Uncertainty in the financial industry requires you to be vocal about what credit unions offer. In a year that will see a new Congress and Administration, the CUNA GAC is your opportunity to visit Capitol Hill and ensure lawmakers understand our tradition of people helping people.

 

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Despite today's economic challenges, Bob Larson, financial support consultant for CUNA Mutual Group, promotes a diverisfied approach to non-interest income.  According to Larson, opportunities to survive and thrive through non-interest income still exist for credit unions. 

 

The key to survival for your credit union, as delivered by Larson to members of the California-Nevada Credit Union League annual meeting, is to minimize exposure to one major source of non-interest income by diversifying - and maximizing - the income mix.
 
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Credit union advocates have submitted an alternative to the Federal Reserve Board's proposed changes to Regulation Z that would address the Fed's concerns over disclosure, yet ensure the benefits of multi-featured, open-end lending are maintained.
 
Bill Klewin, associate general counsel, CUNA Mutual, told attendees of CUNA's Lending Council that CUNA and CUNA Mutual representatives have met with Fed staff on several occasions to discuss the Fed's belief that more disclosure is needed for consumers in the lending transaction.
 
Klewin said Fed staff believe transactions for autos and boats - and in general, bigger consumer loans - need to have more disclosure at the time the transaction is consummated. The Fed believes it benefits consumers' ability to make a choice in selecting a lender. The alternative proposed by CUNA Mutual and CUNA and supported by NAFCU and the Consumer Federation of America, would provide members with more information on payments, finance charges and borrowing amounts.

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