The Point: March 15, 2013
NCUA board seeking comments on fixed assets proposal
During their monthly meeting yesterday, the NCUA board voted to seek comments on a proposal that clarifies and reorganizes portions of its rule addressing FCU ownership of fixed assets.
The proposal would update the existing regulation by reorganizing and clarifying the current requirements in a more user-friendly format. It would not make any substantive changes to the regulatory requirements. Comments will be due 60 days after the proposal is published in the Federal Register.
The board also voted to approve a community charter conversion request from Cinfed FCU in Cincinnati, Ohio.
Detailed meeting results are available on NCUA's website.
SeaComm FCU was recently recognized by Raddon Financial Group with a Crystal Performance Award in the credit union asset category of $500 million or less. Crystal Awards are based on a scorecard of various factors such as growth, income, efficiency and margin management. In 2012, SeaComm FCU grew membership by 2.5 percent and assets by just over 6 percent. The credit union currently averages 2.36 services per household.
About Recognition Round-Up:
Credit unions and/or credit union leaders receiving a significant local, state or national award are encouraged to complete and submit the Credit Union Announcement Form for recognition in The Point and on the Association's Facebook page. Photos and related press releases may also be attached with the form. Note: Announcements regarding an award received from the Association (e.g., Dora Maxwell, Louise Herring, Desjardins Awards) do not need to be submitted.
NCUA approves Alloya/CenCorp merger request
Yesterday, NCUA approved a request to merge the $1.37 billion Central Corporate CU into the $1.4 billion Alloya Corporate FCU. Alloya Corporate FCU CEO Chuck Furbee made the announcement in a letter to members posted on the corporate's website.
According to Furbee, CenCorp members are scheduled to vote on the merger April 4. Assuming a positive outcome, the merger is anticipated to occur by the end of April.
"CenCorp members would convert to Alloya systems later this year, with minimal impact to current Alloya members," said Furbee in the letter. "Some anticipated system changes to accommodate CenCorp practices will result in enhancements to our systems."
Alloya Corporate FCU members can learn more about the merger during the corporate's next scheduled transparency webinar March 28. Online registration is available.
Biz Kid$ financial education grants available for CUs
Credit union organizations are invited to apply for Biz Kid$ Financial Education Grants from the National Credit Union Foundation (NCUF). Applications will be accepted through March 31, and detailed information is available on the NCUF website.
The overall objective of the Biz Kid$ Financial Education Grant program is to engage the credit union movement in using Biz Kid$ to build students' financial literacy and economic skills while also increasing awareness and usage of Biz Kid$. Credit unions can use grants to fund innovative programs that improve the financial education of youth through the use of the Biz Kid$ program. Projects may engage teachers, students, education leaders, local PBS stations or community stakeholders through events, activities and/or curriculum distribution. A total of $125,000 is available through the grant program.
Eligibility: Credit unions, CUSOs, state credit union associations/leagues, state credit union foundations and any other organizations owned or controlled by credit unions may apply for funding.
About Biz Kid$: Biz Kid$ is a financial literacy initiative launched nationally in January 2008 that teaches kids about money and business. The initiative includes an award-winning TV series, free classroom curriculum, outreach activities, and a website targeting children 9-16 years old. NCUF is responsible for the fundraising and outreach of the program, and a coalition of more than 290 credit unions and affiliates from across the country have helped exclusively fund Biz Kid$. To learn more, visit the NCUF website.
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