Compliance

BIRMINGHAM, Ala. – As the CFPB focuses on overdrafts, former NCUA Chairman Dennis Dollar is hoping the agency does not send the credit union business model back in time.

CHARLESTON, W.Va. – Peoples FCU CEO Tom Brewer on Monday told a congressional panel the growing number of regulations – especially the torrent of rules that continue to result from the Dodd-Frank Act – are burying credit unions under a massive compliance burden that is particularly damaging to smaller credit unions.

The banking lobby remains irate over NCUA's announcement that 1,000 credit unions are immediately eligible for low-income status and thus exempt from the congressionally mandated cap on member business loans.

WASHINGTON – Credit unions are raising concerns over a whirlwind of mortgage regulations that have come out of the Consumer Financial Protection Bureau, which has produced nearly 3,000 pages of proposed new rules in the past six weeks alone.

WASHINGTON – Six federal financial regulators – including NCUA – have issued a proposed rule creating new appraisal requirements for “higher-risk mortgage loans.”

MADISON, Wis. – The World Council of Credit Unions said its analysis has found credit union shares, which are perpetual, nonwithdrawable and available to cover institutional losses, can be considered “common equity” regulatory capital under guidelines offered by the Basel Committee on Banking Supervision’s Basel III document.

WASHINGTON – CUNA said it is pressing the Consumer Financial Protection Bureau to clarify its recent rule on remittances that exempts institutions with 100 or fewer remittance transactions per year from the regulation.

WASHINGTON – The Consumer Financial Protection Bureau has issued a proposal that would require mortgage servicers to provide clear monthly statements, earlier disclosures for interest rate adjustments, and options to help borrowers avoid foreclosures and costly force-placed insurance.

CUNA has made 17 recommendations to NCUA as part of the agencies 2012 Regulatory Review.

The trade group representing state regulators is urging NCUA to make some changes as part of the agency's annual Rule Review.

ALEXANDRIA, Va. – NCUA on Thursday said video teller machines qualify as legitimate service facilities that will allow credit unions to establish membership in proximity to the new machines.

WASHINGTON – The Consumer Financial Protection Bureau on Tuesday said credit unions and banks with fewer than 100 remittances per year are exempt from a requirement that providers of international money transfers provide upfront fee disclosures.

NCUA's plans to introduce a new Office of National Examinations and Supervision has North Carolina's State Employees Credit Union, one of the four $10-billion-plus CUs that fall under ONES' supervision, wondering what the regulator's intent is.

LOS ANGELES – A state appeals court yesterday upheld a lower court ruling that CUNA Mutual Group’s CUMIS Insurance Society is not responsible for a $243,700 fraudulent home equity line of credit transfer overseas because the credit union making the bond claim did not comply with the insurer’s required security procedures before making the wire transfer.

COMSTAR FCU is prepared for the Sept. 30 interest rate risk management policy deadline, as well as for a quick, sharp rise in rates.

Fiserv's Orlando Hanselman is asking whether credit unions will make the interest rate risk deadline and if all the right CUs are paying attention to the rule?

NCUA has issued a Letter to Credit Unions regarding multi-featured open-end lending (MFOEL) and blended lending, and one person is predicting that the number of credit unions using open-end lending will continue to decline as a result.

Saying it is seeking to better allocate resources to address areas of greater risk, NCUA will introduce the Office of National Examinations and Supervision, Jan. 1, 2013.

Few issues are as common to or discussed more often among credit unions than regulatory examinations and examiners.

Orlando Hanselman offers a checklist for complying with NCUA's new rules on interest rate risk.