The Point: June 25, 2013

NYCUF announces board officers, welcomes new trustees

The New York Credit Union Foundation (NYCUF) has selected board officers and welcomed new trustees for the year ahead. Together, the group will oversee the operation of the Foundation as they advance its mission of "fostering the financial independence of New Yorkers through credit unions."

The following updates were announced June 13 during the Foundation's annual meeting:

  • ACMG FCU President/CEO Vicki O'Neill has been re-elected board chairman.
  • Great Erie FCU CEO Robyn Young has been newly elected vice chairman.
  • Bethpage FCU CFO Brian Clarke has been re-elected treasurer/secretary.
  • Four individuals are joining the board of trustees, including: Laurie Baker, VP/COO of The Summit FCU and board chair of the Credit Union Association of New York; Catherine Benson, lending SVP at CFCU Community CU; Tristram Coffin, CEO of Alternatives FCU; and Cara Carlevatti, member development coordinator at Great Erie FCU. Carlevatti is a member of the Credit Union Association of New York's Young Professionals Commission and will represent her fellow young professionals on the board.

During the meeting, the group also recognized outgoing trustees John C. Gibardi, president/CEO of Entertainment Industries FCU; Gerard Herrling, principal at CarPort Consulting; James L. Mack, business development executive at Sunmark FCU; and Bruno Sementilli, president/CEO of Quorum FCU.

Remaining trustees include: Linda Bourgeois, CEO of UFirst FCU; Kevin A. Brauer, SVP of Alloya Corporate FCU; Alfred Frosolone, CEO of Niagara's Choice FCU; Chris Guild, sales manager at CUNA Mutual Group; Shirley Jenkins, secretary/board member of Municipal CU; William J. Mellin, president/CEO of the Credit Union Association of New York; Mark Pfisterer, president/CEO of AmeriCU Credit Union; Christine Peters, CEO of Family First of NY FCU; John Prumo, president/CEO of GPO FCU; and Mike Vadala, president/CEO of The Summit FCU.

"I am so pleased to continue my tenure as chairman of the Foundation's board of trustees, and to serve alongside such a distinguished group of leaders from the New York credit union movement," said O'Neill. "The Foundation has provided significant support to New York credit unions and their members through grants, partnerships and disaster relief, and we hope to build on that success in the year ahead."


CFPB proposes mortgage rule modifications

Yesterday, the CFPB proposed clarifications and some narrow revisions to its January 2013 mortgage rules. Comments on the proposal must be received on or before July 22.

Among other things, the proposal would:

  • outline procedures for obtaining follow-up information on loss-mitigation applications;
  • facilitate servicers' offering of short-term forbearance plans;
  • facilitate lending in rural or underserved areas;
  • make clarifications about the financing of credit insurance premiums;
  • clarify the definition of a loan originator;
  • clarify the points and fees thresholds for manufactured housing employees; and
  • revise effective dates of the loan originator rule and the ban on financing credit insurance.

The CFPB recently published a new Regulatory Implementation webpage, which consolidates all the new 2013 mortgage rules and related implementation materials.


SBA raises CU ‘small business' standard to $500M in assets

The U.S. Small Business Administration (SBA) has approved a rule to raise the "small business" size standard for credit unions from $175 million in assets to $500 million in assets. The rule will go into effect July 22.

The new size standard permits a greater number of credit unions (though still a relatively small number) to benefit from provisions that require federal agencies to assess and minimize regulatory costs for smaller entities-including those associated with the Regulatory Flexibility Act (RFA) and the Small Business Regulatory Enforcement Fairness Act (SBREFA).


CUNA seeking nominations for CU training awards

Credit union training professionals and programs will once again be recognized this year through CUNA's ELLy Awards. Nominations are due July 31, and details are available on CUNA's website.

The ELLy Awards will be presented at CUNA Experience Learning Live!, Oct. 20-23 in Seattle, Wash.

Award categories include:

  • the Chi Phi Delta X II Award, honoring the best development of a credit union university and its effect on staff learning and performance;
  • the eLearning Award, honoring participants who demonstrate how technology-based training has enhanced their credit union training initiatives;
  • the Training Champion Award, honoring senior managers who go beyond the call of duty to support and develop their credit union's training programs;
  • the Training Professional of the Year Award, honoring exceptional achievements in performance and learning by a credit union training professional or department; and
  • the WOW Award, honoring the credit union with the best overall training curriculum or training event that energizes, empowers and excites participants.

Notably, Empower FCU was among last year's winners. The credit union's culture enhancement officers won a WOW Award of Merit.


Helpful Links

CUNA News Now

Don't Tax My Credit Union Website

CUNA Tax Exemption Advocacy Toolkit (CUNA member log-in/ registration required.)

CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)

CUNA Legislative Update (CUNA member log-in/registration required.)

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