Articles

CUNA Mutual Group Risk Alert: Member Credit Freezes Create Credit Union Challenges

In response to a broad-reaching breach at one of the major consumer reporting agencies, several sources have encouraged affected consumers to freeze their individual credit accounts to prevent the potential for identity theft fraud.

in Risk Alerts
Faster Payments Task Force Concerns Voiced

WASHINGTON -- CUNA joined with other trade associations Thursday to write to Federal Reserve leadership outlining concerns with the Fed’s Secure Payments Task Force. The Task Force was established to provide a forum for stakeholder collaboration and to advise the Federal Reserve on matters related to payments security.

in Legislative & Political News
Nussle Pens Op-ed on CFPB Arbitration Rule

WASHINGTON -- The Consumer Financial Protection Bureau’s (CFPB) arbitration rule is the latest harmful example of one-size-fits-all regulations and must go, CUNA President/CEO Jim Nussle wrote Friday in Morning ConsultNussle wrote in support of the Senate acting to repeal the rule through the Congressional Review Act.

in Legislative & Political News
CFPB Issues Reg B Final Rule and Executive Summary

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) has issued a final rule to amend Regulation B to provide creditors flexibility in complying with Regulation B in order to facilitate compliance with Regulation C and transition to the 2016 URLA. To support implementation of the rule, the Bureau has issued an Executive Summary.

in Compliance & Regulatory News
Make Your Voice Heard: Registration Open for CUNA GAC Set for Feb. 25 to March 1, 2018

MADISON, Wis., and WASHINGTON – More than 5,000 credit union professionals will gather in Washington, D.C., in 2018 for the foremost credit union event of the year: the 2018 CUNA Governmental Affairs Conference, set for February 25 – March 1.

in Legislative & Political News
League, CU Advocates Meet with Rep’s Payne and Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met with Congressmen Donald Payne, Jr. (D-10) and Bill Pascrell, Jr. (D-9) this week to discuss tax reform, regulatory burden and common-sense regulation, as well as other issues of concern to credit unions. Congressman Pascrell serves on the House Ways and Means Committee which has jurisdiction over all tax legislation and is ground-zero for tax reform.

in Legislative & Political News
NCUA Board Re-Schedules September Closed Meeting

ALEXANDRIA, Va. – The National Credit Union Administration Board has re-scheduled its September closed meeting.

in Compliance & Regulatory News
GAC Registration Opens Today

WASHINGTON -- The 2018 CUNA Governmental Affairs Conference (GAC) registration is now open. This event is the premier event for political impact in the credit union industry, gathering thousands of industry leaders to remind lawmakers and regulators why credit unions are Americans’ best financial partners.

in Legislative & Political News
CFPB Finalizes ECOA Compliance Reforms, Issues HMDA Guidance Proposal

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) Wednesday finalized CUNA-supported changes to its Equal Credit Opportunity Act (ECOA) regulations, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act (HMDA) policy guidance. CUNA supported the ECOA changes in its comment letter sent in May, saying the changes would provide a measure of regulatory relief.

in Legislative & Political News
TCCUSF Closure on NCUA Sept. 28 Agenda

ALEXANDRIA, Va. -- The NCUA board will discuss closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) at its Sept. 28 meeting, according to the agenda released Wednesday. CUNA strongly supports closure of the fund and for NCUA to begin issuing refunds starting in 2018, the only national trade association for credit unions to hold that position.

in Legislative & Political News
21 CU Professionals Receive Free Management Development Training at Jersey Shore FCU Through Second Round of League’s Rutgers Training Grant

NORTHFIELD, N.J. – Credit union professionals gathered at Jersey Shore FCU this month for free management development training. This “Supervisory Symposium” training is available to NJCUL member credit unions through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey secured by the League earlier this year.

in League News
RBC 'Stop and Study' Bill Reintroduced

WASHINGTON -- Legislation that would require NCUA to conduct a study on the appropriate capital requirements for credit unions before implementing its final risk-based capital (RBC) rule scheduled to take effect Jan. 1, 2019 has been reintroduced in the House.

in Legislative & Political News
NCUA Funding Amendment a Win for 360-degree Advocacy, Says CUNA CAO

MADISON, Wis. -- CUNA Chief Advocacy Officer Ryan Donovan called last week’s successful amendment keeping NCUA out of the appropriations process a great example of what’s possible with 360-degree advocacy in an interview with CUBroadcast Tuesday. Donovan, being interviewed from Madison, Wis., talked about how CUNA, leagues, credit unions and members made their voices heard during the process, as well as what comes next.

in Legislative & Political News
League, CU Advocates Meet with Congressman Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met yesterday with Congressman Bill Pascrell, Jr. (D-9) to discuss tax reform, regulatory burden and common-sense regulation, as well as other issues of concern to credit unions. A long-time credit union supporter, Pascrell serves on the House Ways and Means Committee which has jurisdiction over all tax legislation and is ground-zero for tax reform.

in Legislative & Political News
CUNA to Host Post-Data Breach Webinar w/ FS-ISAC

CUNA will join CUNA Mutual Group and the Financial Services Information Sharing Center (FS-ISAC) for a webinar Thursday on mitigating fraud risk in the wake of the Equifax data breach. Registration is now available for the call, which is open to CUNA and CUNA Mutual Group members only and is scheduled for 1 p.m. (ET) Thursday.

in Compliance & Regulatory News
1st Bergen FCU Celebrating National Hispanic Heritage Month Celebration on October 5th

HACKENSACK, N.J. -- 1st Bergen Federal Credit Union will host a National Hispanic Heritage Month celebration at Atlantic Street Park in Hackensack, N.J. on October 5th, 2017, from 4 p.m. to 6 p.m. The credit union will share its commitment to serve and empower members of the Hispanic community, and will bring local neighborhoods and the credit union community together. The event will include special guests, music and dancing and refreshments as well as special promotions, including low interest loans, savings accounts, and checking accounts.

in Credit Union News
CUNA Continues to Urge Arbitration Vote, Engaged with Tax Hearing

WASHINGTON – Though the House is in recess this week, the Senate is in session, and CUNA is engaged with a number of happenings this week on Capitol Hill. Most notably, CUNA will continue encouraging senators to vote in favor of the repeal of the Consumer Financial Protection Bureau's arbitration rule under the Congressional Review Act.

in Legislative & Political News
League, CU Advocates Meet with Congressman Payne

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met yesterday with Congressman Donald Payne, Jr. (D-10) to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions. The League is also meeting this morning with Congressman Bill Pascrell, Jr. (D-9).

in Legislative & Political News
League Hosting Free Equifax Data Breach Webinar Tomorrow at 1:30 PM, Launches ‘Equifax Breach Resources’ Web Page

HIGHTSTOWN, N.J. – In the wake of the massive Equifax data breach impacting approximately 143 million U.S. consumers, the League is hosting a free "Equifax Data Breach – What Happened? What You Need to Know" Webinar tomorrow, Wednesday, September 20th at 1:30 p.m. for member credit unions to learn what happened and find out steps to take to help your members protect their information from being misused. Register here. The League has also launched an “Equifax Data Breach Resources” Web page that provides recommended steps for consumers to take to determine whether they may have been impacted and to protect their information going forward.

in League News
Compliance: 'Mailbox rule' for TRID timing requirements

CUNA's compliance staff receives a number of questions about the TILA-RESPA integrated disclosure (TRID) rule, leading to publication of a recent CompBlog post addressing means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms.

in Compliance & Regulatory News
New Form I-9 Takes Effect Today

WASHINGTON -- Employers must begin using the new Form I-9 starting today. Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the U.S. All employers must ensure proper completion of Form I-9 for each individual they hire for employment in the U.S. This includes citizens and non-citizens. The federal government released the new form on July 17, the second such update this year, according to the news Web site HR Dive.

in Compliance & Regulatory News
Nussle Op-ed Highlights Key Advocacy Victory

WASHINGTON -- CUNA President/CEO Jim Nussle celebrated a major advocacy victory for CUNA and its league partners in an op-ed piece published online by the Credit Union Times on Friday.

in Legislative & Political News
League, CU Advocates Meeting this Week with Rep’s Payne and Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates will meet with Congressmen Donald Payne, Jr. (D-10) and Bill Pascrell, Jr. (D-9) this week to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

in Legislative & Political News
World Council activates Caribbean Relief Fund

The World Council of Credit Unions has activated its Caribbean Relief Fund in response to Hurricane Irma.

in Industry News
South Jersey FCU employees make donation to Hurricane Harvey victims

DEPTFORD TOWNSHIP, N.J. — South Jersey Federal Credit Union (SJFCU) employees collected $1,500.00, which was used to purchase 200 cases of water, non-perishable foods, cleaning supplies and baby products for the victims of Hurricane Harvey.

in Credit Union News
Additional Small Biz Data Collection Adds to CU Burden, CUNA Says

Credit unions are concerned about the likely unintended consequences of having to collect additional data on small business lending, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Thursday. CUNA’s letter was written in response to the bureau's request for information about the small business lending market.

in Legislative & Political News
Employers Must Use New I-9 Form by Monday

WASHINGTON – Employers must begin using the new Form I-9 by Monday to verify that their employees are eligible for work in the U.S.. The federal government released the new form on July 17, the second such update this year, according to the news Web site HR Dive.

in Legislative & Political News
CUNA Takes Breach Concerns to Equifax, Requests Briefing

CUNA President/CEO Jim Nussle encouraged Equifax to take additional steps to notify all consumers impacted by its data breach in a letter sent Wednesday. Equifax announced the breach late last week, which it said impacts 143 million American consumers, with an additional 209,000 credit card numbers also being stolen.

in Industry News
11 CU Professionals Receive Free Management Development Training at CUNJ Through Second Round of League’s Rutgers Training Grant

EWING, N.J. – Credit union professionals gathered at Credit Union of New Jersey (CUNJ) on Tuesday and Wednesday for free management development training. This “Supervisory Symposium” training is available to NJCUL member credit unions through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey secured by the League earlier this year.

in League News
CUs Get Significant Regulatory Relief in House-Passed Appropriations Bill

WASHINGTON – The House voted Thursday in favor of H.R. 3354, an appropriations bill that contains several major victories for credit unions. The bill keeps NCUA out of the appropriations process, a provision the CUNA/league system advocated heavily for on Capitol Hill, and contains significant regulatory relief, including changes to the Consumer Financial Protection Bureau (CFPB).

in Legislative & Political News
CUNA, Trades Urge Senate to Repeal CFPB Arbitration Rule, NJCUL Weighs-in with Sen’s Menendez and Booker

WASHINGTON and HIGHTSTOWN, N.J. -- CUNA, along with trade associations representing nearly every community financial institution in America, sent a joint letter to Senate leadership Monday to support repeal of the Consumer Financial Protection Bureau’s (CFPB) arbitration rule and the NJCUL weighed-in with its own letter to Senators Robert Menendez (D-NJ) and Cory Booker (D-NJ).

in Legislative & Political News
Major CU Victory as House Adopts NCUA Funding Amendment, Passes Bill with Several Regulatory Relief Priorities

WASHINGTON -- The U.S. House approved by voice vote Wednesday an amendment removing language placing NCUA under the appropriations process from its appropriations bill (H.R. 3354). CUNA and the leagues worked closely to engage credit union activists over the last few weeks in a nationwide Call-to-Action to ensure the amendment was approved.

in Legislative & Political News
CUNA, DCUC take MLA Concerns Directly to Senior DoD Officials, Lawmakers Pen Letter to DoD

WASHINGTON -- CUNA and the Defense Credit Union Council (DCUC) met with Department of Defense (DoD) officials Wednesday to discuss the need for additional guidance relating to changes to the Military Lending Act (MLA). CUNA Chief Compliance Officer Jared Ihrig and DCUC President/CEO Tony Hernandez attended the meeting with Andy Cohen, director of the Office of Financial Readiness at the Office of the Under Secretary of Defense (Personnel and Readiness); Fred Drummond, deputy assistant secretary for Force Education and Training; and Lt. Col. Reggie Yager, acting director of Legal Policy.

in Legislative & Political News
DOBI to Publish Long-awaited Prize-linked Account Rules for State Charters

TRENTON, N.J. -- The NJ Department of Banking and Insurance (DOBI) has notified the NJCUL that the long-awaited implementation rules for NJCUL-requested legislation that authorizes New Jersey credit unions, banks and thrifts to offer savings promotions, also known as "prize-linked savings accounts" have been finalized and the Notice of Adoption is scheduled to appear in the NJ Register on Oct. 2nd.

in Legislative & Political News
NCUA Funding Amendment Adopted, Strong CU Grassroots Activism Results in Major Victory

WASHINGTON -- The U.S. House approved by voice vote Wednesday an amendment removing language placing NCUA under the appropriations process from its appropriations bill (H.R. 3354). CUNA and the leagues worked closely to engage credit union activists over the last few weeks in a nationwide Call-to-Action to ensure the amendment was approved.

in Legislative & Political News
League’s Partnership with Virtual Strongbox Highlighted in CU Times Tech Update

HIGHTSTOWN, N.J. – The Credit Union Times’ recent Tech Update, which highlights “CUs & Debit Payments; Improve Compliance Processes & Costs,” features NJCUL’s partnership with Virtual Strongbox to streamline the League’s compliance team’s processes, adding security and efficiency.

in League News
Yvette Segarra Celebrates 30 Years at the League!

HIGHTSTOWN, N.J. – Yvette Segarra, the League’s Manager of Member Experience, Conferences & Events, is celebrating her 30th anniversary at the New Jersey Credit Union League. A fixture in the New Jersey credit union system, Segarra started at the League in 1987 as a receptionist. In her current position, Segarra touches almost all areas of the League’s business and is the League’s longest tenured employee.

in League News
CUNA/League System Advocacy Leads to Relief for Nearly 500 CUs in HELOC Rule

WASHINGTON -- In what is a significant victory for CUNA's 360-degree advocacy efforts, two-thirds of all credit unions that would have been subject to home equity line of credit reporting under the Home Mortgage Disclosure Act (HMDA) will receive direct exemptions.

in Legislative & Political News
CUNA, Trades Urge Senate to Repeal CFPB Arbitration Rule, NJCUL Weighs-in with Sen’s Menendez and Booker

WASHINGTON and HIGHTSTOWN, N.J. -- CUNA, along with trade associations representing nearly every community financial institution in America, sent a joint letter to Senate leadership Monday to support the repeal of the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, and the NJCUL weighed-in with its own letter to Senators Robert Menendez (D-NJ) and Cory Booker (D-NJ).

in Legislative & Political News
NCUA Funding Call-to-Action Continues with Afternoon Vote Possible

HIGHTSTOWN, N.J. – The nationwide urgent Call-to-Action on NCUA funding continues with Congress expected to vote on the important Amodei-Aguilar Amendment as early as this afternoon.

in Legislative & Political News
Visions FCU to hold education drive

Visions Federal Credit Union is accepting submissions for its Visions Loves Educators classroom program at www.visionsloveseducators.com.

in Credit Union News
NCUA Sets Budget Briefing for Oct. 18

Draft Budget Available Week of Oct. 2; Deadline for Comments Oct. 27

ALEXANDRIA, Va. – The National Credit Union Administration will hold a public briefing on its proposed 2018–2019 budget on Wednesday, Oct. 18, from 2 p.m. to 4 p.m. Eastern in the agency’s boardroom in Alexandria, Virginia.

in Compliance & Regulatory News
South-Central Chapter Meeting Gathers for Lunch Meeting; Discusses Chapter System and Educational Opportunities

HIGHTSTOWN, N.J. – Gary Chizmadia, Chairman of the Board at Credit Union of New Jersey and South-Central Chapter President, led the South-Central Chapter meeting at the New Jersey Credit Union League Tuesday. The meeting’s discussion focused on the chapter system—its past, present, and future—and upcoming educational offerings from the League.

in Industry News
National Credit Union Foundation Board Nominations Open

MADISON, Wis. – The National Credit Union Foundation (the Foundation) is currently seeking nominations for four board seats. Volunteers may generally serve up to three terms of the duration of the term of office for the seat they are selected, as long as they are re-nominated by the Foundation Nominations Committee and re-elected by the Foundation Board.

in Industry News
Nearing 3 years, ‘Plexcity’ continues quest to add value to credit union leagues

ONTARIO, Calif. – Fresh into being a mere “start-up,” Plexcity is reaping noticeable attention in the credit union industry as it matures beyond those boundaries into a respected partner that is helping empower credit union trade associations and affiliate organizations—a goalpost its visionaries have worked tirelessly to reach.

in Industry News
League Pens Letter to House Delegation, NCUA Funding Call-to-Action Continues

WASHINGTON – CUNA and the state leagues launched an urgent Call-to-Action on NCUA funding Thursday afternoon. With a vote possibly as soon as late today or tomorrow, the urgent Call-to-Action continues, and yesterday, NJCUL President/CEO David Frankil faxed a letter to each member of the state’s U.S. House delegation.

in Legislative & Political News
Update on CUAid: Activated for Irma, Continuing for Harvey

MIAMI, Fla. – The National Credit Union Foundation (the Foundation) has activated the online disaster relief system CUAid.coop to raise money for credit union people affected by Hurricane Irma. Credit union supporters in every state can make donations at cuaid.coop. Click here to make a donation.

in Industry News
President Signs Funding Package for Flood Insurance and CDFI

WASHINGTON -- President Donald Trump signed a funding package Friday that will fund the federal government and reauthorize the National Flood Insurance Program through Dec. 8. Current funding for the federal government was set to expire Sept. 30.

in Legislative & Political News
South Jersey FCU Makes Donation to Alzheimer’s Association

DEPTFORD, N.J. – South Jersey Federal Credit Union employees presented a $2,000 check to Effie Murphy, program coordinator for the Alzheimer’s Association. The donation was made on behalf of the employees’ “Charitable Journey” program and will be used for Alzheimer’s research and services in the Delaware Valley.

in Credit Union News
CUNA, CO-OP and PSCU Partner on Credit Union System-Wide Disaster Response

Hurricanes Harvey, Irma Prompt Collaborative Hotlines for Credit Union Members

WASHINGTON, D.C., RANCHO CUCAMONGA, Calif., and ST. PETERSBURG, Fla. – Credit Union National Association (CUNA), CO-OP Financial Services, and PSCU have collaborated on a system-wide disaster response for the credit union movement. Special toll-free numbers dedicated to helping credit union members with access and branch information as they may be displaced or their institution unavailable due to Hurricanes Harvey and Irma are now available.

in Industry News
NCUA Funding Call-to-Action Continues

WASHINGTON -- CUNA and the state Leagues launched an urgent Call-to-Action on NCUA funding Thursday afternoon.

in Legislative & Political News
CUNA backs FCRA, RESPA, TRID Regulatory Relief Bills

WASHINGTON -- CUNA wrote in support of three pieces of regulatory relief legislation Thursday, bills that were among six discussed in a House Financial Services subcommittee hearing. The letter, sent to subcommittee Chair Rep. Blaine Luetkemeyer (R-Mo.) and ranking member Lacy Clay (D-Mo.), was sent for the record of the hearing.

in Legislative & Political News
DOBI Re-Issues Pre- and Post-Disaster Regulatory Guidance Bulletin

TRENTON, N.J. – With what is proving early on to be an historic hurricane season, the NJ Department of Banking and Insurance has re-issued its Pre- and Post-Disaster Regulatory Guidance Bulletin.

in Legislative & Political News
ADA Bill Could Curb Frivolous Lawsuits Against CUs

An Americans with Disabilities Act (ADA) bill that cleared the House Judiciary Committee would likely curb frivolous lawsuits against credit unions filed under the ADA. The bill would set conditions for filing civil actions over the failure to remove an architectural barrier to an existing public place, among other things.

in Legislative & Political News
Education Department Ends Pact with CFPB, Cites Improper Actions

WASHINGTON – The Education Department, in a recent letter to CFPB Director Richard Cordray, said the bureau violated terms of a partnership with the department regarding the sharing of federal student loan information and announced that the pact will be terminated.

in Compliance & Regulatory News
Deadline Approaching for CUs to File Claims in Home Depot Suit

Credit unions have until Sept. 14 to file a claim for payment under the settlement reached between plaintiffs and Home Depot in that data breach lawsuit. CUNA, as well as leagues and credit unions, are among the plaintiffs in the lawsuit, which stems from a 2014 data breach that compromised 56 million credit and debit cards.

in Compliance & Regulatory News
Equifax Announces Cybersecurity Incident Involving Consumer Information; 143 million people could be affected

ATLANTA – Equifax Inc. announced Thursday a cybersecurity incident potentially impacting approximately 143 million U.S. consumers. Criminals exploited a U.S. Web site application vulnerability to gain access to certain files.

in Risk Alerts
More than $1.8 Million in NCUA Grants Awarded, 6 NJCUL-Member Credit Unions Benefit

On Tuesday, the National Credit Union Administration (NCUA) announced it awarded more than $1.8 million in grants to 251 low-income credit unions. Six (6) NJCUL-member credit unions were awarded a total of $46,600 during this grant round: Local 1233 FCU, 1st Bergen FCU, Deepwater Industries FCU, Members 1st of NJ, MidState FCU, and Jersey Central FCU. In all, the agency received applications from 328 credit unions requesting more than $2.4 million.

in Industry News
Convention Registration Scholarships Available to Member CUs

Thanks to the generosity of an anonymous sponsor, the New Jersey Credit Union League is happy to announce that we are offering Convention scholarships! These scholarships are intended for credit unions experiencing financial hardship that prevents their leaders from attending this year’s Annual Meeting and Convention.

in League News
CFPB CUAC Met Thursday in Washington

WASHINGTON -- The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) held a public meeting Thursday afternoon at CFPB Headquarters in Washington, D.C.

in Legislative & Political News
NJCUL Testifies on ELT at Red Tape Review Commission Hearing

LAWRENCEVILLE, N.J. – In its continuing effort to advance Electronic Lien and Titling (ELT) in New Jersey, New Jersey Credit Union League (NJCUL) President/CEO David Frankil testified at Thursday’s Red Tape Review Commission (RTRC) hearing in Lawrenceville. The invitation to testify was a result of Lieutenant Governor Kim Guadagno’s recent visit to the League’s headquarters to hear first-hand about credit union public policy issues and legislative priorities. Guadagno chairs the commission.

in Legislative & Political News
CUNA, Leagues Launch Urgent Call-to-Action on NCUA Funding

WASHINGTON -- CUNA and the state Leagues launched an urgent Call-to-Action on NCUA funding yesterday afternoon.

in Legislative & Political News
U.S. District Court Rules DOL’s Overtime Rule Remains Unenforceable

SHERMAN, TX -- A US District Court last week ruled against the Department of Labor’s Overtime Rule in the case of Nevada v. U.S. Department of Labor (DOL). If upheld, the overtime rule would have increased the threshold for overtime pay eligibility by approximately double the previous rate and added several other compliance burdens including a required recalculation of salaries at a fixed 40 percentile every three years. 

in Legislative & Political News
NJCUL Testifying on ELT at Today’s Red Tape Review Commission Hearing

HIGHTSTOWN, N.J. – In its continuing effort to advance Electronic Lien and Titling (ELT) in New Jersey, New Jersey Credit Union League (NJCUL) President/CEO David Frankil is testifying at this afternoon’s Red Tape Review Commission hearing in Lawrenceville. The invitation to testify was a result of Lieutenant Governor Kim Guadagno’s recent visit to the League’s headquarters to hear first-hand about credit union public policy issues and legislative priorities. Guadagno chairs the commission.

in Legislative & Political News
Fed Releases Next Steps for Improving Payment System

The Federal Reserve recently outlined next steps to improve the nation's payment system. The Fed provided refreshed strategies and nine new tactics to achieve its desired outcomes with guidance from two national task forces to make payments faster and more secure.

in Compliance & Regulatory News
Regulators Update CECL FAQs Documents

The Federal Reserve, FDIC, NCUA OCC updated their frequently asked questions (FAQs) document on the Financial Accounting Standards Board's (FASB) current-expected-credit-losses (CECL) standard, focusing on regulatory and supervisory expectations, among other things.

in Compliance & Regulatory News
The Cost of Elder Financial Abuse Reported to Be 12 Times More Than Previously Believed

Over the past few years, a frequently cited estimate of the amount of money lost to elder financial abuse was $2.9 billion. This estimate included the caveat that the crime is largely underreported. A 2015 study by True Link reveals that elderly Americans lose $36.48 billion each year to financial abuse. This new study attempts to gather more of the unreported information and broaden the definition of elder abuse to include deceptive practices (even if technically legal).

in Compliance & Regulatory News
Why Bank Secrecy Act Reporting Matters

Credit union employees responsible for BSA compliance and reporting feel the burden of their work, but they don’t always see the connection to law enforcement actions. But BSA reporting does have real-world implications, according to FinCEN.

in Compliance & Regulatory News
CUNA Engaged w/ Appropriations, Reg-relief Hearing this Week

WASHINGTON -- With both chambers of Congress back in Washington, D.C. this week, CUNA is engaged with activities this week while looking ahead to proposals to fund the government past Sept. 30. CUNA Chief Advocacy Officer Ryan Donovan said CUNA is paying particularly close attention to the appropriations legislation on the floor this week, a large bill that includes 8 appropriations, including the financial services and general government (FSGG) appropriations bill.

in Legislative & Political News
CFPB CUAC Meets Tomorrow in Washington

WASHINGTON -- The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) will hold a public meeting tomorrow afternoon at CFPB Headquarters in Washington, D.C.   

in Legislative & Political News
Former Freeholder Selected to Fill Senate Seat Left Vacant by Jim Whelan’s Passing

EGG HARBOR CITY, N.J. -- Atlantic County Democratic Committee members unanimously elected Colin Bell last night to the state Senate seat left vacant when incumbent Senator Jim passed away last month. State statute requires party county committee members fill legislative vacancies in a timely manner when a lawmaker resigns or passes away to ensure continuity of representation.

in Legislative & Political News
NJCUL to Testify on ELT at Tomorrow’s Red Tape Review Commission Hearing

HIGHTSTOWN, N.J. – In its continuing effort to advance Electronic Lien and Titling (ELT) in New Jersey, New Jersey Credit Union League (NJCUL) President/CEO David Frankil will testify at tomorrow’s Red Tape Review Commission hearing in Lawrenceville. The invitation to testify was a result of Lieutenant Governor Kim Guadagno’s recent visit to the League’s headquarters to hear first-hand about credit union public policy issues and legislative priorities. Guadagno chairs the commission.

in Legislative & Political News
Relief Update: Harvey Aid from CU System Reaches $771K

As of Monday afternoon, the National Credit Union Foundation’s CU Aid and the Cornerstone Credit Union Foundation have collected more than $771,000 to support the needs of employees and volunteers of credit unions. Roughly $198,000 has come in through the Cornerstone Credit Union Foundation with the remaining contributions having been made to CU Aid. 

in Industry News
The Final Countdown to Same-Day ACH: CUNA’s CompBlog Warns CUs Not to ‘Get Caught Flat Footed’

September 15 is almost upon us: the date of the second and most significant rollout of Same-Day ACH capabilities. If this comes as news to you, it’s safe to assume your credit union does not plan to originate Same-Day Debits for members in the early stages of its availability. This does not mean you’re able to sit on the sidelines as a spectator, however, CUNA’s latest CompBlog article points out.

in Compliance & Regulatory News
NCUA Grants $1.8M to Low-Income CUs

ALEXANDRIA, Va. – The NCUA awarded grants totaling more than $1.8 million to 251 low-income credit unions through the Community Development Revolving Loan Fund (CDRLF), the agency announced.

in Compliance & Regulatory News
CUNA Outlines way to Equitable, Proportional TCCUSF Refunds

CUNA followed up last week’s letter to NCUA on the closing of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) Tuesday with a letter on the agency’s proposal to update its share insurance rule in order to facilitate distribution of funds. Updating the rule addresses the only way allowed by the Federal Credit Union Act to distribute funds after closing the TCCUSF.

in Compliance & Regulatory News
Call for Flood Insurance Program Extension Expected

WASHINGTON -- In the wake of Hurricane Harvey’s devastation in his home state of Texas, U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX) is expected to propose a three-month extension to the National Flood Insurance Program (NFIP) before it expires at the end of the month.

in Legislative & Political News
CUs respond with more than $500K in Harvey assistance

Although they are barely in the first stages of recovery from destruction caused by Hurricane Harvey, leaders of the Cornerstone Credit Union League are already overwhelmed with the outpouring of support they have received from the credit union system.

in Industry News
CFPB Announces 2018 Reg. Z Thresholds

The Consumer Financial Protection Bureau (CFPB) announced 2018 thresholds applicable under Regulation Z last week. The bureau is required  to adjust on an annual basis certain thresholds under Regulation Z.

in Compliance & Regulatory News
CUNA Donates $50,000 to CUAid for Harvey Relief

MADISON, Wis. — The Credit Union National Association (CUNA) announced Thursday it is donating $50,000 to Harvey relief efforts through CUAid, the National Credit Union Foundation’s disaster relief system. 

in Industry News
Metsger: ‘We Will Carefully Weigh All Points of View’ on Stabilization Fund

Board Member Addresses NASCUS on Closure, Mergers Rule, Reorganization

SAN DIEGO, Ca. – National Credit Union Administration Board Member Rick Metsge reminded credit unions of the Sept. 5 deadline for submitting comments on the proposed plan to close the Temporary Corporate Credit Union Stabilization Fund and make a Share Insurance distribution in 2018, saying the agency “will carefully weigh all points of view.”

in Compliance & Regulatory News
CUNA Backs TCCUSF Closure Plan, Concerned with NOL Rise

CUNA fully supports NCUA’s proposed plan to close the Temporary Corporate Credit Union Stabilization Fund, merge its assets into the share insurance fund and repay credit unions a portion of stabilization fund premiums in 2018. CUNA is the only national trade association for credit unions advocating for refunds to begin in 2018.

in Compliance & Regulatory News
Chairman Hensarling and Director Cordray Exchange Letters on Motives, Plans

WASHINGTON -- U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX) wrote to CFPB Director Richard Cordray Monday asking about his motives behind the reported rush to finalize the CFPB's payday lending rule and his future at the CFPB. Hensarling questioned whether Cordray's rulemaking efforts are influenced by his political ambitions. He asked Cordray to respond in writing by Wednesday.

in Legislative & Political News
League, CU Advocates Meet with Congressman Pallone, Senator Menendez

LONG BRANCH & NEWARK, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met this week with Congressman Frank Pallone (D-6) and Senator Robert Menendez (D-NJ) to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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Cordray Responds to Hensarling Letter, Says No Political Considerations in Rulemaking, 'No further insights' on Future at CFPB

WASHINGTON -- CFPB Director Richard Cordray said that his work on the payday lending rule is not swayed by political considerations and that he has "no further insights to provide" regarding his future at the CFPB and potential resignation. Cordray was responding to a request on these matters from U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX).

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CFPB Announces Annual Dollar Thresholds in Truth In Lending Act Regulations For Certain Credit Transactions

Adjustments Based on Annual Percentage Change in Consumer Price Index

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) announced its annual adjustments to the dollar amounts of various thresholds under Truth in Lending Act (TILA) regulations that will apply to certain consumer credit transactions in 2018.

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League, CU Advocates Meet with Senator Menendez

NEWARK, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met with Senator Robert Menendez (D-NJ) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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House Financial Services Chair asks Cordray about Motives, Future at CFPB

WASHINGTON – U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX) wrote to CFPB Director Richard Cordray Monday asking about his motives behind the reported rush to finalize the CFPB's payday lending rule and his future at the bureau. He asked Cordray to respond in writing by today.

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Applications for NCUA’s Underserved Outreach Grant Initiative are Due Aug. 31

As part of its 2017 grant round, NCUA is accepting grant applications from eligible low-income credit unions for a grant to support projects that reach people living in our nation’s underserved communities. The maximum award is $25,000 dollars. Applications for funding under the outreach to underserved communities initiative must be received no later than Aug. 31 at 3 p.m. Eastern. An online application form, an explanation of grant’s requirements, and other information are available on NCUA’s Web site.

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Proposed OTR Changes Provide Relief, CUNA Says

WASHINGTON -- NCUA’s proposed changes to the overhead transfer rate are consistent with CUNA’s continued opposition of transfer of agency expenses from the share insurance fund for non-insurance related costs. CUNA wrote to NCUA Tuesday in response to proposed revisions to the OTR methodology.

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TCCUSF Proposal Reviewed in NCUA’s 3rd Quarter Report

ALEXANDRIA, VA -- The quarterly NCUA Report, released Tuesday, further discusses the agency’s proposal to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and increase the National Credit Union Share Insurance Fund's operating level from 1.3 percent to 1.39 percent.

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CUNA Backs FCC Action on Re-assigned Number Database

WASHINGTON -- CUNA supports the establishment of a centralized, Federal Communications Commission (FCC) supervised database to which all voice providers should be required to report reassigned numbers, it told the FCC in a letter sent Monday. CUNA responded to the FCC’s notice of inquiry about robocalling and re-assigned phone numbers.

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League, CU Advocates Meet with Congressman Pallone

LONG BRANCH, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met with Congressman Frank Pallone (D-6) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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CUAid Activated for CU People Affected by Tropical Storm Harvey

Houston, Texas – The National Credit Union Foundation (the Foundation) has activated the online disaster relief system CUAid.coop to raise money for credit union people in Texas affected by Tropical Storm Harvey. Credit union supporters in every state can make donations at cuaid.coop.

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Nussle: Arbitration Rule Latest Example that CFPB Doesn’t Get CUs

CUNA President/CEO Jim Nussle responded to a recent op-ed from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray in a LinkedIn post Friday. Cordray wrote in the New York Times defending the CFPB’s arbitration rule, leading Nussle to respond that the bureau’s failure to exempt credit unions from the rule shows a fundamental misunderstanding of the nature of credit unions.

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Former Wall Township Mayor Sworn in as Assemblyman

TRENTON, N.J. – Edward "Ned" Thomson, the former Republican mayor of Wall Township, was sworn in last week as an assemblyman representing the 30th Legislative District. Assembly Speaker Vincent Prieto administered the oath of office during a ceremony Thursday at the Statehouse.

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Spread the Word About International Credit Union Day

The ICU day video is ready and available for you to share with your members!

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CU Advocates Meeting This Week with Sen. Menendez, Rep’s Pallone and Pascrell as Congressional Recess Meetings Continue

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates are meeting this week with Senator Robert Menendez (D) and Representatives Frank Pallone (D-6) and Bill Pascrell (D-9) to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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HELOC Threshold Increase Finalized, CUNA will Continue Push for CU Exemption

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) finalized its temporary increase of the reporting threshold for data required under the Home Mortgage Disclosure Act (HMDA) Thursday. CUNA strongly advocated for the increased threshold, which applies to credit unions and community banks originating 500 or less home equity lines of credit through calendar years 2018 and 2019.

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NJ HomeSeeker Program Provides $16k Down Payment Assistance in Six Counties

TRENTON, NJ – The New Jersey Housing and Mortgage Finance Agency (HMFA) recently launched the New Jersey HomeSeeker Down Payment Assistance (DPA) Program which provides a $16,000 interest-free forgivable loan as an incentive to qualified homebuyers to purchase their primary residence if it is in one of six New Jersey counties. Funded through federal Hardest Hit Funds (HHF), the HomeSeeker program is designed to help stabilize neighborhoods by helping families purchase homes in counties that experienced the negative effects of the financial crisis. 

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CFPB Temporarily Changes Mortgage Data Rule Reporting Threshold for Community Banks and Credit Unions

Final Rule Also Clarifies Certain Requirements to Help Companies Comply

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) today issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The Bureau has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending. 

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NCUA’s Final CDFI Qualification Round Runs Aug. 7 to Sept. 1

Streamlined Application Process Can Help Eligible Credit Unions

ALEXANDRIA, Va. – The National Credit Union Administration is hosting its third and final round for credit unions to qualify to use the streamlined application for certification as community development financial institutions.

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CU Leaders and Lenders Get Effective, Hands-On Lending Training Through CUNA Mutual Group’s ULEND Academy

WILLINGBORO, N.J. – Credit union leaders and lending staff have been immersed in CUNA Mutual Group’s ULEND Academy at ABCO FCU’s Lending Center in Willingboro. ULEND Academy is a two-day, hands-on, customized learning experience that helps lenders go from transactional to consultative to help meet members’ full financial needs.

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NCUA Honors Trump’s Order to Roll Back Regulation with ‘Sweeping Reg Reform Plan’

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) recently revealed “its sweeping regulatory reform plan” which aligns with President Donald Trump’s order to massively scale back government regulations. Trump’s executive order, released in January, asks that for every one new regulation issued, at least two prior regulations be identified for elimination.

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CFPB Credit Union Advisory Council to Meet Sept. 7 on Overdraft Initiatives

WASHINGTON -- The CFPB Credit Union Advisory Council will discuss overdraft and financial empowerment initiatives during a public meeting Sept. 7 at the bureau's headquarters in Washington.

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What You Need to Know About Demand Letters and UDAAP

In CUNA's latest Back to Basics blog post, Michael Christians discusses the deceptive prong of the Consumer Financial Protection Bureau's (CFPB) prohibition against unfair, deceptive and abusive acts and practices (UDAAP). Specifically, identifying language that may be included in your credit union's demand letters that likely won't pass the UDAAP smell test.

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NJ Credit Union Advisory Council Adopts Resolution on ELT

TRENTON, N.J. – During its regular quarterly meeting yesterday, the New Jersey Credit Union Advisory Council (CUAC) adopted a resolution on electronic lien and titling (ELT). Twenty-three states including Pennsylvania and New York have ELT systems in place. The New Jersey Credit Union League (NJCUL) first met with the state’s Motor Vehicles Commission (MVC) in 2012 to encourage development and implementation of ELT in New Jersey.

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CUNA’s Advocacy Leaders in Training Program for Young Professionals Filling Up Fast

WASHINGTON – During the 2017 GAC, CUNA was approached by young professionals who were interested in advocacy training. Since then, CUNA been working to create Advocacy Leaders in Training, a program that teaches the benefits of advocacy, how to build strong relationships with members of Congress, and best practices in district and Capitol Hill meetings. 

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MAP CUs send over 36K #CommonSenseReg emails to Congress

CUNA’s Member Activation Program (MAP) has helped credit unions get their voice heard during CUNA’s Campaign for Common-Sense Regulation, but much more is possible, CUNA staff noted Tuesday during a free MAP webinar. CUNA launched its bipartisan, pro-consumer Campaign for Common-Sense Regulation in January.

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League, CU Advocates to Meet with Congressmen Pallone and Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates have been meeting with members of the state’s congressional delegation during the August recess to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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