Compliance

TORRANCE, Calif. – Honda FCU has signed with Wolters Kluwer Financial Services to help it update its master disclosure document quickly and in compliance with state and federal requirements.

WASHINGTON – The Senate Banking Committee called on officials at NCUA and the banking regulators to conduct internal reviews on the application of their own standards during examinations.

RALEIGH, N.C.-Some state-chartered credit unions here are considering converting to federal charter following a dispute between the state regulator and NCUA.

ALEXANDRIA, Va. – State-chartered credit unions across North Carolina today will receive a letter from NCUA stating it has finished its separate share insurance examinations of those CUs and will resume conducting joint exams with the North Carolina Credit Union Division as soon as it meets two conditions: it withdraws authorization for any federally insured CU to publish its CAMEL rating, and the NCCUD withdraws its approval for the pilot program being run by State Employees CU in which it is making its CAMEL rating public.

WASHINGTON – A coalition of credit union and banking lobbyists joined the ATM industry in calling for new legislation eliminating the need for a physical fee disclosure outside ATMs to stop the proliferation of lawsuits alleging violation of the Electronic Funds Transfer Act.

ALEXANDRIA, Va.-A top NCUA official told Congress last week that proposed legislation to establish a new appeals process for credit union and bank examinations could prove unnecessarily costly and slow down the resolution of troubled credit unions, in some cases long enough to preclude NCUA from saving them.

WASHINGTON-A North Carolina Congressman took NCUA to task last week for penalizing all state-chartered CUs in his home state because one, State Employees', violated NCUA rules by publicizing its CAMEL code (CU Journal, Jan. 30).

WASHINGTON-While federal financial regulators testified against the Financial Institution Examination Fairness and Reform Act last week, credit unions' two major trade groups expressed their support for the propsed legislation.

BIRMINGHAM, Ala.-A group of credit unions here were given a briefing on the direction of the new Consumer Financial Protection Bureau by that agency's new leader.

WASHINGTON-As North Carolina state charters gear up for what amounts to two separate exams by state and federal regulators, NASCUS is working to address the situation before it impacts the dual chartering system in the state.

ALEXANDRIA, Va.-NCUA last week proposed new rules for troubled debt restructurings that will cover how all federally insured credit unions account for delinquencies, charge-offs and income related to troubled home mortgages and member business loans, as well as for how those loans are reported on NCUA's quarterly Call Reports.

RALEIGH, N.C.-North Carolina State Employees' Credit Union said it was joining with other consumer advocates in support of the full and fair disclosure of checking account policies and fees at all financial institutions.

ATLANTA-As reported first by Credit Union Journal, NCUA says it will begin independent insurance reviews for all federally-insured, state-chartered credit unions in North Carolina as the result of the ongoing release of its CAMEL rating by State Employees Credit Union in Raleigh.

Pam Perdue, chief compliance strategist at Continuity Control, said credit unions can expect to see "a lot more scrutiny around their behaviors with their members, and by that I mean the ways in which they advertise their product and service offerings," as well as the disclosures associated with those offerings.

The Consumer Financial Protection Bureau plans to pay increased attention to financial literacy issues among members of the military in 2012, and that could mean new compliance issues for credit unions.

ALEXANDRIA, Va. – NCUA told credit unions the industry is heading for one of its most profitable years ever but still faces major risk as credit unions shift toward new activities.

ALEXANDRIA, Va. – NCUA said it won’t extend the monthly collection of financial data from credit unions in its Southeast Region Three, which it began almost three years ago during the biggest natural person credit union failure ever, Eastern Financial Florida CU.

ALEXANDRIA, Va. – The NCUA board will hold its first meeting of 2012 when it meets this Friday at the agency’s headquarters.

WASHINGTON-The Consumer Financial Protection Bureau may be one of the biggest question marks hanging over the compliance landscape in 2012, but one person is urging CUs to breathe easy.

WASHINGTON-NCUA will change its exam procedures in 2012 to focus examiners' time on credit unions that post the greatest risk.