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Credit Union Times
MARCH 5, 2014 | VOL. 25 | NO. 9 | CUTIMES.COM
Lawyers Get $350 Million
U.S. Rep. Darrell Issa (
R-Ca-lif.) has confirmed that the net
amount of the JPMorgan settlement applied to credit union
corporate stabilization costs is a
little more than $1 billion.
An unnamed source from the
NCUA told Credit Union Times
recently that the agency received
$1.073 billion net from the original $1.4 billion settlement.
That means lawyers pocketed
nearly $350 million in the deal.
“That’s my understanding –
is the attorneys did much better than we did,” Issa told Credit
Union Times when asked about
the net amount of the settlement
at CUNA’s Governmental Affairs
Conference on Feb. 25.
Building on nearly $800 billion in
auto loan balances secured in 2013
from all types of lenders, credit
unions are taking command of the
driver’s seat to steer shoppers away
from their competitors. Y8
WASHINGTON — Twitter and
timing, taxes and terrorism all
helped make for a lively Governmental Affairs Conference last
week in the nation’s capital.
Issa was critical in 2012 Y16
Bank Buys Advance
The $2.3 billion Landmark
Credit Union planned to convert the IT and operational systems of the $190 million Hartford Mutual Savings Bank this
week, finalizing the New Berlin,
Wis.-based credit union’s acquisition of its first bank.
On Feb. 25, member credit
unions participated in CUNA’s
Don’t Tax My CU Twitter campaign in support of the credit
union tax exemption. The next
day, the House Ways & Means
Committee came out with a tax
reform plan that left the exemption at peace.
Economy Moves Navy Federal
Meanwhile, talk resurfaced
about the unrelated business income tax, an issue credit unions
may have thought they had long
put behind them.
MICHELLE A. SAMAAD
Y Mobile, cards, mortgages set to grow
beyond 2013’s numbers.
Meanwhile, the acquisition
of the $21 million Flint River
National Bank in Camilla, Ga.,
by the $255 million Five Star
Credit Union in Dothan, Ala.,
has been essentially approved
by the Alabama Credit Union
Administration, pending approval from the NCUA, said
Robert A. Steensma, president/
CEO of Five Star CU. Y18
Y Stronger employment outlook, more
consumer confidence has helped.
n the 80 years that Navy Federal Credit Union has been
in existence, the cooperative
has never had to lay off any
of its employees.
Y Navy Federal said it wants to help those
with little to no credit.
Cutler Dawson, president/
CEO of the $55 billion financial
institution in Vienna, Va., wanted to make the point that loyalty
is steeped within Navy Federal’s
“We have a great membership
that is very loyal. We like to say
we’re with our members from
start to finish,” Dawson said during Navy Federal’s 2014 Economic
& Finance Roundtable on Feb. 20.
of several panelists who spoke
on the changing mortgage landscape, projections on consumer
spending and lending growth and
the influence of mobile banking.
In addition, there was discussion
on the U.S. economy, the Federal
Reserve Board outlook, and the
“Luck is when preparation
meets opportunity,” Richard
Gose, CUNA senior vice president
of political affairs, said about the
timing of the Twitter campaign
that preceded the traditional hike
to the hill.
The session, held at the credit
union’s headquarters, was also
streamed online. Dawson was one
Alan MacEachin, Navy Federal corporate economist, said
that with continued modest GDP
growth and improvements in job
growth, spending and bor- Y16
Lawmakers received at least
8,400 tweets on Feb. 25 during the
campaign, Trey Hawkins, CUNA
vice president of political affairs
said. The potential reach was 5. 4
million impressions, he added.
Gose hesitated to call the Y17
Department of Justice
guidance and possible changing state
regs add to the mix
as credit unions in
some states consider
serving the legal
marijuana trade. Y3
Reception at GAC
Some of the industry’s best and bright-est gathered for networking at our Women to Watch reception at the GAC. Y13