ARLINGTON –The methodology for NCUA’s overhead transfer rate (OTR) is “severely flawed,” not to mention “arbitrary, capricious, and inequitable to federally insured, state chartered credit unions,” according to a comment letter sent to the agency by the National Association of State Credit Union Supervisors.
ARLINGTON, Va.—In comment letters, NAFCU President and CEO Dan Berger urged NCUA to be fully transparent about the methodologies behind its operating fees and the overhead transfer rate (OTR), and further urged that the agency board take back oversight of both mechanisms.
WASHINGTON—In a comment letter to NCUA on the operating fee schedule methodology and overhead transfer rate, CUNA suggests the agency is attributing too many activities to “insurance-related costs” and suggests an alternate model for the OTR.
DES MOINIES, Iowa–Fraud detection and prevention strategies executed by payments processor TMG saved its financial institution clients more than $40 million in potential fraud losses in 2015, according to the company.
ALEXANDRIA, Va.–Low-income credit unions seeking support to grow, train staff and improve security should consider applying for Community Development Revolving Loan Fund assistance grants from the National Credit Union Administration, according to the agency.
TALLAHASSEE, Fla.–United Solutions Company (USC), a technology CUSO hosting core processing and other tech services for credit unions, announced that three credit unions have signed a contract to convert to the OnCore XP2 core processing system.
KYLE, S.D.–Lakota Federal Credit Union is literally rolling out services for the Pine Ridge Reservation with a “Rolling Rez” mobile facility. In partnership with First Peoples Fund and Lakota Funds, the credit union is offering its full suite of services one day a week on the mobile unit at various locations throughout the reservation as part of National Financial Literacy Month.
MADISON, Wis.—The search is now on for the 2016 CUES Next Top Credit Union Exec.
ONTARIO, Calif.–CU Direct here said it has made an investment in and became an owner of MEMBERS Development Co. in Overland Park, Kan., which describes itself as, a growth engine for large credit unions.
WASHINGTON—A bright spot from the CFPB? Maybe.
