Four Quick Hits For Thursday Morning

November 15, 2018 at 8:31 am Leave a comment

NCUA Urges Credit Unions to Submit Diversity Self-Assessment

Credit unions and other financial institutions are once again being asked to undertake a voluntary self-assessment of their diversity policies and practices. NCUA would like to see the results submitted by December 31st. Keep in mind that while this self-assessment truly is voluntary, the EEO1 which all businesses with 100 or more employees must annually file with the US Equal Opportunity Employment Commission is not.

More Bad News For Taxi Medallions

Keith Leggett is reporting in his blog that Progressive CU has taken a big hit as it continues to try to survive the medallion crisis. According to Leggett, the CU posted a loss of $53.3 million for the first three-quarters of 2018 with a loss of $35.3 million in the third quarter alone. As a former VP of the American Bankers Association who is responsible for monitoring credit union activities, Keith has always been quick to scrutinize credit union finances but his analysis has almost always been spot-on. Progressive is the last surviving New York credit union that specializes in making taxi medallion loans.

There’s A New Sheriff In Town

The incoming Chair of the vitally important House Financial Services Committee Representative Maxine Waters, took to the airwaves yesterday to make crystal clear what many had suspected as soon as it became clear that the Democrats would be taking control of the House of Representatives: The era of bank deregulation is over.

“Make no mistake, come January in this Committee, the days of this Committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end.”

Powell Highlights Economic Warning Signs

These comments from Federal Reserve Chairman Jerome Powell are getting a lot of attention this morning. In addition to suggesting that there are potential warning signs of slowing economic growth, Powell highlighted the need for the Country to get its healthcare spending under control if it plans on getting its fiscal house in order.

 

Entry filed under: Compliance, Economy, HR, Regulatory. Tags: , , .

New York Should Take A Small Step With Big Implications For E-Mortgages Yet Another Responsibility Imposed on Directors

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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