Compliance

Ever since the FFIEC released its social media guidance for financial institutions in January, executives have been concerned about several requirements, such as the difficulty of monitoring employees' social media activities and the challenge of calculating an ROI for social media.

Yet more regulatory fallout from the recession is a proposed rule from NCUA relating to liquidity risk-which two experts said is all about a credit union having enough "levers" to pull during a crisis.

A liquidity policy is different from a contingency funding plan, and should be part of every credit union's overall strategic planning, according to John Myers.

Credit unions are being cautioned to double-check the non-judicial foreclosure statutes in the states in which they do mortgages for notice requirements in the wake of a closely watched Nevada state court ruling.

The Texas State Supreme Court has ruled illegal two major provisions of the state's home equity rules, the latest setback in a two-decade battle. The state's highest court ruled that the Credit Union Commission and the Finance Commission went too far when modifying loan fee caps and allowing loan closings through an agent.

WASHINGTON – NAFCU Friday called on NCUA to support a new regulatory relief bill introduced in Congress just hours before, which would, among other elements, create a risk-based capital system for credit unions.

WASHINGTON – NCUA told a key lawmaker last week the agency is issuing new guidance to examiners on concentration risk and plans to amend its prompt corrective action regulation this fall to place additional emphasis on the risks posed to the balance sheet by concentrations of real estate and member business loans and loan participations.

The NCUA Board last week passed tough new regulations for loan participations-known in banking as syndications-that would that would set new requirements for sellers and buyers.

ALBANY, N.Y. – The state legislature last week passed a bill that will allow New York’s 20 state chartered credit unions to combine multiple group charters with community fields of membership in a hybrid charter.

LOS ANGELES – In a rare supervisory order, the California Department of Financial Institutions has directed Lithuanian CU – which has seen more than half of its $12 million in assets drained – to remove and replace its current CEO, who, the DFI said, “is not considered acceptable by the [DFI] Commissioner.”

MADISON, Wis. – Filene Research Institute and Credit Union Central of Canada are seeking North American credit unions to complete a survey on increasing regulation on credit unions in Canada and the United States – responses are due June 14.

One person believes the CFPB is a "work in progress" and CUs need to be prepared for ongoing changes to rules from the agency.

Cardtronics is upgrading existing Braille signage on thousands of its ATMs with a goal of fulfilling an agreement that is related to litigation between the company and the state of Massachusetts and the National Federation of the Blind.

ALEXANDRIA, Va. – NCUA told consumer advocates concerned with credit unions offering high-priced payday loans it’s hands are tied because the credit union regulator has no legal authority over a payday lending CUSO.

BALTIMORE – NCUA will begin accepting applications June 17 for this year’s round of small credit union grants and the agency plans to award $1.2 million in grants up to $24,000.

CANTON, N.C. – Champion CU yesterday said it has signed for regulatory compliance support and assistance from COMPASS 4 CUs.

DES MOINES -- Credit unions in Iowa and Nebraska are partnering with CoOportunity Health to offer affordable, health insurance options for individuals, families and businesses starting this fall at the approach of the deadline for the Affordable Care Act, known as Obamacare.

As two major accounting standards group attempt to improve the quality of financial instrument reporting, one expert sees new problems being created.

The Consumer Financial Protection Bureau said it has detected alleged racial discrimination in the auto loan market. Finding the evidence was the easy part-the tougher questions involve what the agency intends to do about it, and how its eventual actions will affect competition among lenders.

NORWALK, Conn. – NCUA joined bank regulators late Friday to endorse the controversial accounting proposal issued by the Financial Accounting Standards Board which is expected to require credit unions and banks to set aside more loan loss reserves.