Compliance

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.

In making an assessment of the agency, sources told Credit Union Journal, it is important to examine NCUA's performance over a long period of time, not just the last three years.

NEW YORK — The National Federation of Community Development Credit Unions said that despite significant cuts to community development programs in the Obama administration's recently released FY2012 budget, the Community Development Financial Institutions (CDFI) Fund has emerged relatively unscathed.

NEW YORK — The National Federation of Community Development Credit Unions continues to be troubled over NCUA's regulation of small CUs.

WASHINGTON — In a comment letter to the Federal Reserve on implementing the Dodd-Frank Act, CUNA last week said Congress intended for small debit card issuers to be protected from the rate regulations in the interchange law.

SAN BERNARDINO, Calif. — The majority of credit union CEOs across the country interviewed by Credit Union Journal say the agency is not, although to be sure NCUA also has its defenders.

WASHINGTON-CUNA is calling on NCUA to address what it called "significant concerns" before proceeding with any new rules related to executive compensation.

WASHINGTON-Traditional enemies credit unions and banks will mount a joint lobbying campaign this week as Congress weighs their pleas to save the lucrative revenues they earn from debit cards.

WASHINGTON-The NCUA Board last week issued for comment a rule that would bar certain incentive-based bonuses that would encourage risky management behavior or expose credit unions to large losses and require all credit unions over $1 billion to disclose incentive packages on an annual basis.

MADISON, Wis. — When credit unions charge a fee to a consumer using a non-credit union ATM network card or debit card, here's what section 205.16 of Regulation E requires.

ALEXANDRIA, Va. — NCUA is working with bank regulators on a proposal that would realign the way big credit unions award annual bonuses to top executives, tying their compensation to the long-term performance of the credit union.