WASHINGTON (5/6/08)--Dan Mica, president/CEO of the Credit Union National Association (CUNA), has again been named as one of Washington's top lobbyists by The Hill newspaper's list.
This is the sixth consecutive year Mica has been named to the list.
The Hill noted that Mica is working to get legislation passed that would improve the regulation of credit unions. The Credit Union Regulatory Improvements Act (CURIA), supported by CUNA, is H.R. 1537 in the House and was introduced last week in the Senate by Sen. Joseph Lieberman (I-Conn.) as S. 2957.
Mica also has spoken out against a Treasury blueprint that would place credit unions and banks under the same regulator and charter. Mica garnered press attention from major media outlets such as The New York Times, The Washington Post, The Associated Press, The Wall Street Journal, CongressDaily and Politico.
The Hill's list of top lobbyists is created based on conversations with aides, other lobbyists and members of Congress. The newspaper covers lobbying and Capitol Hill activities. It is read largely by congressional members and lobbying organizations (News Now May 4, 2007).
Other lobbyists to make this year's list include: Steve O'Connor, Mortgage Bankers Association; Ed Yingling, American Bankers Association; Dan Berger, National Association of Federal Credit Unions; and Camden Fine, Independent Community Bankers of America.
courtesy of cuna.org
Tuesday, May 6, 2008
WSJ says this is big year for 'Little Guy'
WASHINGTON (5/6/08)--The weekend edition of The Wall Street Journal highlighted the Credit Union National Association's grassroots efforts, calling 2008 a "big year for the Little Guy."
The story included a picture of CUNA's "The Little Guy."
The current economic climate and worries of working Americans have come to the forefront during this election year, according to the Journal. This has changed lobbying strategies for many groups in Washington.
"Folks beat money anytime in a political fight," House Financial Services Committee Chairman Barney Frank (D-Mass.) was quoted in the story.
The current political and public backlash against "Big Banks, Big Oil, and Big Business," has resulted in many lobbying groups putting their "members and dependents out front—the more Main Street they are, the better," said the Journal.
For example, even the American Bankers Association has begun emphasizing its "local" roots by stressing it represents thousands of community banks that become members after the ABA merged with America's Community Banks, according to the report.
The story called CUNA "a mammoth of the grass roots," and noted CUNA President/CEO Dan Mica's heated reaction to the U.S. Treasury's plan to overhaul the financial regulatory structure. That plan would eliminate the credit union charter as well as the National Credit Union Administration.
Mica said any implementation of such a plan would result in the "nuclear option"--a request to all 85 million credit union members to "rally on Capitol Hill, jam lawmakers' phone lines and inboxes."
courtesy of cuna.org
Senators' support for CURIA urged
WASHINGTON (5/6/08)—Each member of 110th Senate is being sent a letter from the Credit Union National Association (CUNA) urging them to support and co-sponsor S. 2957, the Credit Union Regulatory Improvements Act (CURIA).
The key credit union legislation was introduced for the first time in the Senate last week by Sen. Joseph Lieberman (I-Conn.). A House version of the regulatory improvements package carries the names of 149 official backers.
In urging Senate support, CUNA President/CEO Dan Mica wrote that by co-sponsoring CURIA, lawmakers will be "helping credit unions continue their mission of serving working families, making needed services available to lower-income or underserved consumers, and helping promote economic growth and well being in our nation's communities."
Beyond that, Mica noted, CURIA will also improve the quality of services to credit union members by updating or removing other burdensome regulations. The letter included an attachment with specific information about important reforms within CURIA.
"Credit unions work every day to help improve the lives of millions of Americans from all walks of life. At a credit union, every customer is a member and owner," Mica told each Senator.
" The mission of credit unions is to serve their members, and as our economy struggles, this mission is more important than ever. We appreciate your past support of credit unions and urge you to show your continuing support by co-sponsoring CURIA," the letter concluded.
Specifically, CURIA proposes, in part, to:
The key credit union legislation was introduced for the first time in the Senate last week by Sen. Joseph Lieberman (I-Conn.). A House version of the regulatory improvements package carries the names of 149 official backers.
In urging Senate support, CUNA President/CEO Dan Mica wrote that by co-sponsoring CURIA, lawmakers will be "helping credit unions continue their mission of serving working families, making needed services available to lower-income or underserved consumers, and helping promote economic growth and well being in our nation's communities."
Beyond that, Mica noted, CURIA will also improve the quality of services to credit union members by updating or removing other burdensome regulations. The letter included an attachment with specific information about important reforms within CURIA.
"Credit unions work every day to help improve the lives of millions of Americans from all walks of life. At a credit union, every customer is a member and owner," Mica told each Senator.
" The mission of credit unions is to serve their members, and as our economy struggles, this mission is more important than ever. We appreciate your past support of credit unions and urge you to show your continuing support by co-sponsoring CURIA," the letter concluded.
Specifically, CURIA proposes, in part, to:
- Modernize credit union capital standards to permit more efficient capital management while allowing more earnings to be returned to members in lower costs and expanded services;
- Expand the ability of credit unions to make loans to finance their members' local small businesses; and
- Permit more credit unions to offer needed services in lower-income communities that are not adequately served by other depository institutions.
courtesy of cuna.org
Monday, May 5, 2008
Job losses slow in April, CUs will see impact
MADISON, Wis. (5/5/08)--The economy lost just 20,000 jobs in April, following job losses that totaled a revised 240,000 during the first three months of the year, the Labor Department reported Friday (see chart). And credit unions are seeing the effects.
The unemployment rate, which is based on a separate survey, edged down to 5% from 5.1% in March.Employment continued to decline in construction, manufacturing, and retail trade in April. The construction sector lost 61,000 jobs. Employment in that sector has plunged by 457,000 since peaking in September 2006.
"The latest employment data confirm that the U.S. economy has stalled and that any growth in output is being generated by rising labor productivity and not an increase in the number of jobs," said Steve Rick, senior economist with the Credit Union National Association (CUNA).
"The weak labor market has pushed consumer confidence levels down to the range normally associated with a recession. This led to a large drop in durable goods spending by consumers in the first quarter of 6.1%, the biggest drop in over two years," Rick said.
"Credit unions are seeing the effects of this weak labor market and drop in spending in their auto loan portfolios which declined 3.4% in the first quarter," Rick added.
"On a brighter note, credit union fixed-rate first mortgage loan balances rose 5.6% in the first quarter, more than twice the 2.3% pace set in the first quarter of 2007, as credit unions took advantage of tighter underwriting standards at other lending institutions," he said.
Manufacturing employment fell by 46,000 last month and has fallen by 326,000 over the past 12 months. Employment in retail trade declined by 27,000 in April. The retail sector has lost 137,000 jobs since peaking in March 2007.
Employment in health care continued to rise in April, with an increase of 37,000 jobs. The health care sector has added 365,000 jobs over the past 12 months.
The average work week fell to 33.7 hours, from 33.8 hours in March. Workers' average hourly earnings edged up just one cent to $17.88 in April.
courtesy of cuna.org
The unemployment rate, which is based on a separate survey, edged down to 5% from 5.1% in March.Employment continued to decline in construction, manufacturing, and retail trade in April. The construction sector lost 61,000 jobs. Employment in that sector has plunged by 457,000 since peaking in September 2006.
"The latest employment data confirm that the U.S. economy has stalled and that any growth in output is being generated by rising labor productivity and not an increase in the number of jobs," said Steve Rick, senior economist with the Credit Union National Association (CUNA).
"The weak labor market has pushed consumer confidence levels down to the range normally associated with a recession. This led to a large drop in durable goods spending by consumers in the first quarter of 6.1%, the biggest drop in over two years," Rick said.
"Credit unions are seeing the effects of this weak labor market and drop in spending in their auto loan portfolios which declined 3.4% in the first quarter," Rick added.
"On a brighter note, credit union fixed-rate first mortgage loan balances rose 5.6% in the first quarter, more than twice the 2.3% pace set in the first quarter of 2007, as credit unions took advantage of tighter underwriting standards at other lending institutions," he said.
Manufacturing employment fell by 46,000 last month and has fallen by 326,000 over the past 12 months. Employment in retail trade declined by 27,000 in April. The retail sector has lost 137,000 jobs since peaking in March 2007.
Employment in health care continued to rise in April, with an increase of 37,000 jobs. The health care sector has added 365,000 jobs over the past 12 months.
The average work week fell to 33.7 hours, from 33.8 hours in March. Workers' average hourly earnings edged up just one cent to $17.88 in April.
courtesy of cuna.org
Remote deposit makes its way to CUs
BURLINGTON, Mass. (5/5/08)--With the high price of gasoline putting a financial crimp in car travel, credit union members are starting to see the benefits of remote deposit, which allows them to scan a check at home, deposit it online and then destroy the check a few days later.
EasCorp, based in Burlington, Mass., is a corporate credit union that offers remote deposit service called Deposzip. So far, seven credit unions in Massachusetts, New Hampshire, Indiana and Oklahoma use the service. Nine more credit unions nationwide are in the process of adding the service, George Dow, Eascorp assistant vice president of product development and member relations, told News Now.
Why does EasCorp offer Deposzip?
"We think it can satisfy a huge need for credit unions," Dow said. "They can't always be everywhere the members are. We believe Depsoszip will help credit unions overcome this problem. Combining this product with other online services, there's nothing a credit union cannot do for its members online.
"Now with an electronic deposit mechanism, the member doesn't need to depend on mail, a credit union branch location or an ATM for deposits," he continued.
Deposzip interfaces with a credit union member's home banking system, Dow explained. The member goes to a link, logs in and follows the steps of the process through a menu. The Deposzip software works with standard desktop scanners--basically scan and deposit--so no special equipment is needed.
Deposzip also works with businesses through merchant deposit capture. Businesses would buy a more robust scanner--a duplex multi-feed scanner--that gives them the capability to scan and deposit several checks at a time, Dow said.
Credit unions pay a transactional fee to buy service from EasCorp. "We developed a fee schedule that is inexpensive enough so that credit unions do not have to pass the cost on to members," Dow said.
The credit union can control access to the program through an administrative platform, Dow said. This way, credit unions can control the deposit limits of individual members. For instance, one member may have a $10,000 per day deposit limit, while another member, who may have a more questionable financial history, might only have a $1,000 per day deposit limit, Dow explained.
"This is probably the least expensive deposit collection channel a credit union can come up with. It's cheaper than getting deposits from mailing envelopes, ATMs, shared branches or walk-ins," Dow concluded.
courtesy of cuna.org
EasCorp, based in Burlington, Mass., is a corporate credit union that offers remote deposit service called Deposzip. So far, seven credit unions in Massachusetts, New Hampshire, Indiana and Oklahoma use the service. Nine more credit unions nationwide are in the process of adding the service, George Dow, Eascorp assistant vice president of product development and member relations, told News Now.
Why does EasCorp offer Deposzip?
"We think it can satisfy a huge need for credit unions," Dow said. "They can't always be everywhere the members are. We believe Depsoszip will help credit unions overcome this problem. Combining this product with other online services, there's nothing a credit union cannot do for its members online.
"Now with an electronic deposit mechanism, the member doesn't need to depend on mail, a credit union branch location or an ATM for deposits," he continued.
Deposzip interfaces with a credit union member's home banking system, Dow explained. The member goes to a link, logs in and follows the steps of the process through a menu. The Deposzip software works with standard desktop scanners--basically scan and deposit--so no special equipment is needed.
Deposzip also works with businesses through merchant deposit capture. Businesses would buy a more robust scanner--a duplex multi-feed scanner--that gives them the capability to scan and deposit several checks at a time, Dow said.
Credit unions pay a transactional fee to buy service from EasCorp. "We developed a fee schedule that is inexpensive enough so that credit unions do not have to pass the cost on to members," Dow said.
The credit union can control access to the program through an administrative platform, Dow said. This way, credit unions can control the deposit limits of individual members. For instance, one member may have a $10,000 per day deposit limit, while another member, who may have a more questionable financial history, might only have a $1,000 per day deposit limit, Dow explained.
"This is probably the least expensive deposit collection channel a credit union can come up with. It's cheaper than getting deposits from mailing envelopes, ATMs, shared branches or walk-ins," Dow concluded.
courtesy of cuna.org
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