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El Fondo de Seguro de Depósitos sigue protegiendo los depósitos de los socios por hasta $250,000

ALEXANDRIA, Va. (18 de diciembre de 2015) – Hoy la Administración Nacional de Cooperativas de Ahorro y Crédito procedió a liquidar Cooperativa de Ahorro y Crédito Federal Bethex de Bronx, Nueva York. 

La Cooperativa Federal de Ahorro y Crédito USAlliance de Rye, Nueva York, inmediatamente se hizo cargo de los activos, los depósitos de los socios y la mayoría de los préstamos de la Cooperativa Federal de Ahorro y Crédito Bethex. USAlliance es una cooperativa de ahorro y crédito autorizada que cuenta con 83,102 socios y activos por $1.07 miles de millones, de acuerdo con el más reciente informe financiero de la cooperativa de ahorro y crédito.

Los socios nuevos de USAlliance no deberían sufrir interrupción en los servicios, y la oficina actual de la Cooperativa de Ahorro y Crédito Federal Bethex permanecerá abierta. Las cuentas de los socios continúan aseguradas por el Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito. Administrado por la NCUA, el Fondo de Seguro de Depósitos asegura cuentas individuales de hasta $250,000 y el interés de un socio en todas las cuentas conjuntas combinadas por hasta $250,000. El Fondo de Seguro de Depósitos además protege cuentas de jubilación IRA y KEOGH de hasta $250,000. El Fondo de Seguro de Depósitos cuenta con el respaldo de la plena confianza y el crédito del gobierno de los Estados Unidos.

Los socios que tengan preguntas sobre sus cuentas pueden contactarse con la Cooperativa Federal de Ahorro y Crédito USAlliance al 800-431-2754 entre las 7:30 a.m. y las 7 p.m., de lunes a viernes y los sábados entre las 9 a.m. y la 1 p.m.

En 18 de septiembre de 2015, NCUA colocó a la Cooperativa de Ahorro y Crédito Federal Bethex en sindicatura. NCUA tomó la decisión de liquidar Bethex y no permitir que continúe con sus operaciones después de determinar que la cooperativa no era solvente ni capaz de restaurar las operaciones viables por sus propios medios.

Al momento de la liquidación y posterior compra por parte de USAlliance, Bethex asistía a 5,824 socios y contaba con bienes por $12.2 millones, de acuerdo con el informe financiero más reciente de la cooperativa de ahorro y crédito. Con autorización para operar desde 1970, la Cooperativa de Ahorro y Crédito Federal Bethex brindó servicios a varios grupos en la ciudad de Nueva York.

La Cooperativa de Ahorro y Crédito Federal Bethex se constituye en la décima cooperativa de ahorro y crédito con seguro federal en ser liquidada en 2015.

New Economic Video Reviews How Recent Developments May Affect Credit Unions

ALEXANDRIA, Va. (Dec. 23, 2015) – The strengthening economy is good for credit unions, according to National Credit Union Administration Chief Economist Ralph Monaco, but there is still uncertainty about the economic outlook and future path of interest rates.

Monaco discussed economic conditions and the possible impact of rising interest rates in NCUA’s latest Economic Update YouTube video, released today and available online here (opens new window).

“We’ve entered a new interest rate environment, where rising rates, both short- and long-term, are more likely,” Monaco said. “Now is a good time for credit unions to evaluate income and balance sheet changes across a range of potential interest rate scenarios, including one that looks like the Federal Reserve’s projection.”

Credit unions are benefiting from the rise in demand for big-ticket consumer goods, like autos and houses, Monaco said. Auto sales were well above the pre-recession average in the third quarter of 2015. Home sales remain at a relatively high level. Both are an important for credit union lending, accounting for almost 85 percent of the credit union system’s loan portfolio.

 NCUA’s economic update video series is an ideal information resource for credit union board members, loan officers and management and is available on NCUA’s YouTube channel (opens new window).

Member Deposits Protected up to $250,000 by Share Insurance Fund  

ALEXANDRIA, Va. (Dec. 29, 2015) – The National Credit Union Administration today liquidated First Hawaiian Homes Federal Credit Union of Hoolehua, Hawaii.

Molokai Community Federal Credit Union of Kaunakakai, Hawaii, immediately assumed First Hawaiian Homes’ assets, member shares and most loans. Molokai Community is a federally chartered credit union with a low-income credit union designation that has 3,839 members and assets of $20.3 million, according to the credit union’s most recent Call Report.

Members’ accounts remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

Members with questions about their accounts may contact Molokai Community Federal Credit Union at 808-553-5328 between 8:30 a.m. and 4:30 p.m. Monday through Thursday and 9 a.m. and 5 p.m. on Friday local time.

NCUA made the decision to liquidate First Hawaiian Homes Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

At the time of liquidation and subsequent assumption by Molokai Community, First Hawaiian Homes served 1,379 members and had assets of nearly $3.2 million, according to the credit union’s most recent Call Report. Chartered in 1937, First Hawaiian Homes served residents of Island of Molokai, Hawaii.

First Hawaiian Homes Federal Credit Union is the eleventh federally insured credit union liquidation in 2015.

Agency Working to Ensure Access to Needed Financial Services for Members; Share Deposits Remain Protected up to $250,000

ALEXANDRIA, Va. (Jan. 5, 2016) – The National Credit Union Administration, the Missouri Division of Credit Unions and the Mississippi Department of Banking and Consumer Finance will work with federally insured credit unions affected by the recent severe storms and flooding in Missouri and Mississippi to help protect consumers and ensure the continuity of credit union services.

Federally insured credit unions in the affected areas are currently operating normally. Credit union members in these areas should contact their credit unions or check their credit union’s website for the latest information.

Member deposits at federally insured credit unions remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

During natural disasters, NCUA works with state regulators and state league organizations to ensure all federally insured credit unions are aware of and can utilize NCUA’s available assistance. Under the agency’s disaster relief policy NCUA will, when necessary:

• Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members;
• Reschedule routine examinations of affected credit unions, if necessary;
• Guarantee lines of credit for credit unions through the Share Insurance Fund; and
• Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.

Low-income designated credit unions affected by flooding can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members. Information about Urgent Needs Grants is available here (opens new window).

Credit unions in need of NCUA assistance should contact their primary supervisory examiner.

ALEXANDRIA, Va. (Jan. 12, 2016) – The video recording of the December 2015 open meeting of the National Credit Union Administration Board is now available on the agency’s website.

Archived videos of past Board meetings may be viewed here, and each video remains on the site for one year.

The December open Board meeting’s agenda consisted of two items:

• A final rule to provide enhanced pass-through share insurance coverage for real estate agents’ escrow accounts, prepaid funeral accounts and other escrow accounts similar to lawyers’ trust accounts; and
• A notice to stakeholders of the opportunity to comment on regulations covering rules of procedure and safety and soundness for possible modification, simplification or repeal.

NCUA posts these videos as part of the agency’s ongoing efforts to provide transparency and to allow those unable to attend Board meetings the opportunity to become better informed. An interval between the meeting and posting is necessary for the videos to comply with Section 508 of the Rehabilitation Act for the hearing and visually impaired.

The Board Actions page of NCUA’s website has more information, including Board agendas, which are posted at least one week in advance of each open meeting, copies of Board Action Bulletins, which summarize the meetings, copies of Board memorandums and other documents.

ALEXANDRIA, Va. (Jan. 11, 2016) –  National Credit Union Administration Board Member J. Mark McWatters said today he intends to remain fully engaged on matters coming before the NCUA Board during the confirmation process for his nomination to serve on the Board of Directors of the Export-Import Bank of the United States.

“It is an honor to be nominated by President Obama to serve on the Board of Directors of the Export–Import Bank,” said Board Member McWatters. “If confirmed by the U.S. Senate, I look forward to working with Chairman Hochberg and Vice Chair Felton. Until that time, I will continue to work on the critical regulatory issues and policies facing the credit union system as a member of the NCUA Board.”

President Barack Obama announced his intent to nominate McWatters to the Board of the Export–Import Bank earlier today. 

McWatters was nominated by President Obama to serve on the NCUA Board on Jan. 7, 2014. Following confirmation by the U.S. Senate on June 19, 2014, he took office as an NCUA Board Member on Aug. 26, 2014.

Board Member McWatters previously served as the Assistant Dean for Graduate Programs and as a Professor of Practice at the Southern Methodist University Dedman School of Law and as an Adjunct Professor at the Southern Methodist University Cox School of Business. He previously served as a member of the Troubled Asset Relief Program Congressional Oversight Panel. He also served on the Governing Board of the Texas Department of Housing and Community Affairs and the Advisory Committee of the Texas Emerging Technology Fund.

Board Member McWatters has more than 30 years of legal experience as a tax, corporate finance and mergers and acquisitions attorney. He is also licensed as a Certified Public Accountant.

Member Deposits Remain Protected to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Jan. 13, 2016) – The Director of the Michigan Department of Insurance and Financial Services today placed Clarkston Brandon Community Credit Union into conservatorship and appointed the National Credit Union Administration as conservator.

Deposits at Clarkston Brandon Community Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The Michigan Department of Insurance and Financial Services placed Clarkston Brandon Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.

Clarkston Brandon Community Credit Union is a federally insured, state-chartered credit union with 9,413 members and assets of $68.8 million, according to the credit union’s most recent Call Report.  Chartered in 1957, Clarkston Brandon Community Credit Union serves the residents and businesses of Oakland, Genesee, Lapeer, Livingston and Macomb counties in Michigan.

Members who have questions about the conservatorship may review the Clarkston Brandon Community Credit Union Frequently Asked Questions document attached to this release and available online here (opens new window).

ALEXANDRIA, Va. (Jan. 19, 2016) – The National Credit Union Administration announced today the January 2016 issue of The NCUA Report is now available online (opens new window).

This latest issue includes columns from NCUA Board Chairman Debbie Matz and Board Member J. Mark McWatters. Additionally, it contains articles from several NCUA offices on the agency’s initiatives and information on supervisory, regulatory and compliance issues that are important to all federally insured credit unions.

The articles in this month’s edition include:

• Welcome to the New Interest Rate Environment?
• Chairman’s Corner: Year of Regulatory Relief Yields Real Results
• Use the First Part of 2016 to Engage and Educate Members
• Board Member McWatters’ Perspective: Exam Appeals: Credit Unions Deserve a Better Process—Part 2
• Board Actions: Board Approves Expanded Insurance Coverage on Escrow Accounts
• Determining Impairment in TDRs
• Understanding the Challenges Facing Minority Credit Unions
• New Associational Common-Bond Rule Already Providing Relief
• Mark Your Calendars for Our Upcoming Webinars

Published monthly, The NCUA Report is NCUA’s flagship publication. The newsletter highlights important Board actions and key issues that credit union managers, staff and volunteers need to know. Interested readers can subscribe to the online version of the newsletter here (opens new window). Previous issues of The NCUA Report are available online at http://go.usa.gov/cghah (opens new window).

ALEXANDRIA, Va. (Jan. 20, 2016) – Internet Archive Federal Credit Union, of New Brunswick, New Jersey, today paid all shares insured by the National Credit Union Administration in full to members of record as part of its voluntary liquidation.

NCUA initiated cease-and-desist order proceedings on Nov. 24, 2015 in order to prevent the credit union from committing unsafe and unsound practices and violations of law, rule, and regulation. Upon the recommendation of the credit union’s board of directors, the membership of Internet Archive Federal Credit Union voted to voluntarily liquidate on Dec. 8, 2015. NCUA regulations required the credit union to then provide NCUA with a plan for its voluntary liquidation. NCUA approved the voluntary liquidation plan on Jan. 6, 2016, and cease-and-desist proceedings were abated in anticipation of the credit union’s share distribution to members.

The temporary cease-and-desist order identified the credit union’s failure to correct ongoing deficiencies since it was chartered, including:

• Unwillingness to open accounts within the field of membership, make loans, and establish operations in the low-income community where the credit union was chartered to serve;
• Violations of the Bank Secrecy Act and USA PATRIOT Act; and
• Weakening financial conditions and mounting losses. 

The temporary cease and desist order required the credit union take certain actions, including:

• Develop and implement a marketing plan targeting the field of membership the credit union was chartered to serve: New Brunswick and Highland Park, New Jersey;
• Provide annual, formal Bank Secrecy Act training for all staff and officials;
• Engage a qualified, independent third party to conduct Bank Secrecy Act compliance program testing and report the results of that testing to the credit union’s board of directors;
• Develop a system of internal controls to ensure ongoing compliance with laws and regulations related to the Bank Secrecy Act, anti-money laundering and Office of Foreign Assets Control regulations;
• Develop and implement an adequate customer identification program to verify the credit union knows the identity of any person applying for membership;
• Cease all online account opening activity until a customer identification program has been developed in accordance with federal law, approved by NCUA’s Region II Director and implemented;
• Ensure that lists of subjects and businesses periodically published by the Financial Crimes Enforcement Network are cross-checked against the credit union’s membership records; and
• Develop and implement a written strategic business plan and budget directed at reversing the ongoing deterioration of net worth and earnings in order to avoid Prompt Corrective Action.

Chartered in 2012, Internet Archive Federal Credit Union had assets of $2.25 million and served 391 members, according to the credit union’s most recent Call Report.

Agencies Aim to Double the Number of CDFI Credit Unions in 2016

ALEXANDRIA, Va. (Jan. 21, 2016) – The National Credit Union Administration and the U.S. Treasury Department’s Community Development Financial Institutions Fund today signed an agreement that will streamline the application process for low-income credit unions to become certified as Community Development Financial Institutions.

Credit unions that obtain CDFI certification can access training and competitive award programs provided by the CDFI Fund, and these resources can aid these institutions’ capacity to provide underserved communities with access to safe and affordable financial services. 

“This Memorandum of Understanding opens up enormous possibilities for credit unions,” NCUA Board Chairman Debbie Matz said. “By facilitating the CDFI application process and, ultimately, increasing  the number of certified CDFI credit unions, we’re laying the foundation for greater access to affordable financial services and more investment in local communities. This will help credit unions better serve members and communities that have been difficult to reach, and that will help more people build wealth and more secure financial futures for themselves and their families.”

“CDFIs nationwide are making a real difference in low-income communities by providing consumers with safe and affordable financial services and by providing neighborhood businesses with access to capital,” CDFI Fund Director Annie Donovan said. “Many low-income credit unions are already performing this important work, but need more support. By partnering with NCUA to increase the number of credit unions certified as CDFIs, we will not only expand access to the CDFI Fund’s programs but also reach more unbanked and underbanked individuals.”

“We’re looking forward to helping more credit unions become certified as Community Development Financial Institutions,” said William Myers, Director of NCUA’s Office of Small Credit Union Initiatives. “We’re going to be able to help credit unions save time and money in the certification process and bring more recognition to what credit unions do so well.”

Today’s action launches a plan with a goal of doubling the number of certified CDFI credit unions by the end of 2016. Increasing the number of certified CDFI credit unions could significantly expand funding that can be used to offer financial services to underbanked low-income individuals and make investments in local businesses, affordable housing, and community facilities.

There are currently 295 credit unions certified as CDFIs. The majority of these also hold NCUA’s low-income credit union designation.