Federation Urges Quick Action For CDCUs
NEW YORK-The National Federation of Community Development CUs is urging the NCUA Board to take quick action to assist low-income credit unions at a time it called an "unprecedented challenge to their survival."
In a letter to the agency, Executive Director Cliff Rosenthal said NCUA should amend the regulations of the Community Development Revolving Loan Fund (CDRLF) to permit the issuance of secondary capital loans to low-income designated credit unions. That, in turn, said Rosenthal, would allow CDCUs to maintain and expand their services in distressed communities; increase their regulatory net worth; avoid Prompt Corrective Action (PCA); minimize the need for mergers and liquidations, and provide an additional layer of financial insulation for the NCUSIF.
Rosenthal NCUA has already indicated to the Federation that such a such a change in the CDRLF may be made without legislative action.
In his letter, Rosenthal stressed that its analysis shows the corporate stabilization plan put forward by NCUA "will devastate CDCUs. Relief is urgently needed." He said the projected costs to the 217 federally-insured CDCUs would total $55.7 million, adding that 87.6% of all CDCUs-190 of 217-will be unprofitable in 2009, and that many will be subjected to Prompt Corrective Action (PCA).
CUES Explores 4 Scenarios For Next Five Years
MONTREAL, Quebec-An indepth look at four different CU scenarios for the next five years will be shared with attendees of CUES Annual Convention here June 21-24. V. Michael Mavaddat, executive vice president, Decision Strategies International Inc. (DSI), Conshohocken, Penn., will present "Memories of the Future: Four Scenarios about Credit Unions in the Year 2015 and their Strategic and Leadership Implications." CUEs said the interactive session will examine the strategic implications of the changing economic climate for credit union boards and management.
For info: www.cues.org
NAFCU Adds New Online 'Agenda Builder'
ARLINGTON, Va.-NAFCU has added an online "agenda builder" for people planning to attend its Annual Conference & Exhibition. The agenda builder allows conference participants to select topics of interest such as finance, operations and technology, marketing and compliance.
The application will then use those selections to identify the corresponding sessions and allow conference goers to build a personalized schedule, NAFCU said. The meeting is scheduled for July 21-25 at the Gaylord National on the Potomac in National Harbor, Md.
For info: www.nafcu-annual.org
First Citizens' FCU Unveils Modern Logo
FAIRHAVEN, Mass.-First Citizens' FCU has revamped its logo as part of an effort to modernize its image.
First Citizens' CEO Peter Muise wrote a letter to the CU's membership just ahead of the unveiling of the new look to let them know what was happening, noting that the color scheme the CU has been using haven't been changed for some 70 years.
"Yes, we are very aware that looks alone will only get you in the door and that we have to deliver to keep you here. So, be assured that our new imaging campaign, colors and logo, etc. is not a hollow, sales, come on, but rather the beginning of new approach to communicating with our customers," Muise wrote.
