Compliance

In a letter to the Consumer Financial Protection Bureau, CUNA said the agency has "more than sufficient authority" to help put an end to lawsuits being filed across the country against credit unions over improper ATM disclosures.

Credit unions are being cautioned that despite the Consumer Financial Protection Bureau's efforts to streamline lending disclosures, at least initially the regulatory burden may not be so simple.

AUSTIN, Texas – The Texas CU Department on Tuesday warned credit unions about understating loan loss reserves, telling state charters an intentional understatement could qualify as an effort to falsify records.

ALEXANDRIA, Va. – NCUA is preparing to ease the reins on the use of financial derivatives and allow more credit unions to deal in a variety of instruments that would help them hedge interest rate risk, including interest rate swaps, caps, floors, options and collars.

ROCKVILLE, Md. – Realtors FCU has selected the NeighborBench platform, which connects credit unions with a team of compliance experts through the cloud, to help simplify compliance.

The new Consumer Financial Protection Bureau put banks, credit unions and other lenders on notice last week that it is stepping up enforcement of anti-discrimination laws.

Just as legislation is introduced to address the onslaught of numerous lawsuits against financial institutions over ATM disclosures, credit unions may now face a new wave of legal action, this time regarding their overdraft practices.

The Credit Union National Association does not foresee signficant harm coming to credit unions as the result of lawsuits and potential lawsuits against overdraft programs.

WASHINGTON – In a major setback for credit unions and banks, the Internal Revenue Service approved new rules that require depositories to report interest payments to nonresident aliens, starting in 2013.

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

CLEVELAND – A local credit union executive this morning decried the “flood” of new regulations being navigated by his and other credit unions and told lawmakers during a congressional hearing here this morning that the industry is lobbying NCUA for a temporary halt to new rules and regulations.

The National Credit Union Association is bringing 1,190 staff to Orlando over the next two weeks to focus on improving examiner performance and exam program consistency, and is spending $1.3 million in the process.

NCUA's National Training Conference will roll out the agency's new national supervision policy manual, and the agency expects it-along with meeting sessions-will reduce CU reports of examiner inconsistency.

ALEXANDRIA, Va. – The credit union lobby – in the midst of a flurry of new regulatory proposals – is calling on NCUA for a temporary halt to new rulemaking while credit unions catch their breath.

Credit union representatives wasted no time lining up to ask questions of its examiners at the Credit Union National Association's GAC last week.

RICHMOND, Va. – Entrust Financial CU has signed with COMPASS 4 CUs for regulatory compliance services, including reviews of Bank Secrecy Act compliance, policies and procedures, marketing, website, and training.

DUNCAN, Okla. – Halliburton Employees’ FCU has signed with COMPASS 4 CUs for regulatory compliance services, including reviews of Bank Secrecy Act compliance, policies and procedures, marketing, website, and training.

Credit union executives urged Congress last week to step in and alleviate a rapidly growing list of new regulations affecting credit unions and banks.

ALEXANDRIA, Va. – NCUA on Thursday said it believes it has more than enough reserves in the National CU Share Insurance Fund and therefore moved $278.6 million from the NCUSIF to the Temporary Corporate CU Stabilization Fund, which will lower this year’s corporate assessment.

LAS VEGAS – A credit union representative called on Congress this afternoon to review a number of controversial pending NCUA regulations on loan participations, CUSOs, liquidity and troubled debt restructurings to ensure they will not further hinder the dwindling number of healthy Nevada credit unions.