The Point: Dec. 19, 2013


Editor’s Note: Yesterday, The Point incorrectly reported that GPO FCU President/CEO John Prumo will be retiring Dec. 31 after nearly 35 years of leadership. His retirement date is March 31, 2014. We apologize for the error and wish John the best as he finishes his tenure with GPO FCU!

Dues reduction program available for CUs in financial need

The Credit Union Association of New York is once again offering a membership dues reduction program to New York credit unions. The program is designed to make Association membership more affordable for credit unions anticipating financial hardship in the year ahead.

To request a dues reduction, credit union CEOs/managers and/or board chairs should submit a written request outlining the reasons they are seeking hardship consideration. Requests may be e-mailed to Tracy Conner, VP of member relations, at or mailed to her attention at the Credit Union Association of New York, P.O. Box 15118, Albany, NY 12212.

The deadline for submitting requests is Feb. 14. All submissions will be reviewed together after the deadline and kept strictly confidential.

Credit unions requesting a reduction may wait to remit dues payment until receiving a response from the Association. Adjusted dues invoices will be issued to the credit unions that are granted reductions.

Obama to nominate McWatters for NCUA board seat

President Barack Obama announced yesterday his intent to nominate Mark McWatters to fill Michael Fryzel’s NCUA board seat. McWatters still must pass a nomination hearing by the Senate Banking Committee and a Senate confirmation vote.

McWatters previously served as a member of the Troubled Asset Relief Program (TARP) Congressional Oversight Panel from December 2009 to April 2011. The panel was tasked with overseeing the investment of TARP funds in an array of institutions, including Citigroup, Bank of America, Wells Fargo and approximately 700 others. McWatters also served as counsel for Rep. Jeb Hensarling (R-Texas), the current chairman of the House Financial Services Committee.

NCUA’s three-member board can be comprised of no more than two members from the same political party. McWatters would fill Fryzel's Republican slot on the board. Fryzel’s term ended Aug. 2.

Reminder: MORE Report submissions due Jan. 3

The Jan. 3 deadline to submit information for the Credit Union Association of New York’s MORE Report is fast approaching. The report will be distributed to all New York credit unions and legislators next spring, and highlights will also be shared with the media.

Using the Association’s online reporting form, credit unionists can submit information about their 2013 efforts in the areas of: adult financial education; community investment and outreach; customized products and services; financial counseling; immigrant outreach; Volunteer Income Tax Assistance (VITA); and youth financial education.

For additional information about the MORE program, visit the Association website.

CDFI funding application deadline is Monday

The U.S. Treasury Department opened the fiscal year 2014 with $191 million in funds available to community development financial institutions (CDFIs) in need of financial or technical assistance. This Monday, Dec. 23, is the final day to submit applications.

Qualifying credit unions are encouraged to learn more and apply by visiting the CDFI Fund website.

Notably, Cooperative Federal CU (Syracuse), East River Development Alliance FCU and New York University FCU were all recipients of 2013 CDFI Fund grant awards.

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