Compliance

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.

WASHINGTON – The Senate Banking Committee on a straight party-line vote endorsed Richard Cordray for a full term as director of the Consumer Financial protection Bureau, setting up a showdown with Republicans who have vowed to block a vote by the full Senate.

WASHINGTON -- The Consumer Financial Protection Bureau proposed a rule today that would give it supervisory authority over certain nonbank student loan servicers, but a special carve-out will exempt all credit unions and student loans CUSOs.

OLYMPIA, Wash. – State regulators said state chartered credit unions may establish an audit committee and substitute it for the mandated supervisory committee as long as it encompasses the same oversight functions as the traditional supervisory panel.

WASHINGTON – Credit unions will have to make sure promotional offers they send out on Twitter or Facebook adhere to proper disclosures and disclaimers under new guidelines issued yesterday by the Federal Trade Commission.

WASHINGTON – The House late yesterday passed a bill that will eliminate the requirement that credit unions and banks mail annual privacy disclosures to members/customers explaining information sharing agreements, unless the disclosures changed from the prior year.

WASHINGTON – Senate Republicans said this morning they will continue to block a vote on President Obama’s choice to head the Consumer Financial Protection Bureau until the President agrees to change the structure of the fledgling agency.

WASHINGTON – Negotiations to move the nomination of Richard Cordray as director of the Consumer Financial Protection Bureau in the Senate have been halted, rendering this morning’s hearing on the CFPB amid mass Republican opposition bid virtually meaningless.

Credit unions are being encouarged to move full-speed ahead to comply with new health care reform mandates and those going into effect later in 2013.

ALEXANDRIA, Va. – The NCUA Board will review an application from $320-million Cinfed FCU to convert to a community charter serving more than 1.2 million people in Cincinnati and surrounding communities during next week’s monthly board meeting.

TUKWILA, Wash. – The National Association of State CU Supervisors is holding a one-day tutorial for credit union directors here April 22.