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South Jersey FCU Offering Specials for Total Solar Eclipse

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September is National Preparedness Month

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Free CUNA MAP Webinar to Highlight Campaign for Common-Sense Regulation

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Deepwater Industries FCU Keeping Busy in the Community with Multiple Events and Second ACME Store Branch Opening

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Gubernatorial Candidates Address South Jersey Chamber, Lt. Governor Guadagno Mentions CUs

in Legislative & Political News
Prepaid Rule Concerns Reiterated, Additional Delay Requested

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League, CU Advocates to Meet with Congressman Lance Thursday

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Lt. Governor Guadagno Visits League, Hears First-Hand about CU Issues

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CUNA Brings BSA/AML, Flood Rule Improvements to NCUA
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Final TRID Rule Analysis Available
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Advanced Financial FCU Hosts Member Appreciation Day

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National CU Foundation Offers New Session Materials on Leveraging the Credit Union Difference

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NJ DNA Get Technical

The NJ DNA Group took a bold step at yesterday’s dinner meeting held live at two locations:  NJCUL Headquarters in Hightstown, NJ and at 1st Bergen FCU  in Hackensack, NJ.

in Credit Union News
DOL’s Proposed 18-month Fiduciary Delay Welcomed

WASHINGTON -- CUNA is pleased that the Department of Labor (DOL) appears to have considered its request for a delay to the implementation of its fiduciary rule. In a DOL brief filed this week in the lawsuit by Thrivent Financial for Lutherans challenging the rule, the agency indicates that it is proposing an 18-month delay for the rule.

in Legislative & Political News
League, CU Advocates to Meet with Congressman Lance Next Week

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates will meet with Congressman Leonard Lance (R-7) next week to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

in Legislative & Political News
Back-2-Basics: ESIGN

The Electronic Signatures in Global and National Commerce Act of 2000 ("ESIGN") promotes the use of electronic signatures and records in commercial transactions by granting them the same legal validity and enforceability as paper records and handwritten signatures.

in Compliance & Regulatory News
Lt. Governor Guadagno to Visit League, Wants to Hear First-Hand about CU Issues

HIGHTSTOWN, N. J. – Lt. Governor Kim Guadagno, the Republican candidate for governor, will visit the League offices Monday to meet with NJCUL Board and NJCUL Services Corporation Board members and hear first-hand about credit union issues and concerns. A familiar face to New Jersey credit unions, Guadagno addressed a general session during the League’s 80th Annual Meeting and Convention in 2014.

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‘Credit Unions For A Cure’ Team will Make Strides Against Breast Cancer

Five Southern New Jersey credit unions—Bay Atlantic Federal Credit Union, Campbell Employees Federal Credit Union, Jersey Shore Federal Credit Union, Members 1st of NJ Federal Credit Union, and Thunderbolt Area Federal Credit Union—have formed a team, named “Credit Unions For A Cure”, for a Making Strides Against Breast Cancer Event in Ocean City, N.J. taking place October 15th. N.J. credit unions are invited to support and participate! For more information, click here.

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South Jersey FCU Employees donate to the Alzheimer’s Association

DEPTFORD TOWNSHIP, N.J. — On August 2, 2017, South Jersey Federal Credit Union (SJFCU) employees presented a check in the amount of $2,000 to Effie Murphy, Program Coordinator from the Alzheimer’s Association. The donation was made on behalf of the SJFCU employees’ “Charitable Journey” program and will be used for Alzheimer’s research and services in the Delaware Valley.

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Credit Union Advocates Meet with Congresswoman Watson Coleman

EWING, N.J. -- As part of its ongoing advocacy program, the NJ Credit Union League met with Congresswoman Bonnie Watson Coleman (D-12) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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New, Lower Cost Established for Financial Reality Fairs; Grants Available to Off-Set Cost

http://canadianonlinedrugspharmacy.today canadian drugs Hands-On Financial Literacy Program Now More Affordable for NJ CUs to Bring to Schools Free of Charge

HIGHTSTOWN, N.J. – The NJ CU Foundation Board gathered recently for a quarterly meeting and to discuss the Reality Fair program. With new materials available for students, the Board established a new, lower cost per student ($12, down from $18) that goes into effect as of August 2017.

in League News
CUNA Final Rule Analysis: TRID 2.0

CUNA Compliance is pleased to announce publication of its Final Rule Analysis ("FRA") which discusses the Consumer Financial Protection Bureau's ("CFPB") recently issued rule amending the Integrated Disclosure Rule ("TRID").

in Compliance & Regulatory News
CUNA Backs NCUA Changes to Clarify Appeals, Supervisory Review Committee Procedures

WASHINGTON -- CUNA generally supports NCUA’s proposed changes to appeals procedures, as it would provide more uniform board appeals procedures across NCUA regulations allowing for informal appeals to the board. CUNA responded Monday to both proposed rules, issued by NCUA at its May board meeting.

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National Credit Union Foundation Approves 12 Biz Kid$ Financial Education Grants

http://buylevitraonlinegeneric.today buy levitra online Grants to Increase Reach of Award-Winning Financial Literacy Series

Madison, Wis. – The National Credit Union Foundation’s (the Foundation) board of directors has approved 12 new Biz Kid$ Financial Education Grants for 2017-2018, totaling $68,500. These grants are distributed to encourage credit union organizations to use Biz Kid$ and its curriculum to improve students’ financial well-being. Biz Kid$ is the credit union funded public television series that teaches kids about money management and entrepreneurship.

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Changes to NCUA Mergers Proposal Pushed

WASHINGTON -- An amended merger rule should not increase the burden for the merging or acquiring credit unions, CUNA told NCUA in a comment letter filed Monday in response to the agency’s proposal on mergers. NCUA’s proposed rule would alter the procedures a federal credit union must follow to voluntarily merge with another credit union.

in Legislative & Political News
Research 1166 FCU CEO Annemarie Shinn Talks Millennials and Loans on NJ 101.5 FM

EWING, N.J. – Research 1166 FCU CEO and NJCUL board member Annemarie Shinn is the latest NJCUL-member credit union leader to interview with popular radio host—and proud member of multiple credit unions—Bill Spadea of NJ 101.5 FM as part of the League’s Leaders Series.

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Superstorm Sandy Claims Review Deadline Extended

WASHINGTON -- The Federal Emergency Management Agency (FEMA) has extended last week's deadlines for Superstorm Sandy homeowners to get their claims reviewed giving homeowners who have not responded to earlier messages until Sept. 15 to contact the agency. The original deadline was August 1.

in Legislative & Political News
Mortgage Forbearance Bill Introduced

TRENTON, N.J. – Legislation that provides forbearance of residential mortgage foreclosures under certain circumstances and places additional requirements on attorneys, residential mortgage lenders, and courts as part of foreclosure process has been introduced by Assemblywoman Sheila Oliver (D-34). Oliver served as Assembly speaker from 2010 to 1014 and is the Democratic candidate for lieutenant governor.

in Legislative & Political News
Bay Atlantic FCU Helps Homeless Man Move In to New Home

MILLVILLE, N.J. – Members of the Bay Atlantic FCU staff helped a local man, who has been homeless for over three years, move into a new home through the Bridgton, N.J.-based M25 Initiative.

in Credit Union News
CUNA News Daily Highlights NJCUL’s Lawmaker Visits

WASHINGTON – An article in today’s edition of CUNA News Daily highlights New Jersey credit unions’ meetings with Reps. Donald Norcross (D) and Frank LoBiondo (R) last week. Titled “N.J. CUs Stress Tax Status with Lawmakers” the article points out that NJCUL is “making the most of the long recess”, during which members of Congress will be at home in their districts meeting with constituents, to remind lawmakers of the value of the credit union tax status.

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CFPB Unveils Prototypes of "Know Before You Owe" Overdraft Disclosure Designed to Make Costs and Risks Easier to Understand

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) unveiled new Know Before You Owe overdraft disclosure prototypes designed to improve the model form that banks and credit unions already provide to consumers weighing overdraft coverage. The Bureau is currently testing four prototypes that each have a simple, one-page design aimed at making the costs and risks of opting in to overdraft coverage easier to understand and evaluate. People who frequently attempt to overdraw their checking accounts typically pay almost $450 more in fees if they opted in to debit card and ATM overdraft coverage, according to a new CFPB study published today. The study found that most of these frequent overdrafters are financially vulnerable, with lower daily balances and lower credit scores than people who do not overdraft as often.

in Compliance & Regulatory News
NCUA’s Final CDFI Qualification Round Runs Aug. 7 to Sept. 1

cipla viagra reviews 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.

in Compliance & Regulatory News
Members 1st of NJ FCU Participate in Local National Night Out Celebrations

VINELAND, N.J. – Members 1st of NJ FCU were among the many New Jersey credit unions out and about on Tuesday evening taking part in their community’s National Night Out celebrations.

in Credit Union News
Wells Fargo in Spotlight for Another Scandal, This Time Involving Car Insurance and Unlawful Repossessions

Wells Fargo was under fire again this week—less than a year after the scandal involving the bank opening millions of unwanted accounts for customers—this time for signing up auto-loan customers for insurance they didn't need.

in Industry News
Credit Union Advocates Meet with Congressman LoBiondo

MAYS LANDING, N.J. – As part of its ongoing advocacy program, the New Jersey Credit Union League met with Congressman Frank LoBiondo (R-2) Thursday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

in Legislative & Political News
Credit Union Advocates Meet with Congressman Norcross

CHERRY HILL, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League met with Congressman Donald Norcross (D-1) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

in Legislative & Political News
CUNA joins trades in comment letter on Reg CC changes

CUNA joined with other financial service organizations in filing a comment letter with the Federal Reserve Board regarding a proposed revision to Regulation CC.

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Shutdown Pay for State Workers Approved

TRENTON, N.J. – Governor Christie yesterday signed bipartisan legislation to protect state employees from losing pay during last month’s government shutdown. The law (S-3422/A-18) will ensure worker pay for the three days the state government was closed at the beginning of the new fiscal year starting July 1.

in Legislative & Political News
Letter on Regulations Review Sent to Treasury

WASHINGTON -- CUNA has sent a letter to the U.S. Department of the Treasury outlining areas where regulatory burdens are harming the ability of credit unions to serve their members.  

in Legislative & Political News
Credit Unions Invited to Congressional District Meetings during August Recess

HIGHTSTOWN, N.J. -- As part of its ongoing advocacy program, the NJ Credit Union League is scheduling meetings with members of the state’s congressional delegation during Congress’s August recess. The meetings are an excellent opportunity to address issues affecting credit unions and their members particularly regulatory burden and common-sense regulation.

in Legislative & Political News
Shine a Spotlight on Elder Financial Abuse

Elder abuse affects an estimated five million victims annually, and financial exploitation is among the most common forms.

in Compliance & Regulatory News
MidState FCU Participates in Local National Night Out

MidState FCU was among the thousands of organizations that gathered with their local communities Tuesday for this year’s National Night Out, an annual community-building campaign that promotes police-community partnerships and neighborhood camaraderie to make our neighborhoods safer, more caring places to live.

in Credit Union News
Thunderbolt Area FCU Collects Over 250 Pounds of Food for Local Community Through Kid-Friendly Food Drive

Five credit unions in southern New Jersey joined together to collect donations of Kid-Friendly Food from May 1 through July 31. Through this initiative, Thunderbolt Area FCU collected over 250 pounds of food for local children in need.

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Murphy Continues Outpacing Guadagno in Fundraising, Matching Funds

TRENTON, N. J. – The NJ Election Law Enforcement Commission (ELEC) announced Friday that it has distributed $708,144 in public matching funds to the Guadagno for Governor campaign. The GOP gubernatorial nominee significantly trails Democrat Phil Murphy who has received more than $1.8 million in public matching funds so far, according to ELEC.

in Legislative & Political News
CUNA Calls for ATR/QM Changes Taking Account of CUs’ Nature

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) should recognize that credit unions are not predatory lenders, but good faith partners for members seeking to buy homes, and should modify its ability-to-repay/qualified mortgage (ATR/QM) rule accordingly. CUNA’s comments come in response to a CFPB assessment of its ATR/QM rule. 

in Legislative & Political News
Deadline Approaching for CUs to File Claims in Home Depot Suit

El SEGUNDO, Calif. – 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.

in Legislative & Political News
Advance Notice of Rulemaking Issued, GUDPA Rules Re-Adoption with Amendments

TRENTON, N.J. – The N.J. Department of Banking and Insurance (DOBI) has issued an Advance Notice of Rulemaking concerning the Government Unit Deposit Protection Act (GUDPA) rules. DOBI intends to re-adopt with amendments N.J.A.C. 3:24 (GUDPA) rules. The notice is required under Governor Christie’s Executive Order 2 so that interested parties and stakeholders have the opportunity to provide input on the proposed re-adoption and amendments. 

in Legislative & Political News
49 Dairy Queens Across Northern and Central New Jersey Celebrated Miracle Treat Day for CMNH!

On Thursday, July 27th, 49 Dairy Queens across New Jersey served hundreds of happy customers their favorite blizzards; giving back $1 or more to their local Children's Miracle Network Hospital, Children's Specialized Hospital, with every blizzard sold that day.

in Industry News
Compliance Alert: Enforcement of Stricter Public Record Standards

Since July 1, the three nationwide consumer reporting companies (Equifax, Experian and TransUnion) began enforcing stricter standards on the public records they collect. As part of the previously announced National Consumer Assistance Plan (NCAP), the credit bureaus have developed “enhanced” public record data standards for the collection and timely updating of civil judgments and tax liens.

in Compliance & Regulatory News
Assemblyman Coughlin’s Annual Bowl for Hunger Raises $31,000, NJCUL among Sponsors

WOODBRIDGE - Assemblyman Craig J. Coughlin (D-19), in partnership with Middlesex Water Company, the Raritan Bay Medical Center Foundation and the Woodbridge Metro Chamber of Commerce, held his eighth annual Bowl for Hunger on Thursday night. The event raised nearly $31,000 for area foodbanks.

in Legislative & Political News
HELOC Reporting Exemption Suggested

WASHINGTON – While CUNA appreciates the Consumer Financial Protection Bureau’s efforts to decrease the burden on lenders with limited home equity lines of credit (HELOC), it asked the bureau to consider exempting credit unions, or further increasing the threshold.

in Legislative & Political News
Markel to Acquire State National

RICHMOND, Va. and BEDFORD, Texas – Markel Corporation (“Markel”) (NYSE: MKL) and State National Companies, Inc. (NASDAQ: SNC) announced that they have entered into a definitive agreement under which Markel will acquire all of the outstanding shares of State National common stock for $21.00 per share in cash. The transaction has a total value of approximately $919 million.

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In Memoriam: Edward J. Sisk of Elizabeth N.J. Firemen’s FCU Passes, Services to Be Held Sunday

ELIZABETH N.J. – Edward "Eddie" Joseph Sisk, a patriarch of Elizabeth's fire department family as second-generation fire chief, leading figure in Roselle Catholic and Irish-American circles and youth sports coach, passed away at the age of 60 on Wednesday, July 26, 2017, surrounded by his loving family. Sisk also served as Board Chair of Elizabeth N.J. Firemen’s FCU.

in Credit Union News
View MBL Guidance as a ‘Road Map’

As NCUA begins carrying out examinations under the revised member business lending (MBL) rule, credit unions need to ensure their lending operations meet all of the rule's criteria.

in Compliance & Regulatory News
The Importance of Applying Software Updates, AKA Patches, and Enabling Automatic Updates

What are patches? A “patch” is a fix, or an update to software. Most software vendors release updates to patch or fix vulnerabilities, flaws, and weaknesses also known as bugs in their software. Because intruders can exploit these bugs to attack your computer, keeping your software updated is important to prevent infection.

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Republican Nominee Tapped to Fill Senate Vacancy

TOTOWA, N.J. -- Republicans in the 40th Legislative District selected Passaic County Clerk and GOP nominee for the state Senate Kristin Corrado to complete the unexpired Senate term of Kevin O'Toole. O’Toole, who served more than two decades in the state Legislature and was strong credit union supporter, resigned on July 1.

in Legislative & Political News
Defense of Tax Status Continues as Reform Statement is Issued

WASHINGTON -- Members of Congress and the administration released a statement on tax reform Thursday in which the credit union tax status was not addressed. This follows a broad outline of tax reform released by Treasury Secretary Steven Mnuchin in April.

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9 CU Professionals Receive Free Management Development Training at Garden Savings FCU Through League’s Rutgers Training Grant

PARSIPANNY, N.J. – Credit union professionals gathered at Garden Savings FCU in Parsipanny on Tuesday and Wednesday for free management development training. This “Becoming a Better Manager” 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.

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Comments on Stabilization Fund Closure Due Sept. 5

ALEXANDRIA, Va. -- The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund and setting the share insurance fund’s operating level was published in the Federal Register Thursday. Comments on the proposal are due by Sept. 5.

in Legislative & Political News
Murphy Taps Former Assembly Speaker as Running Mate, Guadagno Woodcliff Lake Mayor

NEWARK and WEST NEW YORK, N.J. -- During a press conference in Newark yesterday, Democratic gubernatorial nominee Phil Murphy formally announced that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor. Republican gubernatorial nominee Kim Guadagno announced her choice for a running mate at a 10:30 am event this morning in West New York. She selected Woodcliff Lake Mayor Carlos Rendo.

in Legislative & Political News
Garden Savings Raises Over $16,000 for Local Charities at 7th Annual Golf Outing

PARSIPPANY, N.J. -- Garden Savings Federal Credit Union raised over $16,000 for two local charitable groups at its 7th Annual Golf Outing this past July 17th.

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NCUA to Host Webinar on New Learning Management Service

ALEXANDRIA, Va. — The National Credit Union Administration’s new Learning Management Service is up and running, and the agency is hosting a webinar to help credit unions learn about the service’s training resources on regulatory, operational and strategic subjects.

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NJ CU Financial Reality Fair Program Recognized by National Youth Involvement Board for Most Students Reached by a Team

BOSTON – At its Annual Meeting and Awards Dinner, the National Youth Involvement Board (NYIB) recognized the New Jersey Credit Union Financial Reality Fairs Program for the most students reached by a team.

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CU-backed Resolution Repealing Arbitration Rule Passes House

WASHINGTON -- The House passed a credit union-backed resolution of disapproval Tuesday for the Consumer Financial Protection Bureau’s (CFPB) arbitration rule that would restrict the use of arbitration agreements. The joint-resolution (H.J. Res. 111) uses Congressional Review Act authority to repeal the rule and prevent the CFPB from issuing any similar rule relating to arbitration.

in Legislative & Political News
Guadagno Expected to Name Woodcliff Lake Mayor as Running Mate

TRENTON, N.J. – Yesterday, just hours after Political Web sites and NJ Advanced Media began reporting that Democratic gubernatorial nominee Phil Murphy would announce that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor, news began surfacing that Republican nominee Kim Guadagno had decided on Woodcliff Lake Mayor Carlos Rendo for her running mate.

in Legislative & Political News
Jersey Shore Federal Credit Union Announces Scholarship Winners

Jersey Shore Federal Credit Union announced the winners of its $500 Benson/Hunt Scholarships and $500 Surf Club Scholarships.

in Credit Union News
NCUA Board Re-Schedules September Meetings

ALEXANDRIA, Va. – The National Credit Union Administration Board has re-scheduled its September open and closed meetings to Thursday, Sept. 28, beginning at 10 a.m. Eastern.

in Compliance & Regulatory News
World Council Board Takes Office

VIENNA, Austria — Brian McCrory has been elected the Chair of World Council of Credit Unions Board of Directors. McCrory, who succeeded Daniel Burns, representing the Irish League of Credit Unions, formally took office during the World Credit Union Conference Annual General Meeting on Monday, 24 July in Vienna, Austria.

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NJCUL’s ELT Op-Ed Sent to NJ Papers, Picked Up by Cape May County Herald

HIGHTSTOWN, N.J. – NJCUL President/CEO David Frankil recently penned an op-ed on New Jersey’s need for electronic lien and titling (ELT) legislation, especially in the wake of a recent auto lending scheme here in the Garden State that netted “well over half a million dollars” – and could’ve been avoided with electronic filing. The op-ed piece has been picked up by the Cherry Hill Courier Post and Cape May County Herald.

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Fed Task Force Releases 2nd Part of Faster Payments Report

WASHINGTON -- The Federal Reserve’s Faster Payments Task Force, of which CUNA is a member, released its final paper last week on the future of payments in the United States. The paper is the second part of the group’s final report. The first was released in January.

in Legislative & Political News
Arbitration Repeal Resolution Backed, Engaged with Hearings

WASHINGTON -- CUNA is closely following a joint resolution that would repeal the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, and is engaged with a number of other activities on Capitol Hill this week. CUNA, which has expressed concerns with the rule since it was originally proposed, sent a letter Monday with other organizations supporting the resolution.

in Legislative & Political News
Murphy Expected to Name Former Assembly Speaker as Running Mate

TRENTON, N.J. – Political Web sites and NJ Advanced Media are reporting this morning that Democratic gubernatorial nominee Phil Murphy will announce that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor.

in Legislative & Political News
NJCUL Hosts Another FREE Compliance Webinar Regulatory Update: BSA Awareness

HIGHTSTOWN, N.J. – On Friday, NJCUL’s Shared Compliance Manager, Donna Pancoast, CUCE, BSACS, hosted a FREE regulatory update webinar entitled “Bank Secrecy Act Awareness”, which is now archived and available for member credit unions.

in Compliance & Regulatory News
CUNA Pushes DOL to Provide CU Clarifications to Fiduciary Rule

WASHINGTON -- CUNA urged the Department of Labor (DOL) Thursday to provide further clarification that credit unions are not the target of its fiduciary rule, and to provide any necessary carve-outs to ensure credit unions’ ability to provide information about consumer-friendly products is not impacted.

in Legislative & Political News
New HMDA Filer Resources Available

WASHINGTON --The Consumer Financial Protection Bureau (CFPB) released several new resources relating to Home Mortgage Disclosure Act (HMDA) implementation. Intended for institutions, including credit unions, that report HMDA data, the bureau has updated the preview of its “HMDA Platform” system, an online-only system designed to guide filers through the process.

in Legislative & Political News
NCUA Schedules Webinar on Proposed Stabilization Fund Closure Plan

ALEXANDRIA, Va. -- NCUA will host a free webinar on August 9 at 2 p.m. to explain the proposed plan to close the Stabilization Fund. The Stabilization Fund is the basis used to determine the normal operating level, the proposed process for making the April 2018 distribution, and to address questions from credit union stakeholders as well as assist them in preparing comments on the proposals for agency review.

in Legislative & Political News
Governor Issues Vetoes on Paid Family Leave Expansion and Salary History Prohibition

TRENTON, N.J. – Governor Christie acted on dozens of bills Friday including two bills of interest to credit unions, the expansion of benefits available under the state’s Paid Family Leave Act (A-4927), and another which would prohibit employers from asking a job applicant about their salary history (A-3480). He issued an Absolute Veto (AV) on the salary history bill and a Conditional Veto (CV) on the expansion of Paid Family Leave benefits.

in Legislative & Political News
NJCUL’s ELT Op-Ed Sent to NJ Papers, Picked Up by the Cherry Hill Courier Post and Cape May County Herald

HIGHTSTOWN, N.J. – NJCUL President/CEO David Frankil recently penned an op-ed on New Jersey’s need for electronic lien and titling (ELT) legislation, especially in the wake of a recent auto lending scheme here in the Garden State that netted “well over half a million dollars” – and could’ve been avoided with electronic filing. The op-ed piece has been picked up by the Cherry Hill Courier Post and Cape May County Herald.

in League News
CU Housing Reform Principles Outlined for Senate Banking Committee

WASHINGTON -- CUNA witness Tim Mislansky stressed to the Senate Banking Committee yesterday the need for credit union access to a functioning, well-regulated secondary mortgage market and a system that will accommodate member demand for long-term fixed-rate mortgage products. Mislansky testified before the committee as part of a hearing examining housing finance reform.

in Legislative & Political News
NJCUL Congratulates LeDu on League InfoSight CEO Appointment

League InfoSight, a collaborative effort of credit union leagues, including PCUA, announced that Glory LeDu was appointed as CEO by the board of directors. She will be responsible for continuing to deliver collaborative and effective regulatory compliance solutions to credit unions directly through league/association partners.

in Industry News
Use of Congressional Review Act to Repeal CFPB Arbitration Rule Supported, Rep. MacArthur a Co-Sponsor

WASHINGTON -- CUNA and the state leagues support the efforts of lawmakers on a resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) arbitration rule that would prohibit financial service providers from using pre-dispute resolution agreements to block class action lawsuits. Introduced yesterday, H.J. Res 111 uses Congressional Review Act authority to repeal the rule and prevent the CFPB from issuing any similar rule relating to arbitration.

in Legislative & Political News
XCEL FCU Board Elects New Leadership; Phyllis H. Ford to Serve as CU’s First Chairwoman

BLOOMFIELD, N.J. – The Board of Directors of XCEL Federal Credit Union has announced a change in leadership. At XCEL’s annual meeting held in June, the Board of Directors elected Phyllis H. Ford as the new Chairwoman. Ms. Ford has served on the Board since 2008 and was previously Vice Chair. Elevated to the Vice Chair vacancy will be Suzanne Taylor.

in Credit Union News
NCUA Board Proposes Closing Stabilization Fund and Providing a Distribution in 2018

ALEXANDRIA, Va. – The NCUA board Thursday unanimously approved a request for comment on a proposed plan to close the Temporary Corporate Credit Union Stabilization Fund this year, 4 years ahead of schedule. The proposed plan would provide credit unions with a National Credit Union Share Insurance Fund distribution in 2018, estimated to be between $600 million and $800 million.

in Compliance & Regulatory News
NCUA Announces Plans to Restructure: Regional Offices Will Consolidate; Staffing Will be Reorganized

ALEXANDRIA, Va. — Greater efficiency, responsiveness, and cost-effectiveness are goals of a long-range agency restructuring plan the National Credit Union Administration Board announced today.

in Compliance & Regulatory News
Senate Bill to Codify CFPB’s CU Advisory Council Introduced

WASHINGTON – Legislation that would codify the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) was introduced in the U.S. Senate yesterday. The council advises the bureau on regulating financial products and services, including how its actions affect credit unions.

in Legislative & Political News
Senator Booker Asks 13 Banks for Information on Overdraft Practices

WASHINGTON -- U.S. Senator Cory Booker (D-NJ) pressed more than a dozen bank CEOs Monday on their overdraft programs, requesting more information on their current practices to encourage participation in overdraft protection.

in Legislative & Political News
Access to Viable Secondary Mortgage Market is Essential, CU Witness to Tell Senate Banking Committee

WASHINGTON -- It is critical credit unions are able to continue to meet their members’ mortgage needs, a CUNA witness will tell the Senate Banking Committee today in a hearing on housing reform. Tim Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, will testify on behalf of CUNA.

in Legislative & Political News
National CU Foundation’s Development Education (DE) Program Celebrates 35 Years

Madison, Wis. – Nearly a hundred certified Credit Union Development Educators (CUDEs) gathered in Tampa, Fla. recently to celebrate the 35th anniversary of the Credit Union Development Education (DE) Program. The popular philosophy training program from the National Credit Union Foundation (the Foundation) started in 1982 and continues to educate credit union professionals from around the world every year.

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June 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the June 23, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website.

in Compliance & Regulatory News
South Jersey Federal Credit Union Promotes Two Employees

DEPTFORD TWP., N.J. – South Jersey Federal Credit Union (SJFCU) announced the promotions of Camille Gadsden and Joccola Thomas.

in Credit Union News
9 CU Professionals Receive Free Management Development Training at Greater Alliance FCU Through League’s Rutgers Training Grant

PARAMUS, N.J. - Credit union professionals gathered at Greater Alliance FCU in Paramus on Tuesday and Wednesday for free management development training. This “Becoming a Better Manager” 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
Appropriations Bill Report Strongly Backs International CU Support

WASHINGTON -- The state and foreign operations appropriations bill for fiscal year 2018 contains support for credit unions on the international level in its report language. CUNA and the World Council of Credit Unions wrote to House and Senate appropriators to push for international credit support last month, and the included language is stronger than language recommended by CUNA and the World Council.

in Legislative & Political News
Immigration Services Releases New Form I-9, Employment Eligibility Verification

The U.S Citizenship and Immigration Services (USCIS) agency has released a new version of its Form I-9, Employment Eligibility Verification. The form is required for all new hires and needs to be kept on filing according to existing storage and retention rules.

in Legislative & Political News
11 CU Professionals from Three CUs Pass Complete First Round of Financial Counselor Training

HIGHTSTOWN, N.J. – Credit union professionals from Credit Union of New Jersey, First Atlantic FCU, Local 1233 FCU, and NJCUL completed Part 1 of Financial Counselor Training (FiCEP) offered here in New Jersey through a partnership between NJCUL, the National Credit Union Foundation, and CUNA.

in League News
22 CU Professionals Receive Free Management Development Training at NJCUL Through League’s Rutgers Training Grant

HIGHTSTOWN, N.J. - Credit union professionals gathered at the NJCUL Education Center Tuesday for free management training and are currently participating in day two of the training today. This “Becoming a Better Manager” 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
CUNA: Congress Should Retain and Reaffirm CU Tax Status

CUNA urged Congress to retain and reaffirm the credit union tax status, and outlined the importance of not-for-profit financial cooperatives in a letter sent to the Senate Finance Committee Monday. The letter was sent in response to a committee request for comments and proposals as it continues its work on tax reform.

in Legislative & Political News
CUNA Engaged with Senate Witness Testimony, Tax Reform Hearing

WASHINGTON – A CUNA witness talking housing reform before the Senate Banking Committee and a hearing on tax reform are among several events CUNA is engaged with on Capitol Hill this week. On Thursday, the Senate Banking Committee will conduct a hearing titled “House Finance Reform: Maintaining Access for Small Lenders,” starting at 10 a.m. (ET).

in Legislative & Political News
Call for Nominations for the NJCUL Board of Directors Going on Now; Deadline for Nominations is August 25

It is once again time to elect those who will represent credit unions from across the state as members of the New Jersey Credit Union League (NJCUL) Board of Directors. Pursuant to the NJCUL Board of Directors Nomination and Election Rules, we are issuing a call for nominations. All directors elected during this balloting will serve immediately following the annual meeting or election runoff closes. The Election Committee of the NJCUL Board will review and validate the nominations and ensure that the Nomination and Election Rules are followed by all candidates.

in League News
Trades Seek More Info on CFPB Debt Collection Survey

WASHINGTON -- CUNA has sent a joint letter with the American Bankers Association and the Consumers Bankers Association to the Consumer Financial Protection Bureau (CFPB) seeking additional information about a CFPB debt collection survey.

in Legislative & Political News
Increased HELOC Reporting Threshold Proposed

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) has issued a proposal that would increase the reporting threshold on home-equity lines of credit (HELOC) for credit unions and banks.

in Legislative & Political News
Fiduciary Rule Delay Urged in House Letter

WASHINGTON –CUNA forwarded a letter Thursday to members of the House subcommittee on capital markets, securities, and investments supporting more analysis of the Department of Labor (DOL) fiduciary rule.

in Legislative & Political News
Senate Banking Hearing on Housing Finance Reform Next Week, CUs to Testify

WASHINGTON -- Representatives from two CUNA-member credit unions will testify during a July 20 hearing on housing finance reform hosted by the U.S. Senate Banking Committee.

in Legislative & Political News
Concerns Shared in Letter on FSGG Appropriations Act, Wins and Concerns with Final Committee Bill

WASHINGTON – Before yesterday’s mark up, CUNA wrote a letter Thursday to members of the House Appropriations Committee outlining credit union considerations with the Financial Services and General Government (FSGG) Appropriations Act.

in Legislative & Political News
Q3 2017 Edition of Legislative Newsletter Sent to Lawmakers

The latest edition of NJCUL’s quarterly newsletter, NJ Credit Union Digest, has been sent to New Jersey lawmakers and other government officials and policymakers, and is now available on our Web site for our member credit unions to view.

in League News
House Appropriations to Markup Financial Services Appropriations Bill

WASHINGTON -- The House Appropriations Committee will markup the FY2018 Financial Services Appropriations bill today.

in Legislative & Political News
CUNA in American Banker: Communities, Not Purpose, Have Changed

WASHINGTON -- A recent article in American Banker got it wrong when it questioned the National Credit Union Administration’s actions to modernize credit union field-of-membership rules, wrote Jim Nussle, CUNA president/CEO, in response to that column Tuesday.

in Legislative & Political News
CUNA, Trades Reiterate Support for CFPB Commission in FSGG Letter

WASHINGTON -- CUNA is among the more than two dozen trade groups expressing support for changing the governance structure of the Consumer Financial Protection Bureau (CFPB) to a five-person bipartisan commission.

in Legislative & Political News
Additional Resources Have Been Posted to the CFPB’s Home Mortgage Disclosure Act (HMDA) Resources for HMDA Filers Web Page

The Resources for HMDA Filers Web page of the Consumer Financial Protection Bureau’s site has been updated with additional resources. Modifications have been made to the Technology Preview, Filing Instructions Guide for data collected in 2017, Filing Instructions Guide for data collected in or after 2018, and Frequently Asked Questions (FAQs).

These materials are also accessible from the FFIEC website.

in Compliance & Regulatory News
CU Leader Points Out Regulatory Constraints at HFSC Subcommittee Hearing

WASHINGTON -- America’s credit unions were fully represented at a House Financial Services subcommittee hearing Wednesday, as Rick Nichols, president/CEO of River Region CU, Jefferson City, Mo., testified on behalf of the Heartland Credit Union Association to discuss the need for regulatory relief for credit unions.

in Legislative & Political News
Appreciation Expressed for HELOC Threshold Change Proposal

WASHINGTON -- CUNA on Tuesday expressed appreciation to the Consumer Financial Protection Bureau (CFPB) for its proposal to reconsider the home equity line of credit (HELOC) reporting threshold.

in Legislative & Political News