Archive for May, 2007
Donated Equity - 07-1 - This bulletin eliminates the regulatory accounting practice of recording Donated Equity upon the receipt of tangible fixed asset donations of material value in favor of following generally accepted accounting principles recognizing income; and To present a regulatory accounting practice in the basic accounting for NCUA grants received by small credit unions, i.e., credit unions under $10 million in assets.
President Bush has declared May 20 through May 26 as National Hurricane Preparedness Week. This week is an opportunity to raise awareness of measures Americans can take to protect their families and finances in the event of these weather related emergencies.
Suspicious Activity Report Depository Institution Form - advises credit unions the Financial Crimes Enforcement Network announced the delay of the implementation of the revised Suspicious Activity Report Depository Institution Form (SAR-DI) that was to become effective June 30, 2007. This delay does not affect the BSA filing requirements for suspicious activity reporting, and credit unions should continue using the current SAR form.
Credit unions reported strong savings and asset growth while membership grew to over 86 million people during the first quarter of 2007 according to Call Report data submitted by the country's 8,305 federally insured credit unions.
National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the 2007 Pennsylvania Credit Union Association's Annual Convention and Exposition during the business meeting session in Hershey, PA.
National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the 2007 Michigan Credit Union League Annual Convention and Exposition during the keynote session in Detroit, MI. Hood was joined by Michigan State Representative Andy Coulouris, Chair of the House Banking and Financial Services Committee.
May
18
National Credit Union Administration (NCUA) Chairman JoAnn Johnson participated in the grand opening of the main branch of the Pacoima Development Federal Credit Union, (PDFCU) located in the Northeast San Fernando Valley of California, and consisting of a significant percentage of underserved communities.
National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed a conference hosted by the Hispanic Alliance for Progress Institute (HAPI) in Austin, TX. The conference focused on the state of consumer finance and solutions to predatory lending. Following the roundtable discussion, Hood met with Texas Attorney General Greg Abbott and Leslie Pettijohn, the Texas Consumer Credit Commissioner.