Compliance

Gigi Hyland's departure from the NCUA board could raise the specter of gridlock should the remaining two members-one Democrat and one Republican-not agree on issues going before the agency.

Commodore Perry FCU has appealed its latest examination results to NCUA, alleging that numerous findings are not just inaccurate and false, but a result of examiner retaliation.

ALEXANDRIA, Va. – NCUA on Wednesday ruled it can approve a charter change for a healthy credit union in order to facilitate its merger with another healthy credit union.

PHILADELPHIA – A federal judge has agreed to dismiss an ATM disclosure suit brought by a Pennsylvania man against Philadelphia FCU under the Electronic Funds Transfer Act, one of 20 ATM suits filed by the serial plaintiff over the past 12 months.

MARTINSBURG, W.Va. – 167th TFR FCU has contracted with NeighborBench, a cloud based platform that connects credit unions with a team of compliance experts, to help simplify compliance.

ALEXANDRIA, Va. – NCUA on Tuesday barred the former CEO of Florida A&M FCU from credit unions for conspiring with a university think tank manager to steal $134,000 in federal grant money deposited in the credit union.

Credit Union Journal sat down with representatives from four states-Kansas, Michigan, Ohio and Washington-to discuss recurring examination issues, local and macro economic conditions, and other risks to their CUs.

FORTH WORTH, Texas – With the expectation of more such actions, a blind woman filed suit yesterday in federal court against Forth Worth Community CU, alleging the credit union’s ATM she uses does not comply with the recently enacted visually impaired provisions of the Americans With Disabilities Act.

ALEXANDRIA, Va. – 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.

NORWALK, Conn. – NAFCU on Tuesday called on the Financial Accounting Standards Board to exempt credit unions from proposed new disclosures on interest rate and liquidity risk.

As the deadline approaches for credit unions to have in place a written policy and program on interest-rate risk management, questions have been raised about whether ALM teams have been paying enough attention to the deposit side of the analysis.

SAN FRANCISCO – A federal court here agreed Friday to dismiss a member’s suit claiming that Star One CU violated consumer laws by the way it processes debit transactions, the seventh overdraft suit dismissed out of a total of nine filed against credit union since April.

DALLAS – Just as Congress is poised to ease the proliferation of lawsuits over ATM fee disclosures, a new kind of legal peril is facing credit unions over the Americans With Disabilities Act and its newly effective requirement to make all ATM accessible to the blind.

ALEXANDRIA, Va. – NCUA, which said last week it approved an additional 553 federally chartered credit unions to low-income status and its exemption from the member business loan cap, said this morning it plans to add another 400 state chartered credit unions to the list, providing them with the ability to accept non-member deposits, secondary capital and the ability to tap into NCUA’s low-rate community development loans, as well as exceed the 12.25% of assets limit on commercial loans.

MOLINE, Ill. – State regulators fined DHCU Community CU $10,000 for violating rules on granting an unsecured consumer loan.

ALEXANDRIA, Va. – NCUA said this morning credit unions now have more flexibility when working with members seeking loans for business vehicles.

What started as a standard conference speech by NCUA Chairman Debbie Matz turned into a sharp verbal exchange with State Employees CU CEO Jim Blaine last week over still-unresolved issues regarding oversight of state-chartered CUs in North Carolina.

WASHINGTON – The banking lobby is irate over NCUA’s exemptions for more than 550 credit unions from the congressional member business loan cap just as Congress is poised to once again defeat the credit unions’ efforts to raise the cap.

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 – Lawmakers are racing against next week’s close of the congressional sessions and trying to break free the credit union-backed bill to eliminate the dual fee disclosures required at ATMs.