Compliance

District Government Employees Federal Credit Union in Washington, D.C., and Whitefish Credit Union in Montana have begun collaboration with COMPASS 4 CUs on regulatory compliance support.

One week after regulators uncovered some financial irregularities at its operations, Clarkston Brandon Community Credit Union (CBCCU) said its branches are “open and fully functional” and its employees are “ready to meet” members’ needs.

Digital and alternative currencies are often cast as libertarian-friendly payment vehicles whose very mission engenders government antagonism. But in Canada, things are a bit friendlier.

The agency scrapped a part of its 2014 proposal that would have required Home Loan Bank members to maintain a certain percentage of residential mortgage assets in order to keep their membership. But the agency held fast on a provision that would disqualify captive insurance firms from membership.

Credit unions are still clamoring for regulatory relief, only this year it's CFPB—not NCUA—that is prompting the loudest criticism.

The Financial Accounting Standards Board is giving a handful of community banks a chance to explain why a plan to change the accounting for loan losses will result in major hardship — and credit unions may want to follow suit, according to one CU advocate.

Credit unions will be fighting a compressed legislative schedule and heightened focus on the 2016 elections, but the effort to move regulatory relief and other key provisions in Congress this year is expected to continue in earnest.

The Financial Accounting Standards Board is giving a handful of community banks a chance to explain why a plan to change the accounting for loan losses will result in major hardship. The proposal would force banks to record a loan-loss provision once a loan is originated, rather than when a loss becomes probable.

But the strong demand for tax credits from those projects is also whittling down the investment returns as their riskiness declines, according to a new report by the New York-based accounting firm CohnReznick.

Some lenders have asked whether the bureau would adjust its so-called resubmission guidelines — which determine whether lenders have to refile data based on errors found in samples — and it has responded with a request for further industry input.