Articles

President Signs Resolution Voiding CFPB Auto Lending Bulletin

WASHINGTON – President Donald Trump Monday signed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s indirect auto lending bulletin. The bulletin, which CUNA is concerned with since did not go through the formal rulemaking process, was voided under the Congressional Review Act.

in Legislative & Political News
On Behalf of CU System, CUNA Engaged with House S. 2155 Consideration, Markups this Week

This week will be a busy one on Capitol Hill, as both chambers are in session for a number of votes, mark-ups, and hearings. CUNA is most notably engaged with House consideration of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which is expected to see a House vote as early as Tuesday.

in Legislative & Political News
DOBI Re-Issues Disaster-Related Bulletins

TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has re-issued two disaster-related bulletins.

in Legislative & Political News
FinCEN Grants Temporary Beneficial Owner Relief

The Financial Crimes Enforcement Network (FinCEN) has issued a ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the beneficial ownership requirements for Legal Entity Customers for certain accounts. The ruling is retroactively effective as of May 11, when the customer due diligence rule became effective, and runs through Aug. 9.

in Compliance & Regulatory News
CUNA-Requested ADA Language Added to House Appropriations Bill

CUNA-requested language requesting the Department of Justice clarify Web site accessibility standards for the Americans with Disabilities Act (ADA) was successfully added to a House appropriations bill Friday. Credit unions around the country are facing numerous legal challenges due to uncertainty with how the ADA applies to Web sites, and CUNA has made finding a solution a top advocacy priority.

in Legislative & Political News
Alert: Class Action Phishing Scheme

The League has recently become aware of a Web site and social media advertisement apparently sponsored by a class action law firm that invites credit union members to contact the law firm if they have been charged an overdraft or NSF fee in connection with use of a debit card.

in Risk Alerts
Nussle Calls for Final S. 2155 Push, House Vote Likely this Week

The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as early as Tuesday. The House Rules Committee will meet on the bill Monday at 5 p.m., which clears the way for likely consideration this week.

in Legislative & Political News
Comments on Ways to Streamline, Improve FCU Bylaws Due May 21

The NCUA Board is issued an advance notice of proposed rulemaking to solicit stakeholder comments on ways to streamline, clarify, and improve the standard Federal Credit Union (FCU) bylaws. The standard FCU bylaws provide a comprehensive set of corporate governance procedures that are mandatory for any FCU that had not adopted bylaws as of November 30, 2007. The Board is considering a number of significant changes to the FCU bylaws to provide enhanced operational flexibility to FCUs and to reduce regulatory compliance burdens on all FCUs.

Comments must be received on or before May 21, 2018.

Submit a comment quickly and easily through PowerComment.org

 

in Compliance & Regulatory News
House Rules Committee to Meet on S. 2155, Setting Up Vote

The House Rules Committee announced it will meet on the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) Monday at 5 p.m. (ET), paving the way for the House to vote on the bill next week. CUNA and leagues strongly support the bill, which contains several regulatory relief provisions for credit unions. The CUNA/league system is urging stakeholders to contact their members of Congress to support the bill.

in Legislative & Political News
RBC Rule Delay Included in House Foreign Investment Bill

Language to delay the NCUA's risk-based capital (RBC) rule by two years is included in the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841) introduced in the U.S. House yesterday. House Financial Services Committee Chairman Jeb Hensarling (R-TX) was instrumental in getting the language added to the foreign investment bill.

in Legislative & Political News
NCUA’s Streamlined CDFI Process Available for CUs June 4-22, September 10-28

Credit unions interesting in coordinating with NCUA in the agency’s streamlined Community Development Financial Institution (CDFI) certification applications process will be able to do so from June 4-22 and September 10-28 this year. The agency discussed the process, and what credit unions can do with CDFI certification, during a webinar Wednesday.

in Legislative & Political News
Visions FCU Brings NJ CU Financial Reality Fair to Randolph High School for Second Year

RANDOLPH, N.J. – Accounting and personal finance classes at Randolph High School received a reality check on Wednesday as they gathered in the school’s library for a financial Reality Fair sponsored by Visions FCU. Volunteers from Visions FCU as well as Credit Union of New Jersey, the New Jersey Credit Union Foundation, Vizo Financial, and XCEL FCU helped man the lifestyle booths and guide students through the simulation.

in Credit Union News
Fed Nominees Voice Support for Tailoring Regulations

Testifying before the Senate Banking Committee Tuesday, Federal Reserve Board of Governor nominees Richard Clarida and Michelle Bowman offered their support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations. 

in Legislative & Political News
FCC Seeks Input on TCPA Issues Highlighted by CUNA

The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.

in Legislative & Political News
FinCEN Should Continue Work to Ease CDD Issues, CUNA Writes

The Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise, CUNA wrote Tuesday. CUNA sent a letter for the record of a House sub-committee hearing on the rule, which became effective last week. 

in Legislative & Political News
Regulatory Reform (S. 2155) Vote Expected Next Week, CUNA/Leagues Renew Call-to-Action

The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) next week, as early as Tuesday, according to numerous reports. Leagues across the nation have joined CUNA President/CEO Jim Nussle in urging credit unions to make a final push to encourage members of the House to support the bill.

in Legislative & Political News
Latest Data Breach, Chili's Restaurants

Some Chili's Grill & Bar restaurants were impacted by a data breach between March and April this year compromising customers' credit and debit card information.

in Industry News
CUNA Recommends CFPB Delegate Large CU Authority to NCUA

The Consumer Financial Protection Bureau (CFPB) should delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets, CUNA wrote to the Bureau Monday. CUNA’s letter was sent in response to a Bureau request for information (RFI) on enforcement processes.

in Legislative & Political News
CUNA Engaged with S. 2155 Developments, CDD Rule Hearing

CUNA will be engaged in several hearings on Capitol Hill this week, and is continuing its advocacy for the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) as the House moves closer to consideration of the bill. Speaker of the House Paul Ryan (R-Wis.) said last week the House would consider S. 2155, and CUNA President/CEO Jim Nussle is urging credit unions to contact their representatives as the House looks to consider the bill.

in Legislative & Political News
April 2018 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the April 19, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

in Industry News
46 CU Professionals Become Certified CU Development Educators (CUDEs)

Foundation’s First Transformational CU Training of the Year

MADISON, Wis. – 46 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 April 18 – 24, 2018 at the Lowell Center in Madison, Wis. 

in Industry News
CUNA, FinCEN Resources for Now-Effective CDD Rule

The Treasury Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) rule became effective, and both CUNA and FinCEN have resources available for credit unions.

in Compliance & Regulatory News
CUNA Sees Win as CFPB Rule Agenda Doesn’t Include Overdraft

Notably absent from the Consumer Financial Protection Bureau’s (CFPB) spring rule-making agenda is a potential rule-making on overdraft services for checking accounts. CUNA has long been concerned about potential rule-making in this area and believes the Bureau has yet to conduct a comprehensive study into overdraft products and the benefits consumers see from them.

in Legislative & Political News
CUNA Writes Appropriators in Opposition to CMF Cuts

CUNA wrote House and Senate appropriations leaders in opposition to any rescissions from the Capital Magnet Fund (CMF), in response to proposed cuts from the administration. The fund provides grants to Community Development Financial Institution (CDFI) credit unions to finance affordable housing.

in Legislative & Political News
Upcoming FREE Webinar on General Data Protection Regulation from CUNA

The General Data Protection Regulation (GDPR) goes into effect across the EU and UK on May 25, creating a host of compliance challenges for FIs in the region. This regulation focuses on data privacy and includes the well-publicized "right to be forgotten." Credit unions with members located in covered countries may already be affected. And given recent US headlines regarding data privacy, including the controversy at Facebook, it's fair to speculate whether some form of GDPR could find its way to these shores. Join CUNA's live webinar "General Data Protection Regulation - Present and Future Challenges for U.S. CUs" to learn more about the regulation being implemented overseas, its potential impact on U.S. CUs, and the prospects for similar restrictions in the US, whether through legislation or industry self-policing.

in Compliance & Regulatory News
Paid Family Leave Approved by Senate Labor Committee, Salary History Measure Held in Assembly Labor Committee

Legislation to expand the state’s existing paid family leave law passed the Senate Labor Committee by a 3-1 vote Tuesday, and has been referred to the Senate Budget and Appropriations Committee. The salary history bill was held in the Assembly Labor Committee for further consideration. The Senate’s salary history bill (S559) passed the upper chamber (28-10) on March 26.

in Legislative & Political News
NJCUL Hit a Home Run with the 2018 Director Conference

Having not held a director conference in New Jersey for over a decade, it was time for a change! Working with a subset of the NJ DNA Group (NJ Director and Volunteer Alliance Group) as a steering committee made all the difference. A team of directors worked closely and collaboratively with the League to be sure that the content of this past weekend’s Director Conference was developed by New Jersey credit union directors for New Jersey credit union directors. The meeting flow exceeded expectations and had a nice mix of left and right brain topics.

in League News
CUNA Supports NCUA’s Suspension/Debarment Proposal

CUNA supports NCUA taking administrative action to address due process in the agency’s procurement processes, it wrote to the agency Wednesday. CUNA’s comment letter was sent in response to NCUA’s proposed suspension and debarment procedures.

in Legislative & Political News
Senate will Vote on Additional Regulatory Relief Bills According to House Financial Services Chair

The Senate has agreed to vote on several House bills that offer regulatory relief for financial institutions, Rep. Jeb Hensarling (R-TX) said this week, according to Bloomberg. The chair of the House Financial Services Committee earlier said the House would move forward on the credit union-supported S. 2155, and was open to pathways that involve passage of additional regulatory relief legislation.

in Legislative & Political News
CUNA Meets with “Blue Dogs” on Senate Regulatory Relief Bill (S. 2155), Nationwide Call-to-Action Continues

CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan met with the Blue Dog Coalition Wednesday morning, a coalition of conservative-leaning Democrat members of Congress. Nussle and Donovan discussed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the bipartisan, regulatory relief bill that Speaker of the House Paul Ryan (R-WI) indicated Tuesday that will come to the House floor for a vote.

in Legislative & Political News
Cordray Wins Democratic Gubernatorial Primary

Former Consumer Financial Protection Bureau (CFPB) head Richard Cordray (D) won the Democratic nomination to succeed Ohio Gov. John Kasich (R).

in Legislative & Political News
CUNA Opposes $151M Rescission from Capital Magnet Fund

The Trump administration sent a multibillion-dollar package of proposed spending cuts to Congress Tuesday that includes a $151 million cut to the Capital Magnet Fund, part of the Treasury’s Community Development Institutions (CDFI) Fund. CDFI credit unions use grants from the Capital Magnet Fund to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities.

in Legislative & Political News
CU-backed Bill to Strengthen SBA 7(a) Program Passes House

The House passed a credit union-supported bill Tuesday that would enhance accessibility of capital available under the Small Business Administration’s 7(a) loan program. The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) passed by a voice vote.

in Legislative & Political News
Your Marketing Company and Uncommn Present 'the Birds and the Bees of Great Marketing', More Highlights from NJCUL's 2018 Marketing Conference

NJCUL, YMC & Uncommn's Marketing Conference Gives CUs Hands-On Tools to Reach Members and Potential Members with Strategic Marketing Plans and Member Experience

HIGHTSTOWN, N.J. – The New Jersey Credit Union League partnered with Your Marketing Company (YMC), an NJCUL Business Partner, and Uncommn for an insightful and interactive marketing conference Tuesday that navigated credit union marketing professionals and leaders through the process of crafting of a strategic marketing plan that accomplishes the goals of the credit union, making member experiences better on digital channels, marketing compliance, and how the winner of the 2017 NJCUL Alexander Kosobucki Marketing Award created their winning campaign.

in League News
House to Take-up Joint Resolution to Repeal CFPB Auto Lending Bulletin

CUNA will be closely engaged with House consideration of a joint resolution of disapproval, as well as other hearings in Congress, this week. The House joint resolution would use the Congressional Review Act to void the Bureau of Consumer Financial Protection’s (CFPB) indirect auto lending bulletin from 2013, which CUNA believes creates guidance without using the notice and comment period.

in Legislative & Political News
CUNA, Leagues Continue Push for House Vote on S. 2155

CUNA and the state leagues have renewed their nationwide call-to-action in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as Congress returned from its recess.

in Legislative & Political News
FFIEC Announces Availability of 2017 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data that covers 2017 lending activity submitted by financial institutions on or before April 18, 2018.

in Compliance & Regulatory News
Improvements to CFPB’s Adjudications Processes Recommended

The Consumer Financial Protection Bureau's (CFPB) Rules of Practice for Adjudication Proceedings have room for improvement, CUNA wrote to the Bureau Friday. CUNA’s comments were sent in response to the latest deadline for feedback in the Bureau’s series of requests for information on its functions.

in Legislative & Political News
Postal Bank Bill Introduced in U.S. Senate

Legislation (S. 2755) to create a “postal bank”, which would provide retail banking services in the U.S. Postal Service’s 30,000 locations, has been introduced by U.S. Sen. Kirsten Gillibrand (D-NY).

in Legislative & Political News
CUNA Petition Calls for FCC Ruling to Define ‘Autodialer’

CUNA joined several other organizations Thursday to file a petition, requesting the Federal Communications Commission (FCC) to take action to clarify the definition of an automatic telephone dialing system (ATDS) for purposes of the Telephone Consumer Protection Act (TCPA). CUNA is heavily engaged with the FCC and Congress to find a solution to ways the TCPA is impacting credit unions’ ability to contact members.

in Legislative & Political News
New ComplySight Complaint System Enhancements

The Complaint Management System dashboard, which has been under construction, is now live and ready to be viewed. The dashboard view will depend on the user’s access level. Log in today to see this new view.

in Compliance & Regulatory News
Compliance: Upcoming Dates to Keep in Mind

May, 2018

July, 2018

For more information on compliance solutions or help with meeting regulatory requirements, contact NJCUL’s Nicola Foggie at nfoggie@njcul.org or call 1-800-792-8861.

in Compliance & Regulatory News
Jersey Shore Federal Credit Union Makes a $500 Donation to FACES 4 Autism

Jersey Shore Federal Credit Union’s Social Action Committee coordinated a candy sale that took place January, February, and March of 2018 to raise money for FACES 4 Autism in Northfield. All five branches were involved in this great fundraiser, and after it was all said and done, a $500 check was donated to this amazing local organization. FACES 4 Autism supports children, teens and adults on the autism spectrum and those who love them.

in Credit Union News
Saks, Lord & Taylor Data Breach Lasted Nine Months

The data breach that revealed five million credit and debit card numbers used at Saks and Lord & Taylor department stores occurred over nine months before it was detected and shut down at the end of March.

in Legislative & Political News
Paid Sick Leave Mandate Signed into Law

Gov. Phil Murphy signed legislation (A1827) Wednesday requiring employers to provide paid sick leave to their New Jersey employees.

in Legislative & Political News
CUNA, Leagues Renew Call-to-Action to Increase S. 2155 House Momentum

CUNA and the state leagues have renewed the nationwide call-to-action to urge credit union professionals, volunteers and members to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as members of Congress have signaled they may take up the bill soon. CUNA President/CEO Jim Nussle pointed stakeholders toward CUNA’s Campaign for Common-Sense Regulation Web site to contact members of Congress to support the bill.

in Legislative & Political News
Due This Month: Comments on CFPB RFIs, NCUA Bylaws ANPR

Comments on several of the Consumer Financial Protection Bureau (CFPB) proposals, as well as suggested changes to NCUA bylaws, are due in May. The first CFPB RFI deadline, on civil investigative demands, was last week, and the remainder of the series of RFIs will be due over the coming weeks.

in Legislative & Political News
New Study Shows U.S. Consumers See Personal Finance as an Educational Requirement

Equifax Financial Literacy Survey Shows that 90% of Surveyed U.S. Consumers Believe Personal Finance Should Be Required to Graduate From High School

ATLANTA – Equifax Inc. this week released the results of its annual Financial Literacy Survey, in which an overwhelming number of surveyed respondents said they thought personal finance should be a required course to graduate from high school. This is the third year Equifax has conducted the survey.

in Industry News
CUNA Weighs-in on Card Agreement Submissions, Improving Disclosures

The Bureau of Consumer Financial Protection (CFPB) should send quarterly reminders about submitting credit card agreements, CUNA wrote to the Bureau Monday. CUNA’s letter was sent in response to a Bureau request to the Office of Management and Budget to continue collecting certain documents from credit card issuers.

in Legislative & Political News
CUNA Provides Update on FOM Ruling’s Impact on CU Operations

CUNA President/CEO Jim Nussle provided CUNA members with an update on the lawsuit against NCUA’s field of membership (FOM) rule. On March 29, the U.S. District Court for the District of Columbia upheld two challenged portions of the rule and struck down two provisions in a lawsuit filed by the American Bankers Association.

in Legislative & Political News
MVC Chief Assures Assembly Budget Committee ELT is on Schedule

While testifying at an Assembly Budget Committee hearing Monday, NJ Motor Vehicle Commission (MVC) Chief Administrator Sue Fulton publicly committed to getting Electronic Lien and Titling (ELT) done. In response to a question from Asm. Raj Mukherji (D-33), she told the committee: "The study is complete for ELT and at this point, the statute requires us to be online within 12 months and we are on track to do just that."

in Legislative & Political News
Arlene Bernard Named CEO of XCEL Federal Credit Union

BLOOMFIELD, N.J. – During the annual strategic planning session, after a vote from the full Board of Directors, Chairwoman Phyllis Ford named Arlene Bernard as the permanent CEO of XCEL Federal Credit Union.

in Credit Union News
Freeholder Linda Carter Announces Candidacy for District 22 Vacancy

Union County Freeholder Linda Carter announced her candidacy Thursday for member of the General Assembly in the 22nd Legislative District to fill the vacancy caused as a result of the passing of Asm. Jerry Green.

in Legislative & Political News
Bergen Dem’s Select District 38 Replacements

The Bergen County Democratic Committee's replacements for Asm’s Tim Eustace (D-38) and Joe Lagana (D-38) will be Fair Lawn Mayor Lisa Swain and former Council President Chris Tully of Bergenfield.

in Legislative & Political News
CUNA Increases Push for S. 2155 House Consideration, Passage

As momentum for House consideration of the Economic Growth, Regulatory Relief and Consumer Protection (S.2155) act picks up, CUNA is urging members to use its Member Activation Program (MAP) to activate their members in support of the bill. Credit unions that join MAP can activate their members to contact their members of Congress to support the bill, as many credit unions did during Senate consideration of the bill.

in Legislative & Political News
CUNA Mutual Group Risk Alert: Emerging Risk: Preparing for Disasters of All Types

Natural disasters and catastrophes disrupt credit unions throughout the nation each year; in fact, many were impacted in 2017 due to bad weather, hurricanes, wildfires, and even man-made or infrastructure threats. And while it is impossible to prevent a disaster, you can take measures to ensure both your credit union and employees are prepared.

in Risk Alerts
Princeton FCU Holding Grand Opening Of New Branch

PRINCETON, N.J. – Join Princeton Federal Credit Union from Monday, April 30th to Saturday, May 5th for their grand opening celebration of their new branch and headquarters at 774 Alexander Road, Princeton, NJ 08540.

in Credit Union News
Millville Senior High School Students Get a Dose of Reality

MILLVILLE, N.J. – Juniors and seniors at Millville Senior High School learned lessons in personal finance at a Reality Fair held in the school’s gym on Friday. Around 160 students visited the lifestyle booths with their budget worksheets, testing their budgeting skills. Volunteers from Bay Atlantic FCU, Campbell EFCU, Deepwater Industries FCU, Jersey Shore FCU, Members 1st of NJ FCU, the New Jersey Credit Union League, Thunderbolt Area FCU, and Vizo Financial manned the tables and helped students through the simulation.

in Credit Union News
CUNA Recommends CID Changes to CFPB to Protect CUs

Several Bureau of Consumer Financial Protection (CFPB) Civil Investigative Demand (CID) processes have room for improvement, CUNA wrote to the Bureau Thursday. The Bureau’s request for information on the CID process is the first in the series of RFIs the Bureau issues to assess how it is performing its basic functions.

in Compliance & Regulatory News
CUNA Asks Sub-committee to Call on FCC for Autodialer Clarity

CUNA joined several organizations to call on a U.S. House Energy and Commerce sub-committee to encourage the Federal Communications Commission (FCC) to clarify the definition of an autodialer, among other actions. CUNA sent the letter for the sub-committee on digital commerce and consumer protection’s Friday hearing on combating robocalls.

in Legislative & Political News
CUNA Encouraged as S. 2155 Appears to Gain Momentum in House, Call-to-Action Continues

CUNA President/CEO Jim Nussle thanked U.S. House Financial Services Chairman Jeb Hensarling (R-TX) for his Thursday remarks that he would be willing to support the U.S. Senate-passed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Hensarling said Thursday at the U.S. Chamber of Commerce that he’s open to pathways that involve passing S. 2155 and tackling additional regulatory relief in separate legislation.

in Legislative & Political News
CFPB Finalizes Amendment to “Know Before You Owe” Mortgage Disclosure Rule

WASHINGTON — The Bureau of Consumer Financial Protection (CFPB) finalized an amendment to its “Know Before You Owe” mortgage disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The update is intended to provide greater clarity and certainty to the mortgage industry. 

in Compliance & Regulatory News
Any Change to CU Tax Status Would Harm Consumers, CUNA Writes Senate Finance Committee

CUNA President/CEO Jim Nussle corrected several falsehoods about credit unions’ tax status and reiterated that any change would be a direct tax increase on 110 million Americans Wednesday in a letter to the Senate Finance Committee. Nussle responded to a letter sent by the National Taxpayer’s Union to the Senate Finance Committee requesting an evaluation of the credit union tax status.

in Legislative & Political News
CUNA Joins ICBA to Call for House Passage of S. 2155

CUNA joined the Independent Community Bankers of America (ICBA) Wednesday in writing to House leadership to urge consideration and passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA and the state leagues strongly support the bipartisan bill, which contains many relief provisions for credit unions. The bill passed the Senate in March.

in Legislative & Political News
Change a Child’s Life with Pocket Change!

Help out your local Children’s Miracle Network Hospital this Spring by participating in the Credit Unions for Kids’ Change a Child’s Life Coin Collection Campaign! It is a great way to engage members in your fundraising initiatives. Simply place the canisters at your teller stations and member services representatives’ desks and invite members to donate their loose change when they stop by the branch. It’s very easy for members to donate the change from a check they are depositing. Remember, a little bit goes a long way!

in Industry News
SNJ Today Highlights Bay Atlantic FCU’s Support of Vineland Rotary Club’s Hunger Project

VINELAND, N.J. – SNJ Today highlighted Bay Atlantic Federal Credit Union’s participation in feeding local families of the Vineland community with the Vineland Rotary Club Hunger Project on April 14th. More than 100 volunteers form the area helped assemble 120,000 meals. Gail Marino, President/CEO of Bay Atlantic FCU (BAFCU) co-chaired the project along with BAFCU Board Secretary Bonnie Laube.

in Credit Union News
CUNA Collections & Bankruptcy School set for Orlando

The 2018 CUNA Collections & Bankruptcy School has been set for Sept. 17-20 in Orlando, Fla. Designed for collections professionals of all experience levels, the school provides a credit union-specific view of best practices, regulations and hot topics in collections and bankruptcy.

in Industry News
CUNA Responds to Hatch Question Regarding IRS Form 990s for FCUs

CUNA wrote to Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday in response to Hatch’s letter sent to the Internal Revenue Service (IRS) asking it to consider whether the “largest federal credit unions” should be required to file annual IRS Form 990s. Federal credit unions are not required by the IRS to file Form 990s.

in Legislative & Political News
Potential FCUA Modernizations to NCUA Bylaws Outlined by CUNA

CUNA suggested several modernizations to the Federal Credit Union Act in a letter sent to NCUA Tuesday. CUNA’s letter was sent in response to the agency’s Advanced Notice of Proposed Rule-making (ANPR) on ways to streamline, clarify and improve standard Federal Credit Union Act bylaws.

in Legislative & Political News
CFPB Extends CUAC Application Deadline to April 30

The Consumer Financial Protection Bureau (CFPB) has extended the deadline to apply for its Credit Union Advisory Council (CUAC) through April 30. The CUAC advises the Bureau on the credit union industry.

in Legislative & Political News
NJ Tax Amnesty Program Proposed by Assembly Speaker Coughlin

Assembly Speaker Craig Coughlin (D-19) has proposed a three-month state tax amnesty program in 2018 to help raise revenue without tax or fee increases. Coughlin and Asm. Robert Karabinchak (D-18) said the program, if enacted, would start July 1 and apply to state tax liabilities for returns due between January 1, 2014 and December 31, 2016.

in Legislative & Political News
Nussle Issues Statement on NCUA Response to Sen. Hatch

CUNA President/CEO Jim Nussle released the following statement after NCUA Board Chairman J. Mark McWatters responded to Sen. Orrin Hatch's (R-Utah) recent questions on the federal tax exemption for credit unions. 

in Legislative & Political News
NJCUL President/CEO David Frankil and CUNJ President/CEO Andy Jaeger Talk CU Growth Opportunities Through Small Business Lending in ROI-NJ Article

“In the face of costly compliance that financial institutions must deal with in a post-recession regulatory climate, as well as competition from large banking institutions,” local credit unions are looking to help small businesses that banks are shutting out, a recent article in the new ROI-NJ magazine points out. In the article, New Jersey Credit Union League President/CEO David Frankil and Credit Union of New Jersey President/CEO and NJCUL Chairman Andy Jaeger discuss untapped growth opportunities in serving the cannabis industry.

in Credit Union News
Compliance: New Mortgage Servicing Rules now Effective

Thursday, April 19 marked the effective date of the second round of amendments to the Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules, finalized August 2016. This means confirmed successors in interest are now entitled to the same servicing protections available to borrowers under both Regulation Z and Regulation X.

in Compliance & Regulatory News
Congressional Committees to Review Cybersecurity, Risks

Two Congressional Committees will consider cybersecurity this week. On Tuesday, the Senate Homeland Security and Governmental Affairs Committee will hold a hearing to consider how to mitigate America's cybersecurity risk. Witnesses include representatives from the U.S. Department of Homeland Security, the Government Accountability Office and Harvard University. Wednesday, the Senate Small Business and Entrepreneurship Committee will hold a hearing on preparing small businesses for cybersecurity success. Witnesses scheduled for that hearing are all from the private sector.

in Legislative & Political News
Members 1st of NJ, Bay Atlantic and Thunderbolt Area FCU Bring the Reality Fair Program Back to Bridgeton High School, Helping More Than 150 Students Reach Their Financial Goals

BRIDGETON, N.J. – Spring is in the air and with the harsh winter hopefully behind us, the Reality Fair Program has been underway with more than 10 Fairs happening this season. Last Friday, over 150 students gathered at Bridgeton High School, taking part and being advised in the school’s financial Reality Fair.

in Credit Union News