Treasury Direct


Resources Available to Help Inform Customers About Ending Over-the-Counter Sales of Paper U.S. Savings Bonds

The U.S. Department of the Treasury announced it will end over-the-counter (OTC) sales of paper savings bonds on December 31, 2011. While paper bonds will no longer be sold at financial institutions, electronic savings bonds remain available for purchase through TreasuryDirect, a secure web-based system operated by the Bureau of the Public Debt.

The Treasury Department is offering a free toolkit to help financial institutions easily communicate the change to customers about the end of OTC sales of paper U.S. Savings Bonds. The toolkit contains:

• fliers for customers
• short messages for account statements
• frequently asked questions (FAQ) for employees
• web banners
• an article for employee newsletters or Intranet

All can be downloaded at www.treasurydirect.gov.

In July, the Treasury Department announced the December 31 end of OTC sales of paper savings bonds, including sales through financial institutions and applications mailed directly to the Federal Reserve Bank by customers. Although paper savings bonds sales are being discontinued, electronic Series EE and Series I Savings Bonds remain available for purchase at www.treasurydirect.gov.

Financial institutions are asked to educate their customers about the change and to continue redeeming the more than 670 million paper savings bonds worth $181 billion that are currently in the hands of the public.  Discontinuing paper savings bond sales is expected to save taxpayers an estimated $70 million over the next five years. 

For more information, visit www.treasurydirect.gov.

 

Awards

Congratulation to all our Award Winners!

The 4th Annual Star Gala Awards

• Denver Community Credit Union – Community Impact Award Recipient
• Sooper Credit Union – Community Impact Award Runner Up
• Liz Luce, First Education Federal Credit Union – Volunteer of the Year, Wyoming
• Christine McClatchey, College Credit Union – Volunteer of the Year, Colorado
• Steve Higginson, Reliant Federal Credit Union – Professional of the Year, Wyoming
• Mike Williams, Colorado Credit Union – Professional of the Year, Colorado
See photos and videos

The HOPE Award: Helping Our People Every Day

• Arizona’s Statewide Recipient Camille Chrzanowski (Pyramid FCU)
• Pattie Rowe (Arizona State CU)
• Lisa Pattern (Altier CU)
• Angela Zarzayczny (Hughes FCU)
• Tallen Rand(TruWest CU)

The Dora Maxwell Social Responsibility Recognition Award is named after the credit union Pioneer, Dora Maxwell and given to a credit union or chapter for it social responsibility projects within the community.  Congratulations to this year’s recipients:


Space Age Federal Credit Union: National First Place Award

Arizona
• $200-500 Million
      Credit Union West: Honorable Mention
      First Credit Union: Honorable Mention
      Tucson Federal Credit Union: Honorable Mention
      Arizona Central Credit union: Second Place 
      Pima Federal Credit Union: First Place

• $1 Billion plus

     Arizona State Credit Union: Second Place 
     Desert Schools Federal Credit Union: First Place

Colorado/Wyoming
• $100-200 Million 
     Space Age Federal Credit Union  First Place


The Louise Herring Award honors credit unions for programs that benefit their members by putting philosophy in action.  Congratulations to this year’s recipients:


Desert Schools Federal Credit Union: National Honorable Mention

Arizona
• $1 Billion plus
     Arizona State Credit Union: Second Place
     Desert Schools Federal Credit Union: First Place 

The Desjardin Award is named in honor of the founder of the North American credit union movement, Alphonse Desjardins and recognizes youth and adult literacy programs.  Congratulations to this year’s recipients:

Arizona
• $200-500 Million

     Tucson Federal Credit Union:  Second Place 
     Credit Union West:  First Place Adult Award
     Pima Federal Credit Union:  First Place Youth Award

Colorado/Wyoming
• $50-150 Million
      Arapahoe Credit Union  First Place, Desjardins, Youth Award
• $150-500 Million
      Denver Community Credit Union First Place,   Desjardins, Adult Award

*All First Place statewide award winners were sent to the Credit Union National Association for National Judging and will be presented at the March 2012 Governmental Affairs Conference.

Update on IRS Notices Regarding Credit Unions’ Tax-Exempt Status

Last Week, Bill Cheney sent a letter to the Internal Revenue Service urging the agency to take immediate action to correct a very serious error that has resulted in the purported revocation of the tax-exempt status of a number of credit unions that have been diligently filing Form 990 information returns for years.  Credit unions in several states have received notices from the IRS’ Exempt Organization Division that they are no longer considered tax exempt organizations.  CUNA legal staff members have been on top of these developments and are pushing the IRS to correct its error as soon as possible.

Credit Union Industry Financials Remain Relatively Stable in Second Quarter

Key financial indicators generally show stabilization and continued improvement in the second quarter of 2011, while economic conditions persist in posing challenges for the system, according to Call Reports submitted by the nation’s 7,239 federally insured credit unions to the National Credit Union Administration (NCUA).

“The second quarter financials demonstrate the continued resilience of the credit union industry,” NCUA Board Chairman Debbie Matz said. “Specifically, I am pleased to see that net income has risen significantly since 2010, and that lending has grown for the first time in four quarters.  NCUA’s 2010 rule providing for short-term or payday loan alternatives has contributed to the recent growth. In the latest quarter, credit unions made 52 percent more of these alternative short-term loans.”

Read More

Fox News Interview with CUNA CEO Bill Cheney on MBL

Credit Union National Association (CUNA) President/CEO Bill Cheney was recently interviewed on Fox News regarding Member Business Lending.  Cheney noted that credit unions “are ready to do more” to help the economy; they just need Congress to act by increasing the member business lending cap to make more capital available to the nation’s small businesses.  Bill Cheney’s interview can be seen HERE.

Federal Reserve Issues Final Rules For Amended Risk

The Federal Reserve recently issued final rules requiring credit unions to provide an amended risk based pricing notice that includes a credit score if that information is used to set material terms of credit.  Similarly, the Federal Reserve issued a final rule requiring credit unions to provide an amended adverse action notice that includes a credit score, if such information is used to take an adverse action.

There has been a bit of uncertainty surrounding the effective date of these changes.  Under the Dodd-Frank statute, the amendments to risk based pricing notices and adverse action notices become effective on July 21, 2011.  The final rules, which were issued on July 6th, indicate that the final rules take effect 30 days after the final rules are published in the Federal Register.  At this time, the final rules have not been published in the Federal Register, but we anticipate that will occur soon.

After internal discussion and a conversation with CUNA, it is the recommendation of the Regulatory Affairs Department that credit unions strive to comply as of July 21st, to the extent that it is possible.  If that is not possible, complying by the final rule’s effective date appears to be permissible in the eyes of the Federal Reserve.

We will keep you updated with any further developments.  If you have any questions, please do not hesitate to contact Mark Robey at 720-479-3327 or mrobey@colocu.com or Nicole Soto at 800-352-0387, ext.208 or nsoto@azcreditunions.org .

New Training! Credit Score Disclosure Requirements Under the Dodd-Frank Act

Effective July 21, 2011, there are new notices that creditors must give to consumers if a credit score is used when taking adverse action against the consumer.  This relates to both the risk-based pricing notice under the Fair Credit Reporting Act (Regulation V) and the adverse action notice under the Equal Credit Opportunity Act (Regulation B). If you have bills in collection and its effecting your credit score then use these pay-for-delete templates to help you come up with a payment plan.

Among other things, the Dodd-Frank Act requires disclosure of the following effective July 21, 2011:

    1. numerical credit score used by the creditor in making the credit decision;
    2. range of possible scores under the model used by the creditor;
    3. key factors that adversely affected the credit score of the consumer;
    4. date on which the credit score was created; and
    5. name of the entity that provided the credit score.

Want to learn more?  Visit https://aaacreditguide.com/how-to-build-credit-from-scratch/.
We also have a 90-minute webinar: Credit Score Disclosure Requirements under the Dodd-Frank Act: Including Risk-Based Pricing & Adverse Action Notices now available to order.  This program will explain the new notice requirements that become effective on July 21, 2011, and will review the new model notice forms contained in Regulations B and V.  For full course description, or to order, contact Shay Thompson at sthompson@colocu.com .

ERM and ALLL White Papers Available

The Colorado Credit Union Working Group – a group of seven credit unions in the state of Colorado – has produced two white papers to assist credit union colleagues in the areas of Enterprise Risk Management (ERM) and Allowance for Loan and Lease Losses (ALLL).

A successful Enterprise Risk Management (ERM) process can help credit unions meet many challenges and uncertainties head-on by providing a framework within which managers can explicitly consider how the organization’s risk exposures are changing, determine the amount of risk they are willing to accept, and ensure that they have the appropriate risk controls in place to limit risk to predefined tolerance levels.  The Enterprise Risk Management White Paper was designed to educate and provide guidance to credit unions as they evaluate options and opportunities to develop their own ERM approach and build their own value.

Changing economic conditions require credit unions to understand and utilize all appropriate resources to manage loan portfolios, assist members, and accurately estimate and fund the Allowance for Loan and Lease Losses.  The Allowance for Loan and Lease Losses White Paper focuses on best practices in ALLL funding, in accordance with the NCUA requirements and Generally Accepted Accounting Principles (GAAP).  It examines the key elements of ALLL methodology, as well as important qualitative and environmental factors, internal controls and collection practices.  It is designed to educate and provide guidance to credit unions as they look to adequately measure and account for losses in their loan portfolio — regardless of asset size.

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News Releases

Credit unions may submit a news release to be published online by sending it to Patti Hazlett or Tim Dore. 

08.05.2014 100 Million Memberships Reached at Credit Unions Nationwide

08.05.2014 Reliant Federal Credit Union Hosts Color Me Hungry 5K Run/walk to Benefit The King’s Portion

07.10.2014 – Longtime SSFCU Branch Manager Retires

07.10.2014 – Security Service Federal Credit Union Receives Best Practice Recognition from Credit Union Direct

07.09.2014 – Premier Members Credit Union Names New Cheif Retail Officer

07.09.2014 –  Denver Community Credit Union iAwarded 5 Stars in Bankrate.com’s Safe & Sound®Ratings Service for Q1 2014

06.30.2014 – Ent Becomes Second Organiztaion in Southern Colorado Recognized with March of Dimes Seal of Approval

06.26.2014 – First Credit Union Celebrates 85th Anniversary with New Logo, 85 Chances to Get $85 Promotion 

06.20.2014 – Arizona Central Credit Union Launches Monkey Money Website for Kids

06.19.2014 – Ent Federal Credit Union CEO to Retire, Board Names Successor

06.19.2014 – Local Credit Union Recognized as a Certified Green Business

06.12.2014 – Sooper Credit Union Sponsors Biz Kid$ Box Sets for CMN Hospitals

06.11.2014 – Meridian Trust Announces New Board Member

06.02.2014 – Aventa Credit Union Announces New Business Relations Manager and Corporate Trainer 


05.29.2014 – Meridian Trust FCU Awards $2,000 in College Scholarships

05.27.2014 – Colorado Credit Union Sponsors Event Benefiting “The Captain Jason Dahl Scholarship Fund”

05.23.2014 – Trona Valley Federal Credit Union’s Gibson Earns Professional Certification

05.20.2014 – Metrum Community Credit Union CEO Celebrates 25th Anniversary

05.19.2014 – Ent Announces $500 Mortgage Closing Guarantee

05.09.2014 – Colorado Credit Union Announces Acquisition

05.07.2014 – Mountain West Credit Union Foundation Names 2014-2015 Board Officers

05.06.2014 – Security Service Federal Credit Union Names 2014-2015 Board of Directors

05.06.2014 – SSFCU Named Skillsoft 2014 Innovation Award Winner

 

05.02.2014 – Mountain West Credit Union Association Announces New Board Officers

05.01.2014 – Columbine Federal Credit Union Debuts Dramatic New Logo

04.29.2014 – Robert Gonzales Elected President of the Denver Chapter of the Mountain West CU Association

04.23.2014 – Aventa Credit Union Promotes Internal Talent to VP of Corporate Communications and Marketing

04.23.2014 – Aventa Credit Union Promotes Internal Talent to VP of Human Resources and Development

04.23.2014 – Meridian Trust FCU to Hold Annual Meeting May 29th  

04.22.2014 – Mountain West Credit Union Association To Release Annual Report

04.21.2014 – Ent Voted “Best Bank” and “Best Mortgage Company”
04.16.2014 – Ent Awards 2014 Youth Endowment Series Grants

04.01.2014 – Arizona Central Credit Union Makes Award-Winning Financial Literacy Program Free for Local Classrooms

03.28.2014 – Sooper Credit Union Shows Strong Commitment to Regis University, Porter-Billups Leadership Academy

03.25.2014 – Columbine Federal Credit Union Wins First Place CAMEO Award 

03.14.2014 – Ent Employee Recognized with Business Award

02.27.2014 – Boulder Valley Credit Union Hires New Estes Park Branch Manager

09.12.2013 – TempeSchools Credit Union adopts new name -Landings Credit Union

09.10.2013 – Ent Presents Car to “Swipe Your Way To A New Car” Winner

08.06.2013 – Credit Union Community Doubles Education and Leadership Development Assistance

07.11.2013 – Sooper credit union announces groundbreaking of new Arvada branch

06.26.2013 – Arizona State Credit Union Displays All 27 Versions of American Flag in Honor of Independence Day

06.26.2013 – Arizona State Credit Union’s Shred-a-Thon Makes Final Stop in Flagstaff

06.24.2013 – Ent’s Pueblo Service Centers Participate in Relay for Life

06.19.2013 – Ent Raises More Than $38,000 for Pikes Peak Habitat for Humanity

05.29.2013 – SunCorp’s 2013 Annual Meeting Results

05.24.2013 – Mountain West Credit Union Foundation Award’s $5,000 to Local Inspiration 

05.10.2013 – Ent Awards 2013 Youth Endowment Series Grants to 18 Pikes Peak Region Agencies

04.17.2013 – What’s Next: Mountain West Credit Union Association Second Annual Meeting

04.44.2013 – Boulder Valley Credit Union Receives Best in Category Marketing Award

04.04.2013 – Arizona State Credit Union Honored With Three CUNA Diamond Awards

03.05.2013 – Credit Union Exceeds Community Giving Goals

01.03.2013 – G. Vernon Babilon Named President of Tucson Old Pueblo Credit Union

01.02.2013 – AEA Federal Credit Union Announces Charity Finalists for GO Direct Initiative $10,000 Donation

12.27.2012 – Ent Opens Applications for 2013 Pueblo YES Grant Program

12.20.2012 – Ent FCU Recognized as “Gold Fit-Friendly Worksite”

12.10.2012 – Ent FCU Business Banker Named Ambassador of the Year

12.07.2012 – Ball Corporation Affiliates with BVCU

12.11.2012 – Ent raises more than $168,000 for Pikes Peak and Pueblo United Way

12.10.2012 – Ent FCU Business Banker Named Ambassador of the Year

12.03.2012 – BVCU Adds New Boulder Branch Location

11.30.2012 – Bellco Teams with City of Denver for Colorado Convention Center Sponsorship

11.27.2012 – Arizona Central Credit Union Raises $50,000 for Kids

11.14.2012 – Credit Union Announces New Charity Event

11.05.2012 – Arizona Credit Unions Raise $5000 for Local Children’s Miracle Network Hospitals

10.16.2012 – The Mountain West Credit Union Foundation Presents Six Prestigious Awards at Annual Gala

10.03.2012 – Arizona State Credit Union Awards $37,000 in Local Student Grants

10.02.2012 – Aurora Schools Federal Credit Union is Recognized as Outstanding Community Leader

10.01.2012 – Bellco and Mile High United Way Partner on 39th Annaul Thanksgiving Day Turkey Trot

09.14.2012 – Arizona, Colorado & Wyoming Credit Unions Enter International Partnership

09.10.2012 – AEA Federal Credit Union Announces $200,000 GO Direct Initiative 
Benefiting Members and Community

08.22.2012 – Arizona Credit Unions Awarded For Social Responsibility, Philosophy in Action and Financial Literacy
 
08.22.2012 – Colorado Credit Unions Awarded For Social Responsibility, Philosophy in Action and Financial Literacy

08.22.2012 – Boulder Valley Credit Union Announces Complete Online eBranch as part of New Website Launch

08.21.2012 – ARIZONA STATE CREDIT UNION RECEIVES NATIONAL RECOGNITION FOR ASSOCIATE BENEFITS

08.20.2012 – SunCorp Staff Helps School Affected by Wild Fires

08.08.2012 – Credit Union and its Members Raise $5000 for High Park

07.13.2012 – Two Credit Union Memebers Win Scholarships

07.02.2012 – Boulder Valley Credit Union Donates to the Relief Effort for Fire Victims in Colorado

06.16.2012 – American Red Cross Northern Colorado Chapter Accepts Donation

06.15.2012 – Ent Raises More Than $42,700 for American Heart Association

06.11.2012 – Boulder Valley Credit Union Awards &7,500 in Scholarship Money

06.08.2012 – Foundation Awards Young Professional Scholarship

06.08.2012 – ENT Enhances Mobile Banking App

05.21.2012 – A [R]EVOLUTIONARY First Annual Meeting

05.15.2012 – Three State Foundation Merger

04.09.2012 – Financial Fitness Fair Offers Valuable Tips in Tucson

03.28.2012 – Association CEO Receives Industry Accolades

03.07.2012 – First Credit Union Awards College Scholarships

03.06.2012 – Boulder Valley Credit Union Receives National Lifetime Achievement Award
 
03.01.2012 – Indirect Lender of the Year

03.01.2012 – First Credit Union Offers FREE Tax Preparation Assistance

02.23.2012 – NeighborBench and Mountain West Credit Union Association Partner to Help More Credit Unions Address Compliance Challenges

02.15.2012 – Arizona Central Credit Union Named Top 5 Fundraiser for Kids

02.09.2012 – Mountain West Credit Union Association Introduces Strategic Partners: a Reinvented Service Corporation

02.09.2012 – Children’s Miracle Network kicked off 2012 with Credit Unions for Kids at Phoenix Children’s Hospital with One Darn Cool School   (download the pdf)

01.07.2012 – Credit Union Connects Local Residents With Employment Opportunities

01.06.2012 – Award Winning Financial Education

01.03.2012 – Local Credit Union Receives National Award for Fraud Prevention Awareness

09.08.2011 – Credit Union Finds New Way of Giving Back

07.05.2011 – Mountain West Credit Union Association Launches New Brand & Website

07.05.2011 – Introducing the Mountain West Credit Union Association

03.25.2011 – AZ, CO & WY Vote in Favor of Three-Way

11.08.2010 – AZ, CO & WY Sign Letter of Intent to Merge