Compliance

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.

ARLINGTON, Va.-CUNA and NAFCU are split on whether Basel III rules will eventually affect CUs, while NCUA is saying very little about the subject.

Credit unions should be bracing themselves for a pending wave of new regulations.

ALEXANDRIA, Va. – At its board meeting yesterday, the first without recently departed board member Gigi Hyland, NCUA proposed a rule to extend the deadline for credit unions to accept the low-income designation to 90 days following notification of eligibility by NCUA.

WASHINGTON – Although the Consumer Financial Protection Bureau appears close to a compromise over key mortgage underwriting rules, the agency’s attempts to appease both banks and consumer groups could backfire, according to several analysts.

COLUMBUS, Ohio – To give Ohio state chartered CUs an opportunity to interact with regulators, the Ohio Department of Commerce Division of Financial Institutions is holding its first Credit Union Day on Oct. 30.

WASHINGTON – Both credit union trade groups are objecting to proposals from the Consumer Financial Protection Bureau and NCUA, but over different issues.

NCUA examiners in 2013 will continue to focus on issues that have been a priority the last two years: general credit risk and interest rate risk from the increasing number of mortgages being booked by credit unions.

NORWALK, Conn. – Credit union executives are calling on the Financial Accounting Standards Board to exempt credit unions from a proposed rule aimed at helping public investors, which would require a variety of new disclosures on interest rate and liquidity risk from financial institutions.

Pentagon FCU is sending out a prototype short-form credit card agreement for the fourth quarter as part of the Consumer Financial Protection Bureau's project aimed at shortening consumer credit card contracts.

Wells Fargo has become the latest of the big banks to unveil simpler checking account disclosures for customers, following rollouts by JPMorgan Chase, Regions and TD Bank that started late last year.