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.

SAN ANTONIO, Texas – Credit union executives urged Congress this morning to step in and alleviate a rapidly growing list of new regulations affecting credit unions and banks.

Credit unions are prepared for new ADA compliance rules related to ATMs that take effect this week and will not face a wave of lawsuits similar to those driven by non-compliance with ATM fee disclosure rules.

Credit Unions should be prepared for, but not fear, a pending rule giving NCUA direct regulatory authority over CUSOs, according to one analyst.

If banks and CUs don't want the Consumer Financial Protection Bureau regulating overdraft pricing, they should clearly disclose their overdraft charges to consumers and members.

WASHINGTON – Two senators yesterday introduced legislation that would let credit unions and banks appeal examination findings to an outside arbiter, similar to the bill being debated in the House.

CUNA called on the Consumer Financial Protection Bureau to use its new authority over the Electronic Funds Transfer Act to amend requirements that force two separate disclosures on fees to a single, on-screen disclosure.

NCUA last week said a credit union may bar an employee who agreed to resign instead of being fired from running for the board of directors under a proposed separation agreement.

WASHINGTON – The newly formed Consumer Financial Protection Bureau on Thursday announced it has begun reviewing consumer complaints on bank and credit union checking and savings accounts.

ALEXANDRIA, Va. – NCUA on Tuesday said a credit union may bar an employee who agreed to resign instead of being fired from running for the board of directors under a proposed separation agreement.

WASHINGTON – CUNA called on the Consumer Financial Protection Bureau to use its new authority over the Electronic Funds Transfer Act to amend requirements that force two separate disclosures on fees to a single, on-screen disclosure.