Compliance

WASHINGTON-In her debut speech to credit unions, new advisor of the Consumer Financial Protection Bureau Elizabeth Warren said the CU industry can be a strong ally for consumers.

BROOKFIELD, Wis.-Credit unions should prepare for many more Reg E opt-ins before year's end, according to Fiserv, which is proposing several strategies for CUs still seeking responses from high-volume overdraft users.

LAKE BLUFF, Ill.-Credit unions' successful efforts to educate members on the new overdraft rules will make 2011 a big year for CU income, one economist predicts.

LAKE JACKSON, Texas-Overdraft revenue at TDECU is up 15%, thanks to a comprehensive marketing campaign that positions courtesy pay as a member benefit.

WILMINGTON, N.C.-Velocity Solutions has released Intelligent Diagnostic System to assist CUs in managing the new overdraft regulatory environment and expected changes in the wake of the Dodd-Frank Act.

LAKE BLUFF, Ill.-In the months leading up to the Aug. 15 deadline for new rules on overdraft protection programs, many had predicted credit unions needed to prepare for a dramatic dip in revenue. But one month later that is not proving to be the case.

RALEIGH, N.C.-With one exeption, credit unions that spoke with Credit Union Journal reported they have not altered pricing to encourage members to opt-in to overdraft programs. The $2-billion Coastal FCU in Raleigh, N.C., for instance, developed a unique promotion to charge a penny for overdraft fees if members correct the overdraft quickly (Credit Union Journal, Aug. 23).

BIRMINGHAM, Ala.-Credit unions are becoming increasingly concerned about the fledgling Bureau of Consumer Financial Protection as the federal government prepares to get the new agency up and running.

HAMPTON, Va.-While many credit unions have pushed members to take advantage of their overdraft protection programs in light of new federal regulations, one CU is going in the opposite direction.

ALEXANDRIA, Va.-NCUA should allow CUSOs to expand their reach, according to CUNA and NAFCU. In separate comment letters to NCUA regarding its annual regulatory review, both trade groups urged the regulator to adjust a number of its rules governing CUSOs.