Compliance

NORWALK, Conn.—Credit unions are overwhelmingly scoring a proposal by the Financial Accounting Standards Board to incorporate predictions of future loan performance in their calculations for allowance for loan losses and are asking the accounting rule-setters for an exemption from the proposal if it is finalized.

ALEXANDRIA, Va. – NCUA ruled that government guaranteed bonds issued by the U.S. Overseas Private Investment Corp., which helps finance private sector projects overseas, are permissible investments for federal credit unions.

LAS VEGAS – The Consumer Financial Protection Bureau’s mission – to protect consumers – is a “great one,” but Michael Benoit says the “problem” is the manner in which the CFPB is carrying out its business.

SACRAMENTO, Calif. – The California Department of Financial Institutions has issued an advisory prohibiting state charters from using phrases such as “anyone can join” in their advertising.

WASHINGTON – While supportive of the proposal, CUNA is calling on NCUA to make some tweaks to proposed changes to its fixed-asset rule.

Banks and CUs have finally found common ground-both loathe the Consumer Financial Protection Bureau.

WASHINGTON – A prohibition on mandatory arbitration provisions in certain mortgage loans is now just two weeks away.

ARLINGTON, Va. – NAFCU is pressing NCUA to make some changes in a proposed set of rules on federal credit union ownership of fixed assets.

ARLINGTON, Va. – As a result of the new Qualified Mortgage (QM) rule from the Consumer Financial Protection Bureau, nearly half (44%) of credit unions in a survey conducted by NAFCU indicated they will cease originations of non-qualified mortgages, while another 44% will reduce originations.

It is not your imagination; credit unions ARE spending more and more time dealing with new regulations.

CHEYENNE, Wyo. – WyHy Federal Credit Union has signed with NeighborBench for cloud-based compliance services.

BAY CITY, Mich. – A new round of lawsuits challenging readiness for the sight-impaired ATM provisions of the Americans With Disabilities Act is targeting credit unions, with as many as half-dozen ADA suits filed in the past few weeks.

DENVER – Denver Community CU said it has chosen NeighborBench’s cloud-based compliance solution to help simplify compliance.

ALEXANDRIA, Va. – The NCUA Board is expected next week to propose a rule allowing broader use of financial derivatives, mainly interest rate swaps, options and collars.

CHICAGO – Alliant CU has signed with PolicyWorks for regulatory compliance help.

The soon-to-be implemented Affordable Care Act, better known as ObamaCare, has credit unions scrambling to deal with its blizzard of requirements.

Health insurance has been regarded by most American companies as a standard employee benefit since World War II, but that is changing.

WASHINGTON – NCUA Chairman Debbie Matz issued her support this morning for a bill that would allow credit unions to raise secondary capital.

OLYMPIA, Wash. – The state Division of CUs has approved requests from state chartered credit unions to buy key-person insurance, also known as bank-owned life insurance, a popular retirement benefit held by banks known as BOLI, absent specific regulatory approval.

FREDERICK, Md. – Nymeo FCU, known as Comstar FCU until two weeks ago, has signed with NeighborBench to provide it with comprehensive compliance services.