/24/14 10:06 AM
Announded by Catalyst Corporate
Catalyst Strategic Solutions, a wholly-owned credit union service organization (CUSO) of Catalyst Corporate FCU, has launched a Derivative Hedging Service to help credit unions mitigate interest-rate risk.

In January, the National Credit Union Administration (NCUA) approved a rule authorizing certain federal credit unions to purchase derivative instruments for risk management purposes. Parameters for credit unions purchasing derivatives under the new rule include assets of $250 million or more, a CAMEL rating of 1, 2, or 3, and a management rating of 1 or 2.

Among the services to be provided:

  • In-depth training and education for start-to-finish derivative programs
  • Assistance with NCUA derivative application
  • Development of derivative policies and procedures
  • Interest rate risk modeling
  • Legal review of all derivative documentation
  • Counterparty credit analysis
  • Derivative hedging strategies, trade execution and transaction management
  • Daily monitoring of derivative pricing and collateral management
  • Monthly mark-to-market reports

“While a small number of credit unions have had access to derivative instruments for the last decade, using them to hedge risk is unchartered territory for most,” said Bruce Fox, Catalyst Corporate’s EVP/chief investment oficer, and Catalyst Strategic Solutions principal. “Catalyst Strategic Solutions is uniquely positioned to help credit unions implement a successful hedging program for a variety of reasons—one of which is a track record of developing credit union balance sheet risk management strategies for more than 20 years.”

Click here for more information about Catalyst’s Derivative Hedging Services.