CUNA Reports $2.5 Million Operating Margin For 2012
WASHINGTON-CUNA reported a $2.5-million operating margin for 2012, up from $1.6 million in 2011. That accounts for $52.4 million in revenue and $49.9 million in expenses. Last year's net helped CUNA build its net assets, or reserves, to $13.7 million, from $11.2 million at year-end 2011. CUNA projects revenue of $53.8 million, with $25.4 million of that coming from dues, $24.1 million from fees based services and $4.3 million from other sources.
Matz Outlines How Changes In CUs Have Changed NCUA
WASHINGTON-NCUA Chairman Debbie Matz, who tightened the regulatory screws when she took over at NCUA in 2009, assumed the role of de-regulator during CUNA's GAC, saying the agency's efforts now are aimed at reducing regulatory burden. Matz said NCUA is reacting now to big changes in the credit union industry, including the evolution of big, sophisticated CUs that have created challenges for others to survive. "NCUA is reassessing and retooling our business model. The rules of the road that guided credit unions in earlier decades may not meet your needs or your members' needs today. We must stay ahead of the curve."
"Meanwhile," she added, "We're hiring with an eye for diverse skills and backgrounds. We're not just hiring accounting majors anymore. We're hiring folks with economics degrees, or specialized expertise in business loans, investments, capital markets, and complex information technology."
CUNA Gets New Chair, New Board Members
WASHINGTON-At its annual meeting last week CUNA swore in new board officers, including a new chairman, Pat Wesenberg, CEO of Central City CU in Marshfield, Wis. Other officers include Vice Chair Dennis Pierce, CEO of Community America CU; Secretary Susan Streifel, CEO of Woodstone CU in Federal Way, Wash.; Treasurer Rod Staatz, CEO of SECU in Baltimore, and At Large Member Pat Jury, president of the Iowa CU league.
New members of the Brad Green of Listerhill FCU; Bill Mellin of the CU Association of New York; Troy Stang of the Northwest CU Association, and Scott Sullivan of the Nebraska CU League.
Biggest FOM Ever OK'd
PLYMOUTH, Mich.-NCUA has approved the $510-million Community Financial Community FCU's bid to convert to a state charter serving almost six-million people in 23 Michigan counties, the broadest community charter ever granted a CU. The vast FOM exceeds the huge expansion granted in 2007 by NCUA to Kinecta FCU to serve 5.5 million underserved people in greater Los Angeles as the biggest FOM ever granted. That does not count the state charters in Washington, which are authorized to serve any of the state's 6.8 million residents. Community Financial was chartered in 1951 to serve employees of Daisy Air Rifle Company in Plymouth, reported $9.1 million in net income for 2012 and net worth of more than 12%.
CO-OP Extends Deal On Cards
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services said it is extending its partnership with The Members Group to offer TMG's reloadable prepaid cards to its credit union customers.
The TMG reloadable prepaid cards allow credit unions to offer their members a convenient means of general purpose purchasing, or as a way to budget for travel, or limit spending by children. The cards also enable credit unions to reach underserved members who are unable or unwilling to qualify for traditional credit or debit cards, the companies said.
The TMG cards are Visa branded and can be used at ATM and point of sale (PIN and signature) locations. A deposit account is not required.
The TMG reloadable prepaid cards are in addition to the load-once prepaid gift cards CO-OP already makes available. Credit unions that adopt the TMG product will sign contracts directly with TMG, which will be responsible for the sale, implementation, support and invoicing.
