Compliance

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.

MADISON, Wis.-CUES is concerned that NCUA Letter 10-0913 may limit credit unions' ability to provide financial education to associate directors.

MADISON, Wis.-While in favor of NCUA's new financial literacy standards for federal CU board members, two trade groups are expressing concerns over requirements to comply with the new provisions, and raising the even bigger question of whether the rules will have any real impact on board knowledge.

ALEXANDRIA, Va.-As NCUA prepared to release a letter to credit unions further clarifying requirements regarding the new director financial literacy standards for federal credit unions, Credit Union Journal spoke with NCUA Associate General Counsel Paul Peterson to gain insights into the new rule, including how NCUA will enforce the new provisions.

WASHINGTON — In a rule-making process turned upside down, credit unions and community banks that are exempt from the Federal Reserve's proposal controlling debit interchange fees are dominating the comment process, while the big institutions coming under the rule have yet to weigh in.

SPOKANE VALLEY, Wash. — One set of numbers the recession hasn't depressed? Regulations. The resulting compliance demands are only expected to grow in 2011.

NEW YORK — Cliff Rosenthal is hopeful that 2011will be a year in which NCUA examiners gain a better understanding of the unique operating characteristics of low-income and community development credit unions.

LAKE BLUFF, Ill.-The financial industry's Y2K scare of 2010-the projected, dramatic loss of revenue from the new overdraft rules-never came to be. In fact, financial institutions' revenue from overdraft protection is tracking to rise in the fourth quarter.

The NCUA Board last week approved a new financial literacy rule for the nation's 75,000 volunteer credit union directors requiring for the first time that each director obtain a minimum ability to read a credit union income statement and balance sheet.

WASHINGTON-An uptick in indirect auto lending losses has NCUA and its field staff paying closer attention to CU partnerships with car dealerships.

According to two CEOs — Shruti Miyashiro and Eric Bruen — who said they interviewed more than 20 examiners, the following are upcoming "hot topics" when exams occur ...

ANAHEIM, Calif.-Preparing for an exam from NCUA or a state regulator? You should be, even if one isn't in the near future, according to two credit unions at opposite ends of the asset size spectrum.

ALEXANDRIA, Va.-The NCUA Board, struggling with growing losses to the insurance fund from credit unions, cut back significantly on its eight-year-old deregulatory program known as Regulatory Flexibility, or Reg Flex.

Credit union executives are unanimously against a proposal by the FASB that would extend fair value accounting, also known as mark-to-market.