Compliance

The Credit Union National Association joined forces with the Independent Community Bankers of America on a letter to the Financial Accounting Standards Board urging changes to a proposal to alter how financial institutions establish reserves for loan losses.

More loans mean more profit, but they also mean more paperwork, more underwriting and more chances for things to go wrong if the CU doesn’t have the bandwidth to handle the load.

The agency's updated regulation gives credit unions new flexibility—a flexibility that a number of performance metrics suggest the industry can handle, according to the regulator's historic data.

Members of a House Energy subcommittee had many basic questions for technologists, entrepreneurs and legal experts testifying at a hearing on digital currency Wednesday.

Consumer Financial Protection Bureau head Richard Cordray faced a barrage of hostile questioning from members of Congress, who hammered him over everything from payday lending to regulatory relief for small financial institutions.

Lawmakers sharply criticized the Federal Deposit Insurance Corp. on Wednesday over a watchdog report that said the agency used abusive tactics to stop banks from offering refund anticipation loans.

In what has become almost a grim ritual, Consumer Financial Protection Bureau director Richard Cordray faced a barrage of hostile questioning from Republican members of the House Financial Services Committee, who hammered him over everything from payday lending to regulatory relief for small banks.

The chairmen of the House and Senate banking committees appear to agree that banks that hold higher capital should get a significant break on other regulatory requirements. But the odds of enacting a bill this year remain long.

The Wisconsin Senate passed a bill Wednesday regarding the regulation of credit unions that had previously received the support of the Wisconsin Credit Union League.

Regulator says it also continued multi-year effort to 'create and maintain a modern regulatory structure' that allows CUs to evolve and grow, as well as address emerging threats and risks to the system.