Celebrating $1 billion: Making a difference for credit unions

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Jane ChesbroWe’re very excited to announce that CUNA Mutual Group’s Total Benefits Pre-Funding (TBPF) program reached a major milestone in January – $1 billion in assets under management.This is exciting because it’s a positive sign credit unions are taking advantage of previously impermissible investments to help fund the rising costs of employee benefits programs.TBPF defrays the rising cost of benefits because it allows credit unions to offset employee benefits obligations by using potentially higher-yielding investments that would otherwise be considered “impermissible” by the NCUA.This matters to credit unions because they are often challenged with flat or even shrinking margins due to returns on assets not keeping pace with rising operating expenses, especially those related to employee benefits. On top of that, family health care premiums have increased nearly 70 percent over the last 10 years*.CUNA Mutual Group launched its TBPF program in 2008 because it was becoming increasingly difficult for credit unions to maintain a competitive benefits package and remain an employer of choice. TBPF offers credit unions an array of investment options that can help close the employee benefits gap. continue reading »last_img read more

NAFCU joins suit against FCC

first_imgA federal appeals court judge is allowing NAFCU to enter a suit challenging the Federal Communications Commission’s order on Telephone Consumer Protection Act prohibitions on autodialed calls to account holders. NAFCU will participate in a joint brief to be filed Dec. 2.The association filed its motion to intervene in September and now becomes a party in the petition filed by the U.S. Chamber of Commerce seeking a review of the FCC order. The order responds to 19 petitions from various businesses and organizations that, among other things, sought clarification of FCC rule changes under TCPA that took effect in 2013. The various petitions are being consolidated.The FCC order allows a narrow exemption for certain autodialed calls to address potential account fraud or identity theft. However, NAFCU is asserting the order is too broad in its definition of what qualifies as an autodialer.The association is concerned that the order could lead credit unions to cease important communications with members about their accounts over fear of inadvertently violating the rule. It is participating in this litigation against the FCC to help protect credit unions’ right to communicate with their members and preserve the institutions’ unfettered ability to alert members when necessary to protect their accounts and information. continue reading » 19SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

First SeaMade inter-array cables linked to offshore substation

first_imgDEME’s cable installation vessel Living Stone started the inter-array works in mid-April. All foundations at the SeaMade project site have been in place since the beginning of January. Cable burial works will commence in the coming days, Otary states on social media. The first inter-array cables at the SeaMade offshore wind farm have been connected to the Mermaid offshore substation (OSS). The Seastar and Mermaid offshore substations will convert the electricity from 33 kV to 220 kV and export it into the grid via Elia’s Modular Offshore Grid (MOG). The installation of 58 Siemens Gamesa 8.4 MW turbines should start on 15 June. Full commissioning is expected by the end of this year. The Living Stone completed the export cable works in December 2019. The Mermaid OSS, one of the two offshore substations the SeaMade offshore wind farm will connect to, was installed at the beginning of March. The 487 MW SeaMade wind farm is a combination of the 235 MW Mermaid and the 252 MW Seastar offshore wind projects.last_img read more