National Credit Union Administration
The National Credit Union Administration is the independent federal agency created by the United States Congress to regulate and supervise federal credit unions. With the backing of the full faith and credit of the U. S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 111 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. As of September 2016, there were 5,573 federally insured credit unions, with assets totaling more than $1.38 trillion, net loans of $957.3 billion. The NCUA is governed by a three-member board appointed by the President of the United States and confirmed by the Senate; the President chooses who will serve as Chairman. Board members serve six-year terms, although members remain until their successors are confirmed and sworn in; the NCUA is administered through five regional offices, each responsible for specific states and territories. As part of the New Deal, President Franklin D. Roosevelt signed the Federal Credit Union Act into law in 1934.
The law allowed the chartering of federal credit unions in all states. The federal law sought to make credit available and promote thrift through a national system of nonprofit, cooperative credit. At first, the newly created Bureau of Federal Credit Unions was housed at the Farm Credit Administration. Regulatory responsibility shifted over the years as the bureau migrated from the Federal Deposit Insurance Corporation to the Federal Security Agency to the Department of Health and Welfare. In the 1940s and 1950s, credit unions grew reaching a membership of more than six million people at over 10,000 federal credit unions by 1960; the growth in credit unions resulted in an overhauling of the Bureau of Federal Credit Unions to form the modern independent federal agency that presently regulates the industry. In 1970, the renaming to National Credit Union Administration was made possible in part by the creation of the National Credit Union Share Insurance Fund to insure credit union deposits; the NCUSIF was created without any tax dollars, capitalized by credit unions.
By 1977, services available to credit union members expanded, including share certificates and mortgage lending. In 1979, a three-member Board replaced the NCUA administrator. Congress added the finishing touches to this new administration with the addition of the Central Liquidity Facility, the lender of last resort for all credit unions; the decade of the 1970s saw substantial growth for existing credit unions, with membership doubling and assets tripling to over $65 billion. The high interest rates and unemployment in the early 1980s brought insurance losses; the NCUSIF experienced strain, credit unions lobbied Congress to recapitalize the Fund. In 1985, the plan became law, federally insured credit unions recapitalized the NCUSIF by depositing 1 percent of their shares into the NCUSIF; the capitalized National Credit Union Share Insurance Fund has "fail safe" features. In 1991, when equity level dipped below 1.23 percent, the Board charged credit unions a premium to insure deposits. The enhancement of member services in the 1980s accompanied deregulation and increased flexibility in merger and field of membership criteria.
Membership in credit unions was limited to select groups with a pre-existing common bond employees of a particular company or trade. Changes since 1998 as a result of H. R. 1151, the Credit Union Membership Access Act, opened up membership eligibility to include much larger and loosely defined groups. During the 1990s and into the 21st century, credit unions grew in assets and members. Failures remained low, the Share Insurance Fund maintained a healthy equity level. During the 1990s and into the beginning of the 21st century, U. S. credit unions continued to develop as a whole. The NCUSIF continued to thrive due to few credit union failures. In 2008 and 2009, the global financial crisis exerted a strain on all institutions in the financial services sector – including credit unions; as a result, the Board charged NCUSIF premiums in 2009 and 2010. Five of the largest wholesale corporate credit unions in the United States were rendered insolvent after investing in troubled mortgage-backed securities that became overwhelmed with unprecedented declines in value.
In response to the growing corporate credit union crisis, NCUA took the following actions: Collaborated with the U. S. Treasury Department and Congress to establish the Temporary Corporate Credit Union Stabilization Fund to stabilize the U. S. credit unions, protect the NCUSIF and ensured credit unions, not taxpayers, paid the costs of the Stabilization Fund over time. Re-securitized the unsuccessful mortgage backed securities after liquidating the five failed corporate credit unions. With a government-backed guarantee, the securities were sold in the marketplace to raise nearly $30 billion. A temporary share guarantee was established for deposits at corporate credit unions. Bridge corporate credit unions were established to ensure services continued to be provided to consumer credit unions during the transition and resolution timeframe. Worked together with bridge corporate credit union members and to ensure a seamless transition of services to new entities. In addition to the corporate credit union crisis, NCUA dealt with the failure of a number of consumer-owned credit unions, which weakened as a result of spikes in home foreclosures, business failures, unemployment.
To protect against the failure of more credit unions, NCUA implemented a 12-month
The Federal National Mortgage Association known as Fannie Mae, is a United States government-sponsored enterprise and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities, allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations, its brother organization is the Federal Home Loan Mortgage Corporation, better known as Freddie Mac. As of 2018, Fannie Mae is ranked #21 on the Fortune 500 rankings of the largest United States corporations by total revenue. Most housing loans in the early 1900s in the USA were short term mortgage loans with balloon payments; the Great Depression wrought havoc on the U. S. housing market as people were unable to make payments. By 1933, an estimated 20 to 25% of the nation's outstanding mortgage debt was in default.
This resulted in foreclosures. To address this, Fannie Mae was established by the U. S. Congress in 1938 by amendments to the National Housing Act as part of Franklin Delano Roosevelt's New Deal. Chartered as the National Mortgage Association of Washington, the organization's explicit purpose was to provide local banks with federal money to finance home loans in an attempt to raise levels of home ownership and the availability of affordable housing. Fannie Mae created a liquid secondary mortgage market and thereby made it possible for banks and other loan originators to issue more housing loans by buying Federal Housing Administration insured mortgages. For the first thirty years following its inception, Fannie Mae held a monopoly over the secondary mortgage market. Other considerations may have motivated the New Deal focus on the housing market: about a third of the nation's unemployed were in the building trade, the government had a vested interest in getting them back to work by giving them homes to build.
Fannie Mae was acquired by the Housing and Home Finance Agency from the Federal Loan Agency as a constituent unit in 1950. In 1954, an amendment known as the Federal National Mortgage Association Charter Act made Fannie Mae into "mixed-ownership corporation", meaning that federal government held the preferred stock while private investors held the common stock. In the 1968 change, arising from the Housing and Urban Development Act of 1968, Fannie Mae's predecessor was split into the current Fannie Mae and the Government National Mortgage Association. Ginnie Mae, which remained a government organization, buys FHA-insured mortgage loans as well as Veterans Administration and Farmers Home Administration insured mortgages; as such, Ginnie Mae is the only home-loan agency explicitly backed by the full faith and credit of the United States government. In 1970, the federal government authorized Fannie Mae to purchase conventional loans, i.e. those not insured by the FHA, VA, or FmHA, created the Federal Home Loan Mortgage Corporation, colloquially known as Freddie Mac, to compete with Fannie Mae and thus facilitate a more robust and efficient secondary mortgage market.
That same year FNMA went public on Pacific Exchanges. In 1981, Fannie Mae called it a mortgage-backed security. Ginnie Mae had guaranteed the first mortgage passthrough security of an approved lender in 1968 and in 1971 Freddie Mac issued its first mortgage passthrough, called a participation certificate, composed of private mortgage loans. In 1992, President George H. W. Bush signed the Housing and Community Development Act of 1992; the Act amended the charter of Fannie Mae and Freddie Mac to reflect the Democratic Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families in a manner consistent with their overall public purposes, while maintaining a strong financial condition and a reasonable economic return". For the first time, the GSEs were required to meet "affordable housing goals" set annually by the Department of Housing and Urban Development and approved by Congress; the initial annual goal for low-income and moderate-income mortgage purchases for each GSE was 30% of the total number of dwelling units financed by mortgage purchases and increased to 55% by 2007.
In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the Community Reinvestment Act of 1977. In 1999, The New York Times reported that with the corporation's move towards the subprime market "Fannie Mae is taking on more risk, which may not pose any difficulties during flush economic times, but the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s." In 2000, because of a re-assessment of the housing market by HUD, anti-predatory lending rules were put into place that disallowed risky, high-cost loans from being credited toward affordable housing goals. In 2004, these rules were dropped and high-risk loans were again counted toward affordable housing goals; the intent was that Fannie Mae's enforcement of the underwriting standards they maintained for standard conf
Financial institutions, otherwise known as banking institutions, are corporations that provide services as intermediaries of financial markets. Broadly speaking, there are three major types of financial institutions: Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, mortgage loan companies. Financial institutions can be distinguished broadly into two categories according to ownership structure: Commercial Banks Cooperative BanksSome experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business strategies. A consequence of this might be fewer banks serving specific target groups, small-scale producers may be under-served. Standard Settlement Instructions are the agreements between two financial institutions which fix the receiving agents of each counterparty in ordinary trades of some type; these agreements allow traders to make faster trades since the time used to settle the receiving agents is conserved.
Limiting the trader to an SSI lowers the likelihood of a fraud. SSIs are used by financial institutions to facilitate accurate cross-border payments. Financial institutions in most countries operate in a regulated environment because they are critical parts of countries' economies, due to economies' dependence on them to grow the money supply via fractional reserve lending. Regulatory structures differ in each country, but involve prudential regulation as well as consumer protection and market stability; some countries have one consolidated agency that regulates all financial institutions while others have separate agencies for different types of institutions such as banks, insurance companies and brokers. Countries that have separate agencies include the United States, where the key governing bodies are the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency - National Banks, Federal Deposit Insurance Corporation State "non-member" banks, National Credit Union Administration - Credit Unions, Federal Reserve - "member" Banks, Office of Thrift Supervision - National Savings & Loan Association, State governments each regulate and charter financial institutions.
Countries that have one consolidated financial regulator include: Norway with the Financial Supervisory Authority of Norway, Germany with Federal Financial Supervisory Authority and Russia with Central Bank of Russia. Merits of raising funds through financial institutions are as follows: Financial institutions provide long term finance, which are not provided by commercial banks; such a company can raise funds from other sources as well. Cooperative banking
United States Department of Homeland Security
The United States Department of Homeland Security is a cabinet department of the U. S. federal government with responsibilities in public security comparable to the interior or home ministries of other countries. Its stated missions involve anti-terrorism, border security and customs, cyber security, disaster prevention and management, it was created in response to the September 11 attacks and is the youngest U. S. cabinet department. In fiscal year 2017, it was allocated a net discretionary budget of $40.6 billion. With more than 240,000 employees, DHS is the third largest Cabinet department, after the Departments of Defense and Veterans Affairs. Homeland security policy is coordinated at the White House by the Homeland Security Council. Other agencies with significant homeland security responsibilities include the Departments of Health and Human Services and Energy. Secretary Kirstjen Nielsen resigned on April 7, 2019, effective April 10. By law, Undersecretary for Management Claire Grady was to become the acting Secretary of Homeland Security.
On April 7, President Donald J. Trump designated the current U. S. Customs and Border Protection Commissioner Kevin McAleenan as acting Secretary. McAleenan named David Pekoske, who also serves as the TSA Administrator, as the acting Deputy Secretary. Whereas the Department of Defense is charged with military actions abroad, the Department of Homeland Security works in the civilian sphere to protect the United States within, at, outside its borders, its stated goal is to prepare for and respond to domestic emergencies terrorism. On March 1, 2003, DHS absorbed the U. S. assumed its duties. In doing so, it divided the enforcement and services functions into two separate and new agencies: Immigration and Customs Enforcement and Citizenship and Immigration Services; the investigative divisions and intelligence gathering units of the INS and Customs Service were merged forming Homeland Security Investigations, the primary investigative arm of DHS. Additionally, the border enforcement functions of the INS, including the U.
S. Border Patrol, the U. S. Customs Service, the Animal and Plant Health Inspection Service were consolidated into a new agency under DHS: U. S. Customs and Border Protection; the Federal Protective Service falls under the National Programs Directorate. The Department of Homeland Security is headed by the Secretary of Homeland Security with the assistance of the Deputy Secretary; the department contains the components listed below. AgenciesUnited States Citizenship and Immigration Services: Processes and examines citizenship and asylum requests from aliens. U. S. Customs and Border Protection: Law enforcement agency that enforces U. S. laws along its international borders including its enforcement of U. S. immigration and agriculture laws while at and patrolling between all U. S. ports-of-entry. U. S. Immigration and Customs Enforcement: Law enforcement agency divided into two bureaus:Homeland Security Investigations investigates violations of more than 400 U. S. laws and gathers intelligence on national and international criminal activities that threaten the security of the homeland.
Transportation Security Administration: Responsible for aviation security, as well as land and water transportation security United States Coast Guard: Military service responsible for law enforcement, maritime security, national defense, maritime mobility, protection of natural resources. United States Secret Service: Law enforcement agency tasked with two distinct and critical national security missions:Investigative Mission – The investigative mission of the USSS is to safeguard the payment and financial systems of the United States from a wide range of financial and electronic-based crimes. Protective Mission – The protective mission of the USSS is to ensure the safety of the President of the United States, the Vice President of the United States, their immediate families, foreign heads of state. Federal Emergency Management Agency: agency that oversees the federal government's response to natural disasters like earthquakes, tornadoes, forest fires. Passports for U. S. citizens are issued by the U.
S. Department of State, not the Department of Homeland Security. Advisory groups: Homeland Security Advisory Council: State and local government, first responders, private sector, academics National Infrastructure Advisory Council: Advises on security of public and private information systems Homeland Security Science and Technology Advisory Committee: Advise the Under Secretary for Science and Technology. Critical Infrastructure Partnership Advisory Council: Coordinate infrastructure protection with private sector and other levels of government Interagency Coordinating Council on Emergency Preparedness and Individuals with Disabilities Task Force on New Americans: "An inter-agency effort to help immigrants learn English, embrace the common core of American civic culture, become American."Other components: Countering Weapons of Mass Destruction Office: Counter attempts by terrorists or other threat actors to carry out an attack against the United States or its interests using a weapon of mass destruction.
Secretary Kirstjen Nielsen established the CWMD Office in December 2017 by consolidating the Domes
Board of directors
A board of directors is a group of people who jointly supervise the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency. Such a board's powers and responsibilities are determined by government regulations and the organization's own constitution and bylaws; these authorities may specify the number of members of the board, how they are to be chosen, how they are to meet. In an organization with voting members, the board is accountable to, might be subordinate to, the organization's full membership, which vote for the members of the board. In a stock corporation, non-executive directors are voted for by the shareholders, with the board having ultimate responsibility for the management of the corporation; the board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction. In corporations with dispersed ownership, the identification and nomination of directors are done by the board itself, leading to a high degree of self-perpetuation.
In a non-stock corporation with no general voting membership, the board is the supreme governing body of the institution, its members are sometimes chosen by the board itself. Other names include board of directors and advisors, board of governors, board of managers, board of regents, board of trustees, or board of visitors, it may be called "the executive board" and is simply referred to as "the board". Typical duties of boards of directors include: governing the organization by establishing broad policies and setting out strategic objectives. For companies with publicly trading stock, these responsibilities are much more rigorous and complex than for those of other types; the board chooses one of its members to be the chairman, who holds whatever title is specified in the by-laws or articles of association. However, in membership organizations, the members elect the president of the organization and the president becomes the board chair, unless the by-laws say otherwise; the directors of an organization are the persons.
Several specific terms categorize directors by the presence or absence of their other relationships to the organization. An inside director is a director, an employee, chief executive, major shareholder, or someone connected to the organization. Inside directors represent the interests of the entity's stakeholders, have special knowledge of its inner workings, its financial or market position, so on. Typical inside directors are: A chief executive officer who may be chairman of the board Other executives of the organization, such as its chief financial officer or executive vice president Large shareholders Representatives of other stakeholders such as labor unions, major lenders, or members of the community in which the organization is locatedAn inside director, employed as a manager or executive of the organization is sometimes referred to as an executive director. Executive directors have a specified area of responsibility in the organization, such as finance, human resources, or production.
An outside director is a member of the board, not otherwise employed by or engaged with the organization, does not represent any of its stakeholders. A typical example is a director, president of a firm in a different industry. Outside directors are not affiliated with it in any other way. Outside directors bring outside experience and perspectives to the board. For example, for a company that only serves a domestic market, the presence of CEOs from global multinational corporations as outside directors can help to provide insights on export and import opportunities and international trade options. One of the arguments for having outside directors is that they can keep a watchful eye on the inside directors and on the way the organization is run. Outside directors are unlikely to tolerate "insider dealing" between insider directors, as outside directors do not benefit from the company or organization. Outside directors are useful in handling disputes between inside directors, or between shareholders and the board.
They are thought to be advantageous because they can be objective and present little risk of conflict of interest. On the other hand, they might lack familiarity with the specific issues connected to the organization's governance and they might not know about the industry or sector in which the organization is operating. Director – a person appointed to serve on the board of an organization, such as an institution or business. Inside director – a director who, in addition to serving on the board, has a meaningful connection to the organization Outside director – a director who, other than serving on the board, has no meaningful connections to the organization Executive director – an insi
Long Beach, California
Long Beach is a city on the Pacific Coast of the United States, within the Los Angeles metropolitan area of Southern California. As of 2010, its population was 462,257, it is the 7th most populous in California. Long Beach is the second-largest city in the Los Angeles metropolitan area and the third largest in Southern California behind Los Angeles and San Diego. Long Beach is a charter city; the Port of Long Beach is the second busiest container port in the United States and is among the world's largest shipping ports. The city maintains a progressively declining oil industry with minor wells located both directly beneath the city as well as offshore. Manufacturing sectors include those in aircraft, automotive parts, electronic equipment, audiovisual equipment, precision metals and home furnishings. Long Beach lies in the southeastern corner of borders Orange County. Downtown Long Beach is 22 miles south of downtown Los Angeles, though the two cities share an official border for several miles.
Indigenous people have lived in coastal Southern California for over 10,000 years, several successive cultures have inhabited the present-day area of Long Beach. By the 16th-century arrival of Spanish explorers, the dominant group was the Tongva people, they had at least three major settlements within the present-day city. Tevaaxa'anga was an inland settlement near the Los Angeles River, while Ahwaanga and Povuu'nga were coastal villages. Along with other Tongva villages, they were forced to relocate in the mid-19th century due to missionization, political change, a drastic drop in population from exposure to European diseases. In 1784 the Spanish Empire's King Carlos III granted Rancho Los Nietos to Spanish soldier Manuel Nieto; the Rancho Los Cerritos and Rancho Los Alamitos were divided from this territory. The boundary between the two ranchos ran through the center of Signal Hill on a southwest to northeast diagonal. A portion of western Long Beach was part of the Rancho San Pedro, its boundaries were in dispute for years, due to flooding changing the Los Angeles River boundary, between the ranchos of Juan Jose Dominguez and Manuel Nieto.
In 1843 Jonathan Temple bought Rancho Los Cerritos, having arrived in California in 1827 from New England. He built what is now known as the "Los Cerritos Ranch House", a still-standing adobe, a National Historic Landmark. Temple created a thriving cattle ranch and prospered, becoming the wealthiest man in Los Angeles County. Both Temple and his ranch house played important local roles in the Mexican–American War. On an island in the San Pedro Bay, Mormon pioneers made an abortive attempt to establish a colony. In 1866 Temple sold Rancho Los Cerritos for $20,000 to the Northern California sheep-raising firm of Flint, Bixby & Co, which consisted of brothers Thomas and Benjamin Flint and their cousin Lewellyn Bixby. Two years previous Flint, Bixby & Co had purchased along with Northern California associate James Irvine, three ranchos which would become the city that bears Irvine's name. To manage Rancho Los Cerritos, the company selected Lewellyn's brother Jotham Bixby, the "Father of Long Beach".
Three years Bixby bought into the property and would form the Bixby Land Company. In the 1870s as many as 30,000 sheep were kept at the ranch and sheared twice yearly to provide wool for trade. In 1880, Bixby sold 4,000 acres of the Rancho Los Cerritos to William E. Willmore, who subdivided it in hopes of creating a farm community, Willmore City, he failed and was bought out by a Los Angeles syndicate that called itself the "Long Beach Land and Water Company." They changed the name of the community at that time. The City of Long Beach was incorporated in 1897. Another Bixby cousin, John W. Bixby, was influential in the city. After first working for his cousins at Los Cerritos, J. W. Bixby leased land at Rancho Los Alamitos, he put together a group: banker I. W. Hellman and Jotham Bixby, him, to purchase the rancho. In addition to bringing innovative farming methods to the Alamitos, J. W. Bixby began the development of the oceanfront property near the city's picturesque bluffs. Under the name Alamitos Land Company, J.
W. Bixby laid out the parks of his new city; this area would include Belmont Shore and Naples. J. W. Bixby died in 1888 of apparent appendicitis; the Rancho Los Alamitos property was split up, with Hellman getting the southern third and Lewellyn, the northern third, J. W. Bixby's widow and heirs keeping the central third; the Alamitos townsite was kept as a separate entity, but at first, it was run by Lewellyn and Jotham Bixby, although I. W, Hellman had a significant veto power, an influence made stronger as the J. W. Bixby heirs began to side with Hellman more; when Jotham Bixby died in 1916, the remaining 3,500 acres of Rancho Los Cerritos was subdivided into the neighborhoods of Bixby Knolls, California Heights, North Long Beach and part of the city of Signal Hill. The town grew as a seaside resort with light agricultural uses; the Pike was the most famous beachside amusement zone on the West Coast from 1902 until 1969. The oil industry, Navy shipyard and facilities and port became the mainstays of the city.
In the 1950s it was referred to as "Iowa
President (corporate title)
The President is a leader of an organization, community, trade union, university or other group. The relationship between the president and the Chief Executive Officer varies, depending on the structure of the specific organization. In a similar vein to the Chief Operating Officer, the title of corporate President as a separate position is loosely defined; the powers of the president vary across organizations and such powers come from specific authorization in the bylaws like Robert's Rules of Order. The term "president" was used to designate someone who presided over a meeting, was used in the same way that "foreman" or "overseer" is used now, it has now come to mean "chief officer" in terms of administrative or executive duties. In addition to the administrative or executive duties in organizations, the president has the duties of presiding over meetings; such duties at meetings include: calling the meeting to order determining if a quorum is present announcing the items on the order of business or agenda as they come up recognition of members to have the floor enforcing the rules of the group putting all questions to a vote adjourning the meetingWhile presiding, the president should remain impartial and not interrupt a speaker if the speaker has the floor and is following the rules of the group.
In committees or small boards, the president votes along with the other members. However, in assemblies or larger boards, the president should vote only when it can affect the result. At a meeting, the president only has one vote; the powers of the president vary across organizations. In some organizations the president has the authority to hire staff and make financial decisions, while in others the president only makes recommendations to a board of directors, still others the president has no executive powers and is a spokesman for the organization; the amount of power given to the president depends on the type of organization, its structure, the rules it has created for itself. If the president exceeds the given authority, engages in misconduct, or fails to perform the duties, the president may face disciplinary procedures; such procedures may include suspension, or removal from office. The rules of the particular organization would provide details on who can perform these disciplinary procedures and the extent that they can be done.
Whoever appointed or elected the president has the power to discipline this officer. Some organizations may have a position of President-Elect in addition to the position of President; the membership of the organization elects a President-Elect and when the term of the President-Elect is complete, that person automatically becomes President. Some organizations may have a position of Immediate Past President in addition to the position of President. In those organizations, when the term of the President is complete, that person automatically fills the position of Immediate Past President; the organization can have such a position. The duties of such a position would have to be provided in the bylaws. Bennett, Nathan. Riding Shotgun: The Role of the COO. Stanford, California: Stanford University Press. ISBN 0-8047-5166-8. National Association of Parliamentarians®, Education Committee. Spotlight on You the President. Independence, MO: National Association of Parliamentarians®. ISBN 1-884048-15-3