Compliance

Just as legislation is introduced to address the onslaught of numerous lawsuits against financial institutions over ATM disclosures, credit unions may now face a new wave of legal action, this time regarding their overdraft practices.

The Credit Union National Association does not foresee signficant harm coming to credit unions as the result of lawsuits and potential lawsuits against overdraft programs.

WASHINGTON – In a major setback for credit unions and banks, the Internal Revenue Service approved new rules that require depositories to report interest payments to nonresident aliens, starting in 2013.

WASHINGTON – Labor FCU has selected NeighborBench, a cloud based platform that connects credit unions with a team of compliance experts, to help simplify compliance.

CLEVELAND – A local credit union executive this morning decried the “flood” of new regulations being navigated by his and other credit unions and told lawmakers during a congressional hearing here this morning that the industry is lobbying NCUA for a temporary halt to new rules and regulations.

The National Credit Union Association is bringing 1,190 staff to Orlando over the next two weeks to focus on improving examiner performance and exam program consistency, and is spending $1.3 million in the process.

NCUA's National Training Conference will roll out the agency's new national supervision policy manual, and the agency expects it-along with meeting sessions-will reduce CU reports of examiner inconsistency.

ALEXANDRIA, Va. – The credit union lobby – in the midst of a flurry of new regulatory proposals – is calling on NCUA for a temporary halt to new rulemaking while credit unions catch their breath.

Credit union representatives wasted no time lining up to ask questions of its examiners at the Credit Union National Association's GAC last week.

RICHMOND, Va. – Entrust Financial CU has signed with COMPASS 4 CUs for regulatory compliance services, including reviews of Bank Secrecy Act compliance, policies and procedures, marketing, website, and training.