Anatomy of a turnaround

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Even at the lowest point of the Great Recession, most credit unions didn’t lose their focus on lending.That’s what stands out for Mike Schenk as he looks back on that time. “Credit unions were helping members, and kept lending all the way through,” says Schenk, CUNA’s vice president of economics and statistics.Despite those efforts, the recovery took longer than economists predicted, and overall consumer borrowing slowed significantly. Credit union loan growth fell to -1.2% by 2010, Schenk notes.A new CUNA CFO Council white paper—“The Art of the Turnaround: How Credit Unions Fought Their Way Back”—profiles the challenges several credit unions faced at this time. It examines how they revised policies, created new business models, and revamped strategic plans to strengthen their bottom lines and rededicate themselves to meeting members’ needs. Here’s a look at two credit unions featured in the white paper.Source of the problemAntioch (Calif.) Community Federal Credit Union saw firsthand the impact declining property values had on its earnings and overall financial health. continue reading »last_img read more

UK Government publishes draft Racing Levy 2017 legislation

first_imgShare Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 StumbleUpon Submit Related Articles Share UKGC launches fourth National Lottery licence competition August 28, 2020 The Racing Post is reporting that  the government has published its initial ‘The Horserace Betting Levy Regulations 2017’, a draft legislation framework which could lead to the replacement of the existing levy system from this coming April.At present the replacement of the levy does not require ‘primary legislation’ with its new provisions being written by a government ‘statutory instrument’ (subordinate legislation). In order for the new Levy 2017 regulations to progress the mandate must gain the consent of both Houses of Parliament.In its primary function, new levy provisions will be extended to include UK operator remote betting operations which have been based offshore and so far been outside of existing legal order. UK racing expects the Levy 2017 to generate an extra £30-40 million for the sports funding.The UK government has pushed for an outright 10% levy charge on UK racing gross profits, which will be applied to all bookmakers that generate £500,000 in racing bets. The Racing Post reported: “The government considered the betting industry’s commercial payments to the racing industry, including media rights, in arriving at the rate.”Seeking to fulfil its mandate, the UK government has further notified the European Commission on 13 January of changes to the Levy System, in order to comply with European competition standards and fair business condition practices.The UK government and racing stakeholders plan to have new regulations in place by 1 April, however, the levy will not come into force until that approval is granted. Should there be delays, the existing levy scheme will continue to run until a new system is settled.Once implemented the new levy regulations will stand for a period of seven years until provisions can be reviewed by ministers.From 2018 the UK Gambling Commission will be in charge of collecting all UK racing bookmaker duties, with a new Racing Authority set-up to monitor the sports funding decisions.  These changes will be enacted by way of a ‘legislative reform order’ later this year.last_img read more