The Point: Feb. 11, 2014

CFPB seeks to expand HMDA reporting

The CFPB is seeking feedback from small businesses on how the HMDA reporting process can be improved and on new requirements that would more accurately capture access to credit in the mortgage market. CFPB Director Richard Cordray said this is the first step in drafting a proposed rule aimed at improving information about access to credit in the residential mortgage market.

The CFPB also announced a new tool that helps users: examine HMDA information filed between 2007 and 2012; filter information by geographical location, loan characteristics and property type; and compare refinances, home purchases and home improvement loans.

The Dodd-Frank Act transferred HMDA rulemaking authority to the CFPB, and it requires the CFPB to expand HMDA data to include additional loan information. Under HMDA, financial institutions holding more than $43 million in total assets with home or branch offices in defined metropolitan statistical areas must collect certain mortgage loan data and report it to federal regulators.

For more information, view the CFPB press release.

NCUA to host field of membership webinar

NCUA is hosting a free webinar that will focus on field of membership expansion strategies and provide information on each type of federal charter. The webinar will be held next Wednesday, Feb. 19, at 2 p.m.

The webinar will be presented by Dominic Carullo, economic development specialist at NCUA's Office of Small Credit Union Initiatives, and Ruth Siragusa and Jason Schultz, consumer access analysts at NCUA's Office of Consumer Protection. The presenters will discuss when expansions make sense strategically, as well as the policy requirements for various expansion options.

Questions can be submitted in advance by emailing with the subject line, "Field of Membership Webinar."

Still time to participate in statewide CMN Hospitals fundraiser

Credit unions still have time to "brighten a child's heart" by participating in the Credit Union Association of New York's second annual Valentine's Day fundraiser this Friday. Funds raised this year will be matched by CO-OP Financial Services' Miracle Match Program and will directly benefit Children's Miracle Network Hospitals that serve New York.

To participate, credit unions should complete the following steps:

  • Visit the Association website┬áto complete and submit a fundraiser enrollment form. An informational flyer is also available on the website.
  • Invite staff to dress down this Friday, Feb. 14, for a minimum donation of $5 to benefit the nearest Children's Miracle Network Hospital.
  • Invite members to support the cause. Download, print and "sell" donation icons in credit union branches for a minimum donation of $1 through Feb. 28. (A downloadable icon graphic and branch flyer are available on the Association website.)
  • Follow the instructions provided on the Association website to report and submit all donations by March 7.

To learn more, visit the Association website.

In addition to the Association, the following New York credit unions have registered to participate: Buffalo Metropolitan FCU, Chen-del-O FCU, Columbia-Greene FCU, Cornerstone Community FCU, Dannemora FCU, Fulton County FCU, Great Erie FCU, Greater Niagara FCU, Leatherstocking Region FCU, Niagara Regional FCU, Peru FCU, School Systems FCU, SeaComm FCU, Sidney FCU, TCT FCU, The Summit FCU, UFirst FCU and Western New York FCU.

Palisades FCU names new president/CEO

The Palisades FCU board of directors has named Paula Murray president/CEO of the credit union, effective Jan. 31. Murray has been with Palisades FCU since 1989 and has served as CFO for the past 18 years.

"Paula's knowledge, talent and experience were the deciding factors in choosing her to lead our credit union," said Palisades FCU Board Chairman Greg Whalen. "Her dedication to the membership, the employees and the credit union movement ensures a bright future."

Murray succeeds former CEO Mark Welshoff, who retired in October of 2013. "Mark Welshoff provided dedication and leadership to the credit union for more than 30 years, and the board wishes him much success as he pursues new endeavors," noted Whalen.

Murray holds a bachelor's degree in Finance from Ramapo College and is a graduate of CUNA Management School.

"I look forward to growing the credit union and providing exceptional service to our membership," said Murray. "I see tremendous opportunity for managed growth in our area and have every confidence that Palisades Federal Credit Union will continue as the leading credit union in Rockland County."

Reminder: Dues reduction requests due Friday

Credit unions planning to apply for a Credit Union Association of New York dues reduction waiver have until this Friday, Feb. 14, to submit requests. The program is offered to make Association membership more affordable for credit unions anticipating financial hardship in the year ahead.

To request a dues reduction, credit union CEOs/managers or board chairs should submit a written request outlining the reasons they are seeking hardship consideration. Requests may be emailed to Tracy Conner, VP of member relations, at or mailed to her attention at the Credit Union Association of New York, P.O. Box 15118, Albany, NY 12212.

All submissions will be reviewed together after the deadline and kept strictly confidential. Credit unions requesting a reduction may wait to remit dues payment until receiving a response from the Association. Adjusted dues invoices will be issued to the credit unions that are granted reductions.

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