Compliance

The Texas State Supreme Court has ruled illegal two major provisions of the state's home equity rules, the latest setback in a two-decade battle. The state's highest court ruled that the Credit Union Commission and the Finance Commission went too far when modifying loan fee caps and allowing loan closings through an agent.

WASHINGTON – NAFCU Friday called on NCUA to support a new regulatory relief bill introduced in Congress just hours before, which would, among other elements, create a risk-based capital system for credit unions.

WASHINGTON – NCUA told a key lawmaker last week the agency is issuing new guidance to examiners on concentration risk and plans to amend its prompt corrective action regulation this fall to place additional emphasis on the risks posed to the balance sheet by concentrations of real estate and member business loans and loan participations.

The NCUA Board last week passed tough new regulations for loan participations-known in banking as syndications-that would that would set new requirements for sellers and buyers.

ALBANY, N.Y. – The state legislature last week passed a bill that will allow New York’s 20 state chartered credit unions to combine multiple group charters with community fields of membership in a hybrid charter.

LOS ANGELES – In a rare supervisory order, the California Department of Financial Institutions has directed Lithuanian CU – which has seen more than half of its $12 million in assets drained – to remove and replace its current CEO, who, the DFI said, “is not considered acceptable by the [DFI] Commissioner.”

MADISON, Wis. – Filene Research Institute and Credit Union Central of Canada are seeking North American credit unions to complete a survey on increasing regulation on credit unions in Canada and the United States – responses are due June 14.

Manufacturers of PIN entry devices have received updated Payment Card Industry security requirements.

One person believes the CFPB is a "work in progress" and CUs need to be prepared for ongoing changes to rules from the agency.

Cardtronics is upgrading existing Braille signage on thousands of its ATMs with a goal of fulfilling an agreement that is related to litigation between the company and the state of Massachusetts and the National Federation of the Blind.