Compliance

WASHINGTON – The chairman of a leading community development credit union testified before Congress this morning her credit union has not been adversely affected by the additional regulations imposed under the Dodd-Frank Act, which she said has helped level the playing field for credit unions and community banks with bigger institutions and unregulated entities.

MONTPELIER, Vt. – In a spat that could have ramifications across the country, state regulators ordered Vermont State Employees CU to stop using words such as “bank” and “banking” in its marketing, communications and advertising, telling the state’s second-largest credit union those words are reserved for banks only.

Visa and MasterCard repeatedly have been targets of legal actions and legislation over their policies. It has cost them and their issuers billions over the years in settlements and lost revenue.

OMAHA, Neb. -- A federal court Friday dismissed an ATM suit against Mutual First FCU over the disclosure provisions of the Electronic Funds Transfer Act because the plaintiff in the suit was unable to show proof that he had used the credit union’s ATM.

FORT WORTH, Texas – American Airlines FCU has signed with PolicyWorks to conduct a series of regulatory compliance reviews to ensure the credit union’s products, policies and procedures comply with all current federal rules and regulations.

NEWBURGH, N.Y. – A Brooklyn man filed a class action suit last week against Mid-Hudson Valley FCU over the ATM disclosure provisions of the Electronic Funds Transfer Act, the latest serial plaintiff to challenge credit unions’ compliance with the ATM law.

The Consumer Financial Protection Bureau's proposed revisions to mortgage disclosure forms, part of its "Know Before You Owe" mortgage project, has several changes.

LOS ANGELES – Xceed Financial FCU asked a federal court this morning to compel a member suing it over its overdraft practices to submit to mandatory arbitration instead, as required under its standard membership agreement.

WASHINGTON – NCUA and banking regulators on Tuesday said institutions that use cloud computing services may need to impose stronger risk-management controls, given the new challenges the technology carries in terms of protecting data and complying with regulations.

WASHINGTON – The Commodity Futures Exchange Commission this morning exempted all but a handful of credit unions from new rules on financial derivatives, clearing the way for NCUA to open the door later this year to greater use of interest rate swaps and options for a broader credit union market.