Compliance

The Consumer Financial Protection Bureau has received its second warning for unclear and inefficient supervision from the U.S. Chamber of Commerce.

NCUA will review 16 of its regulations during 2013 for greater clarity and understanding as part of its three-year regulatory review cycle.

There would be greater clarity-and, for that matter, brevity-in the regulations themselves, which would also help credit unions more effectively comply, says State Department FCU's Devin Lyon.

By all accounts, Nadine Vichich is looking forward to the retirement that will be coming her way sooner rather than later.

While member business lending gets a lot of the attention, reducing regulatory burden continues to be a priority for CUNA, according to CEO Bill Cheney.

NAFCU recently reiterated its call for Congress to provide broad-based regulatory relief to credit unions, outlining a five-point plan that it said would provide administrative, capital, structural, operational and data security reforms.

NCUA last week announced an initiative with state regulators and the National Association of State CU Supervisors (NASCUS) aimed at easing the way for state charters to qualify as low-income credit unions, which exempts credit unions from the cap on member business loans and allows them to raise supplementary capital.

The Consumer Financial Protection Bureau is poised for a deep and comprehensive look at the relationships between universities and financial institutions, one that some say is likely to result in new regulations and restrictions on certain practices.

At its meeting last week, the NCUA board added Treasury Inflation Protected Securities, Treasury securities indexed to the rate of inflation that are known as TIPS, as permissible investments for federally chartered credit unions.

ARVADA, Colo. – Sooper CU has selected NeighborBench to provide it with the company’s cloud-based platform that connects credit unions with a team of compliance experts.

ALEXANDRIA, Va. – NAFCU on Friday called on NCUA to give its examiners more guidance in examining the new mandated interest-rate management rules, saying its members are increasingly complaining about examiners substituting their own opinions and judgments for that of credit union management.

AUSTIN, Texas – The Texas CU Department announced today that Dan Buckley, a senior executive at Alabama’s Corporate America CU and before that a long-time NCUA corporate examiner, has been hired as Deputy Commissioner.

State-chartered credit unions here no longer face the specter of two separate exams now that the North Carolina regulator and NCUA have agreed to work together again.

PITTSBURGH – Federal agents seized personal account records at the Greater Pittsburgh Police FCU yesterday as part of an ongoing investigation into financial improprieties at the city’s police department.

GERMANTOWN, Md. – Mid-Atlantic FCU has signed with NeighborBench for its cloud-based NeighborBench compliance solution.

ALEXANDRIA, Va. – The NCUA Board is expected to approve a new permissible investment for federally insured credit unions at next week’s monthly meeting, Treasury Inflation Protected Securities, or TIPS.

WASHINGTON -- Senate Majority Leader Harry Reid and Banking Committee Chairman Tim Johnson joined 52 other Democrats in the Senate informing President Obama today that a majority of the body supports his nomination of Richard Cordray to a full five-year term as director of the Consumer Financial Protection Bureau and opposes the structural changes to the agency demanded by Senate Republicans.

WASHINGTON – New Senator Elizabeth Warren joined Democrat colleagues on the Senate Banking Committee this afternoon to urge their Republican colleagues to lift a block on the Consumer Financial Protection Bureau and allow the Senate to at least vote on the nomination of current CFPB Director Richard Cordray for a full five-year term.

WASHINGTON – NAFCU is working with lawmakers on a comprehensive regulatory relief package that would allow NCUA to mold new Consumer Financial Protection Bureau regulations to credit unions; allow NCUA to ease rules to equalize them with state rules; and modernize the Central Liquidity Facility; as well as old stand-byes like raise the cap on member business loans, allow credit unions to raise supplementary capital and allow all credit unions to add low-income communities to their fields of membership.

Republican senators have filed a bill that would block the Consumer Financial Protection Bureau from enforcing or implementing a host of new mortgage and credit card regulations until a new director is confirmed by the Senate-intensifying the chess game over the fledgling consumer agency.