News Worth Noting from Across the Country
Published December 18, 2014 4:26 PM
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Updated June 1, 2021 1:19 PM
1 Min Read
CU Share Insurance Fund Parity Act Signed Into Law
WASHINGTON President Barack Obama signed the Credit Union Share Insurance Fund Parity Act into law last Thursday.
The legislation, originally introduced by U.S. Representative Ed Royce (R-CA) last November, passed the U.S. House of Representatives unanimously in May, and the Senate on Dec. 11. It expands federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions.
Specifically, the bill amends the Federal CU Act to require pass-through share insurance coverage be provided when a credit union member holds funds on behalf of a nonmember in an IOLTA or other similar account.
Both CUNA and NAFCU hailed the move.
"CUNA thanks President Obama for signing this important piece of legislation into law," Jim Nussle, CUNA's president and CEO, said in a release. "Each time the government removes barriers that hinder the operations for the nation's credit unions it is a victory for Americans. Credit unions can better serve their members through their consistently superior service and lower fees and better rates, when not encumbered by unnecessary constraints that do nothing to maintain credit unions' stellar safety and soundness record."
"This is a big victory for the credit union industry, and we thank President Obama for his action on this matter," said Dan Berger, president and CEO of NAFCU. "Having parity between the coverage under the National Credit Union Share Insurance Fund and the FDIC on all types of deposits and accounts has been one of our regulatory relief goals for credit unions."
E FCU Planning March Rebrand
BATON ROUGE E Federal Credit Union will rebrand as EFCU Financial in March 2015.
The rebranding follows a two-year process that started with a "rename the credit union" contest for members, as well as input from the $300 million CU's board and management.
CEO Tyler Grodi said board and management unanimously decided to stick with a name that stayed true to EFCU Financial's roots with Exxon Refinery.
"Yet we felt we needed to embrace the fact that we now serve a broader group of members living and working in the nine parish area of Greater Baton Rouge," Grodi said in a statement. "The name EFCU Financial accomplishes both of those goals and does more."
In addition to the new name, EFCU Financial will debut a new logo, tagline, website and more as part of its rebranding strategy. Grodi promised "a fresh 21st-century look."
The credit union's new website is slated to go live in January with the credit union's current name, but it will give members a taste of the rebranded look and new colors. Everything will switch over to EFCU Financial in Mach.
The CU put a video announcement about the change on YouTube. It can be seen at:
Legacy Community FCU Will Be Title Sponsor For Arena
BIRMINGHAM, Ala. The $400 million Legacy Community Federal Credit Union will be the title sponsor for the BJCC Arena here beginning Jan. 1.
The arena will be named "Legacy Arena at the BJCC" in a sponsorship deal that will run through 2019. It will be branded with a new "Legacy Arena" logo, which will be visible on the arena's interior and exterior, as well as in its ads, social media and digital platforms.
Joe McGee, president and CEO of Legacy Community FCU, said the title sponsorship continues Legacy's "long history of supporting events and causes that bring value and positive economic impact to the people we serve."
Birmingham-based Red Mountain Entertainment brokered the partnership between the BJCC and Legacy CFCU.
Dennis Lathem, board chairman for the Jefferson County Civic Center Authority, noted that the BJCC and Legacy each have long histories of supporting the economic vitality and quality of life of the Birmingham area.
"We are proud to partner with a local institution expressing Legacy's values, and we're excited about the co-branding opportunities this agreement brings to both our organizations," Lathem said.
ACCU's Thompson Garners County, Congressional Recognition
GLENDORA, Calif. Mendell Thompson, president and CEO of $280 million America's Christian Credit Union here, recently was honored by the Los Angeles County Board of Supervisors and U.S. Rep. Ed Royce.
Thompson and the staff at America's Christian CU were given a certificate by L.A. County Supervisor Mike Antonovich for their work in adoption, as the CU helped fund more than 1,100 adoptions since 2009.
Thompson also was presented with a Certificate of Congressional Recognition from Royce, the Representative for the 39th District of California, for Thompson's commitment to caring for orphans.
"This is truly an honor," Thompson said in a prepared statement after receiving the two certificates. "I would like to take this moment to call attention to and give a voice to those that have no voice and no home. During the season that we are in, I can think of no better gift than to find a home for a child that has no home."
ACCU has been recognized by many national organizations for its Adoption Loan Program, which has helped unite 1,100 forever families.
INDIANAPOLIS FORUM CU has introduced two new specialty savings accounts: the 52 Week Money Challenge and the Saving for a Reason Account.
The 52 Week Money Challenge encourages members to save money throughout the year. The concept, the CU said, is simple: start the year off by saving $1 the first week, $2 the second week and on up incrementally resulting in a total savings of $1,378 by the end of the year. The account also features "a competitive dividend rate" and automatically releases the funds for access on Dec. 31. Additionally, members who meet specific deposit criteria and successfully save at least $1,378 will be entered to win a grand prize of $1,378.
The Saving for a Reason Account helps members put money away toward a specific financial goal. Members share their savings goal be it for education, retirement, holiday shopping and more with FORUM and choose a savings term (between one and five years) in line with that goal. Members can set up automatic transfers to help accomplish the goal, with the funds then transferred to the member's saving or checking account at the end of the term.
