Small credit unions feel pinch of regulatory burden

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Ron JoossCEOs of small credit unions wear a lot of hats. It comes with the territory.“Some days you might find me working the drive-thru if we’re busy,” Anne Heggelund, president of Marathon County Employees CU, Wausau, Wis., told News Now. “Other times I’ll jump on the teller line.”The hat small credit union CEOs are most likely to don these days would be labeled “Compliance.” And with that hat usually comes a major headache.Since the beginning of the financial crisis, credit unions have been subjected to more than 190 regulatory changes from at least 15 different federal agencies resulting in more than 6,000 Federal Register pages to review and implement, according to CUNA’s Department of Economics and Statistics. There also have been other changes such as extensive and ongoing modifications to the National Credit Union Administration 5300 Call Report and examiner demands for implementation of a wide variety of best practices.Credit unions of all sizes are feeling the regulatory burden, and it stands to reason that smaller credit unions especially feel the pinch. continue reading »last_img read more

Asset management roundup: Tikehau, Lyxor UK, Investcorp, 3i

first_imgThe deal will increase Tikehau Capital’s AUM to €9.8bn via a €700m boost to its leveraged loans and CLO business.Mathieu Chabran, co-founder of Tikehau Capital and managing director at Tikehau IM said: “We are delighted to have signed this agreement with Lyxor, which allows us to expand in the UK and continue developing our expertise in leveraged loans and European credit markets.”Lionel Paquin, chief executive at Lyxor, said: “This agreement plays to Lyxor’s well-recognised strengths for working in partnership with external asset managers, a field in which we have a nearly 20-year track record.“By remaining the management company of the funds, Lyxor continues to accompany its clients.”In other news, Investcorp is poised to acquire the debt management business of 3i (3iDM) from the UK’s 3i Group, which will more than double its AUM.The alternative investment manager last year announced it was aiming to grow its AUM to $25bn (€23bn) in the medium term, and the acquisition of 3i’s debt management business will be a big step towards this, as it will increase Investcorp’s AUM by $12bn to $23bn. Investcorp already offers investment products across private equity, real estate and alternative investment solutions (formerly hedge funds).The transaction with 3i is for a total of £222m (€249m) and is expected to close in the first half of 2017, subject to regulatory approvals.It is largest strategic acquisition Investcorp has made and will be fully funded through the company’s existing balance sheet.With 3iDM, Investcorp will have private and institutional clients spanning Europe, Asia, the US and the Arabian Gulf. Tikehau Capital is expanding into the UK by taking over the European senior debt business of the UK entity of fellow French asset manager Lyxor.Under the terms of the deal, Tikeau Investment Management (Tikehau IM), the asset management arm of Tikeau Capital, will replace Lyxor UK as the investment manager of the latter’s four European senior debt funds, with €700m in assets under management (AUM).Lyxor UK’s European senior debt operational team will join Tikehau IM in London.Lyxor will remain the management company of these funds and continue to provide second-level supervision of risks and valuation.last_img read more

Input Invited on Coastal Zone Management Plan

first_imgCentral Coast Council has revised its Coastal Zone Management Plan for the northern coastal areas and is seeking community feedback on the proposed changes.Council has worked with the NSW Office of Environment and Heritage to review the Wyong Coastal Zone Management Plan (WCZMP 2017) in response to changes to NSW legislation and improved information about coastal hazards.The plan will be on public exhibition until 13 June 2017, said the official announcement.Council Group Leader, Mr Mike Dowling, said that the draft plan aims to address risks from coastal hazards and outlines actions to improve the environmental and community benefits for the Coast.“A plan for the former Gosford City Council area has now been sent to the Minister for the Environment for final endorsement but while this Plan is similar in design and intent, we must and want to seek community feedback on the changes,” he said.“Without a proper plan in place to cover our coastal areas, we cannot apply for State Government funding to help manage coastal hazards and other issues effectively.”After 2011, it was apparent that for some areas of the former Wyong Shire coastline the potential risk from coastal and landslip processes was not clearly defined. Council undertook a review of the hazards information to better define the coastal and geotechnical risks to the entire coast in the former Wyong Shire.The revised hazards mapping is documented in the draft WCZMP 2017 to go on exhibition.To assist the community to review the draft WCZMP 2017 and to discuss their concerns and ideas, two community drop-in sessions (26 May and 5 June) will be held during the public exhibition period.last_img read more