Compliance

SAN ANTONIO-Air Force FCU has agreed to divest itself of loans and deposits associated with members that were added to the credit union's rolls in contravention of its field of membership.

MADISON, Wis.-Consumer protection regulation likely to be passed by Congress will not have a major impact on credit unions if such policies implemented in other countries are good guides.

WASHINGTON-In its comment letter to NCUA on proposed changes to the field of membership rules, CUNA pressed for additional leeway for applications involving multiple political jurisdictions and rural districts.

ALEXANDRIA, Va.-NCUA's proposal on community chartering and field of membership is too restrictive and limits credit unions' ability to grow, contend a number of CU executives and NAFCU, who oppose components of the proposed rules.

WASHINGTON – A top Treasury official tried yesterday to dissuade credit unions from their opposition to the Obama administration’s proposal for a consumer financial protection agency, saying heavily regulated credit unions and banks ought to benefit by the proposed agency because it would put them on equal competitive grounds with non-banks and other lightly regulated financial services providers.

Over the next year banks will likely spend millions of dollars enhancing information security in response to the recent Federal Financial Institutions Examination Council guidance. The FFIEC guidelines were updated in response to increased threats from phishing, pharming and crimeware. The updated guidelines suggest that financial institutions (FIs) assess the risk associated with their Internet banking applications, identify mitigating actions and adjust their information security programs to implement those actions.