Internal fraud, the CFPB and the Federal Reserve's steady rates were just a few topics readers discussed recently on CUTimes.com. Here's what they had to say.
Credit Union VP Admits to $1.2 Million Embezzlement
In charge of Accounting AND Information Technology!!!!! Umm, shouldn't the NCUA or auditors have had something to say about this obvious conflict of interest? A $40M CU would be one thing, but by the time you hit $600M, that shouldn't be there.
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—Bon Baughn
CUSO Registry Goes Live Feb. 1
Big Sister (Matz) is watching your every move. I'm surprised no CUSOs have sued to test the legality of this.
—BillyBobJim
Fed Rate Expected to Hold Steady
It's all supply and demand. Pricing on deposits will go up when loan to asset ratios move into higher territory. There will come a point where credit unions and banks will start bidding up funding to meet loan demand. I'd keep an eye on loan to asset ratios. There is still ample liquidity at the macro level, but there are credit unions and banks that are getting hungry for funding because they are good at lending. I'm seeing it in my client base right now. I have some that are tapped out on the funding side already. They can't grow loans unless they grow funding first.
—Mike Higgins
Partner
Mike Higgins & Associates
Kansas City, Mo.
GTE Financial CEO on Leave Pending Board Review
It may be accidental but clicking on the CEO Corner link on their website opens to a page listed as Past CEO Corner. Joe's done a lot for the credit union but it hasn't come without a dose of controversy. Some boards want the growth and flash but don't anticipate any issues.
—BillyBobJim
CFPB Lands in Court Over Mortgage Lender Case
Kudos to PHH for daring to challenge the great and powerful Oz. Inflating a fine by a factor of 18 just demonstrates Cordray's wild abuse of power. The CFPB must be disbanded or governed by a Congress-approved board like every other financial authority.
—BillyBobJim
Agreed. The one paragraph that is really troublesome to me (not that the entire premise of the story isn't worth cringing about) is "PHH argued the RESPA rules in question were ambiguous and the director's interpretation of the rules were not valid. However, the CFPB argued the director's reasonable interpretation resolved the ambiguity in the rules." I'd challenge anyone from the CFPB to explain to us how this type of leadership is good for anyone, either within the financial services sector or those who use financial institutions.
—David Murphy
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