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2 months ago | 
cusomag.com | Chip Filson
This article first appeared on chipfilson.comThe answer to the first question is easy. On May 24, 2024 NCUA replied to Denise Wymore’s FOIA request for the number of new charters in any phase of the application process. The response: “In June of last year it was reported there were 51. . .(Now) There are a total of 63 applications.”Where is the need? NCUA did not provide details of the chartering efforts.
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Jan 13, 2025 | 
cusomag.com | Chip Filson
On December 31, 2023, there were 2,280 federal credit unions and 1,724 chartered by 45 different state authorities. The broad operating authorities are similar. However, there is one major difference in the transparency of the two systems. This difference was noted in a NASCUS comment to NCUA on August 15, 2022, on bank conversions and mergers:“All FISCUs must complete annual Internal Revenue Service Form 990 filings.
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Dec 30, 2024 | 
cusomag.com | Chip Filson
This article first appeared on chipfilson.comFor over 15 years, the public-private credit union-designed liquidity lender, the Central Liquidity Facility (CLF), has had no activity. The last major loans were to the NCUSIF for $10 million to pass through to US Central and WesCorp as part of the stabilization efforts when they were conserved by NCUA in 2009.
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Dec 2, 2024 | 
cusomag.com | Chip Filson
This article first appeared on chipfilson.comMany participants see credit unions as having two operating options: either a federal license or a charter issued by one of the forty-five state authorities. Within this second group is a small subset of approximately 100 cooperatively insured credit unions in ten states that are subject to only to their home state regulations.
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Nov 18, 2024 | 
cusomag.com | Chip Filson
Following is a miracle story. It may seem small in the overall scheme of things, but it is everything to this member’s family. Being treated “like a human”(Used with permission)This story is about Corey who was assisted by our Financial Coach Ashley, who works at the Wilmington Member Center. While working the lobby on a busy Monday, Ashley met with Corey who had come in to to talk about a car loan.
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Nov 5, 2024 | 
cusomag.com | Chip Filson
A case study of Credit Union 1When there are no guardrails for a financial institution, anything goes. It is the law of the jungle; or what some describe as free market capitalism. The dictionary definition of rogue is “an elephant or other large wild animal driven away or living apart from the herd and having savage or destructive tendencies.” Another reference is to unprincipled behavior by a person or persons.
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Oct 31, 2024 | 
chipfilson.com | Chip Filson
Synopsis: This detailed analysis of Credit Union 1 (Illinois) presents a pattern of declining financial performance covered up by multiple merger acquisitions, one-time sale events and rented capital. The future fortunes of eleven local sound credit unions have been destroyed in just two years. I believe this kind of predatory activity, left unexamined by all those in positions of responsibility, will lead to a reassessment of the advantages of the credit union charter by external legislators.
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Oct 21, 2024 | 
cusomag.com | Chip Filson
The cumulative total vote for the four winners was 232,452 (67%). The four member-nominated candidates total was 113,117 (33%). The headline in Jim Blaine’s blog after the vote was announced: Pretty Strong Thumping!The outcome was the exact opposite of the 2023 vote where the three challengers to the board slate were all elected. The vote was significant in other respects. Adding the highest total votes for the leaders of each slate suggests almost (62,392 and 31,203) 94,000 or more members voted.
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Oct 7, 2024 | 
cusomag.com | Chip Filson
The play is an adaptation of a novel about the Lehman family. Three actors portray 55 different characters in the 163 years of the family’s timeline. Although the firm’s $600 billion bankruptcy was the central drama of the 2008 financial crisis, the family had long been absent from any leadership roles when this occurred. An immigrant storyThe play is the story of a German Jewish family settling in Montgomery Alabama in 1844.
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Sep 23, 2024 | 
cusomag.com | Chip Filson
The film is the story of Arlo Washington’s personal commitment to bring financial services and hope to the black community of Little Rock, Arkansas. The film produced by the New Yorker magazine is 35 minutes and can be watched online any time. Story upon storyArlo is a barber who converts his basic role in the black community to one of broader service.
