NAFCU on Friday wrote Congress to correct another round of misinformation being spread about NCUA’s field-of-membership proposal – this one from the Independent Community Bankers of America.Banking trades are working furiously to cast last week’s FOM proposal as NCUA’s effort to flout statutory FOM limitations set by the Federal Credit Union Act. Where NCUA is proposing to eliminate limits that are not statutory, the banking trades are saying the agency is essentially rewriting the law without going to Congress.Brad Thaler, NAFCU’s vice president of legislative affairs, said in an email to lawmakers that the FOM proposal is “squarely within NCUA’s authority in the Federal Credit Union Act.” It doesn’t alter regulatory restrictions that carry out the act’s limits on geographic limitations or requirements that FOMs be “well-defined” and “local,” he said.He echoed comments similar to those lodged last week by NAFCU President and CEO Dan Berger in response to another banking trade on this issue, noting that it is “disappointing” that the bankers continue to attack credit unions’ efforts to serve their members. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr You can be forgiven for wondering if NCUA woke up on the wrong side of the bed when it decided to issue its 23 page guidance to its staff detailing the minimum standards they must use when evaluating the proposed uses of secondary capital by Low-Income Credit Unions (LICUs). Since 1996, secondary capital has been authorized for LICUs to enable them to better serve low-income communities where it may be difficult to raise funds by solely relying on membership growth. In contrast, it is clear after reading this guidance that NCUA has grown weary of how this capital has been used. The bottom line, get ready for some extensive work if you are hoping to incorporate secondary capital into your credit union plans.Since it has been a while since I’ve blogged on this, let’s go over the basics. LICUs are credit unions, the majority of whose membership is comprised of members with a family income at or below 80% of the Federal Poverty Level. Secondary capital is a type of subordinated debt offered by a LICU to non-member organizations and businesses that can be used for capital. The key is that it is uninsured and must have a maturity of at least five years.When the authority was originally granted to credit unions, they didn’t even have to get prior approval from the NCUA. My, how times have changed. Starting in 1996, NCUA had to grant approval of secondary capital plans and now this regulation, I mean guidance, imposes detailed planning requirements and underscores the broad power that regional examiners have to reject such plans or insist on modifications in the name of safety and soundness. For example, in addition to the already extensive list of criteria that credit unions must submit with their capital plans pursuant to Section 701.34, NCUA sites its “implicit” safety and soundness authority pursuant to put credit unions on notice that it can demand that they provide information over and above that which is mandated by the regulations. For example, “the NCUA expects LICUs to provide supporting due diligence documentation that adequately captures all aspects of the financial strategies associated with the deployment of secondary capital in the plan.”
West Ham will today appear before a Football Association arbitral tribunal to challenge Andy Carroll’s three-match suspension. “West Ham United are today (Friday) appearing before an FA Arbitral Tribunal in a challenge to the FA Regulatory Commission’s decision relating to the three-match suspension of Andy Carroll,” it read. “The club is concerned that the Regulatory Commission did not apply the correct test under the rule, and denied the club procedural fairness. “West Ham’s complaint is made under the FA Rules, and the club shall accept and abide by the decision of the FA Arbitral Tribunal. “The club has no intention of taking the issue to the courts, but simply seeks a fair determination of its rights under the FA’s Rules.” Referee Howard Webb made the decision to send off the striker after a clash with Swansea’s Chico Flores. Carroll is now facing a three-match ban and Gold said that could mean the difference between relegation and top-flight survival. Gold told Press Association Sport on Thursday: ”We are hugely disappointed at the outcome of the process. ”There is nowhere to go other than to seek some kind of legal redress. It’s not ideal, the last thing I want to do is go to some kind of legal issue because I think it is a footballing issue. ”But we are fighting for our lives. If we were mid-table we would probably get on with it but we are fighting for our lives to retain our Premier League status and we owe it to our fans, we owe it to ourselves.” Hammers manager Sam Allardyce said at his press conference this morning: “My reaction to Andy’s red card was one of injustice. Unfortunately the panel has not seen it as they should have. “In this case we based our procedure on whether it was an obvious mistake (to send him off) and I’m 100 per cent certain it was an obvious mistake. “I hope that common sense prevails. If there’s a decision today hopefully it’s a positive one.” The Hammers are unhappy that the England striker’s ban – a consequence of being sent off against Swansea last week – was not overturned. Co-owner David Gold said on Thursday that his club were seeking “legal redress” over the matter, although a statement on West Ham’s official website this morning ruled out any sort of court action. Press Association
Press Association The 24-year-old, operating at the base of a midfield diamond, dictated the high tempo demanded by manager Van Gaal and also broke up QPR’s attacking play on the rare occasions they made it over the halfway line. Blind knows Van Gaal well from their time together with the Dutch national team. From the outside the former Holland coach seems a blunt, authoritarian figure, but Blind says the 63-year-old is just an honest man who should not be criticised for giving his opinions in a straightforward manner. “He is not frightening – he is just honest,” Blind said. “That can be frightening, but I like it. “He is very honest to everybody. He knows what he wants and he knows his philosophy. “He can bring that to the players and he can make a team with everybody in. “I have really learned a lot from Van Gaal and I like working under him. “He has helped me a lot and I hope to continue learning from him. “I think he can make me a better player in terms of positioning, where to stand and tactics in games because midfield is an important position to play and I hope I can get better at it every day.” Van Gaal handed Blind his Holland debut in February 2013 and he became a regular in the national team through to the World Cup finals, where the Oranje finished third. Van Gaal attributed Holland’s success to a strong team spirit within the camp, and he has set about trying to establish a similar sense of unity within a United squad which contains six new signings. “Everybody wants to fight for each other and I think we saw that in the QPR game,” Blind said. “Everyone wants to give the ball to each other. I like to play in this squad. “When I came here there was a really warm welcome and I felt directly good in the team. “Also, Robin (van Persie) helped me a lot because I know him from the Dutch squad but I got help also from the other guys who came in straight away. “That is a good start for everybody if you want to work for each other.” Blind counts his father, former Holland defender Danny Blind, as a big influence on his career too. “He helps me always,” Blind said of his father, who was at the QPR game. “I always call him after a game to discuss the game, so I am curious what he says to me.” Having been at Ajax since he was eight years old, Blind admits getting used to the frenetic pace of the Barclays Premier League will take some time. “I think the Premier League is a higher level and it is a higher speed in the game,” he said. “It was a higher tempo and I can feel that also in my legs, but I can play 90 minutes. “Against QPR it was different because I had a lot of space and that was nice for me.” Daley Blind thinks Louis van Gaal’s brutally honest ways will help him become a much better player. With all the focus on Angel di Maria and Radamel Falcao, Blind’s contribution to Manchester United’s 4-0 win over QPR on Sunday largely flew under the radar. The Holland international, who moved to Old Trafford from Ajax on deadline day, easily slotted into the United starting XI.