The Point: March 14, 2013

Association seeking nominations for directors, chapter council members

The Credit Union Association of New York is currently accepting nominations for four Association directors and 42 Association chapter council members. This year, credit unionists have the option to complete the entire nomination process online.

Four Association director terms are expiring this year: one in the asset tier of less than $25 million; two in the asset tier of $25-100 million; and one in the asset tier of more than $100 million. Elected directors will hold office for a three-year term.

Additionally, three council members must be elected for each of the Association's 14 chapter councils. Elected council members will also hold office for a three-year term.

To submit a nomination online, visit the Association website. A printable nomination form can also be completed and faxed to the Association at (518) 782-4285 or mailed to Credit Union Association of New York, ATTN: Office of General Counsel, 1021 Watervliet-Shaker Rd., Albany, N.Y. 12205.

Important dates include:

  • April 17: deadline to submit nominations to the Association;
  • April 27: distribution of ballots to member credit unions;
  • June 11: deadline to return completed ballots to the Association; and
  • June 16: election results announced at the 2013 Annual Meeting.

For additional information, visit the Association website or contact Mike Lanotte, SVP of Association services & general counsel, at (800) 342-9835, ext. 8236 or

NCUA to host webinar on exam issues

During a free webinar March 27, credit unionists can learn more about how NCUA examiners determine a credit union's ability to manage operational and balance sheet risk. The webinar begins at 2 p.m. and will be led by Timothy Segerson, deputy director of the agency's Office of Examination and Insurance.

Staff from NCUA's Office of Small Credit Union Initiatives (OSCUI) will also discuss:

  • how credit unions can effectively manage interest rate and liquidity risk;
  • how credit unions can control for concentration risk;
  • how credit unions can measure and manage technology risks;
  • whether a credit union's internal controls are sufficient to deter and mitigate fraud, errors or other operational problems; and
  • whether a credit union's supervisory committee and audit functions are adequate for its size and complexity.

For more information or to register, visit the NCUA website.

Reminder: CDFI Fund recertification deadline is April 1

Community Development Financial Institutions (CDFIs) that were originally or most recently certified before Feb. 1, 2010, must apply for recertification no later than April 1.

The recertification requirement includes, but is not limited to, CDFIs currently in the process of submitting an application under the fiscal year 2013 rounds of the CDFI Program or Native American CDFI Assistance (NACA) Program.

CDFI and NACA program applicants that have not previously been certified as a CDFI but for which an award is contingent upon certification must submit their applications by April 1 as well.

CDFIs that were originally certified after Feb. 1, 2010, will need to apply for recertification no later than 60 days after their three-year certifications expire. Certified CDFIs that apply for recertification by either April 1, 2013, or 60 days following the expiration of their original three-year certification, whichever is appropriate, will be considered certified and in good standing until otherwise notified by the CDFI Fund while recertification applications are under review.

For more information, view the CDFI Fund release.

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