Compliance

Credit Union Journal sat down with representatives from four states-Kansas, Michigan, Ohio and Washington-to discuss recurring examination issues, local and macro economic conditions, and other risks to their CUs.

FORTH WORTH, Texas – With the expectation of more such actions, a blind woman filed suit yesterday in federal court against Forth Worth Community CU, alleging the credit union’s ATM she uses does not comply with the recently enacted visually impaired provisions of the Americans With Disabilities Act.

ALEXANDRIA, Va. – Pentagon FCU is sending out a prototype short-form credit card agreement for the fourth quarter as part of the Consumer Financial Protection Bureau’s project aimed at shortening consumer credit card contracts.

NORWALK, Conn. – NAFCU on Tuesday called on the Financial Accounting Standards Board to exempt credit unions from proposed new disclosures on interest rate and liquidity risk.

As the deadline approaches for credit unions to have in place a written policy and program on interest-rate risk management, questions have been raised about whether ALM teams have been paying enough attention to the deposit side of the analysis.

SAN FRANCISCO – A federal court here agreed Friday to dismiss a member’s suit claiming that Star One CU violated consumer laws by the way it processes debit transactions, the seventh overdraft suit dismissed out of a total of nine filed against credit union since April.

DALLAS – Just as Congress is poised to ease the proliferation of lawsuits over ATM fee disclosures, a new kind of legal peril is facing credit unions over the Americans With Disabilities Act and its newly effective requirement to make all ATM accessible to the blind.

ALEXANDRIA, Va. – NCUA, which said last week it approved an additional 553 federally chartered credit unions to low-income status and its exemption from the member business loan cap, said this morning it plans to add another 400 state chartered credit unions to the list, providing them with the ability to accept non-member deposits, secondary capital and the ability to tap into NCUA’s low-rate community development loans, as well as exceed the 12.25% of assets limit on commercial loans.

MOLINE, Ill. – State regulators fined DHCU Community CU $10,000 for violating rules on granting an unsecured consumer loan.

ALEXANDRIA, Va. – NCUA said this morning credit unions now have more flexibility when working with members seeking loans for business vehicles.