Articles

CFPB Files Complaints Against Two Credit Repair Companies

WASHINGTON – The CFPB filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. The Bureau alleges that the companies not only charged illegal advance fees for credit repair services, but also misrepresented their ability to repair consumers’ credit scores.

in Compliance & Regulatory News
CUNA Offers CFPB Regulatory Relief Changes in Meeting w/ SBA

WASHINGTON – CUNA staff attended a roundtable discussion Monday hosted by the Small Business Administration’s (SBA) Office of Advocacy to discuss needed changes to Consumer Financial Protection Bureau (CFPB) rules. During the meeting, CUNA offered several credit union-specific suggestions for modifications to CFPB rules and potential rules.

in Legislative & Political News
CUNA Joins Trades to Request Full CDFI Funding in FY18

WASHINGTON – CUNA joined with several financial trade organizations Tuesday to request that House and Senate appropriators fund the Treasury’s Community Development Financial Institutions (CDFI) Fund at $250 million for fiscal year 2018. The fund, which gives awards and other grants to certified CDFIs, was eliminated in the administration’s proposed fiscal year 2018 budget.

in Legislative & Political News
CFPB Releases State-Level Snapshot of Consumer Complaints

Report Provides National and State-by-State Overviews of the Complaints Submitted to the Bureau

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans. The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB’s complaint process. Overall, the Bureau has received over 1,218,600 complaints as of June 1, 2017.

in Compliance & Regulatory News
Princeton FCU Awards $1,000 Scholarships to Two Young Members

PRINCETON, N.J. – Princeton Federal Credit Union recently awarded two scholarships, each worth $1,000, to two deserving young members: Manus Kreike-Martin and Christopher Walton.

in Credit Union News
McWatters Named NCUA Chairman

ALEXANDRIA, Va. – President Donald J. Trump has designated Acting National Credit Union Administration (NCUA) Board Chairman J. Mark McWatters as the tenth Chairman of the NCUA Board, effective June 23.

in Compliance & Regulatory News
CUNA Witness to Testify on BSA/AML Compliance before Senate Banking Committee

WASHINGTON -- A witness will testify on behalf of CUNA before a House subcommittee this week on compliance with the Bank Secrecy Act, and other compliance issues. Faith Anderson, senior vice president and general counsel of American Airlines FCU, Fort Worth, Texas, will speak before the House Financial Services subcommittee on financial institutions and consumer credit Wednesday.

in Legislative & Political News
Salary History Ban Gets Final Legislative Approval, Heads to Governor

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process received final legislative approval yesterday. The measure now heads to the Governor Christie.

in Legislative & Political News
Expanded Paid Family Leave Gets Final Legislative Approval, Heads to Governor

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act passed the state Senate yesterday 22-15. The legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold. Following partisan line votes in both legislative chambers, the measure now heads to the Governor Christie.

in Legislative & Political News
Second Call to Action Launched in as Many Weeks, Now for CDFI Funding

HIGHTSTOWN, N.J. – The NJCUL launched a second Call to Action in as many weeks on another congressional appropriations issue, funding for the Community Development Financial Institution (CDFI) Fund. Both Treasury’s CDFI Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF) were eliminated in the budget proposal the White House sent to Congress. A Call to Action on CDRLF funding was launched last week.

in Legislative & Political News
Deepwater Industries FCU Gives Away Two Scholarships to Young Members

DEEPWATER, N.J. – Deepwater Industries FCU recently gave away two scholarships in the amount of $1,000 to two deserving young members.

in Credit Union News
CUNA, Trades Urge Appropriators to Create CFPB Commission

CUNA joined other trade groups this week in expressing strong support for language supporting a Consumer Financial Protection Bureau (CFPB) commission to be included in fiscal year 2018 appropriations legislation. Specifically, the organizations asked for a Senate-confirmed, 5-person commission to lead the bureau, and the language to be included in financial services and general government (FSGG) appropriation language.

in Legislative & Political News
NCUA June Meeting Summary

NCUA's agenda for the June meeting consisted of three final rules, a proposed rule, a request for comment, and a board briefing.

in Compliance & Regulatory News
NCUA Issues Legal Opinion Pertaining to a Federal Credit Union's Authority to Issue and Sell Securities

In a recently released opinion letter, NCUA opined that a federal credit union can issue and sell securities as long as it meets the three-pronged test detailed in 721.2 of NCUA's regulations that covers items considered incidental powers even though the activity is not considered preapproved under 721.3.

in Compliance & Regulatory News
Join the League and Unite With Your Community at National Night Out!

National Night Out, taking place August 1st, 2017, unites law enforcement and neighbors to create a true sense of community. Keeping with the credit union philosophy of "People Helping People", the League will be participating this year in the festivities in its local community of East Windsor.

in Industry News
CUNA Analysis of FHLB Change Starting July 5

With privately insured credit unions that meet certain requirements eligible to join the Federal Home Loan Bank (FHLB) program starting July 5, CUNA has developed a final rule analysis with an overview of new requirements.

in Compliance & Regulatory News
CUNA Analysis of FHLB Change Starting July 5

With privately insured credit unions that meet certain requirements eligible to join the Federal Home Loan Bank (FHLB) program starting July 5, CUNA has developed a final rule analysis with an overview of new requirements. The FHLB program serves as a low-cost source of liquidity for financial institutions.

in Compliance & Regulatory News
Salary History Ban Vote Postponed, Final Legislative Approval Set for Monday

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine a salary offer at any stage in the hiring process, originally scheduled for a Senate floor vote on Thursday, is now set for final legislative consideration on Monday.

in Legislative & Political News
OTR Methodology, Corporate CU Proposal on NCUA Agenda Today

ALEXANDRIA, Va. -- The NCUA board will vote Friday on whether to issue a request for comment on its Overhead Transfer Rate (OTR) methodology, among other items on the agenda for its monthly board meeting. The meeting was postponed due to NCUA Acting Chair J. Mark McWatters’ Thursday appearance before the Senate Banking Committee.

in Legislative & Political News
NCUA Files Motion in FOM Suit, Asks to Deny ABA Motion

WASHINGTON -- The NCUA this week filed a motion to deny the American Bankers Association (ABA) request for summary judgment its lawsuit against the agency’s field-of-membership (FOM) rule. The request, filed in the U.S. District Court for the District of Columbia, also asks the court to grant NCUA’s motion for summary judgment.

in Legislative & Political News
McWatters Testifies on Regulatory Relief Legislation, NCUA Actions

WASHINGTON -- NCUA Acting Chair J. Mark McWatters discussed recommendations to “achieve real relief while maintaining safety and soundness” before the Senate Banking Committee Thursday, part of a hearing on regulators’ role in fostering economic growth.

in Legislative & Political News
Expanded Paid Family Leave Clears Assembly, Scheduled for Senate Vote Monday

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act passed the Assembly Thursday 49-23-3. Introduced by Assembly Speaker Vincent Prieto (D-32) the legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold.

in Legislative & Political News
Atlantic FCU Supports the Community FoodBank of New Jersey

KENILWORTH, N.J. – Recently, Atlantic FCU held its 82nd Annual Meeting. In past years, the credit union raffled off gift cards and provided door prizes to attendees. However, this year it opted for something more charitable, donating $1,500 to The Community FoodBank of New Jersey.

in Credit Union News
League’s Leaders Series on NJ 101.5 FM Continues with Aspire FCU CEO Tom O’Shea

HIGHTSTOWN, N.J. – Aspire Federal Credit Union President/CEO Tom O'Shea 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.

in League News
Memorial Scheduled for Long-Time New Jersey Credit Union Professional Nancy Miller

A memorial service has been set for Nancy Miller, a fixture in the New Jersey credit union community for 40 years, who passed away on June 13th. The memorial service will be held on Saturday, July 1st from 1 p.m. to 4 p.m. at Anderson & Campbell Funeral Home located at 703 Main Street in Toms River, N.J.

in Credit Union News
Marketing Pros Make it to the Head of the Class

NJCUL and YMC Marketing Conference Gives CUs Hands-On Tools to Reach Members and Potential Members with their Unique Value Propositions

EAST WINDSOR, N.J. – The New Jersey Credit Union League partnered with Your Marketing Company (YMC), an NJCUL Business Partner, for an insightful and interactive marketing conference on Wednesday that navigated credit union marketing professionals and leaders through the process of identifying their value proposition and building that into their marketing strategies.

in League News
CUNA Highlights NCUA Regulatory Relief Points Prior to Senate Banking Committee Hearing

WASHINGTON -- CUNA praised several regulatory relief suggestions from NCUA in a letter sent to Senate Banking Committee leadership Wednesday, a day before NCUA Acting Chair Mark McWatters is scheduled to testify. Scheduled for 10 a.m. today, the hearing will focus on financial regulators’ role in promoting economic growth.

in Legislative & Political News
CUNA Outlines Recent Changes to CUNA's MAPR Calculator

If you have visited CUNA's MAPR calculators recently, you might have noticed a few changes. CUNA currently offers a Closed-End Loan calculator with a Known Monthly Payment and an Open-End Loan calculator.

in Compliance & Regulatory News
Atlantic FCU Hosts Movie Night with ‘The Hunters’

Recently, Atlantic FCU hung out with Wendy Williams and some of her amazing friends for the opening weekend of Wonder Woman. We sponsored the "Movie Night with the Hunters” fundraiser, which will help send 40 young girls from Essex County to YMCA Camp Mason this summer.

in Credit Union News
First Quarter 2017 New Jersey Credit Union Statistics Report Now Available

HIGHTSTOWN, N.J. – NJCUL offers member credit unions summaries of New Jersey credit union quarterly statistics compiled by CUNA. These reports include a comprehensive analysis of N.J.’s current economic climate, including the unemployment rate and home price changes. It then places N.J. credit unions in that context. Complete with graphs and charts, the report includes statistics on asset quality, loan and savings growth, and membership growth as compared to population growth, and more.

in League News
Push for Full CDFI Funding in FY18

WASHINGTON – CUNA again wrote to House and Senate appropriators Tuesday to push for full funding of the Treasury’s Community Development Financial Institutions (CDFI) Fund, at $248 million for fiscal year 2018. The administration’s budget submission to Congress zeroes out the CDFI Fund.

in Legislative & Political News
Feedback Sought on Eliminating Regulatory Burden for Treasury RFI

WASHINGTON – CUNA is seeking feedback from credit unions on ways to eliminate regulatory burden as it prepares its response to the Treasury’s request for information (RFI) on streamlining regulations. The Treasury published the request in the Federal Register this week in response to executive orders from President Donald Trump.

in Legislative & Political News
Legislation Barring Salary History Questions Set for Final Legislative Approval

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process, is scheduled for a vote by the full Senate tomorrow. The Assembly companion bill (A3480) passed the lower House 49-19-7 on May 22. Similar to the Assembly vote, the measure is expected to pass the upper chamber along a partisan line vote. The bill will then head to the Governor Christie for his consideration.

in Legislative & Political News
Polish & Slavic FCU Awards $400,000 in Scholarships to 339 Talented Young Members

BROOKLYN, N.Y. – June may signal the end of the school year for most, but nearly 340 high school and college students are already looking forward to the upcoming fall semester, as the nation’s largest ethnic credit union, Polish & Slavic FCU (PSFCU), awarded $400,000 in academic scholarships at ceremonies held last week at its offices in New Jersey, Illinois, and Brooklyn.

in Credit Union News
Scam Alert: The FTC Doesn’t Need Your Bank Info

Some people have gotten an email that claims to be from Maureen Ohlhausen, the FTC’s Acting Chairman. But it’s not. The email asks you to give your bank account information – so, it says, you can get money from the government’s settlement with Western Union. The email is a scam to steal your financial information.

in Compliance & Regulatory News
Campbell EFCU Celebrates its 80th Anniversary

CHERRY HILL, N.J. – Campbell Employees Federal Credit Union recently celebrated its 80th Anniversary at its Annual Business Meeting with 100 members in attendance.

in Credit Union News
League Launches Call-to-Action for Full CDRLF Funding

HIGHTSTOWN, N.J. – The NJCUL launched a Call-to-Action today asking its member credit union CEOs to contact Congressman Rodney Frelinghuysen (R-11) to express support for funding NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million for fiscal year 2018. The administration’s budget submission to Congress eliminates CDRLF funding.

in Legislative & Political News
Assembly Committee Approves Foreclosure Filing Surcharge Bill

TRENTON, N.J. – Legislation (A2036) that would establish a Foreclosure Prevention and Neighborhood Stabilization Trust Fund in the Department of Community Affairs was approved 5-0 yesterday by the Assembly Housing and Community Development Committee. The measure now heads to the Assembly Appropriations Committee for further consideration.

in Legislative & Political News
Expanded Paid Family Leave Clears Assembly Committee, Assembly and Senate Bills Await Floor Votes

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act was approved yesterday by the Assembly Appropriations Committee 8-2-1. The vote was along party lines, with Democrats voting in favor of and Republicans opposed to reporting the bill.

in Legislative & Political News
United Teletech Financial Federal Credit Union Celebrates 50th Anniversary

TINTON FALLS, N.J. – United Teletech Financial Federal Credit Union celebrated its 50th Anniversary on Monday, June 19 with member appreciation events held at each of its five branch locations.

in Credit Union News
Wednesday’s Northern Chapter Meeting Postponed

The Northern Chapter Meeting originally scheduled for this Wednesday, June 21, 2017 has been postponed to Wednesday, September 13, 2017 at the Iberia Pennisula, Ferry Street, Newark, N.J. If you have any questions, please reach out to Chapter President Shirley A. McClinton-Watson at (973) 896-5221 or shirwatson@yahoo.com.

in Industry News
Long-Time New Jersey Credit Union Professional Nancy Miller Passes

Nancy Miller, a fixture in the New Jersey credit union community for 40 years, recently passed away. Miller worked at and volunteered for over a half a dozen credit unions and was active in the League’s Mid-state chapter. Details on arrangements are not yet available, but will be provided by the League once they are published.

in Credit Union News
CUs Invited to Participate in SBA Talk on CFPB Assessments

WASHINGTON -- Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the Consumer Financial Protection Bureau’s (CFPB) assessment process and recent request for information.

in Legislative & Political News
McWatters to Testify before Senate Banking Committee on Economic Growth

WASHINGTON -- NCUA Chair J. Mark McWatters will testify before the Senate Banking Committee Thursday, as part of the committee’s focus on fostering economic growth. The committee previously hosted two other hearings on this topic, one in which CUNA testified. Thursday’s hearing will focus on economic growth from the regulators’ perspective.

in Legislative & Political News
House, Senate Appropriators Pushed for Full CDRLF Funding

WASHINGTON -- CUNA wrote to House and Senate appropriators Friday in strong support of funding NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million for fiscal year 2018. The administration’s budget submission to Congress eliminates CDRLF funding.

in Legislative & Political News
Foreclosure Filing Surcharge Bill on Assembly Committee Agenda

TRENTON, N.J. – Legislation (A2036) that would establish a Foreclosure Prevention and Neighborhood Stabilization Trust Fund in the Department of Community Affairs is scheduled for consideration today by the Assembly Housing and Community Development Committee.

in Legislative & Political News
Expanded Paid Family Leave on Assembly Committee Agenda

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act is scheduled for consideration before the Assembly Appropriations Committee today. Introduced by Assembly Speaker Vincent Prieto (D-32) the legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold.

in Legislative & Political News
South Jersey FCU Awards Scholarships to High School Students

DEPTFORD, N.J. – South Jersey Federal Credit Union (SJFCU) has awarded seven college-bound high school students with scholarships totaling in the amount of $3,250.

in Credit Union News
NCUA Releases New Call Report Form, Instructions

ALEXANDRIA, Va. – NCUA has released its new call report form and accompanying instructions, which become effective Sept. 30. For credit unions engaged in commercial lending, most notable are the updates reflecting the January 2017 changes to the member business lending (MBL) rule.

in Compliance & Regulatory News
Five CU Professionals Receive Free Management Development Training at Greater Alliance FCU Through League’s Rutgers Training Grant

PARAMUS, N.J. – CU professionals gathered at Greater Alliance FCU last week for free management training, which 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. It’s not too late to take advantage of this free member benefit, contact Barbara Agin at bagin@njcul.org for more information. Photos of this week’s training are available on the League’s Facebook page.

in League News
CUNA CompBlog: Federal Reserve Raises Federal Funds Interest Rates

On Wednesday June 14, 2017, the Federal Open Market Committee (FOMC), which sets monetary policy for the federal Reserve, announced it would raise interest rates by a quarter point (0.25%) due to increasing concern over tight labor markets and the related risk of rising inflation pressures, bringing the target range to 1.00% to 1.25%.

in Compliance & Regulatory News
CUNA’s CompBlog Dicusses Escrow Account Shortages and Deficiencies

In this installment of the CUNA CompBlog Back to Basics series, CUNA discusses a credit union's available options for handing escrow account shortages and deficiencies under the Real Estate Settlement and Procedures Act (RESPA). An escrow shortage or deficiency occurs when there is not enough money in the escrow account to cover the monthly payment. This can happen for a variety of reasons, but one of the most common reasons is an increase in property taxes, usually the result of the borrower's property assessment going up. So what should a credit union do when an increased tax or insurance bill comes in and the account does not have sufficient funds to cover the payment.

in Compliance & Regulatory News
Bay Atlantic FCU and Local Rotary Club’s Hunger Project Helps Feed Local Families

More than 20,000 Local Families to Benefit from Meals Prepared

VINELAND, N.J. – Over 100 volunteers, including those from Bay Atlantic FCU, packed more than 100,000 meals on Sunday, June 11th, for distribution through food pantries to local families at the Rotary Club of Vineland’s Hunger Project held at the Vineland Salvation Army Building.

in Credit Union News
Expanded Paid Family Leave Clears Senate Committee

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act was approved by the Senate Budget & Appropriations Committee Thursday. Introduced by Senate President Steve Sweeney (D-3), the legislation (S3085) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold.

in Legislative & Political News
Steps to Reduce Regulatory Burden for FHA Mortgages Provided

WASHINGTON -- The Federal Housing Administration (FHA) should lower mortgage insurance premiums if the Mutual Mortgage Insurance fund shows continued strength, CUNA wrote to the Department of Housing and Urban Development (HUD) Wednesday. The letter was sent in response to a HUD request for information on executive orders relating to housing regulations.

in Legislative & Political News
HMDA Reporting Bill Would Provide Needed Relief, CUNA Writes

WASHINGTON -- CUNA wrote in support of a Senate bill that would provide regulatory relief from Home Mortgage Disclosure Act (HMDA) reporting requirements Wednesday, a bill titled the Home Mortgage Disclosure Adjustment Act (S. 1310). The bill would raise the threshold for reporting requirements to 500 closed-end and 500-open end mortgages.

in Legislative & Political News
Expanded Paid Family Leave on Committee Agenda

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act is scheduled for consideration before the Senate Budget & Appropriations Committee today. Introduced by Senate President Steve Sweeney (D-3), the legislation (S3085) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place.

in Legislative & Political News
48 CU Professionals Become Certified CU Development Educators (CUDEs) Through National Foundation’s Transformational CU Training

MADISON, Wis. – Forty-eight credit union professionals became Credit Union Development Educators (CUDEs) after being guided by dedicated program facilitators and mentors through the intensive Credit Union Development Education (DE) Training from the National Credit Union Foundation (the Foundation). The DE training was held May 31 – June 7, 2017 at the Lowell Center in Madison, Wis.

in Industry News
NCUA Board Re-Schedules June Meetings

ALEXANDRIA, Va. – The National Credit Union Administration Board has re-scheduled its June open and closed meetings.

in Compliance & Regulatory News
McWatters Discusses Goals for Change

NCUA Working to Provide Regulatory Relief, Close Stabilization Fund

WASHINGTON – Credit unions can expect more regulatory relief and streamlined operations from the National Credit Union Administration in the future, Acting Board Chairman J. Mark McWatters said recently.

in Compliance & Regulatory News
16 CU Professionals Receive Free Management Development Training as a Value of NJCUL Membership Through Rutgers Training Grant

EWING, N.J. – CU professionals gathered at Credit Union of New Jersey week for management training, which 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. It’s not too late to take advantage of this free member benefit, contact Barbara Agin at bagin@njcul.org for more information. Photos of this week’s training are available on the League’s Facebook page.

in League News
Deepwater Industries FCU Opens New Branch in ACME Store, Expands SEG Base

WOODSTOWN, N.J. – After 82 years, Deepwater Industries Federal Credit Union, following its growth strategy, opened its first new branch on Wednesday, June 14 in the ACME Market in Woodstown, N.J.

in Credit Union News
TCPA Liability Concerns Outlined for House Subcommittee

WASHINGTON -- Consumers suffer when credit unions are forced to curtail communications with member-owners, as they cannot receive the information they need, CUNA wrote to the leadership of a House subcommittee Tuesday. The letter was sent to the House Judiciary subcommittee on the Constitution and civil justice, which conducted a hearing on lawsuit abuse and the Telephone Consumer Protection Act (TCPA).

in Legislative & Political News
Treasury Report Contains Recommendations for CU Regulatory Relief

WASHINGTON -- The Treasury’s report on financial reform reflects a number of areas highlighted by CUNA and credit unions during meetings and follow-up letters. The report, released Monday, is titled “A Financial System that Creates Economic Opportunities: Banks and Credit Unions” and is the first of 4 Treasury is expected to released.

in Legislative & Political News
NCUA's New Call Report Form and Instructions are Now Available!

NCUA has released its new 5300 Call Report Form and accompanying Form Instructions, which become effective September 30, 2017.  This release is especially important for credit unions engaged in commercial lending because the previous version of the call report had not yet been updated to reflect the January 2017 changes to the Member Business Loans (MBL) rule.

in Compliance & Regulatory News
Register Now for NCUA’s Upcoming CDRLF Grant Webinar

Interested in applying for a NCUA grant this year? Staff from NCUA’s Office of Small Credit Union Initiatives will discuss what’s new and improved for the 2017 Community Development Revolving Loan Fund grant program during a 90-minute webinar on Wednesday, June 14th at 2:00 p.m. Eastern.

in Compliance & Regulatory News
One Week from Today: Don’t Miss the League’s 2017 Marketing Conference: Head of the Class

This full-day marketing immersion workshop provides marketing tips and tricks for credit union “Queen Bees” and “Wannabees!” Join us and Your Marketing Company as we discover value propositions, identify ideal members, and strategize how to reach and retain them. It’s not too late to register!

in League News
TCPA, Flood Hearings this Week

WASHINGTON -- Both chambers of Congress are in Washington, D.C. this week. Scheduled hearings include a look at the Telephone Consumer Protection Act (TCPA), flood insurance and more.

in Legislative & Political News
CUNA Reviewing Treasury Regulatory Relief Report, CUs Addressed

WASHINGTON -- The Department of the Treasury released a report Monday outlining more than 100 changes to financial regulations. CUNA is analyzing the report.

in Legislative & Political News
NCUA State Credit Union Data Show Growth Trends Continuing in First Quarter of 2017

ALEXANDRIA, Va. – Federally insured credit unions across the country saw continued improvement in nearly every category during the first quarter of 2017, according to state-level data compiled by the National Credit Union Administration.

in Industry News
Equal Pay Compromise Likely Dead as Democrats Await New Governor

TRENTON, N.J. -- Governor Chris Christie has vetoed various equal-pay bills passed by the Legislature since taking office, and lawmakers have been unable to assemble the votes necessary to override those vetoes.

in Legislative & Political News
Small CUs Explore Opportunities for Growth at League Conference

HIGHTSTOWN, N.J. – On Friday (yes – on a Friday this year) the annual Small Credit Union Conference was held at the League office. Moving the conference to a weekday was a concept that had been contemplated for a few years now and this year became a reality. With the theme, “Explore the Possibilities”, the conference was packed with content and information designed to enable our small credit unions to take action on items that will impact their bottom line immediately!

in League News
CUNA Witness, Senate Banking Committee Members Talk Negative Effects of Regulatory Burden

WASHINGTON -- Credit unions serve a vital role in their communities, CUNA board member Dallas Bergl told members of the Senate Banking Committee Thursday, but a one-size-fits-all regulatory climate threatens this relationship. Bergl, CEO of INVOA FCU, Elkhart, Ind., testified on behalf of CUNA for a hearing on ways community financial institutions can foster economic growth.

in Legislative & Political News
CFPB Grants CUNA Request for Additional 60 Days on Small Biz RFI

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) Wednesday agreed to CUNA’s request to extend the comment deadline for its request for information (RFI) on small business lending. The bureau issued its request last month, and CUNA requested the 60-day extension in several recent meetings with the CFPB.

in Legislative & Political News
CUNA Calls for CARD Act Relief in Response to CFPB RFI

WASHINGTON -- Excessive credit card requirements have the potential to divert credit union resources and attention away from meeting member needs, CUNA told the Consumer Financial Protection Bureau (CFPB) Thursday in a letter.

in Legislative & Political News
NCUA Releases MBL FAQs to Aid Implementation

WASHINGTON -- NCUA’s revised member business lending (MBL) rule has been in effect for more than six months now, and according to the agency, it has received a number of questions about the rule and its implementation. In this quarter’s NCUA Report, the agency tackled some of the most frequently asked questions.

in Legislative & Political News
Jersey Shore FCU Sponsors Second Reality Fair, Reaching 275 Alder 8th Graders

EGG HARBOR TOWNSHIP, N.J. – Jersey Shore FCU held a Reality Fair at Alder Avenue Middle School for the eighth grade math classes on Friday. This was the second Fair that Jersey Shore FCU has sponsored.

in Credit Union News
"Once Upon a Cure"... Local Relay for Life Walk Raises Over $200 in Donations

DEEPWATER, N.J. - Deepwater Industries Federal Credit Union helped raise over $200 in proceeds at the local Relay for Life walk on Saturday.

in Credit Union News
Students Receive Morris County Retirees Education Association Grants Funded by Visions FCU

The Morris County Retirees Education Association (MCREA) awarded 15 $2,000 scholarships to Morris County students at its annual luncheon on June 7 at the Mansion at Mountain Lakes in Mountain Lakes.

in Credit Union News
2018 Wegner Award Nomination Deadline Approaching

MADISON, Wis. – With a deadline of July 28, 2017, credit union supporters are encouraged to nominate individuals and organizations for the Herb Wegner Memorial Awards to be presented by the National Credit Union Foundation (the Foundation). Winners will be honored at the Foundation’s annual awards dinner on February 26, 2018 in conjunction with the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C.

in Industry News
CHOICE Act Passes House

WASHINGTON – The House voted 233-186 Thursday to pass the Financial CHOICE Act (H.R. 10), a regulatory relief bill with several credit union-friendly provisions.

in Legislative & Political News
CU-Backed Candidate Wins Congressional Seat in California

LOS ANGELES – Credit union-backed Jimmy Gomez (D) won a special election Tuesday for the seat in California’s 34th congressional district, taking 60% of the vote. A state assemblyman, Gomez will now take the seat left open by former Rep. Xavier Becerra, who became state attorney general earlier this year.

in Legislative & Political News
CUNA Reiterates NFIP Reauthorization Support to HFSC

WASHINGTON, W.A. -- CUNA reiterated its support for the reauthorization of the National Flood Insurance Program (NFIP) in a letter to House Financial Services Committee leadership Wednesday. The letter was sent for the committee’s hearing on flood insurance reform, and follows a similar letter CUNA sent in May to the Senate Banking Committee for an NFIP hearing.

in Legislative & Political News
Consumers in Lower-income Areas are More Likely to Become Credit Visible Due to Negative Records, According to CFPB Study

Consumers In Higher-Income Areas More Likely Than Those in Lower-Income Areas to Establish Credit with a Credit Card or Co-Borrower

in Economic News
CUNA Announces Availability of ‘.creditunion’ Domain

CUNA has announced that credit unions are now able to register and identify themselves and their websites with a new domain, “.creditunion.”

in Industry News
CUNA Backs Bill Limiting DOJ’s Operation Choke Point

WASHINGTON -- CUNA wrote this week to support the Financial Institution Consumer Protection Act of 2017 (H.R. 2706) which would place limits on Operation Choke Point, an initiative credit unions believe uses broad enforcement tactics that could create unnecessary risks to consumers and the economy.

in Legislative & Political News
CUs Invited to Participate in SBA Talk on CFPB Assessments

WASHINGTON -- Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the Consumer Financial Protection Bureau’s (CFPB) assessment process and recent request for information.

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HMDA Relief Bill Introduced in Senate

WASHINGTON – A bill that would provide credit unions regulatory relief related to the Home Mortgage Disclosure Act (HMDA). The Home Mortgage Disclosure Adjustment Act (S. 1310) was introduced in the U.S. Senate yesterday.

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14 CU Professionals Receive Free Management Development Training as a Value of NJCUL Membership Through Rutgers Training Grant

HIGHTSTOWN & KENILWORTH, N.J. – CU professionals gathered at the NJCUL office and at Atlantic FCU this week for management training, which 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. It’s not too late to take advantage of this free member benefit, contact Barbara Agin at bagin@njcul.org for more information. Photos of this week’s training are available on the League’s Facebook page.

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'And the Nominees Are'...NJ Primary Election Results

TRENTON, N.J. – Yesterday, registered Democrats and Republicans went to the polls to select their choice to succeed Governor Chris Christie when his term expires in January. They also selected nominees to all 120 state legislative seats, and countless other down-ballot county and municipal seats.

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CUNA Member to Testify Before Senate Banking Committee, CHOICE on House Floor

WASHINGTON – CUNA is engaged with both House and Senate proceedings this week, as the House prepares to vote on a piece of regulatory relief legislation and a CUNA board member will testify before a Senate Committee. Dallas Bergl, who also serves as CEO of INOVA FCU, Elkhart, Ind., will testify before the Senate Banking Committee Thursday.

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Shore News Today Highlights Fernwood Middle School Reality Fair

EGG HARBOR, N.J. – A recent Shore News Today article titled “Egg Harbor Township Middle Schoolers Get Dose of Reality at Financial Literacy Fair” highlighted the event held at the school on Friday, June 2nd.

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Motion to Dismiss Wendy’s Data Breach Suit Rejected

PITTBURGH, PA – The U.S. District Court for the Western District of Pennsylvania has denied Wendy's motion to dismiss the lawsuit against them, a class action lawsuit brought against the company alleging it failed to comply with industry standards to protect payment card and customer data.

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Credit Union of New Jersey Brings Financial Reality Fair Program to Ewing High School

EWING, N.J. – Credit Union of New Jersey held its second Reality Fair of the 2016/2017 school year at Ewing High School on Tuesday, reaching about 125 students. The credit union sponsored a Fair at the school back in November where it reached 150 students.

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NCUA Releases Q1 2017 Credit Union System Performance Data

ALEXANDRIA, Va. – Data on the financial performance of federally insured credit unions in the quarter ending March 31, 2017, are now available from the National Credit Union Administration.

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Jersey Shore FCU Chairman John C. DiNofrio Retires After 53 Years of Credit Union Service

NORTHFIELD, N.J. – On April 1 of this year, the Chairman of the Board John C. DiNofrio officially retired from Jersey Shore Federal Credit Union (JSFCU). Later that month, he was honored at a testimonial dinner that celebrated his more than 53 years of service to the credit union movement. All of those 53 years were directly or indirectly tied to JSFCU.

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Feedback Sought on TCPA Concerns, Issues

WASHINGTON – CUNA and the state leagues seek feedback from member credit unions on the Telephone Consumer Protection Act (TCPA) and ways it may have adversely affected the way they can communicate with members. CUNA sent a survey to member credit unions last week as a way to best measure and present the compliance burdens and costs associated with the TCPA.

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South Jersey Federal Credit Union names Dr. Anthony DiFabio as Chairman of the Board of Directors

DEPTFORD TOWNSHIP, N.J. — South Jersey Federal Credit Union (SJFCU) announced that Dr. Anthony DiFabio will serve as Chairman of the Board of Directors.

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CHOICE Act Vote Anticipated, Regulatory Burden to Be Highlighted at Senate Banking Hearing

WASHINGTON – Congress returns today from its Memorial Day recess for the June work period. Both the House and the Senate are expected to engage in the debate on regulatory relief this week.

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CUNA Provides CFPB w/ Detailed Recommendations to Protect CUs, Members

WASHINGTON – CUNA submitted a letter to the Consumer Financial Protection Bureau (CFPB) Thursday, detailing the numerous ways agency rulemakings have affected, and in many cases harmed, credit unions, their members and consumers. The letter also includes recommendations on how the bureau can improve its regulations to provide relief to credit unions and their members.

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CUNA Reiterates Request for Extension of Small Business Lending RFI

WASHINGTON – CUNA and several credit unions met last week with representatives from Consumer Financial Protection Bureau (CFPB) to discuss the recently released Request for Information (RFI) regarding the small business lending market. This RFI is the pre-rule stage for implementing a section of Dodd-Frank that amends the Equal Credit Opportunity Act requiring financial institutions to compile and submit information concerning credit applications made by women-owned, minority-owned and small businesses.

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Paid Family Leave Expansion Advancing in Assembly

TRENTON, N.J. – Legislation that would expand New Jersey's paid family leave program advanced in the Assembly on Thursday, little more than a week after it was proposed for introduction by Assembly Speaker Vincent Prieto (D-32). Senate President Stephen Sweeney (D-3) introduced a competing measure (S3085) in the upper house in March.

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Jersey Shore FCU Sponsors First Reality Fair, Receives Coverage from SNJToday

EGG HARBOR TOWNSHIP, N.J. – Jersey Shore FCU held a Reality Fair at the Fernwood Middle School for the eighth grade math classes on Friday. This was the first Fair that Jersey Shore FCU has sponsored.

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HESAA Announces No Increase for NJCLASS Family Loan Rates for Academic Year 2017-18

TRENTON, NJ – The N.J. Higher Education Student Assistance Authority (HESAA) has announced interest rates for the NJCLASS family loan program for the 2017-18 academic year will remain level.

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INOVA FCU CEO to Testify at Senate Banking Committee Hearing

WASHINGTON – Dallas Bergl will testify on behalf of CUNA before the Senate Banking Committee June 8 for a hearing titled "Fostering Economic Growth: The Role of Financial Institutions in Local Communities." Bergl, CEO of INOVA FCU, Elkhart, Ind. and CUNA board member, will discuss how regulatory burdens are impacting his ability to best serve the financial needs of his members.

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FinCEN to Update Currency Transaction Report

In August of 2017, the Currency Transaction Report (CTR) available on the BSA E-Filing System will be updated to adhere to the changes defined in Federal Register notice posted on February 20th , 2016. New or updated data fields will be added to the online discrete CTR as well as the CTR batch files. The new or updated data fields are...

in Compliance & Regulatory News
N.J. Legislation Barring Salary History Questions Advances

TRENTON, N.J. – Legislation sponsored by state Senator Nia H. Gill (D-34) and Senate Majority Leader Loretta Weinberg (D-37) that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process, was approved Wednesday by the New Jersey Senate Labor Committee.

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Hampel: CUs Can Expect Corporate Stabilization Refund

The refund will come in the form of share-insurance fund dividends.

ORLANDO – CUNA Chief Economist/Chief Policy Officer Bill Hampel offered good news in his credit union update at the CUNA CFO Council Conference in Orlando: Credit unions can expect a series of refunds on their contribution to the corporate stabilization fund.

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Atlantic Federal to Sponsor Wendy Williams’ Hunter Foundation Fundraiser

WEST ORANGE, N.J. – Atlantic Federal Credit Union is sponsoring “Movie Night with the Hunters” coming to the AMC Dine-in Theater Essex Green Shopping Center Saturday, June 3, 2017. The event will take place from 4 p.m. to 7 p.m. and the feature film is Wonder Woman (movie subject to change).

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Murphy Reverses Course, Agrees to Cap Spending in the General Election

NEWARK, N.J. – Amid intense criticism from both Republicans and Democrat rivals for spending more than $20 million on the Democratic primary for governor, Phil Murphy announced yesterday that if he wins his party’s nomination he will limit his general election campaign spending and apply for public matching funds.

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