State regulators

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While some policymakers are open to accommodating fintech companies with looser oversight compared with banks, the New York State superintendent is unapologetic about her tough approach.

A proposal on the agency’s overhead transfer rate would simplify how state- and federally chartered CUs pay for examinations by evenly splitting the costs of safety-and-soundness and insurance-related concerns.

Regulators cited "unsafe and unsound" practices at the credit union, which has assets of more than $76 million and turned a small profit in each of the last two years.

Iowa Governor Kim Reynolds has announced Kim Averill as the new head of the Iowa Division of Credit Unions, replacing retiring JoAnn Johnson.

Auditors performing a review of Ocwen Financial padded time sheets and claimed excessive and improper expenses, including lengthy travel and meals at strip clubs and casinos, according to a lawsuit filed against Fidelity Information Services.

State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.

The accreditaiton period lasts for five years, subject to annual review. This is the fourth reaccreditation for Badger State regulators since 2001.

Johnson has led the Iowa CU regulator’s office since being appointed by the governor in 2011.

Compliance flexibility, state law harmonization and funding transparency requirements are among the regulatory steps that can encourage continued innovation.