The Point: April 29, 2013

Buffalo, Jamestown chapters to receive Chairman's Prestige Award

Each year, the Credit Union Political Action Committee (CUPAC) Chairman's Prestige Award is presented to Association chapters that meet or exceed their CUPAC fundraising goals. Two chapters have earned the CUPAC Chairman's Prestige Award for their 2012 fundraising results: the Buffalo Chapter and the Jamestown Chapter.

"Political action is critical to the future success of our credit union movement, and we commend the Buffalo and Jamestown chapters for their leadership," said Association President/CEO William J. Mellin.

Both chapters will be recognized June 15 at the 2013 Annual Meeting & Convention.

Regulatory relief bill introduced in House

Late last week, Rep. Blaine Luetkemeyer (R-Mo.) introduced a bill that would address several regulatory burdens facing credit unions and community banks. The bill, called the Community Lending Enhancement and Regulatory Relief Act (CLEAR Relief Act), would aid community-based financial institutions-both credit unions and community banks-by providing regulatory relief in the mortgage area and eliminating a requirement that privacy notices be sent on an annual basis.

The CLEAR Relief Act would also eliminate a requirement that financial institutions verify that automated clearing house payments are not a prohibited transaction, if the financial institution originating the transaction has warranted that it has complied with Office of Foreign Assets Control regulations.

CUs encouraged to support NYCUF membership appeal

The New York Credit Union Foundation (NYCUF) is still conducting its 2013 membership appeal, enabling New York credit unions to invest in another year of Foundation initiatives. Information was enclosed in the Association membership packet and is also available on the NYCUF website.

In addition to grant funding and disaster relief, NYCUF delivers statewide initiatives that address a broad range of underserved groups, including immigrants, low-wealth families, youth and young adults, while also serving as a conduit for resources and collaboration. All NYCUF initiatives are focused on the mission of "fostering the financial independence of New Yorkers through credit unions."

For more information, contact Dirck Van Deusen, director of political and Foundation development, at (800) 342-9835, ext. 8252 or  

CUNA shares results of High School Student Borrowing Survey

Nearly half of the high school seniors in the U.S. don't know how much money they will need for college, and even more don't understand basic student loan terms, according to CUNA's first annual High School Student Borrowing Survey. The survey polled 847 17- and 18-year-olds across the country.

According to CUNA, key findings include:

  • Most respondents (70 percent) are confident they will receive a high-paying job upon graduating.
  • Eighty-three percent do not know the rates of their expected or existing college loans.
  • Seventy-seven percent do not know the duration of their expected or existing college loans.
  • Seventy-four percent believe they will need a combination of federal and private loans, family money and jobs to support their tuition.
  • Approximately 20 percent reported that their families will pay their tuition outright.
  • Of those who know what they will owe after graduation, 15 percent said they will owe $10,000 or less, 22 percent said they will owe $11,000-$50,000, and 13 percent said they will owe more than $50,000.

The survey has already generated media coverage, including a Huffington Post article published last week.

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