Shaffer taking reins at West Virginia Credit Union League
From the Parkersburg News & Sentinal
May 2021 — A change in command is underway at the West Virginia Credit Union League. Ken Watts is retiring as president and CEO and will be succeeded by Rich Shaffer. The retirement, capping a service span of 46 years, was effective at the end of April.
The announcements were made by league Chairman Joetta Heck.
“I am truly humbled and honored by the board’s decision. I have been very fortunate to have Ken has a friend and mentor over the past 33 years, and also work in a cooperative movement that puts people ahead of profit,” Schaffer said. “While I will deeply miss working with Ken, I look forward to continuing to build upon the strong foundation he has established over many years.”
Headquartered in Parkersburg, the league is the trade association for the 85 credit unions in West Virginia that have combined assets in excess of $4 billion.
March 22, 2021 — Last week, CUNA and state Leagues sent a letter to the NCUA Board to adopt an interim final rule to provide Prompt Corrective Action (PCA) relief to credit unions.
The temporary 2020 interim final rule (IFR) on PCA expired December 31, 2020.
This request comes at a time when credit unions have seen a significant increase in deposits due to government stimulus payments during the COVID-19 pandemic. As a result, the deposit influx has caused a decrease in the net worth ratio for many credit unions, and could in some instances, trigger Prompt Corrective Action by the regulator.
“We feel that it is only fair that the NCUA temporarily ease net-worth restrictions while the pandemic affects consumer saving and spending habits,” stated League President Ken Watts in an email to credit unions.
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