Articles

Fraud Alert: Members Romanced Into Providing Login Credentials and Money

Romance and dating scams continue to victimize credit union members nationwide. Fraudsters ultimately convince them to provide account login credentials. These scammers then login to the account and use ACH debits or enroll for mobile remote deposit capture to deposit fraudulent checks. The members subsequently transfer the funds to the scammer before the ACH debits or checks are returned. Read the full alert here. 

in Compliance & Regulatory News
CFPB 'Snapshot' Report Reviews Student Loan Complaints

Student loan borrowers continue to complain about poor information from and sloppy practices by servicers, according to the CFPB's monthly consumer "snapshot" report issued recently. As of April 1, the bureau has handled about 44,400 student loan complaints from consumers. 

in Compliance & Regulatory News
Availability of Oral Disclosures Under the DoD's MLA Rule

The MLA requires a statement of the MAPR and a clear description of the covered borrower’s payment obligation to be provided to the covered borrower orally. Creditors may satisfy this requirement by providing the information to the covered borrow in person at a face-to-face meeting or through a toll-free telephone number. 

in Compliance & Regulatory News
CUNA Backs FATCA Repeal Bill, Hearing Scheduled Wed.

WASHINGTON – CUNA joined the World Council of Credit Unions this week in supporting legislation that would repeal the Foreign Account Tax Compliance Act (FATCA). The organizations wrote to Sen. Rand Paul (R-Ky.) and Rep. Mark Meadows (R-N.C.), who sponsored the bills, S. 869 and H.R. 2054.

in Legislative & Political News
CUNA Offers Additional Relief Provisions in CHOICE Act Comments

WASHINGTON – CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday. The letter was sent in advance of Wednesday’s hearing on Chair Jeb Hensarling’s (R-Texas) CHOICE Act.

in Legislative & Political News
CUNA Prepped For Comments On Tomorrow’s CHOICE Act Hearing

WASHINGTON -- In addition to working to advance its priorities with government-funding legislation, CUNA will be engaged with a number of congressional hearings this week, including the first discussion of Rep. Jeb Hensarling’s (R-Texas) financial regulatory relief bill. A discussion draft of Hensarling’s CHOICE Act has been circulated, and CUNA will weigh in on the bill for the hearing’s record.

in Legislative & Political News
League Briefs Murphy Campaign on NJ CUs Issues

NEWARK, N.J. – The NJCUL met Friday with the policy team leaders at the Murphy for Governor campaign to brief them on New Jersey’s credit unions and their key public policy issues and concerns. 

NJCUL Vice President of Corporate & Governmental Affairs Chris Abeel was joined by Carol Katz and Mary Lou Pardey of Katz Government Affairs, the League’s contract lobbying firm in Trenton, for the nearly ninety minute meeting with the Murphy campaign’s senior policy advisors Stephanie Lagos and Parimal Garg.   

in League News
CUNA pushes for CDFI funding, CFPB exemption language

As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for Community Development Financial Institutions (CDFIs) and the Consumer Financial Protection Bureau’s (CFPB) exemption authority. Funding for the government is set to expire Friday at midnight.

in Legislative & Political News
Trade Associations Back Consumer Protections in PACE Loans

Twenty-eight trade associations lodged strong support for legislation that would bring financing for Property Assessed Clean Energy (PACE) loans under the same Truth in Lending Act consumer protections required of other mortgage products. The "Protecting Americans from Credit Entanglements Act of 2017" (S. 838/H.R. 1958) would require federal TILA-rooted requirements and considerations for PACE loans – including the CFPB's ability-to-repay and qualified mortgage rules, among other standards. PACE loans enable mortgage borrowers to finance environmentally friendly home upgrades, such as solar panels and energy efficient appliances.

in Compliance & Regulatory News
CUNA Supports CFPB Extension of Ex Parte Deadline

WASHINGTON -- CUNA appreciates the announcement from the Consumer Financial Protection Bureau (CFPB) this week that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings. The new policy gives outside parties 10 business days to submit a documentation of a presentation, via written copy or summary, up from 3 days in the original policy.

in Legislative & Political News
Court Denies CFPB Subpoena in For-Profit College Probe

The U.S. Court of Appeals for the District of Columbia Circuit on Friday upheld a lower court decision to deny the CFPB's attempt to subpoena information from the Accrediting Council for Independent Colleges and Schools, an organization that accredits for-profit colleges. The bureau's subpoena is the latest in a pattern of interest on the bureau's part in the for-profit college industry.

in Compliance & Regulatory News
Phase 2 of Same-Day ACH Coming Sept. 15

The second phase of same day automated clearing house (ACH) roll-out has a Sept. 15th effective date, and NACHA- The Electronic Payments Association has released a list of recommended action items to be performed before that date. All financial institutions must be prepared to receive same-day ACH debits by Sept. 15th, even if not originating them. NACHA emphasizes that “even those not planning to use same-day processing for ACH debits should take reasonable care to prevent unintentional same-day ACH debits." Other action items include:

in Compliance & Regulatory News
CUNA Urges Fed to Serve Add’l Roles In Payments Delivery

WASHINGTON -- CUNA urged the Federal Reserve this week to serve additional operational roles in the delivery of real-time payments in a letter sent this week with 2 other trade organizations. While the letter praises the Fed for its role facilitating dialogue regarding the payments system, it urged the agency to go one step further.

in Legislative & Political News
CUNA, Leagues Urge Advocacy Offense to Move Reg Relief Forward

WASHINGTON -- CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation has successfully pushed financial reform to the “head of a crowded field of issues,” CUNA President/CEO Jim Nussle said Thursday. Nussle’s statement came in response after Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, made public his Dodd-Frank replacement bill.

in Legislative & Political News
Supreme Court Hears Debt Collection Case

The Supreme Court heard arguments in a case brought under the Fair Debt Collection Practices Act that could, depending on how the court decides, affect financial institutions' debt collection activities. The case originated from a suit brought by auto loan borrowers against Santander Consumer USA. Its central question is whether Santander should be regulated as a debt collector after it purchased auto loan debts the borrowers had owed to CitiFinancial. 

in Compliance & Regulatory News
Comments on Alternative Capital Proposal Due May 9th

The NCUA Board is considering changes to the existing secondary capital regulation and whether to authorize federally insured credit unions to issue supplemental capital instruments that would only count toward a credit union’s risk-based net worth requirement. Comments on the advance notice of proposed rule-making are due May 9. 

Questions? Contact NJCUL's Vice President, Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org. 

in Compliance & Regulatory News
Garrett, Bachus Nominated For EX-IM Bank Seats

WASHINGTON – President Trump has named two former Republican congressmen to fill the empty seats on the Export-Import Bank’s five-member board. 

One is a more traditional pick: Spencer Bachus is a moderate from Alabama who served as chairman of the influential House Financial Services committee during the Great Recession. But Trump selected former Congressman Scott Garrett for the other seat. A founding member of the Freedom Caucus, Garrett has criticized the Ex-Im Bank as a symbol of Washington's "crony capitalism." 

in Legislative & Political News
NJ Economic Outlook Dim, Nearly Worst in Nation Report Finds

ARLINGTON, Va. -- A report released this week by a pro-business legislative group concluded that New Jersey has one of the worst economic outlooks in the nation.

The American Legislative Exchange Council, also known as ALEC, report titled “Rich States, Poor States, 9th Edition,” found the Garden State ranked 48th when it came to its economic outlook. 

The calculation weighed more than a dozen variables, ranging from the state’s minimum wage to property tax burden. According to the report, Utah had the best economic outlook for 2017 while New York had the worst. 

in Economic News
Choice Act Scheduled for Financial Services Committee Hearing

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) yesterday announced that the committee will hold a hearing to discuss the Financial CHOICE Act on Wednesday, April 26 at 10:00 a.m.  

“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said Chairman Hensarling.  “We want economic opportunity for all, bailouts for none.  We want real consumer protections that will give you more choices.  Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”

in Legislative & Political News
League Files Prize-Linked Savings Comment Letter

Hightstown -- The NJ Department of Banking and Insurance last month published the long-awaited proposed 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." Signed into law in January 2016, the measure had an effective date of July 19, 2016 to allow for necessary rulemaking. 

in League News
WORLD COUNCIL ASKS FATF FOR AML/CFT CLARIFICATIONS

WASHINGTON -- The World Council of Credit Unions filed a comment letter with the Financial Action Task Force (FATF) last week, focusing on correspondent banking, information sharing and customer due diligence (CDD) requirements for the underbanked.

FATF, based in Paris, is the global standard-setting body for anti-money laundering/counter-financing of terrorism (AML/CFT) rules, and its members include the U.S. Treasury Department.

The letter covered topics World Council discussed during a meeting last month at the United Nations offices in Vienna, Austria.

in Legislative & Political News
CUNA TO PREPARE UPDATED STUDY ON REGULATORY BURDEN COST

WASHINGTON -- CUNA seeks to update its groundbreaking study on the costs of regulatory burden this year, and will begin reaching out to credit unions in the coming weeks, CUNA Chief Policy Officer Bill Hampel said Monday. CUNA’s study, conducted by Cornerstone Advisors, found that in 2014 alone, regulatory burden cost credit unions $7.2 billion.

“It’s been a few years, and the data isn’t exactly stale as these things go,” Hampel said. “It would be nice to check in and see what the numbers are, to see whether the cost has gone up.”

in Compliance & Regulatory News
CIATTARELLI IS FOURTH CANDIDATE TO RECEIVE PUBLIC MATCHING FUNDS

TRENTON, N.J. – Assemblyman Jack Ciattarelli (R-16) is the fourth candidate for governor to received public matching funds for the June primaries, the state Election Law Enforcement Commission (ELEC) announced Thursday.

So far $3.6 million in public matching funds has been approved for candidates running in the June gubernatorial primaries. Candidates who raise a minimum of $430,000 are eligible to receive public matching funds. It’s a two for one match, two dollars for every one dollar raised.

in Legislative & Political News
CUNA, LEAGUES OUTLINE REG RELIEF PROPOSALS FOR SENATE BANKING LEADERS

WASHINGTON -- Credit unions could play a bigger role in the economy under a tailored regulatory structure, CUNA and all 38 credit union leagues wrote to Senate Banking Committee leadership Friday. In the letter, CUNA and the leagues listed 4 proposals that could create economic growth by fostering a more favorable environment for credit unions.

in Industry News
Back 2 Basics: 5 Steps to Follow When You Receive a Garnishment Notice

1. Determine whether a “Right to Garnish Federal Benefits” is Attached - Prior to taking any other action related to a garnishment order, and no later than two business days after receiving the order, a credit union must review the order to determine if the United States or a State child support enforcement agency has attached or included a Notice of Right to Garnish Federal Benefits. If such a notice is attached or included with the garnishment order, then the credit union must

in Compliance & Regulatory News
New Jersey Credit Unions Hit Milestone with Reality Fairs: Program Hosted its 60th Event Since its Inception

TOMS RIVER, N.J. – The popular and growing New Jersey Credit Union Financial Reality Fair program made its sixth trip to the main campus of Ocean County College in Toms River on Thursday to bring the hands-on financial literacy experience to 15 “First Year Experience” classes. This Fair served as a milestone for the program, marking its 60th Reality Fair conducted since the program began in 2010. Reality Fair have reached out over 7,100 students throughout the state.

This was the first year that Ocean County College made the Reality Fair program a co-curricular requirement for the college’s entry-level course. Around 100 students gathered in a large conference room for a brief orientation then were set loose to build their hypothetical lifestyles, pretending they just graduated and have started working in an entry-level position in their field of study.

in Credit Union News
New Jersey and Millennials Perfect Together, Not

WASHINGTON -- A new WalletHub study found that New Jersey ranked 40 out of 50 states and the District of Columbia when it comes to quality of life for millennials.

When asked why the Garden State was ranked so low, WalletHub said housing costs was a key factor.

“Forty-five percent of millennials are still living with their parents, that is what really dragged New Jersey down,” said Jill Gonzalez, an analyst for WalletHub.

in Economic News
CFPB Issues HMDA Proposal, Initial Analysis Favorable

The CFPB issued a proposal designed to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. Initial analysis suggests the changes will be favorable for credit unions, and CUNA will continue to examine the proposal for potential unintended consequences. The proposal would clarify information financial institutions are required to collect and report about mortgage lending. Specifically, it contains a number of clarifications, technical corrections and minor

in Compliance & Regulatory News
New CUNA Compliance Resource! HMDA Data Collection Flow Chart

As you know, in October 2015, the CFPB finalized amendments to the Home Mortgage Disclosure Act (“HMDA”). Among these were modifications to the government monitoring information (“GMI”) data collection requirements found in Appendix B to Reg C. In summary, Appendix B now contains very specific instructions on how a credit union must collect and report GMI about a HMDA reportable transaction. This includes procedures for both face-to-face as well as telephone, mail and online

in Compliance & Regulatory News
CU-backed Ron Estes Wins Congressional Seat Left by Pompeo

WASHINGTON -- Credit union supporter and volunteer Ron Estes was elected to Congress representing Kansas’s 4th Congressional District Tuesday in a special election. The seat was vacant due to former Rep. Mike Pompeo (R-Kan.) being appointed Director of the Central Intelligence Agency.

Estes, State Treasurer of Kansas, previously served on the Assets and Liabilities Committee of MidAmerica CU, Wichita, Kan. He won the election with 53% of the vote to Democratic opponent James Thompson 46% of the vote.

in Legislative & Political News
Help Credit Unions for Kids Change a Child’s Life

It’s amazing what a little pocket change can do to help a child at a Children’s Miracle Network Hospital. Credit unions locally and across the nation are participating in Change a Child’s Life, a coin drive benefiting their local Children’s Miracle Network Hospital.  

in Industry News
CUNA CompBlog: The IRS Issues New FATCA FAQs

The IRS has published a new list of FATCA related FAQs. Like previous FAQs, most will not apply to U.S. credit unions. The following is an example of a Q&A that some of you may be interested in: 

"Are U.S. Financial Institutions (USFIs) required to register under FATCA? If so, under what circumstances would a USFI register? Does it matter whether the USFI has a branch in an IGA jurisdiction?

A USFI is generally not required to register under FATCA, regardless of whether it maintains a foreign branch.  However, a USFI must register if the USFI chooses to become a Lead FI and/or a Sponsoring Entity, or if the USFI seeks to maintain QI status with respect to one or more of its foreign branches. Also, a USFI with a foreign branch that is a reporting Model 1 FFI must register (and identify each such branch when registering).

in Compliance & Regulatory News
Garden Savings FCU’s Michael Powers Talks Credit Unions with NJ Ad Club

Garden Savings FCU Chief Sales Officer Michael Powers was recently interviewed by NJ Ad Club on their regular Professional Spotlight Series web cast. The show features marketing professionals from throughout New Jersey discussing current and important marketing topics as well as unique challenges in their respective industries. 

in Credit Union News
CUNA, Leagues, Federation and CUs Continue Push for Full CDFI Funding

WASHINGTON – With just over two weeks remaining until government funding expires April 28, CUNA, credit unions and other organizations are encouraging stakeholders to reach out to policymakers to push for full funding of the Treasury’s Community Development Institutions (CDFI) Fund. The fund, which provides grants and other awards to certified CDFIs, was zeroed out in President Donald Trump’s proposed budget.

in Legislative & Political News
Schedule Finalized For State Grant-Funded Rutgers ‘Becoming A Better Manager’ Training Last Chance to Participate

HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) is finalizing the schedule for the first track of the State-funded management training – Becoming a Better Manager. Six credit union locations throughout New Jersey (including the League office) will serve as hosts for four courses delivered in two eight-hour days...

in League News
NJCUL’s New ‘Banking You Can Trust’ Consumer Awareness Campaign Initiatives Highlighted in CU Magazine Feature Article

HIGHTSTOWN, N.J. – The New Jersey Credit Union League’s re-energized "Banking You Can Trust" consumer awareness campaign was the focus of a CU Magazine feature article, titled “Boosting Their Signal: N.J. League Takes Banking You Can Trust v2.0 Awareness Campaign to the Airwaves”, in its April 2017 issue. 

in League News
Jersey Shore FCU Raises $580 for the Alcove Center for Grieving Children & Families

NORTHFIELD, N.J. – Jersey Shore Federal Credit Union staff participates in quarterly charitable fundraising events to assist children and their families in Atlantic and Cape May Counties.

in Credit Union News
Final #CommonSenseReg Video Released, Push On for “Shares”

WASHINGTON – CUNA released the final of 3 videos Tuesday designed to engage stakeholders and policymakers on social media regarding CUNA’s Campaign for Common-Sense Regulation. CUNA and its league partners urge credit unions to use the hashtag #CommonSenseReg when sharing the videos on social media.

in Legislative & Political News
NJCUL CEO David Frankil Highlighted in NJ BIZ Article Reviewing Fintech Implications on Financial Industry

HIGHTSTOWN, N.J. – In a recent article titled “Friend or Foe? Some Banks See Growing Fintech Industry as an Asset, While Others See it as Unwanted Competition”, NJ BIZ explores the many implications of the fintech industry. The article highlights two opinions: one from the head of a fintech company and one from NJCUL President/CEO David Frankil.

in League News
Campaign for Common-Sense Regulation, Updated Toolkit Available

WASHINGTON – CUNA released new resources Tuesday for its Campaign for Common-Sense Regulation toolkit, resources designed to make it easier for credit union stakeholders to engage policymakers on the need for regulatory relief. New items include educational materials for employees and members, a media center and a look at how other credit unions are engaging their members.

in Legislative & Political News
April 18 NCUA Twitter Chat Will Focus on Personal Finances

Join the #NCUAChat Conversation to Hear About Improving Financial Well-Being

ALEXANDRIA, Va. – Personal finances and building financial security will be the focus of the National Credit Union Administration’s April 18 Twitter chat, part of the agency’s activities during Financial Capability Month.

in Industry News
One-Size-Fits-All Doesn’t for Cybersecurity, Cuna Tells Nist

WASHINGTON – An updated cybersecurity framework should not create additional requirements, nor should it apply a one-size-fits-all approach for credit unions to demonstrate readiness, CUNA and the Independent Community Bankers of America wrote Monday. 

in Legislative & Political News
DOBI Issues Bulletin, Requests State Charters Provide Disaster Recovery Contact Information

TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has issued Bulletin 17-03 to state chartered financial institutions including credit unions, and selected other licensed financial services providers, reminding them of the importance of identifying and providing DOBI with the names of a primary and secondary contact person, as well as, the phone numbers and email addresses at which those individuals may be reached in the event of a disaster or catastrophic event.  

in Legislative & Political News
NCUA Warns of Fake Check Scams

​Consumers Should Be Vigilant and Avoid Depositing Checks from Unknown Parties

ALEXANDRIA, Va. – Consumers should be on the lookout for fake check scams, the National Credit Union Administration warned after receiving numerous inquiries from consumers.

in Compliance & Regulatory News
Small Merchants Want Card Choice, Not Price Caps, Study Finds

WASHINGTON – Javelin Strategy & Research and the Electronic Payments Coalition (EPC) released a report last week that reveals small merchants are more concerned with value, and less concerned about price, when it comes to the fees that they pay for debit card transactions.

in Industry News
NCUA Schedules Special Closed Board Meeting

ALEXANDRIA, Va. – The National Credit Union Administration Board has scheduled a special closed meeting for Wednesday, April 12, 2017, beginning at 1 p.m.

in Compliance & Regulatory News
Burdens Costing Consumers Time, Money, Choices, CUNA Says

WASHINGTON – Overregulation of small or less complex financial institutions is hurting consumers, costing them time and money and limiting their choice, CUNA wrote to a U.S. House subcommittee Thursday. The letter was sent for the record of a House Financial Services subcommittee on financial institutions and consumer credit hearing examining opportunities for reform in the federal financial regulatory system.

in Legislative & Political News
DOL Finalizes Delay of Fiduciary Rule, Now Effective June 9

The Department of Labor (DOL) published its 60-day delay of its fiduciary rule in the Federal Register Friday, extending the effective date to June 9. The rule expands the definition of who is a “fiduciary” of an employee benefit plan, adding brokers and advisers providing advice to individual retirement accounts.

in Legislative & Political News
NJCUL Trains United Teletech Financial FCU’s Supervisory Committee on BSA Issues Virtually

When you look at a map of the State of New Jersey it’s not very wide, but it is very, very long.  As a matter of fact, it is more than twice as long as it is wide at 150 miles in length versus 70 miles in width! While Hightstown makes sense as a central location for NJCUL’s headquarters, even with the straight run on the Turnpike, it isn’t necessarily convenient or conducive for our members to drive here given the travel time and/or overall time away from the office.

in League News
CUNA Reinforces Support of SeniorSafe Act for Hearing Record

WASHINGTON – CUNA reiterated its support of legislation that would help encourage more reporting of suspected elder financial abuse by those most likely to notice it in a letter to the Senate Banking subcommittee on economic policy Wednesday. CUNA noted its support of the SeniorSafe Act of 2017 (S. 223) in a letter for the record of a hearing on the state of retirement security.

in Legislative & Political News
InfoSight Highlight: FFIEC Cybersecurity Assessment Tool

The Assessment consists of two main components; the Inherent Risk Profile and the Cybersecurity Maturity. The Inherent Risk Profile helps the institution understand how their products and services contribute to the institution’s overall inherent risk and whether specific categories pose more risk than others. The Cybersecurity Maturity component contains assessment factors and individual declarative statements across five main domains to identify specific controls and practices. While management can determine the institution’s maturity level in each area, the Assessment is not designed to identify an overall cyber security maturity level.

in Compliance & Regulatory News
CUNA Backs Senate Parity Bill that Would Provide MBL Relief

WASHINGTON – CUNA wrote to Sens. Ron Wyden (D-Ore.) and Lisa Murkowski (R-Alaska) Tuesday, thanking them for introducing a bill that would provide regulatory relief to credit unions. 

in Legislative & Political News
CU Concerns Unaddressed Despite Cordray Claim

WASHINGTON – Consumer Financial Protection Bureau (CFPB) Director Richard Cordray claimed Wednesday that credit unions and other small financial institutions are a “daily concern” for the bureau in its rulemakings, a statement questioned by CUNA President/CEO Jim Nussle. Cordray said the bureau tries to avoid placing burdens in response to a question from Rep. David Scott (D-Ga.).

in Legislative & Political News
CFPB Doesn’t Adequately Consider CUs in Rulemakings, CUNA to HFSC

WASHINGTON – CUNA has deep concerns that the Consumer Financial Protection Bureau (CFPB) rarely gives consideration to regulatory burdens as a result of once-size-fits-all regulations, it wrote to the House Financial Services Committee Wednesday. The letter was sent for the record of CFPB Director Richard Cordray’s semi-annual testimony before the committee.

in Legislative & Political News
Rutgers FCU Brings First Reality Fair to Rutgers University Busch Campus

PISCATAWAY, N.J. – Rutgers FCU hosted its first-ever Reality Fair for Rutgers University on the college’s Busch Campus on Thursday. 

The Reality Fair was held in conjunction with a career event for graduating seniors, named “Life After Rutgers” and hosted by the Student Support Services Team, which included a presentation on student loans, assistance with resume writing and interview skills, the opportunity to get professional headshots taken, and more. 

in Credit Union News
Members 1st of NJ FCU Brings Reality Fair to Bridgeton High School for Third Consecutive Year

BRIDGETON, N.J. – Nearly 120 students at Bridgeton High School took part in the school’s third Reality Fair last Friday.

in Credit Union News
New NCUA Videos Show How to Run Effective Credit Union Board Meetings

ALEXANDRIA, Va. – Are your credit union’s board meetings as effective as they could be? The National Credit Union Administration today released its new video series, “Effective Board Meetings,” aimed at helping credit union directors make the best use of their meetings.

in Compliance & Regulatory News
Tom O’Shea Joins CUNA's Jim Nussle and Other CU Advocates at Meeting with Treasury on CU Issues

WASHINGTON – Aspire FCU President/CEO Tom O’Shea joined CUNA President/CEO Jim Nussle and approximately 20 credit union representatives from across the country at a meeting with Treasury Department officials Tuesday to discuss credit union issues in the current regulatory environment. This meeting is one of many CUNA, the state leagues and their member credit unions have engaged in to support the Campaign for Common-Sense Regulation.

in Legislative & Political News
WalletHub Report Ranks New Jersey 7th on Most and Least Financially Literate States

A recent WalletHub report that analyzes financial- education programs and consumer habits in each of the states and the District of Columbia ranked New Jersey 7th  on its list of Most and Least Financially Literate States.

in Economic News
Additional Financial Literacy Month Resources Available at MyCreditUnion.gov

ALEXANDRIA, Va. – Educated consumers are better-prepared to build financial security and protect themselves from scams, and the National Credit Union Administration encourages credit unions to continue helping members better understand personal financial matters during Financial Literacy Month.

in Industry News
CUs Celebrate Financial Fitness in April

April means spring, a time of optimism, and credit unions will inspire their members to begin their path toward financial freedom by marking three key celebrations this month.

in Industry News
April is National Donate Life Month!

NJ Sharing Network encourages all communities to learn more about the life-saving benefits of organ and tissue donation. Increased awareness can be very helpful when talking with family members, friends and co-workers about the benefits of organ donation. Learn how you can help! 

The shortage of donors is so severe that every day 22 people die waiting for organs that could have saved their lives. Your decision to register as an organ and tissue donor can save 8 lives and restore health to over 75 others.

in Industry News
CUNA to Highlight CU Issues for Congressional Hearings

WASHINGTON – CUNA will submit letters for the record for at least three hearings on Capitol Hill this week, as both the House and Senate are in town for their last week before the spring district work session.

in Legislative & Political News
CUNA Pushes CFPB for One-Year Delay of Prepaid Accounts Rule

WASHINGTON – A six-month delay of the Consumer Financial Protection Bureau’s (CFPB) prepaid accounts rule will not give card issuers and vendors adequate time to prepare, CUNA wrote to the bureau Monday, suggesting a 1-year delay instead. The CFPB is proposing to delay the rule’s implementation date to April 1, 2018, from the originally scheduled Oct. 1.

in Legislative & Political News
CUNA CompBlog: CFPB Proposes Amendments to the Regulation B Data Collection Requirements

On March 24th, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule to amend the monitoring information data collection requirements found in Sections 1002.5 and 1002.13 of Regulation B ("ECOA"). The primary purpose of the proposal is to better align the data collection requirements of ECOA with the previously amended data collection requirements of Regulation C ("HMDA").  

in Compliance & Regulatory News
Stakeholders Urged to Share CUNA #CommonSenseReg Videos

WASHINGTON – CUNA continues building momentum for its bipartisan, pro-consumer Campaign for Common-Sense Regulation with the release of a campaign video last week, with two more to be released this month. CUNA and its league partners urge credit unions to use the hashtag #CommonSenseReg when sharing the videos on social media.

in Legislative & Political News
National CU Foundation Receives Diamond Awards for Outstanding Achievements in Marketing & BD

Honors Received for New Podcast & Life Simulation Video

MADISON, Wis. – The National Credit Union Foundation (the Foundation) was honored last week with two Diamond Awards, which recognize outstanding marketing and business development achievements in the credit union industry.

in Industry News
Reps Push for CFPB Exemption Authority Language in FSGG Bill

WASHINGTON – Seventeen members of Congress wrote to House appropriators this week requesting language on the Consumer Financial Protection Bureau’s (CFPB) exemption authority be included in the fiscal year 2017 Financial Services and General Government (FSGG) Appropriations bill.

in Legislative & Political News
NCUA Letter to Credit Unions: Risk-Focused Examinations and Compliance Risk

NCUA developed a Supervisory Letter to provide examiners with guidance about the updated list of compliance risk indicators that are part of NCUA’s Risk-Focused Examination (RFE) Program. The updated list of indicators does not impose any new or higher supervisory expectations for credit unions. The updates to the indicators will take effect on March 31, 2017.

in Compliance & Regulatory News
CDFI Fund in Jeopardy, Action Alert Issued

WASHINGTON – CUNA and the state leagues have issued an action alert to Community Development Financial Institution (CDFI) credit unions to engage with Congress and members to ensure a funded CDFI Fund. The Treasury administers the fund, which is used for grants and other awards to CDFIs and has been marked for elimination by administration budget outlines.

in Legislative & Political News
In Memoriam: County Educators FCU CEO Glenn South

Thursday morning, Glenn South lost his long battle and passed away waiting for a liver and kidney transplant at NYU Transplant Center in New York City. He was the CEO of County Educators Federal Credit Union in Roselle Park, N.J. for over 20 years, working at the credit union for 28 years. He was also Treasurer of Symbionce Financial Solutions, LLC, a mortgage CUSO based in N.J.

in Credit Union News
Deadline Approaching for Kmart Suit Claims, Objections, Opt-Outs

PORTLAND, Ore. – Credit unions have until April 18 to file a claim, request to opt-out or object to the settlement reached between plaintiffs and Kmart in a data breach lawsuit.

in Compliance & Regulatory News
Gubernatorial Nomination Races Heating Up

Democrat Phil Murphy won the “line” in nine counties in the past week–Atlantic, Camden, Hunterdon, Mercer, Monmouth, Morris, Ocean, Salem, and Somerset. He also introduced a plan to use Wall Street mortgage crisis settlement monies to purchase and convert to affordable housing properties under foreclosure in the state.

in Legislative & Political News
CUNA Urges Appropriations Leaders to Fully Fund CDFI Fund

WASHINGTON – CUNA wrote to House and Senate Appropriations Committee leaders Wednesday urging full funding for the Community Development Financial Institutions (CDFI) Fund, for which the Donald Trump administration has requested Congress to eliminate funding. The fund, administered by the Treasury, makes capital grants, equity investments and awards for technical assistance to certified CDFIs.

in Industry News
State’s Debt Rating Downgraded Again, Chronically Underfunded Pension Obligations Sited

NEW YORK – New Jersey's credit rating has been downgraded again, with renewed warnings about the state's poorly managed budget and underfunded public pension system.

in Economic News
CUNA Offers FinCEN Improvements to BSA/AML Requirements

WASHINGTON – CUNA urged the Treasury’s Financial Crimes Enforcement Network (FinCEN) to ensure any regulatory changes it pursues relating to the collection of information filings be as minimally burdensome on credit unions as possible. CUNA’s letter was sent in response to proposed revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (BSA), which includes credit unions.

in Industry News
NJCFE Hosting Teacher Training at NJCUL on May 2nd; CUs Encouraged to Attend to Learn Financial Literacy Teaching Strategies

This free workshop will help you sharpen your skills and find new resources to use at your credit union. Instead of “typical” workshops with a series of speakers, teachers will teach each other through a series of facilitated small group information sharing activities.

in League News
SacTown, Freedom Runs Highlight CU Support for CMNH

WASHINGTON – While the streets around the Washington monument will be filled with Credit Union Cherry Blossom Ten Mile runners Sunday, runners around the world will be participating in similar races. The 7thAnnual Credit Union SacTown Run in Sacramento, California and a Freedom Run in Kuwait will also take place Sunday, with another freedom run in Germany set for April 15.

in Credit Union News
CUNA Secures Rights to .creditunion Domain

CUNA, with the generous support of CUNA Mutual Group and CO-OP Financial Services, was able to secure the rights to the .creditunion domain from the Internet Corp. for Assigned Names and Numbers (ICANN). Beginning this summer, credit unions will be able to register and use a .creditunion domain name of their choice to serve as a trusted source identifier on the internet for their members.

in Industry News
Burdens Impacting Credit Availability, CUNA Tells House Subcommittee

WASHINGTON – CUNA urged a House subcommittee Tuesday to consider the impact of regulatory burden when examining the availability of credit for consumers and small businesses. CUNA wrote to leadership of the House Financial Services subcommittee on financial institutions and consumer credit for the record of its hearing on the state of lending in America.

in Industry News
Mary E. Volz Middle School Participates in its Second Reality Fair

RUNNEMEDE, N.J. – Nearly 90 students at the Mary E. Volz Middle School took part in the school’s second Reality Fair.

in Credit Union News
Credit Union of New Jersey Announces the Spring 2017 Breakfast Club Forum

EWING, N.J. – Credit Union of New Jersey (CUNJ) and Biz Lending & Insurance Center, Inc. announces CUNJ’s 7th BreakFast Club Forum for Commercial Real Estate professionals – realtors, mortgage brokers, appraisers, developers, builders, investors, CPA’s, attorneys and other industry professionals.  The BreakFast Club Forum will be held on April 27th from 7:30 a.m. to 10 a.m. at the Trenton Country Club in West Trenton.

in Credit Union News
CU Family of Races to Present $580K to CMNH this Weekend

WASHINGTON – Credit unions across the country will present a $580,485 donation to Children’s Miracle Network Hospitals Sunday, the date of two popular, credit union-hosted races. The Cherry Blossom Ten Mile Run in Washington, D.C. and the Credit Union SacTown Run in Sacramento, California, along with two races overseas, make up the Credit Union Family of Races.

in Industry News
CUNA Engaged with Lending Hearing, CUAC Meeting this Week

WASHINGTON – Both chambers of Congress are in session this week, with a number of hearings on the schedule of interest to credit unions. CUNA will be actively engaged in the hearings, and will send at least one letter for the record.

in Legislative & Political News
ICBA Opts Not to Appeal MBL Suit Dismissal

WASHINGTON – The Independent Community Bankers of America (ICBA) said Monday it will not appeal the U.S. District Court ruling granting the NCUA’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule.

in Legislative & Political News
CUNA CompBlog: Got Cybersecurity? It's a Supervisory Priority!

When NCUA issued its list of supervisory priorities for 2017, it wasn't a surprise that cybersecurity was on the list as it's been a key priority for the last few years. No doubt you're familiar with the FFIEC's tool that is used as self-assessment to gauge the level of cybersecurity risk and the processes and procedures your credit union has in place to mitigate those risks.  Does your incident response plan cover all the bases (IT, Legal, Marketing and Communications areas) so that your credit union can weather the ugliness of a breach when it happens?

in Compliance & Regulatory News
Reminder: CUSO Registry Reaffirmation Must Be Completed by March 31​

Credit union service organizations have until March 31 to complete their annual reaffirmation with the NCUA’s CUSO Registry. CUSOs can complete this required process online through the registry at https://cusoregistry.ncua.gov. There is no fee to use the CUSO Registry or to complete the reaffirmation process.

in Compliance & Regulatory News
Hamilton Horizons FCU Hosts Reality Fair for Trenton Youth Group

TRENTON, N.J. – Hamilton Horizons FCU in partnership with Beyond Expectations hosted a mini Reality Fair for a Trenton Youth Group at the First Baptist Church in Trenton on Saturday.

in Credit Union News
CUNA Compblog: Floor Rates for Variable-Rate Open-End Loans

MADISON, Wis. – CUNA’s compliance staff went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.

in Compliance & Regulatory News
National Foundation to Host Financial Education Twitter Chat on April 5th

MADISON, Wis. – To help kick-off National Financial Literacy Month, the National Credit Union Foundation (the Foundation) is hosting a Twitter chat for credit unions on Wednesday, April 5th at 4 p.m. The Foundation invites credit unions to discuss their financial education activities during the chat.

in Industry News
Comments on Remittance Assessment Due May 23

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) published its request for comment on its remittance rule in the Federal Register Friday, with comments due May 23. The bureau announced last week it will conduct an assessment on the rule, a rule CUNA has long believed harms consumers.

in Compliance & Regulatory News
Democratic Front-Runner Unveils Plan to Make Wall Street Clean-Up State’s Home Foreclosures

TRENTON, N.J. – The Democratic front-runner for governor has unveiled a plan he says would take New Jersey from first in the nation in foreclosures to near first in the nation for affordable housing, courtesy of Wall Street's banks.

in Legislative & Political News
Underdog Ciattarelli Bests Guadagno in Union, N.J., GOP Race Becoming Competitive

UNION, N.J. – Assemblyman Jack Ciattarelli (R-16) won the support of the Union County GOP, defeating Lieutenant Governor Kim Guadagno 113-92. Coming from neighboring Somerset County which borders Union gave Ciattarelli an edge.

in Legislative & Political News
State’s Unemployment Rate Drops to 4.4%, Lowest in Nearly a Decade

TRENTON, N.J. – New Jersey’s unemployment rate dropped to 4.4% in February, the lowest since October 2007, and below the national average of 4.7%.

in Economic News
Members 1st of N.J. FCU Donates Charging Station to Library

WOODSTOWN, N.J. – Members 1st of N.J. FCU supported the local community by sponsoring a courtesy charging station at the Woodstown-Pilesgrove Library.

in Credit Union News
Field-of-Membership Webinar and Questions and Answers Now Online

NCUA Plans to Issue Additional Guidance on New Rule in the Coming Months

ALEXANDRIA, Va. – Credit union stakeholders wanting more information about the National Credit Union Administration's new field-of-membership rule can now watch the agency’s Webinar online and review questions and answers from the event.

in Compliance & Regulatory News
Consumer Financial Protection Bureau Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores

Credit Reporting Company Misstated How Credit Scores It Sold Were Used

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s scores to make those decisions. The CFPB ordered Experian to truthfully represent how its credit scores are used. Experian must also pay a civil penalty of $3 million. 

in Compliance & Regulatory News
Reality Check Coverage: Allison Fett Reveals the Contents of the Life-Changing Jar

ATLANTIC CITY, N.J. – The financial performance is four times better in organizations with fully engaged employees/team members and these fully engaged employees/team members are 87% less likely to quit. This is why engagement matters, said AVP Talent Development for Verve a Credit Union Allison Fett as she closed out the Reality Check conference on Wednesday.

in League News
CUNA Seeks Implementation of EGRPRA Report Recommendations

WASHINGTON – CUNA hopes NCUA works to implement the recommendations released this week in a report from Federal Financial Institutions Examination Council (FFIEC) agencies, part of a review of the agencies’ rules. The review was conducted as part of the Economic Growth and Regulatory Paperwork Act (EGRPRA), and while the NCUA was not required to participate, it did so voluntarily.

in Industry News
Revised 'Kill-Switch' Measure Signed into Law, First CU Exits Market

TRENTON, N.J. – Governor Chris Christie yesterday signed legislation (A756) that regulates the use of remote ignition disabling or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. Christie had conditionally vetoed the initial bill sent to him in December of last year.

in Legislative & Political News
Guilty Verdicts in HOPE FCU-Bitcoin Scheme

NEW YORK – The former HOPE FCU board chair and CEO and a board member face lengthy prison sentences for their roles in taking control of the credit union and using it to conceal an illegal Bitcoin operation that ran tens of millions of dollars in ACH transactions.

in Credit Union News
Reality Check Coverage: Sundeep Kapur Stresses Innovation and Personalization to Meet Members Needs

ATLANTIC CITY, N.J. – Consumers are looking for both personalization and ease when it comes to their transactions. They want automation for quick and easy access, but they also want to feel like the processes are personalized to them. Personalization equals trust, said Sundeep Kapur, chair of Digital Advisory Strategy Council, during his session on Wednesday.

in League News
Reality Check Coverage: Wharton Marketing Professor Jonah Berger Discusses the Psychology Behind ‘Word-of-Mouth’ Marketing and How to Make it ‘Contagious’

ATLANTIC CITY, N.J. – “Find your people and turn them into your advocates.” This is how Wharton Business School Marketing Professor and best-selling author Jonah Berger opened his presentation on Wednesday morning. Only 7% of all word-of-mouth is done online. Social media is not enough. You need to tap into your greatest resource, your members, and make them your brand advocates.

in League News
CUNA Shares TCPA Concerns with FCC Chairman’s Staff

WASHINGTON – CUNA staff outlined some of the onerous requirements of the July 2015 Telephone Consumer Protection Act (TCPA) order in a meeting this week with the staff of Federal Communications Commission (FCC) Chairman Ajit Pai. CUNA explained how these requirements are making it difficult for credit unions of all sizes to communicate with members on their cellphone and via text message.

in Legislative & Political News
CFPB Leading to Rising Costs, Fewer Choices, CUNA Says

WASHINGTON – A Consumer Financial Protection Bureau (CFPB) led by a single director is not working for credit unions and has created a rigged system benefitting large banks, CUNA wrote to the House Financial Services subcommittee on oversight and investigations Tuesday.

in Industry News
Reality Check Coverage: David Peterson Challenges Attendees to Survive a Shipwreck and Be a Black Swan

ATLANTIC CITY, N.J. – The average human makes 35,000 decisions a day. How can we ensure we’ll make informed, impactful decisions? Best-selling author and shipwreck survivor David Peterson gave attendees the tools to display grounded leadership, even in the face of crisis.

in League News
Reality Check Coverage: Filene’s Tansley Stearns Asks CUs ‘What If’

ATLANTIC CITY, N.J. – Remember the question “if a tree falls in the woods, and no one was there to hear it, does it make a sound?” Filene’s Chief Impact Officer Tansley Stearns presented this question to credit unions in a different way at Reality Check on Tuesday: if your credit union disappeared, would someone notice if you were gone?

in League News
Reality Check Coverage: CUNA Mutual Group’s Ken Otsuka Gets Real About the Fraud You Should Know About, But Don’t

ATLANTIC CITY, N.J. – Fraudsters know just as much about your credit union’s transactions than you do. Or they know more.

in League News
Financial Counselor Certification Program Available Through the League

Credit Union Employees Have Opportunity to Become Certified Financial Counselors at Discounted Price

The New Jersey Credit Union League has once again partnered with the National Credit Union Foundation to create a program for New Jersey credit unions to affordably have their staff trained as financial counselors through CUNA’s FiCEP program.

FiCEP is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future.

in League News
Banking Agencies Issue Joint Report to Congress Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

WASHINGTON – Continuing their efforts to reduce regulatory burdens while ensuring the safety and soundness of the nation’s financial institutions, member agencies of the Federal Financial Institutions Examination Council (FFIEC) issued a joint report to Congress detailing their review of rules affecting financial institutions.

in Compliance & Regulatory News