This special anniversary for the credit union movement is going to be marked with a very special annual convention as the Credit Union Association of Rhode Island joins forces with the Credit Union National Association for a 100^th anniversary celebration in Boston, the place where the national credit union movement got its start in 1909!

 

You will have the added incentive of being able to take advantage of the most extensive and forward thinking credit union educational programs available anywhere in the country. More than thirty general and breakout sessions are going to be offered on topics that are of vital importance to modern credit union managers. Speakers like technology guru and author Guy Kawasaki; Bert Jacobs, cofounder of Life is Good®; and Business Strategist Dan Roam will address the means by which credit unions can continue to be a positive force in their members’ lives over the next 100 years.

 

The learning will continue as attendees network while they visit the trade show floor taking advantage of the opportunity to see state of the art solutions and products. Credit union directors, CEOs and senior managers will also have the opportunity to network at a number of receptions scheduled throughout the event.

 

Round out your convention experience with a stay at the Sheraton Boston Hotel, Marriott Boston Copley Place or the Westin Copley Place Boston and maybe take in the Red Sox or the Pops on Saturday or check out the special 100^th anniversary celebration at the new House of Blues on Landsdowne Street. Click here to learn more about the convention.

 

 

The Fair Labor Standards Act (FLSA) is depression-born legislation that was enacted in 1938 to protect the rights of workers, many of whom were working in sweatshops for long hours at low wages. In fact, in sending this legislation to Congress, President Roosevelt’s message was that America should give “all our able-bodied working men and women a fair day’s pay for a fair day’s work.”

 

While the country has come a long way since 1938 in protecting employee rights, the FLSA, a 70-year old piece of legislation, has had few changes made to it until 2004. In 2004, the act was amended to revise exempt job classifications and update the wage and duties tests and better define exemptions. While revisions were overdue, those changes still require continued interpretation. Since that time, some states have passed additional legislation to mandate penalties for non-compliance with FLSA.

 

During the past weeks, the Association has presented a series of articles on the FLSA to clarify some of its requirements and mandates. To expand on those articles, the FLSA will be the subject of the next HR Network meeting at the Credit Union Center on May 13.

 

Attorney Margaret Paget from the law firm of Sherin and Lodgen, LLC will present a program on the FLSA for HR Network members. If you are not a member of the HR Network but interested in attending this workshop, please contact Beverly Purtell, vice president of human resource management at bpurtell@cucenter.org.

 

 

The National Credit Union Administration (NCUA) Board recently issued another media advisory to provide information on recent changes to the temporary Corporate Credit Union Share Guarantee Program. In its Weekly Corporate Credit Union Update, NCUA said it would permit corporate credit unions to use the capital level as reported on their November 30, 2008, NCUA 5310 Call Report to determine regulatory compliance with capital-based requirements and regulations in the corporate rule.

 

"We believe this will allow corporate credit unions to continue to meet members' needs while also ensuring corporates do not take additional undue risk," said NCUA Chairman Michael Fryzel.

 

However, the Office of Corporate Credit Unions (OCCU) director has the authority to restrict or modify this general waiver for a particular corporate credit union based on safety and soundness considerations.

 

The update states that NCUA anticipates the March 2009 call reports of "some corporate credit unions will reflect losses that will be absorbed by capital." The Credit Union National Association is working to obtain information from NCUA on this assessment.

 

The NCUA board also authorized extensions of the program through December 2012, which was set to expire December 31, 2010. "There is concern that a significant amount of shares may be scheduled to mature on the program expiration date--leading to an unintended negative impact on liquidity. Going forward, there will be a quarterly reassessment of the liquidity needs in the corporate system, and if it is determined the need exists, the program will be extended," NCUA said.

 

If the extensions are granted, the final guarantee will expire on December 31, 2014. All corporate credit unions can participate in the modified program.