Compliance

WASHINGTON-Credit union leaders called on Congress last week to amend required disclosures at ATMs, eliminate annual privacy notices required for members and reduce financial reporting for small credit unions in the next round of regulatory relief currently being drafted.

WAUSAU, Wis.-Credit unions pleaded for regulatory relief at a House Financial Services Committee field hearing here.

RIDGECREST, Calif.-Here on the eastern side of the Sierra Nevada Mountains, on lonely Highway 395 between Mojave and Mammoth, "prompt" is a relative term.

LAS VEGAS-If small credit unions did not have the same regulations imposed on them as large credit unions and banks, they would have a better chance to survive.

WASHINGTON – CUNA and NAFCU joined a broad coalition of banking groups urging the Federal Reserve to trim a proposal that would require broad disclosures and new liability for providers of international wire transfers, including person-to-person remittances.

BRIDGEWATER, N.J. – Financial Resources FCU has installed Wolters Kluwer Financial Services’ ComplianceOne solution to help document its member business lending transactions.

ALEXANDRIA, Va. – An internal report issued yesterday by NCUA said the agency’s examiners are negligent in enforcing supervisory agreements, resulting in the failure of numerous CAMEL 1 and CAMEL 2 credit unions over the past few years.

CHICAGO-For 2012, NCUA is exploring a realignment of how it deploys its examiners and the amount of time examiners spend at credit unions, according to Chairman Debbie Matz.

WASHINGTON – Credit unions are asking the Federal Reserve to exempt them from stiff new disclosure requirements on international remittances, one of the dozens of provisions included in the Dodd-Frank Act the Fed must implement.

WASHINGTON – Credit union executives and directors were broadly dubious of an NCUA initiative Chairman Debbie Matz says is de-regulatory in its aims.

CU Journal has assembled an overview of new state laws and regulations affecting credit unions.

LOS ALTOS, Calif.-The most prevalent approach today to online security and fraud prevention is not working, said one executive who spoke to Credit Union Journal.

WASHINGTON – As NCUA prepares to examine one-third of its rules and regs during its annual regulatory review, CUNA is again stressing that the regulator must not and cannot add to the compliance burden already on CUs.

NEWPORT BEACH, Calif.-Reaction to NCUA's proposed rule changes regarding CUSOs has been swift and negative.

GLASGOW, Scotland-While CUSOs are widespread in the United States, the nation has nonetheless been slow to fully leverage collaboration among credit unions.

RANCHO CUCAMONGA, Calif.-Since CUs will likely have to change out one ATM at each branch next year, they should also consider adding imaging capability to the new machine they purchase.

BOLOGNA, Italy-The single biggest compliance burden isn't one specific regulation but rather a general lack of clarity across the entire regulatory landscape, according to one expert.

LAKE SUCCESS, N.Y.-It may be 2013 before real clarity comes to the compliance space, according to one observer, particularly for auto loans.

SAN ANTONIO-The state of financial services regulations has reached a point where it feels "unsustainable" to William Klewin.

MADISON, Wis.-The most pressing issue on the regulatory front for CUs: credit card-related rules.