Compliance

Will a study of checking account disclosures and financial institution checking practices help to tighten the Consumer Financial Protection Bureau's focus on overdrafts?

WASHINGTON – Credit unions and banks ran into new opposition by consumer groups who oppose a bill that would eliminate the requirement that fees charged non-customers at the ATM are posted both on the side of the machines, as well as on-screen.

WHEELING, W.V. – Two local credit unions agreed this week to settle separate suits on ATM disclosures brought by a Michigan retiree who has gone around the country suing credit unions and banks over their failure to post fee disclosures on the outside of their ATMs.

LANDER, Wyo. – Atlantic City FCU has selected NeighborBench, a cloud-based platform that connects credit unions with a team of compliance experts, to help simplify compliance.

ALEXANDRIA, Va. – The NCUA Board is expected next week to vote a new CUSO rule that will give the federal regulator greater controls and monitoring over the hundreds of credit union subsidiaries that do everything from data processing to ATM networking to real estate services.

ORLANDO, Fla. – NCUA will be ratcheting up how it defines a “small” credit union in the near future.

Credit unions in New Jersey took their message regarding examination and regulatory issues to NCUA's headquarters.

The NCUA has changed its troubled debt restructuring (TDR) rule to allow credit unions to deem a restructured member mortgage loan current as soon as the loan is closed.

SECU and NCUA have been arguing over more than just TDRs, including the CU's disclosure of its CAMEL code last year.

Effective June 30, NCUA's new TDR rules eliminate the need to maintain separate manual delinquency calculations on the past due status of loans.

ALEXANDRIA, Va. – The NCUA Board yesterday extended most of the provisions of the agency’s regulatory flexibility, or RegFlex, program to all credit unions, which previously had been reserved only for the healthiest credit unions.

ROCKVILLE, Md. – NCUA on Tuesday issued a supervisory order to Montgomery County Teachers FCU, a troubled, one-time $468-million credit union in the process of merging with nearby Educational Systems FCU – which will create one of Maryland’s largest credit unions.

CHANTILLY, Va. – Justice FCU has selected NeighborBench, a cloud-based platform that connects credit unions with a team of compliance experts, to help simplify compliance.

RESTON, Va. – Constellation FCU has signed with COMPASS 4 CUs for the company’s External Compliance Officer solution.

ALEXANDRIA, Va. – An internal review conducted by NCUA’s Office of the Inspector General on events surrounding last year’s NCUA dispute over North Carolina State Employees’ CU’s disclosure of its CAMEL code concluded that the North Carolina regulator violated a bilateral agreement with NCUA by giving the credit union giant a draft document of resolution that is supposed to be reserved for regulatory use.

LARAMIE, Wyo. – UniWyo FCU has selected NeighborBench, a cloud based platform that connects credit unions with a team of compliance experts, to help simplify compliance.

LAS VEGAS – Almost 10 months after NCUA said it would more closely regulate CUSOs – and the organizations in turn bombarded the regulator with comment letters – NCUA reportedly is narrowing its focus from the entire CUSO industry to a select group.

WASHINGTON – The Consumer Financial Protection Bureau said it plans to introduce new regulations that would ban origination fees that vary with the size of the loan, known as “origination points,” or limit the use of “discount points,” which are supposed to result in lower interest rates.

WASHINGTON – Credit union executives called on Congress this morning to help them deflect new regulations being drafted by the fledgling Consumer Financial Protection Bureau, saying proposals in the pipeline will add significant costs and manpower burdens.

What often seems to be overwhelming regulatory compliance demands will "continue to be an issue" for the foreseeable future, according to one analyst, who is recommending all credit unions have a designated compliance officer.