Editorial By ACB Mutual Members Promoting Charter Choice Gets Attention
The March 16 issue of the Credit Union Times featured an opinion piece written by ACB Second Vice Chairman Mark Macomber and Mutual Institutions Committee Chairman Steve Swiontek. The article focused on the importance of charter choice, specifically on NCUA’s unwillingness to allow credit unions to convert to a mutual bank charter. It generated interest at ACB’s recent Government Affairs Conference and with the media. Click here for the text of the op-ed. 

FASB Delays Release Of Exposure Draft
The Financial Accounting Standards Board has said that it will not issue its Exposure Draft on Business Combinations (which includes mutual combinations) in the first quarter as originally planned. FASB is now planning to issue the draft in June 2005. They are still trying to decide on the length of the public comment period, the timing of the roundtable and the planned effective date. ACB has been closely monitoring the developments on this project and has maintained active dialogue with FASB. ACB will be submitting a comment letter on the Exposure Draft on behalf of mutual members, and expects to participate in a roundtable discussion with FASB at the end of the public comment period.

Highlights of ACB’s Mutual Community Bank Conference

Concrete Advice For Mutual Banks
Mutual Community Bank Conference attendees were presented with a far-ranging discussion of mutuality and ways to improve their bank’s performance. ACB’s Mutual Institution Chairman Steve Swiontek opened the conference by thanking the participants for their advocacy of the mutual charter and their efforts in Washington to bring attention to the issues facing mutuals and community banks. Swiotek is also chairman, president & CEO of Gate City Bank in Fargo, N.D. The meeting featured well-respected industry experts on topics ranging from activist depositors to performance indicators for mutual banks. Click here to read more about the Mutual Community Bank Conference.

Mutual Committee Meets In Washington
ACB’s Mutual Institutions Committee discussed a range of issues during its March meeting, including FASB’s Accounting for Mutual Combinations Project, suggestions for improving A Mutual Exchange, and corporate governance. The committee agreed that Sabanes-Oxley compliance is not going away. While the requirements are not applicable to mutual institutions, accounting firms and regulators will impose many of the requirements. ACB will work with the SEC and the banking regulators to mitigate the problems associated with compliance and will be sending comment letters with real world examples to the agencies in the near future. The SEC is holding a roundtable on April 13 and ACB will submit comments. Please email [email protected] with your comments on Sarbanes-Oxley.

Be On The Lookout For Our Mutual Mailing
ACB will be mailing a copy of its updated booklet, Today’s Mutual Community Banks, along with other materials on mutuality in the coming weeks. These materials are an excellent resource to educate your board, employees and customers on the rich tradition of mutual banks. For extra copies of our mutual brochure, please email [email protected].