Compliance

NASHVILLE, Tenn. -- NCUA announced this morning it is creating an office to examine the nation’s largest credit unions, the four over $10 billion in assets and corporates, as part of a reorganization of its examinations process.

LOS ANGELES – Xceed Financial FCU, the first of nine credit unions sued over their purported overdraft practices, has agreed to an out-of-court settlement of its case, short of the suit being proclaimed a class action and with both parties agreeing to pay their own legal fees.

WASHINGTON – The credit union lobby on Tuesday urged Congress to get the new Consumer Financial Protection Bureau to ease off credit unions and focus its attention on unregulated entities and big banks.

WASHINGTON-Credit unions sent a divided message to Congress last week on the effects of the Dodd-Frank Act.

MONTPELIER, Vt.-Vermont State Employees Credit Union (VSECU) is in a legal battle with the state's Department of Financial Regulation (DFR) over the CU's use of the term "bank" and "banking" in its marketing.

Credit unions should look at the new mortgage rules being proposed by the Consumer Financial Protection Bureau with a mixture of relief and trepidation.

WASHINGTON – The chairman of a leading community development credit union testified before Congress this morning her credit union has not been adversely affected by the additional regulations imposed under the Dodd-Frank Act, which she said has helped level the playing field for credit unions and community banks with bigger institutions and unregulated entities.

MONTPELIER, Vt. – In a spat that could have ramifications across the country, state regulators ordered Vermont State Employees CU to stop using words such as “bank” and “banking” in its marketing, communications and advertising, telling the state’s second-largest credit union those words are reserved for banks only.

Visa and MasterCard repeatedly have been targets of legal actions and legislation over their policies. It has cost them and their issuers billions over the years in settlements and lost revenue.

OMAHA, Neb. -- A federal court Friday dismissed an ATM suit against Mutual First FCU over the disclosure provisions of the Electronic Funds Transfer Act because the plaintiff in the suit was unable to show proof that he had used the credit union’s ATM.

FORT WORTH, Texas – American Airlines FCU has signed with PolicyWorks to conduct a series of regulatory compliance reviews to ensure the credit union’s products, policies and procedures comply with all current federal rules and regulations.

NEWBURGH, N.Y. – A Brooklyn man filed a class action suit last week against Mid-Hudson Valley FCU over the ATM disclosure provisions of the Electronic Funds Transfer Act, the latest serial plaintiff to challenge credit unions’ compliance with the ATM law.

The Consumer Financial Protection Bureau's proposed revisions to mortgage disclosure forms, part of its "Know Before You Owe" mortgage project, has several changes.

LOS ANGELES – Xceed Financial FCU asked a federal court this morning to compel a member suing it over its overdraft practices to submit to mandatory arbitration instead, as required under its standard membership agreement.

WASHINGTON – NCUA and banking regulators on Tuesday said institutions that use cloud computing services may need to impose stronger risk-management controls, given the new challenges the technology carries in terms of protecting data and complying with regulations.

WASHINGTON – The Commodity Futures Exchange Commission this morning exempted all but a handful of credit unions from new rules on financial derivatives, clearing the way for NCUA to open the door later this year to greater use of interest rate swaps and options for a broader credit union market.

WASHINGTON – Credit unions and banks would be required to give prospective borrowers a concise, three-page disclosure of interest rates and fees to help compare loan terms in “plain language” under a proposal issued yesterday by the Consumer Financial Protection Bureau.

WASHINGTON – The House easily approved a credit union-backed bill tonight that would eliminate the requirement for the on-machine second fee disclosure at ATMs, the source of a growing number of legal claims against credit unions and banks.

ATLANTA– A federal appeals court ruled Friday that cardholders for BB&T must arbitrate their disputes on the bank’s overdraft procedures instead of litigate, under a mandatory arbitration clause in their customer agreement.

Former directors of Greater Kinston CU are challenging the state's February conservatorship of their $17-million community development credit union amid allegations of impropriety by the board members.