Compliance

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.

The speed with which credit unions react-or don't react-to the Supreme Court decision on the new healthcare laws will now be dictated by other organizations.

TORONTO – The Finance Ministry last week proposed regulation that would allow credit unions to be regulated at the national level and to operate across Canada and beyond their current provincial boundaries.

SAVANAH, Ga. -- The Georgia Department of Banking and Finance demanded that the so-called Georgia Entertainer's Credit Union stop claiming to be a state-chartered credit union based in Smyrna, Ga., according to a cease-and-desist order made public Friday.

Large credit unions have a real opportunity to assist their smaller counterparts as they begin the process of implementing the new healthcare law according to Suzanne Oliver, SVP of educational services with Mountain America CU.

OMAHA, Neb. -- A federal court ruled this week that a non-member suing Mutual First FCU over the disclosure provisions of the Electronic Funds Transfer Act has not shown he was injured by the credit union’s failure to post its disclosures because it is not clear he paid the fee and ordered him to show cause why the suit should not be dismissed.

BIRMINGHAM, Ala. – A federal court here awarded $19,000 Friday to a law firm suing Guardian CU for failure to post ATM disclosures and a lesser amount, $2,500, to the named plaintiff in the case who filed suit under the Electronic Funds Transfer Act on behalf of non-member users of two credit union-owned ATMs.

MINNEAPOLIS – U.S. Bancorp said this morning it has agreed to pay $55 million to settle a class action lawsuit accusing it of unfair business practices in ordering payments on its debit transactions, similar to claims made against nine big credit unions over the past few weeks.

The Supreme Court's decision last week to uphold President Obama's healthcare law may have a number of employers — including some credit unions-playing catch-up.

WOODBURY, Minn. – The board of Postal CU has approved an amendment to its field of membership bylaws that will allow anyone making a $5 donation to the John D. Miller Scholarship fund anywhere in the country eligible for membership in the $530 million credit union.

WASHINGTON – A key House panel swiftly approved a bill this morning that would eliminate the Electronic Funds Transfer Act’s requirement that credit unions and banks disclose the fees they charge at the ATM twice—on the outside of the ATM and on-screen—and sent the bill on for a vote of the full House.