AUGUST 26, 2016
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Ferguson Congressional Candidate Meets
with Credit Unions (Issue 1 of 4)

Drew Ferguson, the Republican candidate for the open U.S. Representative post in the 3rd District, attended the joint meeting of the boards of Georgia Credit Affiliates and subsidiaries, to learn more about the industry and give credit union leaders insight into his campaign.

  Pushing NCUA to Modernize Call Reports (Issue 2 of 4)
The Credit Union National Association (CUNA) has twice in recent weeks written to the National Credit Union Administration (NCUA) to suggest improvements in the way NCUA collects CU data in its Call Reports and Profile Reports.

  Idea Institute Provides Strategies and Unique Concepts
for Credit Unions (Issue 3 of 4)

Credit union leaders from across Georgia gathered this week at the annual Idea Institute to hear from industry experts, exchange insights and generate new strategies to help them serve their members better.

  Credit Unions in the News (Issue 4 of 4)
The credit union message continues to spread, as evidenced by coverage of the industry in a wide range of media outlets, from newspapers to magazines to the broadcast media.

FergusonCongressional Candidate Meets with Credit Unions (Issue 1 of 4)

During the August board meetings Drew Ferguson, candidate for the open Congressional seat in the 3rd District, spoke at the joint meeting of the CSI, GCUA, GCUL and GCUS boards of directors. Ferguson was invited to join these meetings to provide him the opportunity to learn more about the industry and build relationships, as well as give credit unions direct access to the candidate and gain insight into his campaign. Credit unions supported Ferguson in both the primary and the primary runoff with political donations through CULAC, donations that were timely in running his successful campaign in those two elections.

Supporting Ferguson early was a risk that most other industries did not take. There were originally nine individuals who ran back in May for the seat to replace U.S. Rep. Lynn Westmoreland (R), making it the most crowded and challenging race in the state (and one of the races thrown into a July runoff). But taking a risk and supporting a candidate early in their campaign carries significant weight. While the field was flooded with individuals hopeful to be selected for Washington, D.C., Ferguson was the candidate credit unions met with back in April to discuss the industry and build a relationship, and build it early – something Ferguson has since noted and appreciates the industry’s support.

During the joint board meeting, Ferguson was able to connect one on one, grow his understanding of credit unions and deepen his personal connections with the industry. In the general election, Ferguson faces Angela Pendley, who ran unopposed for the Democratic ticket in May (the district historically leans heavily Republican).

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ncuaPushing NCUA to Modernize
Call Reports (Issue 2 of 4)

In the overwhelming world of regulatory burden, relief can come from a variety of sources – one of which is the call report that all credit unions complete. Revising call reports and the Credit Union Profile can both enhance the NCUA’s supervisory ability and reduce regulatory burden on credit unions, CUNA wrote to the agency on August 12th. As part of its examination and supervision modernization efforts, NCUA requested input on the necessity and accuracy of the information collected, as well as ways to enhance the quality, utility and clarity of the collected information.

This most recent letter follows CUNA’s letter sent earlier this month suggesting short- and long-term exam improvements, which was the result of extensive outreach to its members to assist the NCUA in its reform efforts. CUNA’s call report requirements survey uncovered several concerns with the 5300 Call Report and the 4501A Profile Report. Those include:

  • Limited resources: 79% of respondents agree that filing requirements are a “big deal” and 44% agree that the reporting requirements are “very burdensome”;
  • Inadequate support: Survey respondents often find the reporting process and systems difficult to understand and see significant gaps in support resources; and 
  • Need for improvements: Credit unions see substantial room for improvement in call reports as well as in the reporting process.

CUNA suggests the following guiding principles for the NCUA to use when revising the call report and profile:

  • Revise the forms to make them intuitive and easy to use; 
  • Collect only data that is accurate, relevant, and usable; 
  • Collect data that more accurately reflects safety and soundness concerns; 
  • Remove data that has little or no supervisory value or value to the industry for peer-to-peer comparison; 
  • Remove data where the effort of collection outweighs the supervisory value; 
  • Collect new or additional data through the call reports only if it results in an overall reduction in regulatory burden or an improved/more efficient exam; 
  • Improve the clarity and descriptive quality of the instructions to the call report and profile documents; and 
  • Eliminate odd-quarter reporting for any credit union below the $50 million asset threshold that reports a net worth ratio above 10%.
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Idea Institute Provides Strategies and Unique Concepts for Credit Unions (Issue 3 of 4)

Idea InstituteThis week credit union leaders gathered at the 11th Idea Institute in Amelia Island. The Idea Institute is an intimate conference that puts credit unions in contact with industry practitioners – often those undertaking strategies outside the box – to provoke thinking, ideas and new ways of tackling the world of consumer and commercial finance. Sharing insight with the attendees were:

  • Mike Schenk, CUNA economist on trends, impact, and credit union strategy.
  • Kim Sponem, CEO of Summit Credit Union on their path to having women as the credit union’s primary target market.
  • Joe Brancucci, CEO of CURateReset on lending, the evolving CU portfolio, and enhancing the lending function at credit unions
  • Cathy Pace, CEO and Steve Franke, Program Manager of Allegacy FCU on building off-balance sheet service capabilities.
  • Tom Gryp, CEO of Notre Dame FCU on internal cultures and how those contribute to achieving credit union success.
  • Mike Kelly on what’s happening in the marketplace and the industry, and how to align your strategy to promote success.

The above speakers provided interesting context on their different areas of expertise, but unique about this conference is the personal interaction during the presentations by the credit unions themselves. Thought generation and idea sharing comes from the dialogue with credit unions in attendance, and from sharing about best practices and efforts of those around the state (or how implementation of ideas has worked in their respective shops). Don’t miss this in 2017; stay tuned for details for next year’s event.

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NewsCredit Unions in the News (Issue 4 of 4)

Credit unions continue to earn media coverage statewide and beyond. Whether it’s in a local newspaper, niche magazine or radio show, the credit union message is shared through a multitude of outlets across Georgia. Click here to see recent coverage of Georgia’s credit unions "In the News."

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