The Point: April 4, 2013

Special Message: Click here to view a special video invitation from Association President/CEO William J. Mellin.

CU Times article highlights strength, resiliency of NY CUs

New York credit unions' resilience and growth throughout 2012 is the focus of a Credit Union Times article published yesterday. The article, titled "New York: Empire State Credit Unions High and Dry Despite Storm," highlights credit union successes amidst economic challenges and the devastation caused by Hurricane Sandy.

Credit Union Association of New York President/CEO William J. Mellin and credit union leaders from Nassau Educators FCU, St. Joseph's Parish Buffalo FCU, Oswego County FCU and Hudson River Community CU all provided insights for the article.

Young pros offered exclusive agenda at State GAC

Credit union advocates age 35 and younger can participate in a special, targeted agenda at the Credit Union Association of New York's State Governmental Affairs Conference (GAC). In addition to legislator visits, a legislative briefing, a lobbying workshop and networking events with all attendees, the young professionals agenda includes the following exclusive sessions:

  • Credit Unions 101/Philosophy: Nuts and Bolts of Our Movement, led by Association Management Consultant Marge Kazz, will focus on the credit union philosophy and cooperative principles. Attendees will learn about a credit union's organizational structure, the benefits of membership and why credit unions are the preferred choice over other financial institutions.
  • The Leadership Performance: Expanding your Influence and Impact, led by trainer/improvisation performer Kat Koppett, will incorporate improvisation and leadership strategies to help attendees expand their professional influence and impact.
  • A CEO panel discussion, facilitated by members of the Association's Young Professionals Commission, will allow credit union leaders to share professional insights, "lessons learned," and thoughts on achieving goals and maximizing growth opportunities. Participating CEOs include: Bill Carhart, Oswego County FCU; Pamela Heald, Reliant Community FCU; Maggie Pope, Peru Central School FCU; and John Prumo, GPO FCU.

State GAC will be held April 16-17 in Albany. Details and online registration are available on the Association website. Young professionals can also apply for Professional Development grants through the New York Credit Union Foundation (NYCUF) to assist with attendance costs.

NCUA shares TDR guidance for examiners

Credit unionists can now view the guidance NCUA provided to agency examiners regarding the review of loan workouts, nonaccrual policies and regulatory reporting of troubled debt restructurings (TDRs). The guidance was published with a letter to credit unions earlier this week, and both are available on the NCUA website.

The letter and guidance address:

  • appropriate nonaccrual policies and procedures for loan workouts and TDRs;
  • revised regulatory reporting requirements for loan workouts;
  • what should be addressed in a credit union's workout policy, including controls and decision-support systems consistent with the size and scope of their program;
  • key components of a sound information system for loan workouts and TDRs;
  • how examiners will determine which loan workouts are TDRs; and
  • other important considerations for NCUA examiners.

NCUA's TDR rules, effective as of Dec. 31, 2012, allow credit unions to modify TDR loans without having to immediately classify those loans as delinquent. The rules also set consistent standards for the management of loan workout arrangements and are intended to eliminate confusion between TDRs and other loan modifications.

New auto lending white paper available on Association website

CU Direct Corporation's latest white paper is now available on the Credit Union Association of New York's website. The white paper is presented by CU Direct Corporation's CUDL brand and offers strategies for engaging a dealership base and ultimately increasing look-to-book (LTB) and approve-to-book (ATB) rates in an indirect auto lending program.

The Credit Union Association of New York is a shareholder in CU Direct Corporation, a leading provider of lending solutions to credit unions through its CUDL, Lending Insights, Lending 360, CUDL Retail and Vero brands.

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