Compliance

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.

ALEXANDRIA, Va. – NCUA said MEMBERS Trust Co.’s Charitable Lead Trust Program being conducted in partnership with the National CU Foundation is a permissible investment for federal credit unions as long as individual investments made by the Trust are permissible investments under NCUA’s rules and regulations.

WASHINGTON – Despite bipartisan ambitions in the House to repeal the Durbin amendment there is virtually no chance of the cap on debit fees being repealed in this Congress because the Senate—where the issue was fought over bitterly last year—has no interest in revisiting the matter.

WASHINGTON – Sen. Elizabeth Warren, widely credited with creating the idea of the Consumer Financial Protection Bureau, ripped her new Republican colleagues in the Senate during CUNA’s Government Affairs Conference this morning for their continued efforts to block a vote on the new agency’s director until they get a deal to change the structure of the fledgling consumer agency.

WASHINGTON – Consumer Financial Protection Bureau Director Richard Cordray, whose nomination is being held up in the Senate, told attendees to CUNA’s Government Affairs Conference this morning that credit unions are not the target of the new consumer cop on the block and he asked for their help in selling the fledgling agency to the public.

WASHINGTON – Rep. Spencer Bachus, (R-AL) told CUNA’s GAC that he believes Richard Cordray’s appointment to head the Consumer Financial Protection Bureau will be ruled unconstitutional, which will reduce the regulatory burden on CUs.

GREENSBORO, N.C. – Greensboro Postal CU has implemented Continuity Control’s regulatory compliance management system to help it keep up with new NCUA rules and regulations.

WASHINGTON – A number of CUs got the message yesterday that if they want to recertify their Community Development Financial Institution (CDFI) designation, they had better get moving now.

WASHINGTON – NCUA Chairman Debbie Matz, who tightened the regulatory screws when she took over at NCUA in 2009, assumed the role of de-regulator during CUNA’s Government Affairs Conference yesterday, saying the agency’s efforts now are aimed at reducing regulatory burden.

WASHINGTON – Several senators are working behind the scenes to hammer out a compromise on the nomination to head the Consumer Financial Protection Bureau, as a determined block of Republican senators continues to stymie the nomination.

WASHINGTON — Canada's embassy here played host to several hundred credit union representatives as part of a reception for the World Council of Credit Unions prior to CUNA's GAC here.