Compliance

WASHINGTON-NCUA Board Member Gigi Hyland told CUNA's GAC that she understands the need to actively pursue new avenues for growth, and that the agency is going to do its part by reducing regulatory burden through the review process and increasing the definition of a small credit union to $50 million.

WASHINGTON-The new Consumer Financial Protection Bureau will take aim at the huge paperwork requirements in the mortgage process as its first project, with a new try at combining disclosures for the TILA and the RESPA, according to Elizabeth Warren, the White House advisor who is organizing the consumer agency.

ALEXANDRIA, Va. – NCUA said last week that credit unions that charge fees for automatic identity theft protection programs as part of their free checking may be guilty of unfair and deceptive practices and need to disclose the fees and allow members to opt-in. A credit union, said NCUA in a new legal opinion, “should not assess such charges unless it is clearly within its contractual rights and has met all the relevant requirements of applicable laws.” Under the proposal, a credit union would automatically enroll its members, without the members’ request or consent, to receive certain services, including identity theft protection, on free checking accounts. The credit union would deduct periodic fees from the members unless the members choose to opt out of receiving the services. The truth-in-savings disclosure would list a $1 monthly fee for the services but describing the fee as optional. Among the laws and regulations such a practice may violate are the Federal Trade Commission Act’s unfair and deceptive acts and practices, known as UDAP, NCUA Truth In Savings Act requirements and NCUA’s own advertising rule.ALEXANDRIA, Va. – NCUA said last week that credit unions that charge fees for automatic identity theft protection programs as part of their free checking may be guilty of unfair and deceptive practices and need to disclose the fees and allow members to opt-in.

GLENDALE, Calif. — The increasing number of CU failures and Congressional attention on NCUA has some CEOs saying examiners are turning up the heat.

WEST PALM BEACH, Fla. — As part of an indepth report on NCUA and whether it is up to the task of regulating credit unions and corporates, Credit Union Journal asked for recommendations on where the agency could make improvements.

In making an assessment of the agency, sources told Credit Union Journal, it is important to examine NCUA's performance over a long period of time, not just the last three years.

NEW YORK — The National Federation of Community Development Credit Unions said that despite significant cuts to community development programs in the Obama administration's recently released FY2012 budget, the Community Development Financial Institutions (CDFI) Fund has emerged relatively unscathed.

NEW YORK — The National Federation of Community Development Credit Unions continues to be troubled over NCUA's regulation of small CUs.

WASHINGTON — In a comment letter to the Federal Reserve on implementing the Dodd-Frank Act, CUNA last week said Congress intended for small debit card issuers to be protected from the rate regulations in the interchange law.

SAN BERNARDINO, Calif. — The majority of credit union CEOs across the country interviewed by Credit Union Journal say the agency is not, although to be sure NCUA also has its defenders.