Compliance

OLYMPIA, Wash. – State regulators said state chartered credit unions may establish an audit committee and substitute it for the mandated supervisory committee as long as it encompasses the same oversight functions as the traditional supervisory panel.

WASHINGTON – Credit unions will have to make sure promotional offers they send out on Twitter or Facebook adhere to proper disclosures and disclaimers under new guidelines issued yesterday by the Federal Trade Commission.

WASHINGTON – The House late yesterday passed a bill that will eliminate the requirement that credit unions and banks mail annual privacy disclosures to members/customers explaining information sharing agreements, unless the disclosures changed from the prior year.

WASHINGTON – Senate Republicans said this morning they will continue to block a vote on President Obama’s choice to head the Consumer Financial Protection Bureau until the President agrees to change the structure of the fledgling agency.

WASHINGTON – Negotiations to move the nomination of Richard Cordray as director of the Consumer Financial Protection Bureau in the Senate have been halted, rendering this morning’s hearing on the CFPB amid mass Republican opposition bid virtually meaningless.

Credit unions are being encouarged to move full-speed ahead to comply with new health care reform mandates and those going into effect later in 2013.

ALEXANDRIA, Va. – The NCUA Board will review an application from $320-million Cinfed FCU to convert to a community charter serving more than 1.2 million people in Cincinnati and surrounding communities during next week’s monthly board meeting.

TUKWILA, Wash. – The National Association of State CU Supervisors is holding a one-day tutorial for credit union directors here April 22.

ALEXANDRIA, Va. – NCUA said MEMBERS Trust Co.’s Charitable Lead Trust Program being conducted in partnership with the National CU Foundation is a permissible investment for federal credit unions as long as individual investments made by the Trust are permissible investments under NCUA’s rules and regulations.

WASHINGTON – Despite bipartisan ambitions in the House to repeal the Durbin amendment there is virtually no chance of the cap on debit fees being repealed in this Congress because the Senate—where the issue was fought over bitterly last year—has no interest in revisiting the matter.