WesCorp Will Not Emerge From Conservatorship as United Resources; Regulator Urges Member Credit Unions to Stay Put Until a Merger is Worked Out

The NCUA has announced that three corporate bridge credit unions did not meet recapitalization goals. WesCorp, US Central and SE Corporate will not emerge as new entities. A number of Northwest credit unions have already been stung by WesCorp’s downfall.

FHA to Drop Single-Family Loan Limit on Oct. 1

The Federal Housing Administration (FHA) announced this week that the insurance limit in the highest-cost areas of the country will be reduced starting on Oct. 1. Loan limits in most other parts of the nation will remain unchanged.

Best Remarketing Practice: Streamline the Liquidation Process

According to Repo Remarketing, repossessing vehicles forces credit unions to balance providing service to their members against preserving the overall financial health of the credit union. Included here are some in-depth pointers to help credit unions navigate this murky territory.

Legal Briefs

Your update on the regulatory landscape.

NWCUA Regulatory Advocacy Update

The NWCUA generates and monitors regulatory movement and change at the state and federal levels. The weekly Regulatory Advocacy Update keeps you informed about just how the Association is working for its members—and how you can get involved.

NCUA Approves Corporate Stabilization Fund Assessment

The NCUA Board approved the Temporary Credit Union Stabilization Fund at 25 basis points, an assessment estimated to total nearly $2 billion.

NWCUA Leadership Wraps Up Town Hall Meetings

NWCUA CEO John Annaloro and President Troy Stang personally visited with credit union leaders throughout Washington and Oregon, giving member CEOs the opportunity to gather information and weigh in on a variety of issues impacting the credit union movement.

Washington State Audit Committee Recommends Continuation of Credit Union Tax Exemption

This Washington legislative update expands on the Washington State JLARC’s recent recommendation to continue the state-chartered credit union B&O tax exemption.

Rogue’s Gene Pelham Wins Foundations’ Credit Union Professional of the Year Award

Gene Pelham will be honored by the Oregon and Washington Credit Union Foundations as the Credit Union Professional of the Year. The Rogue Federal Credit Union CEO emphasizes community service and is known for hands-on involvement and accessibility to employees.

NCUA Addresses Garnishment of Accounts with Federal Benefits

The NCUA has offered guidance to help credit unions comply with a joint interim final rule that addresses garnishment of accounts that include federal benefits payments.

Compliance Question of the Week

Is a credit union considered a federal contractor for affirmative action purposes when it is authorized to issue savings bonds? And since we will no longer issue savings bonds starting on Jan. 1, 2012, do we still need to have an affirmative action plan?

The Cost of Waiting

Gary Tantleff, managing director of investments at The Credit Union Advisory Group at UBS, warns against the dangers of waiting to invest.

NWCUA Convention to Include Unique Session on Political Advocacy for Credit Unions

The 2011 NWCUA Convention and Annual Business Meeting will include an important session on advocacy training, offering credit union-specific strategies for navigating the modern political climate.