Compliance

WASHINGTON – Credit unions and banks would be required to give prospective borrowers a concise, three-page disclosure of interest rates and fees to help compare loan terms in “plain language” under a proposal issued yesterday by the Consumer Financial Protection Bureau.

WASHINGTON – The House easily approved a credit union-backed bill tonight that would eliminate the requirement for the on-machine second fee disclosure at ATMs, the source of a growing number of legal claims against credit unions and banks.

ATLANTA– A federal appeals court ruled Friday that cardholders for BB&T must arbitrate their disputes on the bank’s overdraft procedures instead of litigate, under a mandatory arbitration clause in their customer agreement.

Former directors of Greater Kinston CU are challenging the state's February conservatorship of their $17-million community development credit union amid allegations of impropriety by the board members.

The speed with which credit unions react-or don't react-to the Supreme Court decision on the new healthcare laws will now be dictated by other organizations.

TORONTO – The Finance Ministry last week proposed regulation that would allow credit unions to be regulated at the national level and to operate across Canada and beyond their current provincial boundaries.

SAVANAH, Ga. -- The Georgia Department of Banking and Finance demanded that the so-called Georgia Entertainer's Credit Union stop claiming to be a state-chartered credit union based in Smyrna, Ga., according to a cease-and-desist order made public Friday.

Large credit unions have a real opportunity to assist their smaller counterparts as they begin the process of implementing the new healthcare law according to Suzanne Oliver, SVP of educational services with Mountain America CU.

OMAHA, Neb. -- A federal court ruled this week that a non-member suing Mutual First FCU over the disclosure provisions of the Electronic Funds Transfer Act has not shown he was injured by the credit union’s failure to post its disclosures because it is not clear he paid the fee and ordered him to show cause why the suit should not be dismissed.

BIRMINGHAM, Ala. – A federal court here awarded $19,000 Friday to a law firm suing Guardian CU for failure to post ATM disclosures and a lesser amount, $2,500, to the named plaintiff in the case who filed suit under the Electronic Funds Transfer Act on behalf of non-member users of two credit union-owned ATMs.