ICYMI: Merger of Equals, CU Exec Turns Regulator and More

<a href="http://www.cujournal.com/news/mission-fcu-donates-1-million-to-junior-achievement-1024230-1.html" target="_blank">Mission FCU Donates $1 Million to Junior Achievement</a>

SAN DIEGO Mission Federal Credit Union announced that it has donated $1 million in support of a financial literacy program designed for San Diego high school students.

The literacy program entitled Junior Achievement of San Diego County's Mission Fed JA Finance Park program involves the re-development of the Junior Achievement curriculum through the use of tablets and mobile apps to prepare "tech-savvy Millennials" for financial success.

The $2.6 billion credit union said the digital curriculum and custom software will enable high school students to engage in "real-world" financial activities, such as online banking and paying bills via tablets, while being introduced to concepts like insurance, credit and long-term investments.

<a href="http://www.cujournal.com/news/merger-of-equals-moves-forward-with-state-federal-approval-1024228-1.html" target="_blank">'Merger of Equals' Moves Forward With State, Federal Approval</a>

BOULDER, Colo. State and federal regulators have granted approval for two Boulder-area credit unions to take part in a "merger of equals."

The merger between Premier Members FCU and Boulder Valley CU a combined $820 million in assets has been approved by NCUA and Colorado regulators, and representatives from both CUs praised the development.

PMFCU CEO Carlos Pacheco called it "an important step in the merger process," while BVCU Chairman Wayne Turnacliff said the two CUs were "excited about the opportunity to deliver additional value to our combined membership."

PMFCU members must now vote to approve the merger, and qualified members are receiving ballots this month. The outcome of the vote is expected to be announced during a special Premier Members FCU meeting on April 28.

<a href="http://www.cujournal.com/news/former-msufcu-ceo-tapped-to-run-michigans-dept-of-insurance-1024221-1.html" target="_blank">Former MSUFCU CEO Tapped to Run Michigan's Dept. of Insurance & Financial Svcs.</a>

LANSING, Mich. Patrick McPharlin, the longtime CEO of Michigan State University FCU who retired from the credit union last month, is set to become the new director of Michigan's Department of Insurance and Financial Services.

McPharlin succeeds the current director, Ann Flood, who will be leaving the DIFS post on May 15 to return to the private sector. Having been CEO at MSU FCU for 14 years and spending more than four decades at the credit union McPharlin is well positioned to oversee FIs throughout the state, Michigan Credit Union League CEO David Adams said in a statement.

McPharlin stepped down at MSU FCU last month and was replaced by longtime chief operating officer April Clobes.

<a href="http://www.cujournal.com/news/st-marys-bank-offering-fhlb-grants-for-first-time-home-buyers-1024220-1.html" target="_blank">St. Mary's Bank Offering FHLB Grants for First-Time Home Buyers</a>

MANCHESTER, N.H. St. Mary's Bank, the nation's first credit union, is offering first-time home-buyers assistance with down payments and closing costs.

The $814 million credit union has been approved for up to $110,000 in funding from the FHLB of Boston's Equity Builder Program, and income-eligible members can receive grants of up to $11,000 for homebuyer counselling and rehabilitation assistance as well.

"These grants will make a real difference for families purchasing their first homes," said Karen Mayrand, director of residential lending.

The Equity Builder Program provides funding to FIs to assist borrows with total household incomes at or below 80% of the area median income. Applicants must meet specific guidelines, and funds are first-come, first-served.

<a href="http://www.cujournal.com/news/navy-fcu-closes-over-1b-in-mortgages-for-march-1024217-1.html" target="_blank">Navy FCU Closes Over $1B in Mortgages for March</a>

Navy Federal Credit Union closed over $1 billion worth of mortgages in March, and $2.5 billion year-to-date.

The $1 billion of mortgages in March is the best month in the credit union's history. According the credit union, close to 60% of its mortgage volume came from purchases.

"We're unique in that over 50% of our purchase volume comes from first-time buyers," Katie Miller, Navy Federal's vice president of mortgage lending, said in a press release.

The credit union said that it is on pace for a "record setting" second quarter based on the volume of applications it closed in March.

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<a href="http://www.cujournal.com/news/ncua-eases-supplemental-capital-process-for-licus-1024216-1.html" target="_blank">NCUA Eases Supplemental Capital Process for LICUs</a>

ALEXANDRIA, Va. NCUA has revised its supervisory policies in order to ease the secondary capital process for low-income credit unions and investors.

The agency announced it has amended its National Supervision Policy Manual with the intent of speeding up approval for secondary capital request by regional offices, and making it possible for CUs that have secondary capital to return portions of the loan that no longer count towards net worth.

NCUA Chairman Debbie Matz explained that the move is in line with the agency's Regulatory Modernization Initiative, which aims to ease the compliance burden at credit unions.

Image: iStock