Compliance

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.

Just two weeks after issuing new mortgage rules, the Consumer Financial Protection Bureau added 1,800 pages of regulations covering mortgage servicing-which one analyst says will have an impact on systems and staffing at credit unions.

Bob Dorsa, president of the American Credit Union Mortgage Association (ACUMA), said the initial response from his membership to new mortgage servicing rules from the CFPB is that they are going to cost credit unions more money.

One credit union believes the new mortgage servicing rules from the CFPB are going to make life "quite difficult" for many CUs, depending on the kind of platform they have in place.

While legal and political wrangling continue around Richard Cordray's appointment as director of the Consumer Financial Protection Bureau, credit unions are being urged to continue to work to comply with all the rules set by the new agency.

WASHINGTON – Republican senators on Friday 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.

WASHINGTON – Senate Republicans massed again today in opposition to the nomination to head the Consumer Financial Protection Bureau, insisting that President Obama agree to their terms for a five-person board to head the agency before they vote to confirm a director.

WASHINGTON – A Republican Senator called for the resignation of the director of the Consumer Financial Protection Bureau and three National Labor Relations Board members who a federal appeals court ruled Friday were illegally seated as recess appointees last year by President Obama.

WASHINGTON—Today’s ruling by a federal court invalidating several presidential appointments could threaten last year’s recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau, according to Republican leaders who brought the challenge.

WASHINGTON – President Obama’s nomination of recess appointee Richard Cordray this afternoon to a full five-year as director of the Consumer Financial Protection Bureau is expected to rekindle the battle over creation of the new consumer agency, which was heatedly opposed by Republicans in Congress.

WASHINGTON – President Obama is expected later today to nominate Richard Cordray, director of the fledgling Consumer Financial Protection Bureau who was seated last year as an abbreviated recess appointee, to a full term heading the new agency.