Compliance

CUNA is conducting a national survey of credit unions about their recent experiences with examinators and the New Jersey CU League is already issuing results of a similar effort for all NCUA Region II credit unions that it spearheaded.

WASHINGTON – The Senate last night approved the bill to eliminate one of the dual fee disclosure requirements at ATMs, a measure aimed at eliminating so-called ATM vigilantes who file civil suits over the absence of on-machine disclosures.

Unfortunately, as credit unions seek to add or upgrade the skills of increasingly critical compliance personnel, there is no one simple approach that is really effective.

ALEXANDRIA, Va. – The NCUA Board this morning approved a new rule that will replace the current Wall Street rating system as a criteria for determining the permissibility of an investment with two new standards, whether the investment is determined to be of “investment grade” and whether it contains a “minimal amount of credit risk.”

Commodore Perry FCU expects to know this month the results of its appeal to NCUA's Supervisory Review Committee.

ALEXANDRIA, Va. – The Center for Responsible Lending, a consumer advocacy funded by Self-Help CU, called on NCUA last week to set new guidelines that would severally restrict credit unions’ ability to charge members overdraft fees.

FREDERICK, Md. -- NeighborBench, a provider of compliance solutions, has acquired Utah-based Counter Risk Group, a compliance consulting firm known for combining real-world experience with pragmatic technical innovation to help hundreds of financial institutions manage regulatory risk.

CHICAGO -- A prolific filer of patent claims filed suit yesterday against CEFCU, claiming the Peoria, Ill., credit union is infringing with the technology it uses for setting limits on remote information systems.

ALEXANDRIA, Va. – NCUA yesterday joined banking regulators in encouraging credit unions and banks to help members and customers in regions harmed by Hurricane Sandy with loan forbearance and other efforts.

NORWALK, Conn. – NCUA joined the banking regulators in urging the Financial Accounting Standards Board to consider a condensed version for non-public entities, like credit unions, when it issues a final rule on disclosures for interest rate and liquidity risk from financial institutions.

NEW ORLEANS – A Louisiana woman joined the growing list of serial filers of Electronic Funds Transfer Suit, suing separate three credit unions and one bank Friday in federal court over their alleged failure to disclose fees charged to non-members on the outside of their machines.

After appealing its latest examination results to NCUA as being retaliatory, Commodore Perry FCU will get the opportunity to present its case to NCUA's Supervisory Review Committee Nov. 7.

ALEXANDRIA, Va. – NCUA said this afternoon that Gail Laster, deputy chief counsel for the House Financial Services Committee, has been named director of the agency’s Office of Consumer Protection.

ALEXANDRIA, Va. – NCUA announced this morning it is amending its 5300 Call Reports for December to eliminate the previous reporting for modified-loan information and replace it with Troubled Debt Restructuring information, as adopted in May.

WASHINGTON – Department of Interior FCU has contracted with COMPASS 4 CUs to provide it with regulatory compliance support and assistance.

MONTPELIER, Vt. -- The Vermont State Employees CU said unencrypted computer tapes containing personal data and transaction records were inadvertently thrown into a landfill.

CLEVELAND – A serial plaintiff in ATM suits targeting credit unions and banks filed a new action last week against Advantage CU, one of 35 suits under the Electronic Funds Transfer Act brought by Don Anderson in just the last month.

With higher capital standards proposed for banks under Basel III guidelines, analysts are concerned over why there is not much discussion within credit unions about how those same rules could affect them.

Someday CUs may become accustomed to risk-weighting their assets if Basel III rules make it to credit unions.

If credit unions are relying more than ever on its investment portfolio to bolster ROA, Basel III rules filtering down to credit unions is not good news.