ARLINGTON, Va.—Despite economies of scale that come with size, it is federally insured CUs under $1 billion in assets that have shown the greatest improvement in operating expense efficiency since the recession. That is one finding from NAFCU’s new quarterly CU Operating Expense Report, recently introduced by the trade association.
Fresh Today
RANCHO-CUCAMONGA, Calif.—Later this month CO-OP Financial Services plans to launch CardNav, a new mobile card controls and alerts application for credit unions. The app allows members, via their smartphone, to set card controls based on their preferences, such as transaction type, merchant, location and payment thresholds. And while the app is expected to engage members more closely with the CU’s card, CO-OP also sees the app as bringing members into the fraud fight.
RALEIGH, N.C. – State Employees’ Credit Union (SECU) is reporting that more than 600 members have taken advantage of an expanded auto loan program that now includes used vehicles in the two months it has been available.
DALLAS—A new report on second quarter economic data suggests that although the forecasts for economic growth and unemployment have improved, questions regarding to what extent consumer spending will contribute to GDP growth remain. “Moreover, concerns remain on whether or not the employment profile of the economy will improve enough so as to instill enough confidence to entice more consumers to open their wallets,” said Brian Turner, executive director with Meridian Alliance.
TROY, Mich.—Flagstar Bank here has agreed to pay $27.5 million to victims and a $10-million fine for violating the Consumer Financial Protection Bureau’s new mortgage servicing rules.
BUFFALO, N.Y.—Police believe information obtained in one of the national retail store data breaches was used by two men here to obtain cash from a local store using a “cloned” ESL FCU debit card.
ALEXANDRIA, Va.—It may be simply a formality, but NCUA has finally issued a prohibition order against Anthony Raguz, the former CEO of St. Paul Croatian FCU who was a primary player in what became the most-expensive failure ever of a natural-person credit union.
MADISON, Wis.—CUNA Mutual Group said it has reached an agreement to sell Producer’s Ag Insurance Group (ProAg), its crop insurance business, to HCC Insurance Holdings, Inc. for $110-million in cash. The transaction, which is subject to regulatory approvals, is expected to close in the first quarter of 2015.
BIRMINGHAM, Ala.—Former NCUA Chairman Dennis Dollar is offering three predictions on NCUA’s revised risk-based capital proposal, which the agency said this week will go out for a second comment period.
BIRMINGHAM, Ala.—Nothing has generated more discussion and debate among credit unions this year than NCUA’s risk-based capital proposal. With a revised rule coming, along with a second comment period, credit unions are anxiously waiting to see what the next round brings. Former NCUA Chairman Dennis Dollar offers three predictions about what’s on the way.