Compliance

ANAHEIM, Calif. – Credit unions are searching for answers on how to deal with the many requirements related to the Affordable Care Act, based on the full house that showed up for a breakout session Tuesday afternoon at the CUNA HR/TD Council Conference here.

WASHINGTON – In an unprecedented rebuff, the Republican chairman of the House Financial Services Committee refused to allow Consumer Financial Protection Bureau Director Richard Cordray to testify before the committee because he said a recent court ruling invalidates Cordray’s year-old appointment to the post.

Hundreds of credit unions have quietly qualified for relief from regulatory restrictions on member business loans and raising supplementary capital through NCUA's low income program, even as Congress continues to hold up decade-long requests for regulatory relief.

Credit union executives called on Congress last week to get the Consumer Financial Protection Agency to exercise existing powers to exempt credit unions from a growing list of new regulations being issued by the fledgling agency, or at least allow NCUA to override some of the new CFPB rules.

WASHINGTON – Credit union executives called on Congress this afternoon to get the Consumer Financial Protection Agency to exercise existing powers to exempt credit unions from a growing list of new regulations being issued by the fledgling agency, or at least allow NCUA to override some of the new CFPB rules.

Credit unions are calling foul on proposed federal guidelines that would, among other requirements, force credit unions to put proper consumer disclosures on all social media messages, cutting deeply into the allowable 140-character limit on Twitter, for example.

ALEXANDRIA, Va. – NCUA and the other financial regulators are drafting standards to evaluate workforce diversity at credit unions and banks in an effort to gauge institutions’ efforts to hire women and minorities.

WASHINGTON – Credit unions are calling foul on proposed federal guidelines that would, among other requirements, force credit unions to put proper consumer disclosures on all social media messages, cutting deeply into the allowable 140-character limit on Twitter, for example.

Tim Segerson, deputy director of Examination andInsurance with NCUA, shared a Top 10 List of Red Flags that will be getting the attention of examiners, as well as another Top 10 List of Things Examiners Want to See.

NCUA's examiners will be focusing in the second half of the year on credit unions' ability to manage e-banking risk.

Credit unions are worried a proposal by the Financial Accounting Standards Board (FASB) to use an expected loss method to measure loan losses will require them to increase loan loss reserves and are calling on the FASB to withdraw the proposal.

ALEXANDRIA, Va. – With the explosive growth in mobile banking, NCUA is cautioning CUs not to expand e-banking services without also implementing strong plans to manage risk in this area.

STRATFORD, Conn. – Credit unions are worried a proposal by the Financial Accounting Standards Board to use an expected loss method to measure loan losses will require them to increase loan loss reserves and are calling on the FASB to withdraw the proposal.

WASHINGTON – CUNA and NAFCU have been invited to testify at an April 10 hearing by the House Financial Services Committee, which has begun preliminary work to draft a regulatory relief bill.

DALLAS – More than two dozen credit unions have agreed separately over the past two months to settle civil suit related to the Americans With Disabilities Act and access for the blind to their ATMs, as the latest flurry of ATM suits continues to accelerate.

BOSTON—A former financial advisor for Corning (New York) CU was fined $10,000 and suspended ten days for loading up a computer flash drive with member information when he left the credit union to take a new job with Wachovia Securities, now a unit of Wells Fargo.

COLUMBIA, S.C. – A federal court here Friday agreed to dismiss a discrimination suit brought against Founders FCU by a former assistant vice president in charge of Hispanic outreach who was fired over conflicts with the credit union’s loan policies.

CUNA has asked the Financial Accounting Standards Board to delay its proposals for changes in the accounting for credit losses and loan impairments.

Virtual currencies have finally garnered enough of a following to make the U.S. government react. Bitcoin's a big focus, but even companies like Facebook and Amazon.com may have to take FinCEN's new rules into account.

ALEXANDRIA, Va. – NCUA said it will select a number of federal credit unions for a fair lending examination – as it has in past years – based on a number of factors including a credit union Home Mortgage Disclosure Act profile.