February 16, 2011
Congressman Frank to address CEO Luncheon at Great New England Credit Union Show
Congressman Barney Frank, Ranking Member of the House Financial Services Committee, will be the Keynote speaker at the CEO Luncheon at the Great New England Credit Union Show on April 21. The show which is being co-sponsored by the Credit Union Association of Rhode Island, and The Warren Group will be held at the Holiday Inn in Boxborough, Massachusetts.
The Great New England Credit Union Show will bring a host of experts in the financial services field to present the newest breakthrough products and services in the credit union marketplace. “We’re delighted to partner with The Warren Group to produce this important event for the credit union community,” said Bonnie Doolin, Association SVP. “Together we can provide exposure to a broader range of resources for credit unions than either organization could do singly.”
Industry consultants will be available to meet with attendees to discuss their credit unions’ specific needs. According to Vincent Valvo, group publisher and editor in chief of The Warren Group, over 80 suppliers are expected to present their latest resources and technology for the credit union industry.
In 2010, The Great New England Credit Union Show brought over 500 attendees to Boxborough. These CEOs, senior and middle managers of credit unions were delighted with the array of professionals in their fields who were available to discuss the specific issues these credit unions managers looked to address. Comments like “best show I’ve been to” and “I’ve never been to such a comprehensive show so close to the credit union before,” were common among attendees.
There is a registration fee of $45.00 per each credit union staffer and official or $495.00 for non-credit union attendees. However, credit union employees who are registered through an exhibitor are complimentary! For more information or to register for the Great New England Credit Union Show, complete details are available by clicking the icon on the Association’s website www.cuassociationri.org or going directly to the website for the show www.greatcushow.com.
Credit unions prepare to Strike For Gold at 4th annual bowling tournament
The Credit Union Association of Rhode Island’s Social Responsibility Committee is pleased to announce that the 4th Annual Strike For Gold Bowling Tournament is scheduled for Wednesday, March 23, to benefit Special Olympics Rhode Island. The event will be held at the East Providence Lanes in East Providence. Registration begins at 3:30 p.m., bowling starts at 4:15 p.m., and will conclude approximately at 6:30 p.m. Thirty-two lanes have been reserved for a total of 128 players. The deadline to register is March 9. Participation is on a first-come, first-served basis.
The entrance fee is $100 per team and includes bowling, shoes, and refreshments. Each team member is also encouraged to raise a minimum of $25 in pledges. The team that raises the most in pledges will receive a special prize. There will also be raffle drawings during the event including two sets of two (2) Red Sox tickets and many other great items. Credit union teams will also have the chance to win the Strike For Gold Bowling Tournament Trophy currently displayed at Greenwood Credit Union, last year’s winning team. Can Greenwood hold on for a second win or will another credit union claim the trophy? Don’t miss out on this fun night of camaraderie!
The generous support of the credit unions of Rhode Island helps to ensure that Special Olympians have the opportunity to be brave in their attempt to win. To participate, please contact Donna Bevilacqua, director, communications and community relations, at the Association office, (800) 842-1242 or firstname.lastname@example.org.
NCUA reminds credit unions HMDA deadline approaching
Credit unions that are subject to Home Mortgage Disclosure Act (HMDA) requirements for any 2010 activities must report their loan data to the Federal Reserve by March 1, according to a National Credit Union Administration (NCUA) release. The NCUA in its regulatory alert no. 11-RA-01 also reminded credit unions that have not submitted their filings by the required deadline that they may be subject to civil financial penalty assessments.
Under HMDA, credit unions with total assets of more than $39 million that have home or branch offices in defined metropolitan statistical areas must collect their loan data and report it to the Fed. Credit unions that have processed 26 or more mortgages are required to submit their applications in an automated, machine-readable form. The rest may use paper applications.
The government will then use the data to analyze whether they are complying with fair lending laws.
The Fed has considered whether certain data elements of HMDA should be added, modified, or deleted, and the Credit Union National Association (CUNA) last year recommended that the Fed take a "bright line" approach to HMDA reporting, limiting the need for HMDA reports to situations in which there is a lien on a given home. CUNA also suggested that HMDA requirements only be applied to the largest mortgage lenders that make the vast majority of mortgage loans. Click here for the full NCUA HMDA regulatory alert: NCUA HMDA Release.