NAFCU active this week as NCUA Board meets, House committee talks tax reform

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » NAFCU is heavily engaged with regulators and lawmakers this week as the NCUA Board prepares for discussion of the proposed closure of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and the House Small Business Committee gets ready for a hearing on small business tax reform.Also this week: The association is also offering a free webcast with information on how credit unions can recover from the Equifax data breach.The TCCUSF closure proposal is slated for discussion Thursday during the NCUA Board’s open meeting. While NAFCU respects the work the NCUA has done on its proposal to close the TCCUSF, NAFCU members are opposed to it because they want a full refund – instead of the much smaller portion that is being proposed.The NCUA’s proposal would close the TCCUSF, merge the fund’s assets and liabilities into the National Credit Union Share Insurance Fund (NCUSIF) and increase the NCUSIF’s normal operating level from 1.3 percent to 1.39 percent – the highest level in the fund’s history. NAFCU is heeding its members’ concerns, and it will continue to advocate for a full TCCUSF refund on behalf of all credit unions.last_img read more

UK Law Commission presenting ‘false dichotomy’ over ESG, passive investing

first_imgThe group noted that passive investors could use indices based around ESG principles to reduce their ESG risks, and that it was a “false dichotomy to contrast ESG investing with passive investing”.“The choice for most pension funds will not be simply to ‘consider ESG factors’ or ‘not consider ESG factors’ and then seek out products accordingly,” the consultation added.“Rather, ESG capability should be one of the range of criteria on which potential fund managers are judged during manager selection, alongside other criteria such as cost.”ShareAction argued that trustees should not feel obliged to maximise returns at all costs, and that the purpose of the pension fund was rather to provide a pension income that would provide a “decent standard of living”.“Arguably, pension funds, like charities, should not be obliged to invest in ways that directly undermine the underlying purpose of their trust,” it added.The group further argued that there would be a benefit in “clarifying and strengthening” the duties of all investment intermediaries in the investment chain, and said this could ideally occur through changes to legislation.However, it added: “We do not suggest a wholesale codification or reform of the general law of fiduciary duties.”Catherine Howarth, chief executive of ShareAction, said the Commission had the opportunity to “set the record straight” on trustee duties.“We worry that, without a clarification in statute, the Law Commission’s findings will have limited positive impact on investor behaviour,” she said.The head of the London School of Economics’ Sustainable Finance Project previously warned IPE of the problems associated with a codification of fiduciary duties, noting it was difficult to lay down “hard and fast” rules that would endure for decades.,WebsitesWe are not responsible for the content of external sitesLink to ShareAction’s consultation response The UK’s Law Commission should be careful not to present environmental, social and governance (ESG) based investing as incompatible with a passive, index-tracking approach, ShareAction has warned.The lobby group was further critical of the Commission viewing ESG as a style of investing, rather than a set of criteria to be employed across all asset classes, and that the interpretation – presented in its recent consultation paper on the fiduciary duties of investment intermediaries – focused “almost exclusively” on stock selection, overlooking issues of engagement.In its response to the Commission’s consultation, ShareAction said the interpretation of ESG matters would lead to the assumption that only active managers could employ an ESG approach.“As a result, the consultation paper gives the impression that trustees face a one-off choice whether to ‘take an ESG approach’, and that ‘choosing’ this style of investing is likely to be inappropriate for many funds, particularly those seeking to reduce costs,” it said.last_img read more

Ryan Betz Named Oly Fed Employee of the Quarter

first_imgFacebook0Tweet0Pin0Submitted by Olympia Federal SavingsOlympia Federal Savings is proud to announce Ryan Betz, Marketing & Public Relations Manager, as Employee of the Quarter. Betz was chosen for this award because he always offers to help, never says no when asked, and has a passion for all he does.“Ryan’s insight, guidance and support are invaluable to achieving the organization’s goals,” Lori Drummond, president and CEO said. “Ryan truly captures and personifies the essence and spirit of Oly Fed and he articulates and communicates our values incredibly well in a variety of unique situations.”last_img

Commissioners Vote to Postpone April 28 Courthouse Ballot Proposition

first_imgFacebook80Tweet0Pin0Submitted by Thurston CountyDue to the current health emergency, this morning, the Thurston County Board of Commissioners voted unanimously to rescind the ballot measure to increase the county’s 2021 regular property tax levy to fund a new courthouse and administrative buildings. The vote was expected to occur during the April 28, 2020 election. The commissioners will reassess the ballot measure and when to hold the election after this health emergency subsides.“Our vote to rescind the ballot proposition is directly in response to the current health emergency we are facing,” said Commission Chair, John Hutchings. “This is a non-essential election and we do not want to put our staff or the public in danger by having to submit ballots, vote in-person, or count ballots. This is the most responsible thing for our board to do and is the best thing we can do to support the health and safety of our community”For more information about the project, please visit: https://www.thurstoncountywa.gov/bocc/Pages/courthouse-civic-project.aspx.last_img read more