Compliance

NEW ORLEANS – A serial plaintiff in ATM fee suits has filed 16 new actions over the past four weeks alleging credit unions and banks have violated provisions of the Electronic Funds Transfer Act, just as Congress is closing in on legislation that would make those suits impossible.

MONTPELIER, Vt. – A formal hearing is now scheduled for Oct. 24 between Vermont State Employees CU and the state’s Department of Financial Regulation over the use of the words “bank” and “banking” by the credit union.

ARLINGTON, Va. – The relationship between many CUs and their examiners remains strained, according to a recent NAFCU survey of its membership.

MADISON, Wis. – Credit unions have struggled in their attempts to comply with regulations regarding multi-featured open-end lending the last two years, and one compliance expert believes CUs will have to opt for closed-end lending in most cases.

MONTPELIER, Vt. – A pre-conference hearing is scheduled for today in the legal battle between Vermont State Employees CU and the state’s Department of Financial Regulation over the use of the words “bank” and “banking.”

BIRMINGHAM, Ala. – As the CFPB focuses on overdrafts, former NCUA Chairman Dennis Dollar is hoping the agency does not send the credit union business model back in time.

CHARLESTON, W.Va. – Peoples FCU CEO Tom Brewer on Monday told a congressional panel the growing number of regulations – especially the torrent of rules that continue to result from the Dodd-Frank Act – are burying credit unions under a massive compliance burden that is particularly damaging to smaller credit unions.

The banking lobby remains irate over NCUA's announcement that 1,000 credit unions are immediately eligible for low-income status and thus exempt from the congressionally mandated cap on member business loans.

WASHINGTON – Credit unions are raising concerns over a whirlwind of mortgage regulations that have come out of the Consumer Financial Protection Bureau, which has produced nearly 3,000 pages of proposed new rules in the past six weeks alone.

WASHINGTON – Six federal financial regulators – including NCUA – have issued a proposed rule creating new appraisal requirements for “higher-risk mortgage loans.”