NCUSIF, Corp. Stabilization Fund Show Improvements
ALEXANDRIA, Va.-NCUA last week released data showing improvements in the health of the NCUSIF and the Corporate Stabilzation Fund. The NCUSIF closed Q1 with $9.4-million in net income and an equity ratio of 1.31. The number of CAMEL 4 and 5 CUs declined 8.1% to 339, while overall assets in those CUs was down 11.6% to $16.8-billion. The Corporate Stabilization Fund had $5.1 billion in outsanding borrowings with the U.S. Treasury, with the total net position of the fund showing a deficit of $3.5 billion, a slight improvement over year-end.
BFCU Collecting Funds For Boston Bombing Victims
BOSTON-Boston Firefighters Credit Union has established a "First Responders Fund" that is collecting donations to help victims of the terrorist attack at the Boston Marathon. For info: www.bosfirecu.com, or checks can be sent to Boston's First Responders Fund, c/o Boston Firefighters Credit Union, 60 Hallet St., Dorchester, MA 02124.
Washington State OKs Bill Permitting Director Pay
OLYMPIA, Wash.-Legislation that will allow state-chartered CUs in Washington to pay their directors was approved by state legislators and is on its way to the governor for his signature-making the Evergreen State the second this year to allow pay for what historically has been a volunteer position. Last month Tennessee passed a bill allowing state-chartered credit unions to pay their directors, the 13th state to do so.
The bill, which had the support of the Northwest Credit Union Association, also contains a number of other provisions, most of which are designed to create parity with federal charters, such as allowing state charters to invest in mutual funds, as long as the funds consist of permissible investments; allowing boards to meet six times a year, instead of the current 12 times; and giving state charters up to six years to use unimproved real estate, instead of the current three years.
Arkansas CUs Vote To OK Merger
HOT SPRINGS, Ark.-Member credit unions of the Arkansas Credit Union League have voted unanimously in favor of the proposed Cornerstone Credit Union League, a single cooperative organization that would represent CUs in Arkansas, Oklahoma and Texas. Texas league members have already voted in favor; member credit unions of the CU Association of Oklahoma will vote in May. If the Oklahoma CUs agree, the Cornerstone CU League will become official on July 1.
Filene Team Pitches 'TruAccount'
MADISON, Wis.-A team of young credit union professionals working with the Filene Research Institute has created a deposit account that would allow up to five friends to add equally to a joint savings account through automatic payroll distributions.
When the balance on the "TruAccount" reaches a minimum threshold, one or more of the friends may use the funds to take out a secured loan. The Filene group said it incorporated a concept known as "design thinking," in which designers, researchers and practitioners come together to find practical and creative solutions to problems of human understanding. The process puts people at the center of the design and development process, it said.
A group of 15 young credit union professionals gathered during CUNA's GAC to develop the initiative.
Breach Affecting FIs in 17 States
ST. LOUIS-Credit unions and banks in as many as 17 states last week were blocking and reauthorizing credit and debit cards in response to a major data breach revealed at regional supermarket chain Schnucks. Schnucks said the breach impacted about 2.4-million credit and debit cards used at 79 of its 100 stores over the past three months. The company said the breach affected card numbers and expiration dates only.
MSUFCU Makes 3rd $1M Donation
EAST LANSING, Mich.-In an unprecedented spree of gift-giving, Michigan State University FCU announced a $1 million endowment for the University's Wharton Center for Performing Arts, MSUFCU's third $1 million charitable donation to an MSU affiliate so far in 2013. It also made $1 million donations to the Eli and Edythe Broad Art Museum and the MSU College of Music.
