Credit Union Practices case studies
Credit Union Practices · Put your knowledge to work in context.
The Credit Union Practices credential is a professional examination for people who work in or with credit unions and need to demonstrate working command of how these institutions actually operate. It suits member-service representatives, loan officers, branch and operations staff, compliance and BSA analysts, internal auditors, and finance personnel moving into broader roles, as well as staff at vendors and service organizations who support credit unions. The Credit Union Practices case studies are 7 cases and about 2,770 words.
1The Merger Vote That Hinged on Absentee Ballots
Riverton Community Credit Union (RCCU), $310M in assets, is merging into a larger regional credit union. RCCU's bylaws require merger approval by a majority of members voting at a special meeting, with a quorum of 5% of the 22,400 members (1,120 members).
413 words, about 2 min2The Elder Member and the Suspicious Wire
A 78-year-old member, Ms. Okonkwo, has banked at the credit union for 31 years.
444 words, about 2 min3The HELOC Appraisal That Came in Low
A member applies for a 90,000 home equity line of credit on a home appraised at 340,000. The credit union's first-lien mortgage balance is 210,000.
394 words, about 2 min4Share Insurance Coverage After a Member's Death
Delgado, dies with the following accounts at the same federally insured credit union: (1) a single ownership share account of 180,000; (2) a joint account with his wife of 400,000 (tenants by the entirety, right of survivorship); (3) a payable-on-death (POD) account naming his two adult children, 500,000; (4) an irrevocable trust account for his three grandchildren, 750,000. The wife is not a beneficiary of the POD or trust accounts.
362 words, about 2 min5The Overdraft Program Under Scrutiny
A credit union offers overdraft protection on checking accounts with a 35 per-item fee, up to six fees per day ( 210). In the last quarter, 4.2% of accounts generated 61% of all overdraft fee revenue.
401 words, about 2 min6The Interest Rate Shock and the Balance Sheet
A credit union has 500M in assets. Its balance sheet: 350M in fixed-rate 30-year mortgages (average 3.5% yield, average life 7 years), 100M in overnight investments yielding 4.9%, and 50M in cash.
382 words, about 2 min7The Teller Who Skipped the Dual Control
A credit union's internal audit finds that at one branch, a teller supervisor has been opening the vault alone, counting cash without a second person, and approving her own teller over/short adjustments. Over six months, the branch's cash variance is 14,200 short, versus 1,100 at comparable branches.
374 words, about 2 min