Compliance

In a June 16 letter, NCUA Chairman Debbie Matz denied there has been any lack of transparency, writing, "In a series of communications since OCP was created in 2010, NCUA has featured articles addressing why the NCUA Board created OCP, its mission, and specific responsibilities being transferred to OCP.

SAN ANTONIO-Credit unions are being offered some advice and strategies for dealing with the next wave of regulations.

WASHINGTON-The Consumer Financial Protection Bureau released two prototypes for a single, streamlined mortgage disclosure form.

WASHINGTON-The Treasury Department has swapped the carrot for the stick for three of the largest participants in the administration's foreclosure prevention program.

WASHINGTON-With regulators struggling to decide which loans to excuse from risk-retention, Federal Deposit Insurance Corp. Chairman Sheila Bair said the best option would have been to shelve the exemption altogether.

WASHINGTON — CUNA last week sent a letter to NCUA saying the agency's final rule on incentive-based compensation arrangements should distinguish between credit unions that have not rewarded undue risk taking and those financial institutions that have.

ALEXANDRIA, Va.-Credit union executives are worried an accounting proposal by NCUA that would require credit unions deduct "bargain purchase gain" in mergers of troubled credit unions will have the opposite of its desired effect and, instead, discourage such credit union combinations.

WASHINGTON-Republican lawmakers increased their efforts last week to water-down the fledgling Consumer Financial Protection Bureau as they seek to block an expected Obama administration nomination of consumer advocate Elizabeth Warren to head the newly created agency.

A number of industry leaders did not discount the opinion shared by Mike Moebs, CEO and economist of Moebs $ervices, that credit unions will need to meet a higher capital minimum to be considered well-capitalized.

BIRMINGHAM, Ala.-Former NCUA Chairman Dennis Dollar sees little chance capital requirements for credit unions will increase.

ALEXANDRIA, Va.-Credit unions are urging NCUA to delay enactment of its new rule scrapping ratings by Wall Street agencies as a requirement for investments until the agency replaces the traditional ratings benchmark with definitive guidance.

OLYMPIA, Wash. — "Once a member, always a member," has long been an assumption of credit union membership rules. But that's not always the case if that member ends the relationship and moves out of a credit union's field of membership.

WASHINGTON — Credit unions called on Congress last week to water-down the powers of the new Consumer Financial Protection Bureau — even before the new agency has opened its doors.

MADISON, Wis.-Thanks to a letter Fred Johnson sent to NCUA, credit unions can now pay for financial literacy training for associate directors or director emeriti.

SACRAMENTO, Calif.-A recent spate of news coverage disclosing million-dollar pay packages at credit unions has prompted state regulators to take a new look at the compensation of credit union managers.

WASHINGTON-NCUA Board Member Gigi Hyland told CUNA's GAC that she understands the need to actively pursue new avenues for growth, and that the agency is going to do its part by reducing regulatory burden through the review process and increasing the definition of a small credit union to $50 million.

WASHINGTON-The new Consumer Financial Protection Bureau will take aim at the huge paperwork requirements in the mortgage process as its first project, with a new try at combining disclosures for the TILA and the RESPA, according to Elizabeth Warren, the White House advisor who is organizing the consumer agency.

ALEXANDRIA, Va. – NCUA said last week that credit unions that charge fees for automatic identity theft protection programs as part of their free checking may be guilty of unfair and deceptive practices and need to disclose the fees and allow members to opt-in. A credit union, said NCUA in a new legal opinion, “should not assess such charges unless it is clearly within its contractual rights and has met all the relevant requirements of applicable laws.” Under the proposal, a credit union would automatically enroll its members, without the members’ request or consent, to receive certain services, including identity theft protection, on free checking accounts. The credit union would deduct periodic fees from the members unless the members choose to opt out of receiving the services. The truth-in-savings disclosure would list a $1 monthly fee for the services but describing the fee as optional. Among the laws and regulations such a practice may violate are the Federal Trade Commission Act’s unfair and deceptive acts and practices, known as UDAP, NCUA Truth In Savings Act requirements and NCUA’s own advertising rule.ALEXANDRIA, Va. – NCUA said last week that credit unions that charge fees for automatic identity theft protection programs as part of their free checking may be guilty of unfair and deceptive practices and need to disclose the fees and allow members to opt-in.

GLENDALE, Calif. — The increasing number of CU failures and Congressional attention on NCUA has some CEOs saying examiners are turning up the heat.

WEST PALM BEACH, Fla. — As part of an indepth report on NCUA and whether it is up to the task of regulating credit unions and corporates, Credit Union Journal asked for recommendations on where the agency could make improvements.