Supervision of Nevada's CUs Returns To NCUA Region V
ALEXANDRIA, Va.--Citing efficiency improvements and a need to rebalance the agency's workload, NCUA is returning supervision of Nevada's 12 federally insured credit unions to NCUA's Region V office from Region I, beginning Jan. 1. Oversight of Nevada's federally insured CUs has been part of the responsibilities of NCUA's Region I office, based in Albany, N.Y., since early 2009, a response to the financial crisis and larger number of CUs struggling in the state. Headed by Regional Director Elizabeth Whitehead, NCUA's Region V office is located in Tempe, Ariz.
Derivatives Pilot Ends; New Proposal Likely In Early '13
ALEXANDRIA, Va.-NCUA said that during its Dec. 6 closed board meeting it approved the official termination of three pilot programs, including one that has authorized financial derivatives for a limited number of CUs as a hedge interest rate risks. It said the agency will also make a new proposal on financial derivatives authority for well-managed CUs sometime in early 2013. CUs already participating in the derivatives pilot program will be permitted to continue. Also terminated was a pilot program related to authority to short sell Treasury securities, with the agency saying that authority will not be added to Part 703 of its regulations.
Texas, Oklahoma, Arkansas Leagues Look To Merge
FARMERS BRANCH, Texas, OKLAHOMA CITY, Okla. and LITTLE ROCK, Ark.-State credit union leagues in Arkansas, Oklahoma and Texas said last week they plan to merge, creating a new association to be known as the Cornerstone Credit Union League. "The consolidation will allow the credit unions in each state to enjoy the services and strengths of the new larger league," the associations said in a joint statement. "The new league will maintain an advocacy-focused office in each state capital in order to continue a strong local presence."
Michael Kloiber, CEO of Tinker FCU in Oklahoma, is chairing of the Regionalization Task Force.
The league boards have agreed to a governance structure and transition plan for consideration by their membership. The merger plan follows by a week an announcement that the North Carolina and South Carolina leagues are also considering a consolidation.
Sale of 500,000th Vehicle Marked
AUBURN HILLS, Mich.-Invest in America, a Michigan-league program that offers CU members savings on products and services, last week celebrated the 500,000th vehicle sold through the program. Invest in America, Genisys Credit Union and General Motors Co. marked the milestone at an event at GCU's offices here.
TCCUSG Program Expires Dec. 31
ALEXANDRIA, Va.-NCUA is reminding credit unions that effective Dec. 31, the Temporary Corporate Credit Union Share Guarantee program will expire.
On the same date, the temporary unlimited Share Insurance Fund coverage for noninterest-bearing transactions accounts will also expire.
The Corporate Share Guarantee provides a temporary additional level of protection for accounts in corporate credit unions beyond the $250,000 standard maximum share insurance amount (CU Journal, Dec. 17). The Corporate Share Guarantee is separate from the noninterest-bearing transaction account coverage.
Big Banks Doing Better on Service
BOSTON-The 2012 ath Power Ideal Banking Study released by ath Power Consulting last week found 41% of members/customers surveyed are satisfied overall with their primary banking institution, a rise from last year's 37%.
The study also found big U.S. banks continue to trail smaller bans and CUs in satisfaction, overall satisfaction with big banks was up.
