ALEXANDRIA, Va. - Unraveling the mystery that is the overhead transfer rate is key to dissolving, at least partially, the controversy surrounding it, according to three national credit union trade associations. CUNA has expressed support for equity in the determination of the OTR. "We focused on the process rather than...

WASHINGTON-The economy is preparing to bust out of its two-plus-year slump and move steadily in an upward direction, credit union economists are forecasting. Credit unions need to prepare for this scenario, members of the Credit Union Economics Group said on a call with reporters. "I think all of us believe...

ALEXANDRIA, Va.-Five credit unions joined the ranks of the federal charter in September, according to NCUA monthly data. Stamford of Connecticut ($49.9 million) and $6.9 million Insurance Services in Region I converted to federal credit unions last month. Additionally, Railroad & Industrial ($133 million) of Tampa also became a federal...

WASHINGTON-The Senate passed legislation at deadline last week to renew the federal preemptions in the Fair Credit Reporting Act, which were set to expire at year-end, and provide additional identity theft protections for consumers. The National Consumer Credit Reporting System Improvement Act of 2003 (S. 1753) overwhelmingly passed the Senate...

WASHINGTON-Though the credit union industry appears to be running smoothly and the financial condition strong, NCUA should make some changes to its oversight programs, according to a new 183-page report from the U.S. General Accounting Office. Time has been good to credit unions, GAO found. The government watchdog has not...

ALEXANDRIA, Va.-NCUA plans to open its new office in Tempe, Ariz. Nov. 1, a day ahead of the agency's original schedule. Although both the Concord, Calif. and Tempe Region VI offices will be open temporarily during the transition, after Nov. 1, mail and telephone calls for Region VI should be...

ALEXANDRIA, Va.-NCUA has placed College Heights Credit Union of Fayetteville, N.C., into conservatorship due to its poor financial condition. The key factor in NCUA conserving the credit union was that its net worth fell below 2%, according to the NCUA chairman's Special Assistant for Public Affairs Nick Owens, though he...

ALEXANDRIA, Va.- NCUA Vice Chair JoAnn Johnson addressed the Hawaii Credit Union League's Member Business Lending Workshop last week in Waikiki. "Credit unions in Hawaii can play a significant role in strengthening the viability of their members' small businesses and the local economy at the same time," Johnson said. While...