International Credit Union Day (2)

Credit UnionFlorida State University Credit Union is a financial cooperative that has a mission to Maximize Members’ Financial Well-Being”. Pinnacle Federal Credit Union of Edison, New Jersey will operate Helping Other People Excel during the conservatorship under a management agreement with NCUA. The Consumer Financial Protection Bureau (CFPB) has finalized its Home Mortgage Disclosure Act (HMDA) rule on October 15, which will place banks and credit unions in the fair lending crosshairs. During the third quarter, both total shares (deposits) and assets in problem credit unions fell.

According to the agency, mortgage lenders will be required to provide more information about mortgage loan underwriting and pricing, such as an applicant’s debt-to-income ratio, credit score, the interest rate of the loan, points and fees, loan term, prepayment penalty, and discount points. Shares in problem credit unions fell from $10.2 billion as of June 30, 2015 to $7.6 billion as of September 30, 2015.

The National Credit Union Administration (NCUA) reported that the number of problem credit unions fell during the third quarter of 2015. At the end of the third quarter, there were 233 problem credit unions – down from 251 credit unions at the end of the second quarter of 2015. Over the same time period, assets in problem credit unions declined from $11.4 billion to $8.5 billion. According to NCUA, 0.81 percent of total insured shares and 0.7 percent of industry assets are in problem credit unions at the end of the third quarter. NCUA reported that no credit union with at least $1 billion in assets were a problem credit union.

According to NCUA, 93 percent of all problem credit unions have less than $100 million in assets, while just over 1 percent have assets of $500 million or more. The number of problem credit unions with between $500 million and $1 billion in assets edged lower during the quarter from 4 credit unions to 3 credit unions. Lake Michigan Credit Union (LMCU) of Grand Rapids and United Federal Credit Union (UFCU) of St. Joseph announced they will merge, creating the nation’s 19th largest credit union. On January 30, 2015, NCUA liquidated American Bakery Workers Federal Credit Union.Credit Union

By October 29, Ent Federal Credit Union members will vote on whether to change from a federal to a state of Colorado credit union charter. An online survey by Credit Union Times found that a large majority of the respondents believe that taxi medallion loans will result in a loss to the National Credit Union Share Insurance Fund (NCUSIF). The report specifically identifies Montauk Credit Union and LOMTO Federal Credit Union as providing 100 percent financing.

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