Compliance

CLEVELAND – A serial plaintiff in ATM suits targeting credit unions and banks filed a new action last week against Advantage CU, one of 35 suits under the Electronic Funds Transfer Act brought by Don Anderson in just the last month.

With higher capital standards proposed for banks under Basel III guidelines, analysts are concerned over why there is not much discussion within credit unions about how those same rules could affect them.

Someday CUs may become accustomed to risk-weighting their assets if Basel III rules make it to credit unions.

If credit unions are relying more than ever on its investment portfolio to bolster ROA, Basel III rules filtering down to credit unions is not good news.

ARLINGTON, Va.-CUNA and NAFCU are split on whether Basel III rules will eventually affect CUs, while NCUA is saying very little about the subject.

Credit unions should be bracing themselves for a pending wave of new regulations.

ALEXANDRIA, Va. – At its board meeting yesterday, the first without recently departed board member Gigi Hyland, NCUA proposed a rule to extend the deadline for credit unions to accept the low-income designation to 90 days following notification of eligibility by NCUA.

WASHINGTON – Although the Consumer Financial Protection Bureau appears close to a compromise over key mortgage underwriting rules, the agency’s attempts to appease both banks and consumer groups could backfire, according to several analysts.

COLUMBUS, Ohio – To give Ohio state chartered CUs an opportunity to interact with regulators, the Ohio Department of Commerce Division of Financial Institutions is holding its first Credit Union Day on Oct. 30.

WASHINGTON – Both credit union trade groups are objecting to proposals from the Consumer Financial Protection Bureau and NCUA, but over different issues.