This month we have an accountant on the show for the first time! Steve Lillie from Lillie and Company, Inc. joins Faith, Brian, Guy, Katherine and me. Here are the topics:
–Handling the Corporate Stabilization Plan from one accountant’s perspective.
–What the new credit card legislation means for credit unions.
–The return of Deborah Matz to NCUA.
–Mortgage Disclosure Improvement Act (MDIA)
–New Segment– The Big K Roundup:
1. Community First Credit Union’s UBIT case.
2. New kind of fraud–third party is submitting loan apps on behalf of small businesses but using false information and taking 7.9% from people to originate the loans.
3. Developments in member business lending–potential bill to be reintroduced/sponsored by Schumer in NY to take away the member business lending cap. An interesting fact re loan default for commercial loans is that from about 1998-2008 almost consistently (and overall throughout that time frame) credit unions have had significantly lower default rates as compared to banks.
Direct download: CIiCU_37_final.mp3