Vermont Files Suit Against FDA Over Drug ReimportationMontpelier, Vt. – The State of Vermont this afternoon (Thursday Augst 19, 2004) formally filed suitagainst the Food and Drug Administration (FDA) in U.S. District Court inBurlington, Vermont, becoming the first state in the nation to challengethe FDA’s legal arguments for blocking reimportation proposals.”Vermont will not sit back and watch as the cost of health insurance andprescription drugs continues to rise. Nor are we content to simply ignorethe law,” Governor Douglas said. “Real leadership means challenging thoselaws and policies you oppose, and working within our systems to changethem. It is our hope and expectation that Vermont’s leadership will resultin a legal precedent that benefits every Vermonter, and every American.”Governor Douglas acknowledged that the cost of prescription drugs is butone piece of the problem, and reimportation one part of the solution. Ashe has done many times before, Douglas said he would continue to urgeCongress to take immediate action to increase competition amongmanufacturers, speed the approval of generic drugs, preserve states’ability to pool their purchases, protect state pharmaceutical programsthat may be impacted by the new Medicare law, and review recent increasesin the cost of pharmaceuticals.”Reforming the American pharmaceutical marketplace must be our toppriority,” he said. “The ultimate goal is to get the best possible marketprices at our pharmacies here at home.”The complaint argues that the FDA decision was “arbitrary and capricious,and otherwise unreasonable” and in direct violation of the MedicarePrescription Drug, Improvement, and Modernization Act (MMA) of 2003. TheMMA requires the federal government to create rules permittingreimportation of prescription drugs by wholesalers, pharmacists, and statebenefit programs, and to issue guidance describing the circumstances underwhich the FDA will grant waivers allowing reimportation for personaluse-neither of which the FDA has done.According to the complaint, Vermont is seeking a court order that will”require prompt adoption of regulations and waiver guidance andappropriate consideration of Vermont’s proposed program.”Vermont had sought a waiver from the FDA authorizing a pilot drugreimportation plan. The goal of the pilot project was to demonstrate howa plan could be safely implemented, and ultimately serve as a model forother states to implement similar programs.Douglas and Attorney General William Sorrell agreed the suit wasnecessary, saying the federal government’s grounds for denying the waiverrequest are not legitimate.”Vermont presented a legal and responsible plan to import prescriptiondrugs,” Governor Douglas said at the time of the FDA rejection. “Theclaims on which they’ve based (the) denial are, in our view,unsubstantiated and we have no choice but to pursue…all legal remediesavailable.”After the complaint has been filed with the court and served on thefederal government, the federal government has 60 days to respond.A copy of the complaint is available at:http://www.vermont.gov/governor/priorities/priorities.html(link is external)
continue reading » Credit unions are relying more on non-interest income to grow. Over the past 10 years, non-interest income as a percentage of gross income has risen from 19% in 2008 to 27% in 2018, according to the December 2008 and the December 2018 call report data from the National Credit Union Administration. One of the primary benefits of non-interest income is that it is not tied to the cyclicality of changes in the market and in interest rates.Traditionally, financial institutions have derived much of their non-interest income through fees like credit card and account fees or monthly services charges. But, as regulations change and credit unions desire to provide value and a superior experience for members, more organizations are moving away from relying on fee-based income. In this article, we will explore opportunities for your credit union to augment non-interest income in a way that focuses on putting members first while also boosting the bottom line.Invest in CUSOs to Boost the Bottom LineCredit union service organizations have grown in popularity. Not only do they provide valuable services for members, they are also an excellent source of non-interest income for credit unions. According to NCUA, the top CUSO services are lending, member services, and payment and electronic transaction processing. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Samantha Paxson Samantha Paxson is Chief Experience Officer for CO-OP Financial Services (www.co-opfs.org), a payments and financial technology company serving credit unions. Web: www.co-opfs.org Details While backpacking in the Himalayans, New Jersey teenager Maggie Doyne came face to face with global poverty when she met a Nepalese orphan. As detailed in a CNN.com “Hero of the Year” story, her sadness around this one child’s experiences was multiplied when she discovered some 80 million others across the world struggle in the same way. Rather than shrink in the face of such overwhelming numbers, she decided to help just one child through school. And, she didn’t stop there. Using $5,000 she’d earned from babysitting, Maggie bought some land on which she and the local community ultimately built a school, a women’s center and a children’s home.Maggie, like countless other courageous women throughout history, allowed herself to think big, and the results were incredible. This spirit of stubborn optimism in the face of crushing circumstances can be found in many pockets of the world. Luckily for the credit union industry, we have an organization actively mobilizing that spirit to effect change on a global scale. Homegrown within the credit union movement, the Global Women’s Leadership Network (GWLN) is courageously confronting the problem of women disproportionately excluded from the financial system. Globally, about 1.7 billion adults remain unbanked. More than half of these individuals are women. And here’s why that’s significant: When women rise out of poverty, they bring so many others with them, not the least of which is the next generation. A study in Brazil, cited in a report on Global Women’s Issues, found that the probability of child survival was almost 20 times greater when the household income was controlled by a woman. As mothers, caregivers, teachers, spiritual and community influencers, women are leaders in their communities. When they do well, so do their communities. For this and so many other reasons, CO-OP Financial Services is proud to have announced a new level of support for the work of the GWLN. In honor of the organization’s tenth anniversary, we have pledged a half-million dollar contribution. Beginning in 2020, CO-OP, a founding supporter of the GWLN, will donate $50,000 in 2020, and then $50,000 for the next nine years that follow. CO-OP is making this investment in GWLN because it is the right thing to do, but also because there will be a return on this investment in tangible and intangible ways, as GWLN moves from raising awareness to being a vanguard organization of actual change. We believe in the power of female leaders everywhere, and especially within the credit union movement. The industry is benefiting from a growing number of optimistic women who fearlessly go against the grain and push the envelope for the betterment of their cooperatives and their members’ financial lives. When I first came to the credit union industry, I was struck by the cautious, careful way the movement’s leaders approached growth or even thought about the future. The environment felt something like an echo chamber, and new ideas were often difficult to socialize. But that’s all changing, and a lot of that change is due to the strong female leaders that are killing it for their credit unions. Throughout the movement, these women are thinking in new, big ways about doing better for members, all while still respecting the value system of the industry. They take member service and “people helping people” and attach those values to growth-oriented innovation that enhances what we can do for members exponentially. There are so many examples I could cite, but perhaps I could simply point to CO-OP’s “Founders’ Award” recipient for 2019, former Board of Directors member Patsy Van Ouwerkerk. She retired in 2014 as President/CEO of Travis Credit Union, after serving in that capacity for 12 years, and capping a credit union career that began in 1975. A true pioneer, Patsy was only the fourth woman in the country selected to run a $1 billion credit union. She remains active in our industry having joined the Mitchell Stankovic and Associates consultancy – and she’s embedded in the ongoing work of the GWLN.The possibilities for this big-thought energy are endless, especially when we consider the resources credit unions have at their disposal. I’m not just talking about the passionate, member-first executives who lead our industry or the collaboration that underpins everything we do; I’m talking about capital. A colleague of mine recently reminded me of the massive potential that lies within the movement’s assets. And yet, at credit union after credit union we see an aversion to putting capital to work. Investing in growth and innovation is a risk, to be sure. But, it’s a calculated one. As leaders of a legacy industry, we have to continuously push ourselves to listen outside of that echo chamber. Technology companies and big banks are spending billions to digitally evolve how they deliver financial services. Competition is tough, disruptors are real, consumers are demanding new forms of interaction and new levels of value from the organizations they bring into their lives – and that certainly extends to their credit unions. Now is the time to think big, and to cooperate with the organizations that are fearlessly, stubbornly and optimistically pushing to make the credit union industry the best it can be for its members. GWLN is just one of these organizations, and we’re so proud to be a part of the continued vitality of its mission.