Compliance

SAN JOSE, Calif. – Big credit unions are being targeted anew for their practices on overdrafts for debit transactions, with three new class action suits filed yesterday in federal court here charging Star One CU, Kern Schools FCU and SchoolsFirst FCU with unfair and deceptive practices regarding their use of “batching,” or paying off the biggest transactions before the most recent.

WASHINGTON – A community bank in Texas is filing a class action suit this afternoon challenging the constitutionality of the Dodd-Frank Act and its establishment of the Consumer Financial Protection Bureau.

PHILADELPHIA – In an unusual dual ruling, a federal judge Friday dismissed a suit brought by a non-customer of Philadelphia FCU claiming the credit union violated the fee disclosures requirements of the Electronic Funds Transfer Act and the handicapped provisions of the Americans With Disabilities Act.

PARKERSBURG, Md. – Rapid settlements between two local credit unions and a Michigan retiree who has sued 37 credit unions and banks over the ATM disclosures the Electronic Funds Transfer Act earned the so-called ATM vigilante small cash settlements, according to individuals familiar with the cases.

A statute long relegated to the environmental regulatory landscape is transforming the way consumer financial regulations are implemented.

NCUA indicated last week that its examiners will be giving credit unions a bit more room to operate.

Will a study of checking account disclosures and financial institution checking practices help to tighten the Consumer Financial Protection Bureau's focus on overdrafts?

WASHINGTON – Credit unions and banks ran into new opposition by consumer groups who oppose a bill that would eliminate the requirement that fees charged non-customers at the ATM are posted both on the side of the machines, as well as on-screen.

WHEELING, W.V. – Two local credit unions agreed this week to settle separate suits on ATM disclosures brought by a Michigan retiree who has gone around the country suing credit unions and banks over their failure to post fee disclosures on the outside of their ATMs.

LANDER, Wyo. – Atlantic City FCU has selected NeighborBench, a cloud-based platform that connects credit unions with a team of compliance experts, to help simplify compliance.