NCUA Board Proposes Raising “Small” Threshold to $30 Million
As part of NCUA’s ongoing efforts to provide regulatory relief, the Board voted to issue a proposed rule to update the definition of a “small entity” under the Regulatory Flexibility Act to include federally-insured credit unions with less than $30 million in assets. Complete details on this and other action taken at the September open meeting can be found here.
Sign up for OSCUI’s Monthly E-Newsletter
NCUA’s Office of Small Credit Union Initiatives publishes the monthly e-newsletter FOCUS (Fundamentals of Credit Union Success). It focuses on helping small credit unions achieve success by providing news and highlighting opportunities. Read the September issue and sign up today!
The Wyoming Valley and Scranton Chapters are jointly holding BSA and Financial Literacy Training for staff and volunteers.
PCUA staff is responsible for this annual required training. This is the second year that credit unions in NE Pennsylvania have collaborated to provide a low cost alternative to necessary learning.
Questions on the training sessions should be directed to Cathy Rose, Saint Nicholas FCU. She can be reached at 570-825-2640.
CU PolicyPro: September OPS Notes
The OPS Notes newsletter for September was posted recently and is now available in the online library.
September’s topic is Reporting of Troubled Debt Restructured Loans – Clarification. Typically the OPS Notes information takes a policy and looks at more in-depth, but does not usually require a change in policy information.
However, credit unions may wish to use this month’s clarification to update their current TDR policy. Please note that these changes will be made to the master model content as part of the January 2013 update, and are NOT included as part of the master model content at this time.
Does the new Troubled Debt Restructurings (TDRs) rule change how TDRs are reported when the loan is part of a Chapter 13 plan?
The new rule does change TDR delinquency reporting. Chapter 13 bankruptcies would not be reported as delinquent based on the original terms, but rather on the restructured terms.
One exception, member business loans (MBLs), are still reported as delinquent until six consecutive payments are made. This month's edition of OPS Notes includes the amended verbiage to this policy to reflect the new rule. This updated verbiage will be included in the master model content as part of the January 2013 update, but credit unions are free to amend their respective TDR policies to reflect this information at any time.
For help in taking full advantage of CU PolicyPro, or for assistance in updating your manual with the new policies, contact PCUA Compliance & Operations Officer Elaine Royer at 800-932-0661, extension 5341, or by email at firstname.lastname@example.org.
Q: Under which section of the IRS tax code do credit unions fall?
A: According to the Treasury department in Washington, state chartered credit unions fall within Section 501 (c)(14). Federal credit unions fall within Section 501 (c)(1) – title 26, I.R.C. Section 501 (c).
New Video Explains Contract Management
Managing contracts at a credit union can be difficult. When contracts come up for renewal, it takes a lot of work to perform the due diligence required for either re-signing or selecting a new vendor.
LEVERAGE's automated contract management solution, powered by Ventelligence, streamlines this process, saving you time and money.
In a new video from LEVERAGE, Ventelligence's contract management platform is summarized, along with how ePurchasing can save on contract procurement.
Click the video image to learn more about Ventelligence. To request a demonstration or more information, contact your Association Account Executive.
Avoiding the Disaster within a Disaster
Three ways to prevent a bad situation from getting worse.
Many losses and service interruptions are unavoidable when disaster strikes, but credit unions can do three practical things now to avoid a disaster-within-a-disaster: review and update insurance coverage, practice your disaster recovery plan, set up an emergency communications procedure.
Do your members know they can visit their local credit union branch and purchase gift cards at a significantly lower price than retail locations?
The Association's gift card program (offered through the ICUL Service Corporation) is easy to manage, can be up and running in less than two weeks, and provides access to free marketing materials.
Prepare now for the busiest gift card season by contacting Sheba Wallish, Card Services Manager, at email@example.com or by calling 800.932.0661, extension 5262.
Pennsylvania Credit Union Association