October 2013
|
FOCUS is the monthly e-Newsletter of the Office of Small Credit Union Initiatives (OSCUI). It focuses on helping small credit unions achieve success by providing news and highlighting opportunities. Click here to subscribe to FOCUS.
|
 Featured this Month (Click on a heading to go to the article.)
|
|
A textbook example of partnership
By Pamela Williams, Partnerships & Outreach Coordinator, in collaboration with Malia Peel, EDS
"Credit Unions Unite for Good: A Better Way," was the theme for this year's observance of International Credit Union Day, on October 17. The theme emphasized the benefits of cooperation among credit unions. As this month's headliner, we highlight the cooperative relationship among a group of small credit unions that embody this theme.
How did it begin?
In 2010, Ted Wordlaw of Cosmopolitan FCU reasoned that area small, faith-based credit unions should collaborate for support, especially during the U.S. economic recession that began in December 2007. Wordlaw engaged Drs. Hiram and Joronda Crawford of Israel Methcomm FCU. For additional support, the group contacted Regional Director Joyce Jackson of the Illinois Credit Union League (ICUL) and Economic Development Specialist (EDS) Malia Peel of NCUA's OSCUI. The Faith Based Credit Union Alliance (FBCUA) of Illinois was formed in September 2010 with the group's first meeting.
 | |
FBCUA members pose with student interns at a group meeting. Pictured from left to right are LaTricia Asbury Price, Hiram Crawford, Gwen Hudson, ICUL's Joyce Jackson, two interns and Sanetta Jackson. Photo provided by the ICUL.
|
|
|
|
|
October 22 - OSCUI Monthly Webinar: Risk-Based Lending
Time: 2:00 p.m. [Eastern]
November 14 - OSCUI Monthly Webinar: Employee Dishonesty Save the date: details to be posted on our website www.ncua.gov/Training.
December 17 - OSCUI Monthly Webinar: Succession Planning Save the date: details to be posted on our website www.ncua.gov/Training.
|
|
|
|
OSCUI in the news
NCUA Offers Risk-Based Lending Webinar
Credit Union Times
An economic development specialist from the NCUA's Office of Small Credit Union Initiatives will "provide an overview of risk-based lending and how it has become an important part of consumer lending" on Oct. 22nd.
NCUA hosting risk-based lending webinar
CU Insight
The National Credit Union Administration will host a free webinar, "Risk-Based Lending-More than a Loan Pricing Tool," on Tuesday, Oct. 22, 2013, at 2 p.m. Eastern. Economic Development Specialist Tom Penna from NCUA's Office of Small Credit Union Initiatives will provide an overview of risk-based lending and how it has become an important part of consumer lending.
Budget Spreadsheet Upgrade Helps CUs Excel
Credit Union Times
Unfortunately, many credit unions spend too much time inputting data and not enough time analyzing the data and ensuring accuracy. Budgeting and strategic planning must go hand in hand to maximize efficiency and mitigate risk, Lowe said during a recent webinar hosted by NCUA's Office of Small Credit Union Initiatives.
New E-filing Rule
CUNA
CUNA also suggested that the agency's Office of Small Credit Union Initiatives, if it is not already doing so, work with the state credit union leagues to identify these small credit unions so that they can receive additional assistance to file reports electronically.
[Back to top]
|
Deadline approaching for Consulting nominations
OSCUI is accepting nominations for credit union enrollment into the next Consulting semester. The semester will run from January through June 2014. The consulting is provided by our national team of Economic Development Specialists (EDS). We will enroll as many as 206 credit unions for the semester. Nominations are due by November 30, 2013, at 5:00 p.m. Eastern.
We expect demand for the upcoming semester to be robust and encourage eligible credit unions to submit their applications prior to the deadline. Eligible credit unions are those with less than $50 million in assets or holding a low-income designation. A credit union may self-nominate for enrollment consideration or be nominated by its examiner. Nominations are accepted online only; click here to access the form.
We offer services in the 11 areas listed below. A credit union may select up to three of these areas in its request.
|
Budgeting Guidance
| Consumer Compliance | | Grant Guidance | Internal Controls | | Marketing Strategy Guidance | Merger Guidance | | Recordkeeping Guidance | Secondary Capital Guidance | | Strategic Planning Guidance | New Product Selection/Development | | FOM Expansion/Capturing New Markets |
|
We are committed to helping credit unions to survive and thrive. Therefore, two categories of credit unions are exempt from semi-annual enrollment. Credit unions in either of these categories by-pass the normal enrollment process and are promptly evaluated for immediate assistance. The first category is credit unions with assets less than $10 million that need help with a Net Worth Restoration Plan (NWRP). The second category is credit unions with a factual Urgent Requirement. If you believe your credit union needs assistance through either of these situations, complete the nomination form and check the box for the applicable "Immediate Services Request."
Recent feedback on OSCUI Consulting
The Office of Small Credit Union Initiatives has played an integral role in Northern Eagle Federal Credit Union's chartering effort since it began in 2010-especially its Economic Development Specialists...They remained accessible and responsive throughout the process, answering questions and providing valuable advice and resources.
Nicole Pieratos, Northern Eagle FCU, recently chartered FCU
Thank you so much for giving Carpenters FCU the tools needed to get the credit union on the right path. Without your help and guidance we would not have been able to turn the ship around. Thanks for giving us a chance to prove we could become profitable and can be a viable credit union.
Kim Rasico, Carpenters FCU
[Back to top]
|
Grants and loans available
OSCUI is accepting requests for funding from low-income designated credit unions for the following:
Loans: Nearly $10.4 million is available. Program features include:
- Maximum loan: up to $500,000
- Terms: Low interest rate ( 0.40%), 5 year maturity
- Repayment: Balloon note - principal due at maturity
- Application: fully electronic application process
Grants: Funds are available to assist manual 5300 Report filers convert to electronic filing. We can assist your credit union with the application process through:
- A guidance document to walk filers through an on-line 5300 report.
- Urgent Needs Grant funding up to $7,500 for LICUs without computers.
- One-on one telephone support from an Economic Development Specialist (EDS).
Click here for additional details including the loan application, terms, and sample agreements. To access the services offered by OSCUI, send a request to [email protected] or call 703-518-6610.
|
|
Working with members affected by government shutdown; Reporting elder financial abuse
NCUA recently released two Letters to Credit Unions providing guidance on special circumstances affecting consumers. In both cases, NCUA issued the guidance jointly with other federal government agencies that regulate financial institutions or financial service providers. Following is a brief summary of each:
Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown: The agencies issuing the guidance encourage financial institutions to work with customers affected by the federal government shutdown. This includes "prudent" workout arrangements consistent with safe-and-sound lending practices. Click here to read the entire guidance.
Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults: This type of abuse involves the illegal or improper use of an older adult's funds, property or assets. Additional resources on this topic include:
- Money Smart for Older Adults: A source of information on training and raising awareness about preventing, identifying and responding to elder abuse or financial exploitation developed by the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation.
- Pocket Cents-Seniors: This section of NCUA's online resources for consumers contains information for older adults, including defending against scams and information on reverse mortgages, prepaid funerals, emergency savings and long-term care. Pocket Cents is maintained by NCUA's Office of Consumer Protection.
Have an idea for an article you'd like us to consider for FOCUS? Email your suggestion to Partnerships & Outreach at [email protected].
|
October training leaves you wanting more!
Webinar: Risk-Based Lending
And you thought we were winding down for the year...hardly! We've got another webinar that you won't want to miss on risk-based lending. This event will be hosted by one of our Economic Development Specialists, Tom Penna, Jr., accompanied by two credit union CEO's. Click here to register now.
Two more webinars are scheduled for the remainder of the year:
- Employee Dishonesty: November 14
- Succession Planning: December 17
Our webinars are archived for on-demand viewing three weeks following the live event. The most recent posting is the Member Business Lending, Part I webinar. Click here to access the schedule of webinars and to register.
OSCUI's new video
It's here! This short, six-minute video outlines the benefits of OSCUI training for small and low-income credit unions. Click here to view it.
Recent feedback on OSCUI Training
I attended the CEO Boot Camp and was blown away by all the support & information available. Most important, I got a better understanding of how all the organizations work together in the best interest of all credit unions.
Thomas Bass, Gateway Credit Union
Just wanted to let you know how very pleased I was with the meeting [in Birmingham, Alabama]. I was very impressed with the lineup of speakers and really enjoyed every one of the speakers. Again, many thanks for a great meeting.
Tom McWilliams, Mississippi Credit Union
I think the Boot Camp was excellent, the speakers and topics were interesting and relative to today's environment and the League played an excellent role in helping make it happen. Thank you.
Kathy Boswell, Central Credit Union of Florida
Let us know what you think about the services we offer or what you'd like us to offer. We'd love to hear from you! Email OSCUI's Training Division at [email protected].
[Back to top]
|
|
Happening in OSCUI
OSCUI outreach:
During the month of September, OSCUI Director William Myers discussed cooperative banking with Mondragon Bank (Spain) and the National Coop Bank and attended the Filene Impact Road Show.
Also during September, OSCUI Deputy Director Martha Ninichuk delivered presentations to the Healthcare Credit Union Association (HCUA) Annual Convention and the Credit Union Development Educators (CUDEs) of the American Association of Credit Union Leagues. HCUA is an organization of credit unions that serve hospitals and health care network employees. Deputy Director Ninichuk also:
- provided a briefing on OSCUI to a delegation from Brazil;
- delivered an update on home-based credit unions for NCUA's Offices of the Executive Director and General Counsel; and
- hosted a presentation on Facebook widgets for NCUA's Office of Public and Congressional Affairs.
OSCUI helps promote SSBCI: Last month, OSCUI emailed representatives of 285 Florida credit unions and the Florida State Supervisory Authority. The email was an invitation to participate in an interagency event to promote participation by financial institutions in the state of Florida's State Small Business Credit Initiative. The event featured presentations on the Initiative, a lenders roundtable on small business credit, community development lending and local economic trends impacting community development. The SSBCI is a U.S. Department of the Treasury initiative to encourage small business lending; each state received an allocation of funds under this program. Click here for more information and to learn about the program in your state.
Special announcement email: OSCUI sent a Special Announcements email last month to our FOCUS readership to notify you of opportunities through two non-profit organizations. First was an informational webinar about IPA US Household Finance Initiative's grant competition; the second was an invitation for credit unions to participate in a study by Filene Research Institute to benefit underbanked consumers.
[Back to top]
|
Announcements
OSCUI Partners
The Aspen Institute and the Delta Regional Authority invite you to attend a 1-day regional forum: "Rooting Wealth that Sticks - Emerging Partnerships for 21st Century Regional and Rural Prosperity A Regional Forum." Practitioners from inside and outside the Delta will profile a range of sector-specific stories about current and emerging economic development partnerships to benefit low-income rural people, places and businesses, among other goals. The event will be held October 30, 2013 in Little Rock, Arkansas. Click here for more information and to register.
The AFI Resource Center has a new website address: The new address is IDAresources.acf.hhs.gov. The site has information and resources on the federal Assets for Independence program and asset building, including guidance on applying for AFI grants and training announcements. The AFI program is administered by the U.S. Department of Health and Human Services.
FLEC to host a public field hearing: The hearing will share the Financial Literacy and Education Commission's work and seek input on promising practices, opportunities, challenges and barriers, and strategies for engaging employees. The event will be held on October 24 in Atlanta. Click here for more information and to register. The event will also be broadcast live, check the link for details. You do not need to register to view the webcast.
Other
The Center for Household Financial Stability launches a newsletter: The newsletter will provide summaries of its research, publications, events and speaking engagements and highlight coverage by local and national media. The Center is an initiative of the Federal Reserve Bank of St. Louis with a goal of researching family balance sheets to strengthen families and the economy. Click here for more information.
The ECUC is accepting entries for its 2013 Financial Literacy Award: The award promotes the Council's commitment to financial literacy by recognizing credit unions that demonstrate exemplary financial literacy in action. The Education CU Council is a national community of credit unions that uphold education and financial literacy for members and the community. Click here for more information and the application.
ICIC to host Inner City Economic Summit: The summit will feature innovative ideas of what will work in the cities of tomorrow, presentations by Urban Innovation Challenge finalists, and a proposed program or initiative will be named "The Next Urban Innovation." The Initiative for a Competitive Inner City is a nonprofit research and strategy organization that addresses U.S. inner-city economies and the businesses that thrive there. The summit will be held October 23-24 in Cleveland. Click here for more information.
Money Matters on campus: EverFi and Higher One released the findings of a survey of 40,000 first-year college students from across the U.S. about student attitudes and behaviors regarding banking, savings, credit cards, and school loans. Click here to access the report.
[Back to top]
|
|
NATIONAL CREDIT UNION ADMINISTRATION
The Office of Small Credit Union Initiatives
1775 Duke Street, Alexandria, VA 22314 |
|
|
|
|
|
Copyright © 20XX. All Rights Reserved.
|
|
|
|
