Compliance

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.

The Financial Stability Oversight Council held its first meeting and faced open doubts from lawmakers and others about how fast it can move and what it can accomplish.

WASHINGTON-In her debut speech to credit unions, new advisor of the Consumer Financial Protection Bureau Elizabeth Warren said the CU industry can be a strong ally for consumers.

BROOKFIELD, Wis.-Credit unions should prepare for many more Reg E opt-ins before year's end, according to Fiserv, which is proposing several strategies for CUs still seeking responses from high-volume overdraft users.

LAKE BLUFF, Ill.-Credit unions' successful efforts to educate members on the new overdraft rules will make 2011 a big year for CU income, one economist predicts.

LAKE JACKSON, Texas-Overdraft revenue at TDECU is up 15%, thanks to a comprehensive marketing campaign that positions courtesy pay as a member benefit.

WILMINGTON, N.C.-Velocity Solutions has released Intelligent Diagnostic System to assist CUs in managing the new overdraft regulatory environment and expected changes in the wake of the Dodd-Frank Act.

LAKE BLUFF, Ill.-In the months leading up to the Aug. 15 deadline for new rules on overdraft protection programs, many had predicted credit unions needed to prepare for a dramatic dip in revenue. But one month later that is not proving to be the case.