Compliance

WASHINGTON – A coalition of credit union and banking lobbyists joined the ATM industry in calling for new legislation eliminating the need for a physical fee disclosure outside ATMs to stop the proliferation of lawsuits alleging violation of the Electronic Funds Transfer Act.

ALEXANDRIA, Va.-A top NCUA official told Congress last week that proposed legislation to establish a new appeals process for credit union and bank examinations could prove unnecessarily costly and slow down the resolution of troubled credit unions, in some cases long enough to preclude NCUA from saving them.

WASHINGTON-A North Carolina Congressman took NCUA to task last week for penalizing all state-chartered CUs in his home state because one, State Employees', violated NCUA rules by publicizing its CAMEL code (CU Journal, Jan. 30).

WASHINGTON-While federal financial regulators testified against the Financial Institution Examination Fairness and Reform Act last week, credit unions' two major trade groups expressed their support for the propsed legislation.

BIRMINGHAM, Ala.-A group of credit unions here were given a briefing on the direction of the new Consumer Financial Protection Bureau by that agency's new leader.

WASHINGTON-As North Carolina state charters gear up for what amounts to two separate exams by state and federal regulators, NASCUS is working to address the situation before it impacts the dual chartering system in the state.

ALEXANDRIA, Va.-NCUA last week proposed new rules for troubled debt restructurings that will cover how all federally insured credit unions account for delinquencies, charge-offs and income related to troubled home mortgages and member business loans, as well as for how those loans are reported on NCUA's quarterly Call Reports.

RALEIGH, N.C.-North Carolina State Employees' Credit Union said it was joining with other consumer advocates in support of the full and fair disclosure of checking account policies and fees at all financial institutions.

ATLANTA-As reported first by Credit Union Journal, NCUA says it will begin independent insurance reviews for all federally-insured, state-chartered credit unions in North Carolina as the result of the ongoing release of its CAMEL rating by State Employees Credit Union in Raleigh.

Pam Perdue, chief compliance strategist at Continuity Control, said credit unions can expect to see "a lot more scrutiny around their behaviors with their members, and by that I mean the ways in which they advertise their product and service offerings," as well as the disclosures associated with those offerings.