Horizons

President's Message
By Daniel F. Egan, Jr.

The American Bankers Association (ABA) and the Independent Community Bankers Association (ICBA) have joined forces in opposition to the proposed increase in the credit union member business lending cap contained in S.2231, The Small Business Lending Enhancement Act of 2011. The Senate leadership has placed S.2231 on the Senate calendar, which means it can be brought to the floor of the Senate at any time for a vote. In reaction to this move, the ABA and ICBA have been inundating Senate offices with misleading and inaccurate information in order to prevent a vote on the bill.
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Legislative & Regulatory

ACI op-ed: MBL cap inhibits competition, hurts small business
American Consumer Institute (ACI) Center for Citizen Research President Steve Pociask, in an editorial recently published in The Hill newspaper, said the only "unlevel playing field" in the fight between credit unions and banks regarding increased member business lending (MBL) is that credit unions are subject to an MBL cap that prevents them from lending to small businesses.
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Fed amends reserve and item collection regulations (D and J)
The Federal Reserve Board recently announced the approval of a final rule to simplify the administration of reserve requirements and reduce administrative and operational costs for depository institutions and Federal Reserve Banks. The rule does not affect the stance of monetary policy.
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NCUA reminds of dos-and-don'ts of compensating loan originators
Credit unions that make closed-end residential mortgage loans will have "new flexibility" regarding how they compensate some of their loan originators, the National Credit Union Administration (NCUA) said in a letter (12-RA-03).
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NLRB poster mandate postponed again
In light of conflicting decisions at the district court level, the DC Circuit Court of Appeals has temporarily enjoined the National Labor Relation Board’s (NLRB) rule requiring the posting of employee rights, which had been scheduled to take effect on April 30, 2012.
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Fed releases interchange survey
The Federal Reserve's interchange study, as required by the Dodd-Frank Act, was released on May 1, 2012.
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CFPB extends deadline for overdraft information
Interested parties now have until June 29 to provide information to the Consumer Financial Protection Bureau (CFPB) about overdraft protection plans and how they affect consumers.
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CUNA details how CFPB could address ATM issue
The Consumer Financial Protection Bureau (CFPB) has "more than sufficient authority" under the Dodd-Frank Wall Street Reform Act and the Electronic Fund Transfer Act to amend Regulation E and eliminate the requirement for on-machine ATM fee disclosure notices, Bill Cheney, president/CEO of the Credit Union National Association (CUNA), said in a recent letter to the agency. (Click here to see the full text of the CUNA CFPB Letter)
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Credit Union News

Association providing new rate mapping tool

The Credit Union Association of Rhode Island is excited to announce a new resource now available through our website for all members: RateMap. This unique mapping tool provides access to key interest rates for a selection of the most commonly offered deposit and loan rates in your backyard and across the country and is brought to credit unions in collaboration with League InfoSight and RateWatch.
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2012 Compensation and Benefit Survey in process at our credit unions
Have you participated yet!? 2012 is the International Year of the Cooperative with people all across the globe celebrating a business model that has worked for credit unions since their inception over 100 years ago. It is in this spirit of cooperation that we are hoping for record-breaking participation in our Compensation and Benefit Survey.
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People’s Credit Union introduces new Youth Advisory Board

People's Credit Union has announced the credit union's new Youth Advisory Board (YAB). The first meeting took place on April23, at the credit union's Middleton location.

The new Youth Advisory Board was created to help the credit union better understand the needs and perspectives of today's youth and finances. The YAB will also assist the credit union in improving their youth programs -- the My CU Savings Club and My CU Checking accounts -- and financial literacy initiatives, projects, and events. The new Board is a perfect opportunity for teens to expand their kno3wledge of and work in a businewss and personal finance team environment.
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Westerly Community Credit Union announced first quarter winners of Savings Challenge

The first quarter winners of the Westerly Community Credit Union (WCCU) Savings Challenge were announced recently. Congratulations to Charles Rafuse of Westerly for winning the first place prize of $500; Susan Hannan of Charlestown for winning the second place, $250 prize; and Paula Niedermann of Charlestown for winning the $100 third place.

Westerly Community Credit Union issued this Savings Challenge to the membership and community with the intention to help encourage good savings habits. By adding to their Savings Challenge CD, they are entered into quarterly drawings and are eligible for the year-end grand prize of $5,000.00.
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Community Involvement

East Providence High School students participate in third annual CU 4 Reality™ Financial Education Fair
Sponsored by Community & Teachers Federal Credit Union

The Community and Teachers Federal Credit Union, in partnership with East Providence High School, announced that on April 3, students from East Providence High School in East Providence, Rhode Island, participated in the Third Annual CU 4 Reality™ Financial Education Fair, at DiParma Italian Table in Seekonk, Massachusetts. During the CU 4 Reality™ Financial Education Fair, the students interacted with the Community and Teachers Federal Credit Union and other selected businesses as consumers with a chosen career and an established monthly salary.
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People’s Credit Union donates $2,500 to Special Olympics Rhode Island

On March 23, People’s Credit Union donated $2,500 to the Special Olympics Rhode Island. The check was presented at People’s Credit Union Night at the Providence Bruins.

As Special Olympics Rhode Island is the official recipient of the credit unions of Rhode Island, People’s Credit Union participates in many fundraisers throughout the year to benefit that organization. They include candy bar sales, a bowling tournament, and volunteering for the Special Olympic Games at the University of Rhode Island.
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Business Solutions

Credit unions' auto lending market share at 17.4%

After hitting a monthly low of 15.2% in March 2011, credit union auto lending market share has climbed, maintaining above 17% each month since May 2011, according to CUDL's quarterly Auto Lending Trends & Credit Union Analysis.

CUDL, part of Ontario, California-based CU Direct Corp., presented the findings in a webcast March 27 that outlined key metrics on auto financing trends for credit unions and competing financial institutions, provided a fourth-quarter 2011 credit union auto lending market analysis and discussed auto manufacturer and sales trends.
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CO-OP Financial Services introduces CO-OP Bill Pay
Online bill pay line stems from CO-OP’s acquisition of eCom

CO-OP Financial Services is introducing CO-OP Bill Pay, the company’s first online bill pay product line for credit unions, featuring competitive pricing, superior service and product option flexibility.

“CO-OP Bill Pay is the result of our acquisition, in January, of Corporate Network eCom, LLC, enabling us to offer our clients a robust line of bill pay products right now,” said Stan Hollen, president/CEO of CO-OP Financial Services. “The new line is a perfect extension of our e-commerce solutions, and will help our clients compete even more effectively against banks in terms of access and convenience services they can offer their members”
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Alloya Corporate Federal Credit Union, Central Corporate Credit Union consider merger

Alloya Corporate Federal Credit Union (Alloya) and Central Corporate Credit Union (CenCorp) announced that their respective boards signed a non-binding letter of intent to merge the two Corporates. This action allows for ongoing discussions, due diligence, and joint planning. The new organization would serve nearly 20% of the nation’s credit unions, primarily in a ten-state region spanning from the Midwest to the East Coast.
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Calendar

Holiday

The Association office will be closed Monday, May 28, in observance of Memorial Day. The Association’s regular office hours are Monday through Friday 8:00 a.m. to 5:00 p.m.

Association Calendar
For a listing of upcoming Association programs and events, click here.

Careers

Job Postings
For a complete list of current job postings, click here.

If you would like to have your job listed on the Association’s website, please submit to jobs@cucenter.org.

Published by Credit Union Association of Rhode Island

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