South Hero lawmaker to become House Speaker Posted by Bryan Kent on 10:02 AM

South Hero lawmaker to become House Speaker

http://www.wcax.com/story/33806208/south-hero-lawmaker-to-become-house-speaker

VT Economic Conference on 1/6/17 Posted by Association of Vermont Credit Unions on 3:06 PM

On Friday, 1/6/17, the Vermont Chamber of Commerce is presenting the Vermont Economic Conference at the Hilton Burlington Hotel on 60 Battery Street in Burlington.  The event will feature the latest economic indicators for business growth, and will present global and national perspectives as well as state economic trends impacting the year ahead. The new report, A Vision for Vermont's Economy, will also be presented by the Vermont Futures Project showcasing strategic growth targets for Vermont beyond 2017.

Governor-elect Phil Scott will discuss economic priorities and how the legislature will impact the growth trends. This will be the Governor's first public appearance where attendees will have the opportunity to ask questions directly. The conference agenda is:

• 8:00 am:  Registration Opens
• 8:30 am - 12:00 pm:
• Global Economy Perspective presented by Neil Shankar, TD Bank
• National Economy Perspective presented by Gus Faucher, PNC Bank
• State Economy Perspective presented by Art Woolf, Assoc. Prof. of Economics, UVM
• Vermont Futures Project: A Vision for VT's Economy presented by Bill Shouldice, Vermont Teddy Bear
• 12:00 pm - 1:30 pm:  Luncheon Program:
• Governor Phil Scott's Vision  for a Stronger Economy
• 1:30 pm:  Conference Adjourns

Registration for the event is $150 per person, which includes conference admission and lunch. More details and registration are available online. 

Federal judge blocks DOL rule: CUNA backs delay Posted by Bryan Kent on 8:35 AM

Federal judge blocks DOL rule: CUNA backs delay

http://news.cuna.org/articles/111391-federal-judge-blocks-dol-rule-cuna-backs-delay?utm_source=real_magnet&utm_medium=Email&utm_campaign=Federal%2520judge%2520blocks%2520DOL%2520rule%253A%2520CUNA%2520backs%2520delay

CFPB holds field hearing on accessing financial data Posted by Bryan Kent on 11:04 AM

CFPB holds field hearing on accessing financial data

http://news.cuna.org/articles/111308-cfpb-holds-a-field-hearing-on-accessing-financial-data?utm_source=real_magnet&utm_medium=Email&utm_campaign=NCUA%2520passes%25202017%252D18%2520budget%252C%2520increase%2520leaves%2520CUNA%2520c

CUNA aims for inclusion of NCUA budget suggestions Posted by Bryan Kent on 9:03 AM

CUNA aims for inclusion of NCUA budget suggestions

http://news.cuna.org/articles/111300-cuna-aims-for-inclusion-of-ncua-budget-suggestions?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520BSA%2520Conference%253A%2520Identifying%2520financial%2520exploit

That Mobile Wallet Just Getting More Crowded Posted by Bryan Kent on 10:02 AM

That Mobile Wallet Just Getting More Crowded

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/That-Mobile-Wallet-Just-Getting-More-Crowded?utm_source=Fresh+Today+111616&utm_medium=email&utm_campaign=Fresh+Today+111616

Future of CFPB in Play as Warren Digs In Posted by Bryan Kent on 10:39 AM

Future of CFPB in Play as Warren Digs In

http://www.cujournal.com/news/compliance/future-of-cfpb-in-play-as-warren-digs-in-1026871-1.html?utm_campaign=bulletin-c-Nov%2014%202016&utm_medium=email&utm_source=newsletter&ET=cujournal:e95261:a:&st=email&eid=12a6d4d069cd56cfddaa391c24eb7042

CUNA/league system, CULAC help elect pro-CU 115th Congress Posted by Bryan Kent on 9:40 AM

CUNA/league system, CULAC help elect pro-CU 115th Congress

http://news.cuna.org/articles/111261-cunaleague-system-culac-help-elect-pro-cu-115th-congress?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%252Fleague%2520system%252C%2520CULAC%2520help%2520elect%2520pro%252DCU%2520115th%2520

Online Lending Start-Up Secures $100 Million Posted by Bryan Kent on 8:34 AM

Online Lending Start-Up Secures $100 Million

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Online-Lending-Start-Up-Secures-100-Million?utm_source=Fresh+Today+110916&utm_medium=email&utm_campaign=Fresh+Today+110916

I want it now! Posted by Bryan Kent on 9:35 AM

I want it now!

https://www.cuinsight.com/i-want-it-now.html

Vermont Election Analysis Posted by Association of Vermont Credit Unions on 1:05 PM

On the eve of election day 2016, below is a status update on the state of Vermont-based elections, drawn from VT Digger's 2016 Election Guide.

Senator - Incumbent Sen. Patrick Leahy, is widely predicted to win but has been in a bruising battle with Scott Milne, a Republican travel agency owner who narrowly lost to Gov. Peter Shumlin in 2014.  Seven-term Leahy is the longest serving member in the U.S. Senate.

Governor - Competitive, civil, constructive and too close to call.  That’s how the state’s senior political analyst described the 2016 race for Vermont governor, a contest that has pitted a popular Republican lieutenant governor against an energetic Democratic technocrat who held several posts in the Shumlin administration. The two campaigns have spent a record $12 million convincing voters to choose between Republican Phil Scott and Democrat Sue Minter.

Lieutenant Governor - Republican Randy Brock, a former state senator, state auditor and candidate for governor, is running against David Zuckerman, a Progressive/Democrat senator from Chittenden County. The two men have diametrically opposed views on many issues.  Brock is a fiscal conservative who believes in smaller government and opposes a hike in the minimum wage to $15 per hour. He also opposes marijuana legalization. Early on in the race, he distanced himself from Republican Presidential nominee Donald Trump. Brock, an African American, has criticized Zuckerman for “racist” comments. He points to Zuckerman’s comparison of legalizing marijuana to the fight for racial justice, among other things.  Zuckerman has worked for Sen. Bernie Sanders and is a beneficiary of Sanders’ vast fundraising list. Zuckerman is an organic farmer and wants to increase the minimum wage to $15 per hour. He led a failed initial effort in the Senate to legalize marijuana last year. He was also instrumental in the passage of Act 46, the school district consolidation law.

Attorney General - Vermont Attorney General Bill Sorrell is leaving the office he has held fr 18 years.  Democratic candidates TJ Donovan is Chittenden County State’s Attorney and wants to end the use of out of state prisons. Republican opponent Deb Bucknam, an attorney from St. Johnsbury, says sending inmates to other states saves money. They also clash over campaign finance. Bucknam says the system works as is; Donovan would like to see the U.S. Supreme Court overturn the Citizens United decision, which has opened campaigns up to indirect spending by outside groups.

Vermont Legislature - A Democratic majority will likely continue to dominate the Statehouse but seats could shift somewhat. The 150 seats in the Vermont House of Representatives are being pursued by 246 candidates, 127 of which are incumbents.  57% of House candidates are Democrats, 35% Republicans, 4% Progressives and 4% Independents. 

Fifty-five candidates are vying for the 30 seats in the Vermont Senate:  49% are Democrats, 35% are Republicans, 6% are Progressives and 6% are Independents.

Plausible Scenarios of 2016 Election for CUs Posted by Association of Vermont Credit Unions on 1:05 PM

With the Presidential election tomorrow, CUNA chief advocacy officer Ryan Donovan outlined the five possible outcomes and their impact on credit unions.  Watch for actual analysis of election results on November 9th and later, but in the meantime . . .

1. Status Quo - The status quo scenario assumes that Secretary Clinton is elected president and the GOP retains control of both chambers of Congress.  In this scenario voters are uncomfortable with Trump as president and give the keys to the White house to Secretary Clinton. However, the GOP is tasked with providing checks and balances through control of Congress.  But, Republican leaders will likely control their respective chambers by much narrower margins.
   
   This means for credit unions that the gridlock will ensue, and may even get worse.  A GOP-led Congress won't give Clinton any quarter to advance an agenda.  Instead, it will investigate her and her administration and continue to advance repeal of Obama administration legacy items. There may be opportunity for Congress to pressure the CFPB for improved rule-making; there may be opportunity to use structural changes to the CFPB as leverage for advancing Clinton administration priorities. Since Clinton will find it hard to advance her agenda without compromise, it's possibile that tax reform discussions advance.
2. Conventional Wisdom - Six months this appeared to be the most likely outcome.  It may still be, despite the considerable tightening of the race. This scenario assumes Secretary Clinton is elected president, that Democrats capture control of the Senate and the GOP retains control of the House.  In this scenario Clinton has solidified support in swings states; democratic candidates running underneath her will have made few mistakes; and GOP turnout will have been depressed, endangering incumbent GOP Senators. Turnout is the key driver of success for this scenario.
   
   In this scenario credit unions may see the door open a bit for charter enhancement.  The likely chair of the Senate Banking Committee, Sherrod Brown (D-OH) is a supporter, and Clinton has indicated her support for member business lending changes.  Regulatory relief may have new life given strong support from Senator Brown and the expected ranking member, Mike Crapo (R-ID).  This scenario may open the door some CFPB reforms, particularly given the vulnerability of several banking committee Senators in 2018.  The greatest challenge, however, may securing time on the Senate floor.  Twenty-five Democratic Senators will be up for election in 2018; putting a banking bill on the Senate floor could force uncomfortable votes for these vulnerable Senators.
3. Democratic Trifecta - This scenario no longer seems plausible.  There simply aren't enough House seats in play for Democrats to recapture the majority in the House of Representatives.
4. “Make America Great Again” - As the name suggests, this scenario sees Donald Trump elected as President.  This would be because voters are fed up with the establishment and don't want four more years of Obama or Clinton.  This scenario also assumes the GOP continues to hold both chambers of Congress.
   
   In this scenario, the probability of Dodd-Frank reforms increases significantly.  A moratorium on CFPB rule-making enters the realm of possibility.  And, given the recent court decision related to the constitutionality of the CFPB, it is likely the President would try to fire CFPB Director Cordray.  There wold likely be a slower flow of new regulations.
5. President Trump w/a Democratic Senate - Several months ago this scenario wasn't plausible, now is a possibility.  It assumes that Donald Trump has been elected president and the voters have handed the Democrats a slim majority in the Senate.
   
   The gridlock in Congress continues under this scenario.  Democrats would have much more control over personnel in the Trump administration, and talk of the use of the nuclear option to move Supreme Court nominations might be muted.  Democrats will also have a bit of leverage over the advancement of the Trump legislative agenda, which could force the president to try to accomplish more through executive action.

Update Provided on CUNA’s National ‘Creating Awareness’ Campaign Posted by Bryan Kent on 8:24 AM

Update Provided on CUNA’s National ‘Creating Awareness’ Campaign

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Update-Provided-on-CUNA-s-National-Creating-Awareness-Campaign?utm_source=Fresh+Today+110716&utm_medium=email&utm_campaign=Fresh+Today+110716

CUNA pushes NCUA for stabilization fund refunds to credit unions Posted by Bryan Kent on 10:19 AM

CUNA pushes NCUA for stabilization fund refunds to credit unions

https://www.cuinsight.com/cuna-pushes-ncua-stabilization-fund-refunds-credit-unions.html?utm_source=CUinsight+Email+List&utm_campaign=3b2eb1ddee-EMAIL_CAMPAIGN_2016_11_04&utm_medium=email&utm_term=0_601789497f-3b2eb1ddee-278262461

CUNA Economist: Rate Hike Getting Close Posted by Association of Vermont Credit Unions on 2:42 PM

A rate hike is on the horizon, according to CUNA Senior Economist Perc Pineda.  Pineda based his prediction on a strengthening economy the recent Federal Reserve decision to hold interest rates steady.

The Fed’s decision to keep the Fed funds rate unchanged has a strong signaling effect on credit union operations. One positive takeaway--as the Federal Open Market Committee  (FOMC) acknowledged that the case for a rate hike has strengthened--is that U.S. economy continues to improve and the next rate hike is closer” Pineda said. 

The view of CUNA's economists is that there will be one modest rate hike this year in December. As a result, loan and savings growth will stay positive as the Fed gradually raises rates higher.

“The labor markets continue to strengthen, however, there is room for further improvement. Inflation pressures are more evident today with wages and commodity prices, particularly oil, higher than last year,” he added. “Additional positive jobs and higher inflation data before the December FOMC meeting will provide stronger case for a rate hike. With the 2.9% third quarter GDP growth, a modest rate hike in December will keep the U.S. economy on track.”

According to the Federal Open Market Committee, the case for an increase has continued to strengthen, but it seeks “further evidence of continued progress toward its objectives.”

CUNA Mutual CU Trends Report Released Posted by Association of Vermont Credit Unions on 2:31 PM

CUNA Mutual just announced the availability of its October 2016 Credit Union Trends Report. The report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context, and is published and distributed by Steven Rick of CUNA Mutual Group.

 Highlights of the report include:

• Credit union loan balances rose 1.1% in August, the same pace set in August 2015.
• Today credit unions have 7.1% of the first mortgage origination market, up from 2.6% a decade ago.
• Credit union consumer installment credit loan balances (auto, credit card and other unsecured loans) rose 1.9% in August, more than twice as fast as the 0.9% pace set in August 2015.

The full report is available for download.

NCUA Seeks Dismissal of Banker Lawsuit Posted by Association of Vermont Credit Unions on 11:03 AM

As reported by CU Journal, the National Credit Union Administration filed a district court motion today seeking dismissal of a lawsuit over its member business lending rule filed by the Independent Community Bankers of America. NCUA also filed a 31-page memorandum defending the MBL rule on the basis of:

• the original Federal Credit Union Act of 1934
• rulemaking from the late nineties, 2003 and the current rule, finalized earlier this year.

NCUA's court documents say the ICBA has not suffered any injury as a result of the rule and that the suit is essentially a challenge to the 2003 rule and is therefore time-barred from litigation. The agency claims that ICBA "has failed to state a claim upon which relief can be granted," and that the challenge "is based on a disagreement with NCUA's interpretation" of the rule.

CUNA and NAFCU also filed a joint statement in support of NCUA:

". . . the NCUA acted well within its authority when it issued its member business lending rule. Submitting a motion to dismiss this baseless attack is the logical next step for the agency in defending that right. For our part, the CUNA/league system and NAFCU will continue to work collaboratively to defend the NCUA's authority to interpret the Federal Credit Union Act. Ensuring small businesses have access to much-needed capital remains a top priority for the credit union industry."

NCUA's motion to dismiss comes on the heels of its approval of its field of membership rule expansion, which broadens membership options for federal credit unions. ICBA has indicated it intends to sue over that rule, as well.

CUNA economists believe next rate hike getting closer Posted by Bryan Kent on 8:37 AM

CUNA economists believe next rate hike getting closer

http://news.cuna.org/articles/111223-cuna-economists-believe-next-rate-hike-getting-closer?utm_source=real_magnet&utm_medium=Email&utm_campaign=NCUA%2520files%2520brief%2520to%2520dismiss%2520MBL%2520suit%252C%2520CUNA%252C%2520NAFCU%2520

October US sales fall as auto boom slows Posted by Bryan Kent on 9:03 AM

October US sales fall as auto boom slows

http://www.wcax.com/story/33548344/october-us-sales-fall-as-auto-boom-slows

One Company Struggles With New Payments issues Posted by Bryan Kent on 9:58 AM

One Company Struggles With New Payments issues

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/One-Company-Struggles-With-New-Payments-issues?utm_source=Fresh+Today+110116&utm_medium=email&utm_campaign=Fresh+Today+110116