Articles

Op-ed lays Out Why CUs of All Sizes Shouldn’t be Taxed

A change to the tax status of large credit unions will impact small credit unions as well, Freedom CU President/CEO Ken Payne wrote in Credit Union Journal Friday. Payne’s op-ed on how credit unions are stronger together comes as bankers are ramping up attacks on the credit union tax status.

in Legislative & Political News
CUNA Updates MLA Card Fee Spreadsheet

CUNA has updated its Military Lending Act (MLA) credit card fee comparison spreadsheet for the third quarter, updated as of September 2018. The updated resource can be found in the CUNA Compliance Community’s “Compliance Resources” tab, and under the “Resources” tab in CUNA’s MLA e-Guide.

in Compliance & Regulatory News
CUNA Commends NCUA Proposal to Amend Appraisal Requirements

The National Credit Union Administration (NCUA) board issued a proposed rule that would amend the agency’s regulation requiring real estate appraisals for certain transactions.

in Compliance & Regulatory News
‘Credit Unions Vote’ Campaign Launched

CUNA launched its “Credit Unions Vote” campaign Thursday which is focused on getting credit union members to vote in the November mid-term elections. The non-partisan campaign features a Web site where credit union members can visit to check their registration status, register to vote, participate in early voting and find their polling place.

in Legislative & Political News
BSA-relief Bill introduced in House

Rep. Barry Loudermilk (R-GA) introduced the Financial Reporting Threshold Modernization Act (H.R. 6850) on Thursday. The bill would reform the Bank Secrecy Act (BSA) and provide some relief to credit unions by raising certain thresholds, including those for currency transaction (CTR) and suspicious activity reports (SAR).

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CUs Prioritizing Digital and Faster Payments Investments, Report Finds

Credit unions are more likely to prioritize investing in digital channel functionality than global, regional and community banks. However, more than one-quarter of credit union executives believe their digital investments are "too high." Although not a top priority, credit unions are also investing more in ATMs than global or regional banks.

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Proposed Rule Would Change Appraisal Requirement Threshold, Exempt Some Transactions

Share Insurance Fund Posts $32.5 Million in Net Income in Second Quarter

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its eighth open meeting of 2018 at the agency’s headquarters yesterday and unanimously approved two items.

in Compliance & Regulatory News
Pending Regulatory Comment Calls

CUNA plans to comment on the following pending regulatory proposals. For comment letters to have the greatest impact, consider whether and how these proposals would affect your credit union and contact the CUNA staff listed below for each proposal with your feedback. Also, feel free to contact the CUNA staff listed if you would like more information on how to send your own letter. 

in Compliance & Regulatory News
Federal Reserve Board approves final amendments to liability provisions of Regulation CC

Earlier this week, the Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. These amendments continue the Board's efforts to update Regulation CC to reflect the evolution of the nation's check collection system from one that is largely paper-based to one that is virtually all electronic.

in Legislative & Political News
CUNA Reiterates Push for QA2 Withdrawal in Letter to DOD

CUNA continued its push for Military Lending Act (MLA) clarity for credit unions Thursday with a letter to the Department of Defense (DoD). CUNA’s letter continues its call for the withdrawal of Question and Answer 2 (QA2) from DoD’s guidance on the MLA.

in Compliance & Regulatory News
Appraisals Proposal Tops NCUA’s Agenda Today

The National Credit Union Administration (NCUA) is poised to issue a proposed rule on real estate appraisals at its regular monthly Board meeting today. The agency's real estate appraisals rule was included on its spring rule-making agenda released in May.

in Compliance & Regulatory News
National Credit Union Foundation Approves Nine Biz Kid$ Financial Education Grants

MADISON, Wis. – The National Credit Union Foundation’s (the Foundation) board of directors has approved nine new Biz Kid$ Financial Education Grants for 2018-2019, totaling $53,100. These grants are distributed to encourage credit union organizations to use Biz Kid$ and its curriculum to improve students’ financial well-being. Biz Kid$ is the credit union funded public television series that teaches kids about money management and entrepreneurship.

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CUNA Backs Senate GUIDE Compliance Act for Guidance Clarity

CUNA wrote in support of a Senate bill designed to standardize regulatory guidance Tuesday, thanking Sen. Orrin Hatch (R-UT) for introducing the Give Useful Information to Define Effective (GUIDE) Compliance Act (S. 3443). A House version of the bill (H.R. 5534) passed the House Financial Services Committee last week.

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14 Million Records Exposed in Latest Data Breach

Krebs on Security reported Tuesday that more than 14 million customer records from an online payment company used by state and local governments have been exposed by a security vulnerability.  

in Legislative & Political News
Proposed Paid Sick Leave Regulations Issued; Free NJCUL Webinar on NJ Employers Requirements this Friday

Under legislation signed into law by Gov. Phil Murphy in May (A1827, now P.L. 2018, c.10), effective October 29, 2018 most private sector employers will be required to provide at least 40 hours of paid sick leave in a 12-month period to every New Jersey employee for their own diagnosis, treatment, or preventative care, or, for that of a family member.

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2019 GAC Registration Now Open

The New Jersey Credit Union League (NJCUL) and CUNA invite New Jersey credit unions to register for the 2019 CUNA Governmental Affairs Conference (GAC) scheduled for March 10-14, 2019 in Washington D.C.

in Industry News
CECL Changes Backed, FASB Asked to Keep Eye on Future Relief

CUNA recognized the improvements proposed by the Financial Accounting Standards Board (FASB) in its current expected credit losses (CECL) standard, CUNA wrote to the board Monday. CUNA’s comment letter was sent in response to a FASB proposal that would make several CUNA-backed changes to the standard, a proposal that CUNA understands was at least in part due to a May letter from CUNA raising concerns.

in Compliance & Regulatory News
GUIDE Act Companion Introduced in Senate

Senate Finance Committee Chairman Orrin Hatch (R-UT) and Sen. James Lankford (R-OK) introduced legislation Monday that would require the Bureau of Consumer Financial Protection (BCFP) to issue timely guidance on its rules in order to facilitate industry compliance and better protect consumers.

in Legislative & Political News
League, CU Advocates Meet with Reps Pallone and Pascrell

The New Jersey Credit Union League and credit union advocates met Monday morning with Congressman Frank Pallone (D-6) and in the afternoon with Congressman Bill Pascrell, Jr. (D-9). Pallone is the ranking Democrat on the House Energy and Commerce Committee and is in line to become chairman if the Democrats capture a House majority in the November mid-term elections. Pascrell serves on the House Ways and Means Committee. Both committees are extremely important when it comes to credit union-related legislation.

in Legislative & Political News
CECL is Coming, Is Your CU Ready?

CECL is coming and credit unions need to prepare now in order to gather and validate the historical data needed to comply by the due date. While the details are changing, even now (see CUNA Advocacy Update article titled "FASB Makes Clarifying Changes to CECL"), CECL is not going away.

in Compliance & Regulatory News
South Jersey Federal Credit Union Donates to Burn Foundation

DEPTFORD, N.J. – South Jersey Federal Credit Union (SJFCU) presented a check in the amount of $1,500.00 on August 22nd to local Burn Foundation representative and artist Joseph M. Getsinger.

in Credit Union News
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Florence on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

in Compliance & Regulatory News
FinCEN grants permanent exceptive relief from Beneficial Ownership Rule

FinCEN issued a ruling [FIN-2018-R003] granting permanent exceptive relief from Beneficial Ownership requirements for legal entity customers for certain account rollovers, renewals, modifications and extensions. The permanent relief, issued hours before a previous temporary exceptive ruling was due to expire, broadened somewhat the scope of relief provided by the temporary ruling, but maintains strict definitional limits on which accounts are affected. Financial institutions will continue to be required to identify and verify the identity of beneficial owners of legal entity customers at the initial account opening of all accounts (including those affected by the exceptive relief) occurring on or after May 11, 2018.

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Nussle Pens Op-ed, CUs Can Help Shape Data Security Policy

The time is now for Congress to enact stricter data security standards that better protect credit unions and consumers, CUNA President/CEO Jim Nussle wrote Thursday in Credit Union Journal. Nussle noted that with the heads of Facebook and Twitter before Congress last week and the markup of a data breach notification bill this week, data security is on a lot of policymakers’ minds right now.

in Legislative & Political News
League, CU Advocates Meet with Senator Booker’s State Director

The New Jersey Credit Union League (NJCUL) and credit union advocates met Thursday with George Helmy, Sen. Cory Booker’s (D-NJ) state director, and other senior state staff to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.

in Legislative & Political News
Secure Choice Savings Program “Held” Following Opposition from League

Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, was removed from Thursday’s Senate Labor Committee agenda following opposition from the League.

in Legislative & Political News
Extension for TDP Comments Requested

CUNA joined other trade organizations Wednesday requesting an extension of the comment deadline for the Bureau of Consumer Financial Protection’s proposed policy to encourage trial disclosure programs. Specifically, CUNA requests the comment deadline be extended an additional 45 days beyond the current Oct. 10 deadline.

in Legislative & Political News
Guidance Clarity, Data Security Bills Backed Prior to Markup

CUNA wrote to House Financial Services Committee leadership Wednesday in support of two bills it is expected to mark up the today. The bills are the Give Useful Information to Define Effective (GUIDE) Compliance Act (H.R. 5534) and the Consumer Information Notification Requirement Act (H.R. 6743).

in Legislative & Political News
Virtual Cybersecurity Expo Delivers!

HIGHTSTOWN, N.J. – With the promise of a blend of education and solutions, the Virtual Cybersecurity Expo delivered.

in League News
CUNA Mutual Group Risk Alert: Fraudulent Wires Requested via Email

Credit unions have recently reported fraud cases involving wires requested via email by fraudsters impersonating members, as well as credit union CEOs. The fraudsters hack members’ personal email accounts and send fraudulent wire requests to credit unions from within the hacked accounts or use look-alike email domains to send the wire requests. The CEO email fraud attempts involve fraudulent emails sent from within CEO’s hacked email accounts requesting wires to pay vendors.

in Risk Alerts
Supervisory Guidance is Not Law, Says Regulators in Joint Statement

Supervisory guidance does not have the force and effect of law, NCUA and other federal financial regulatory agencies said Tuesday in a joint statement. The statement comes from the Bureau of Consumer Financial Protection, Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, in addition to NCUA.

in Compliance & Regulatory News
Senate Banking Committee postpones S. 2155 hearing to Oct. 2

The Senate Banking Committee announced Tuesday it will postpone its hearing on the implementation on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Originally scheduled for Thursday, the hearing is now scheduled to take place Oct. 2.

in Legislative & Political News
Data Breach Bill a ‘Strong Step in the Right Direction’, CUNA Tells Rep. Luetkemeyer

The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, and CUNA looks forward to working with Congress to do more on data security, CUNA President/CEO Jim Nussle wrote Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.), who introduced the bill last week.

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CUs Need Access to Interest Rate Swaps, World Council Says

Interest rate swaps and caps promote safety and soundness by helping community-based depository institutions hedge interest rate risks related to fixed-rate mortgage loans held in portfolio and similar fixed-rate investments, the World Council of Credit Unions wrote Monday. The World Council sent its letter to the Basel Committee on Banking Supervision, the primary global standard setter for the prudential regulation of banks, in response to its consultative document on “Incentives to centrally clear over-the-counter derivatives.”

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CUNA Engaged with S. 2155 Hearing, Data Breach Bill Markup

CUNA will be engaged with a Senate Banking Committee hearing on implementation of S. 2155, the markup of a data breach notification bill and other activities on Capitol Hill this week. National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators who will be testifying before the Senate Banking Committee Thursday on implementation of S. 2155, which contains several regulatory relief provisions from credit unions.

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CU Tax Status Untouched in “Tax Reform 2.0”

The credit union tax status remains untouched in the House Ways and Means Committee release of “Tax Reform 2.0,” legislation intended to make several changes to the Tax Cuts and Jobs Act of 2017.

in Legislative & Political News
Secure Choice Savings Program Up in Committee, Call-to-Action Issued

Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Thursday’s Senate Labor Committee agenda. The Assembly companion bill (A4134) is pending consideration by the Assembly Financial Institutions and Insurance Committee.

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BCFP Names seven to Reconstituted CU Advisory Council

The Bureau of Consumer Financial Protection (BCFP) Friday announced new members for its reconstituted Credit Union Advisory Council (CUAC). All seven of the selected CUAC members are currently CUNA member credit unions.

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British Airways Reports Data Breach, 380,000 Impacted

British Airways announced that consumers who booked flights with the company between Aug. 21 and Sept. 5 had their personal data stolen. The information compromised in the breach includes credit card numbers, expiration dates and security codes, and names, street addresses and email addresses.

in Legislative & Political News
Data Breach Notification Bill Introduced

Rep. Blaine Luetkemeyer (R-MO) formally introduced data breach notification legislation Friday, a bill that would provide credit unions regulatory relief if they suffered a data breach. The bill is titled the Consumer Information Notification Requirement Act.

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Governor Renews Call for $15 Minimum Wage, Top Priority This Fall

Governor Phil Murphy and Assembly Speaker Craig Coughlin (D-19) held a press conference Thursday where they indicated that the top two legislative priorities for this fall are legalizing recreational marijuana and increasing the state's minimum wage to $15 an hour.

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Arguments in Appellate-level ADA Case Against CU Start Oct. 30

The Fourth Circuit U.S. Court of Appeals will hear arguments Oct. 30 in an appeal by Department of Labor (DOL) FCU in a frivolous lawsuit alleging Web site noncompliance with the Americans with Disabilities Act (ADA). The lawsuit is just one of many around the country facing credit unions due to uncertainty about how the ADA applies to Web sites.

in Legislative & Political News
Secondary Market Protections Included in Housing Financial Reform Draft

A new bi-partisan housing finance reform discussion draft unveiled Thursday by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Rep. John Delaney (D-MD) would preserve a credit union-sought government guarantee to the secondary mortgage market and create more lending opportunities for small lenders.

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NJCUL Holds ReliaMax Surety Company Liquidation Webinar

HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) held a virtual networking session Thursday for credit unions affected by the ReliaMax Surety, Co. Liquidation announced in June.

in Compliance & Regulatory News
Consumer Alert from FTC: Anatomy of a Fake Check Scam

Fake checks drive many types of scams – like those involving phony prize wins, fake jobs, mystery shoppers, online classified ad sales, and others. In a fake check scam, a person you don’t know asks you to deposit a check – sometimes for several thousand dollars and usually for more than what you are owed – and wire some of the money back to that person. The scammers always have a good story to explain the overpayment – they’re stuck out of the country, they need you to cover taxes or fees, you need to buy supplies, or something else. But by the time your bank discovers you’ve deposited a bad check, the scammer already has the money you sent, and you’re stuck paying the rest of the check back to the bank.

in Risk Alerts
Nussle Talks Advocacy, CUNA Next Steps with National Journal

CUNA President/CEO Jim Nussle discussed grassroots advocacy, the Bureau of Consumer Financial Protection and the appropriations process Wednesday in an interview with National Journal. Nussle served as a member of Congress from Iowa from 1991 to 2007, and as director of the Office of Management and Budget from 2007 to 2009.

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Bureau of Consumer Financial Protection Releases Latest Supervisory Highlights

WASHINGTON — The Bureau of Consumer Financial Protection (BCFP) released its 17th edition of Supervisory Highlights. The report covers Bureau supervision activities generally completed between December 2017 and May 2018, and shares observations in the areas of auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small business lending.

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NCUA Releases Q2 2018 Credit Union System Performance Data

ALEXANDRIA, Va. – Data on the financial performance of federally-insured credit unions for the quarter ending June 30, 2018, are now available from the National Credit Union Administration (NCUA).

in Compliance & Regulatory News
Senate Banking Committee Sets Hearing on S. 2155 Implementation

The National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators testifying before the Senate Banking Committee Sept. 13 on implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The hearing is scheduled to begin at 10 a.m. and will be live streamed on the committee’s Web site.

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Senators Write DOJ Sharing Credit Union Concerns over ADA Web site Compliance

Six Senators wrote to Attorney General Jeff Sessions Wednesday with concerns shared by credit unions, banks and small businesses over how the Americans with Disabilities Act (ADA) applies to Web sites. Credit unions around the country continue to face legal threats due to uncertainty over how to make Web sites compliant with the ADA. Finding a solution is a top priority for CUNA and the state leagues.

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August 2018 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Aug. 2, 2018, open meeting of the National Credit Union Administration (NCUA) Board is now available on the agency’s Web site.

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Save The Date for Credit Union FINHEALTH19 in Las Vegas

With over half of the U.S. population struggling financially, the time is now to focus on your members' financial health. No matter where your credit union is on its financial health journey, Credit Union FINHEALTH19 will bring together leading experts and practitioners to help you engage with your members and communities and improve the financial health of your most important asset - your members.

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NCUA Chairman McWatters Letter on Credit Union Supervision

The National Credit Union Administration (NCUA) Board Chairman J. Mark McWatters wrote a response letter to the Financial Institution Sub-committee Chairman Blaine Leutkemeyer on credit union supervision. The letter from McWatters discusses NCUA's supervisory program and the appropriate ways the NCUA uses agency guidance documents. The letter went on to share information with Chairman Leutkemeyer of some of the agency’s programs and initiatives the NCUA has established to provide regulatory relief designed to minimize the burdens facing credit unions. Click here to read the letter, dated August 14, 2018, in full.

in Compliance & Regulatory News
CU Times: NCUA SIF Could Take Hit as NCUA is Left with Melrose Taxi Loans
According to a September 5th Credit Union Times article, Teachers Federal Credit Union (TFCU) did not acquire the taxi loans that contributed to the downfall of Melrose Credit Union when it merged with the credit union—a development that could leave the NCUA Share Insurance Fund on the hook for any losses from those troubled loans.
in Compliance & Regulatory News
CUNA Calls for $3B Threshold for Extended Exam Cycle Eligibility

The National Credit Union Administration (NCUA) should work to fix a regulatory disparity that leaves credit unions with an uneven playing field when it comes to an extended examination cycle, CUNA President/CEO Jim Nussle wrote to NCUA Chairman Mark McWatters Monday. The recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) increases the asset limit below which depository banks are eligible for an 18-month exam cycle to $3 million, while credit unions must fall under $1 billion in assets to be eligible.

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GSE Hearing, Government Funding Discussions this Week

The House and Senate are both back in Washington, D.C. this week, and CUNA is engaged with several activities on Capitol Hill, including ongoing discussions to fund the federal government after Sept. 30, when funding runs out.

in Legislative & Political News
CUNA Mutual Emerging Risk Alert: Lending Oversight

Managing lending risks can be tricky – especially when dealing with the many types of lending: consumer, real estate, indirect, business, etc. Your credit union needs a robust risk management program in place to help you provide proper lending oversight.

in Risk Alerts
S. 2155 HMDA Relief Provisions Clarified

The Bureau of Consumer Financial Protection issued an interpretive final rule Friday, clarifying the Home Mortgage Disclosure Act (HMDA) partial exemptions contained in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA wrote to Acting Director Mulvaney this summer urging the Bureau to quickly effectuate the regulatory relief in S. 2155, especially the changes to HMDA.

in Compliance & Regulatory News
NCUA Provides CDD, Beneficial Owner Rule Info

NCUA’s latest supervisory letter (SL-18-01) addresses compliance with the new Bank Secrecy Act (BSA) customer due diligence (CDC) and beneficial ownership rules. According to the agency, once the BSA Questionnaire and consumer compliance violations citations have been added to AIRES, expected in September, field staff will begin evaluating credit union compliance with the new CDD rules.

in Compliance & Regulatory News
CUNA, Organizations team with FS-ISAC for paper on ATM scams

CUNA has teamed with other financial services organizations to create a white paper, “Understanding ATM Attacks,” explaining how cybercriminals conduct such attacks and how financial institutions can protect consumers. The paper was released by the Financial Services Information Sharing and Analysis Center (FS-ISAC), and is a joint effort between CUNA, FS-ISAC, the American Bankers Association and the Independent Community Bankers Association.

in Compliance & Regulatory News
Comments on CECL reg. relief due in September

Comments on the Financial Accounting Standards Board's (FASB) proposal of a CUNA-backed change to implement its current expected credit loss (CECL) standard is due in September. CUNA called for FASB to make clarifications to the implementation date, and the board agreed to issue the proposal at its July meeting.

in Compliance & Regulatory News
CUNA submits comments on RBC proposal

WASHINGTON – The National Credit Union Administration (NCUA) Board unanimously issued its proposed Risk-Based Capital (RBC) rule at its August meeting. Comments on the RBC Supplemental Proposal are due September 7 and yesterday, the Credit Union National Association (CUNA) submitted a comment letter for consideration.

in Compliance & Regulatory News
325+ NJ CU Professionals and Volunteers Participate in NJCUL BSA Virtual Training

HIGHTSTOWN, N.J. – Since the program’s launch in April, over 325 management, staff, and volunteers of New Jersey Credit Union League (NJCUL) member credit unions have taken the NJCUL’s Bank Secrecy Act (BSA) virtual training to fulfill annual regulatory requirements.

in Compliance & Regulatory News
CU-Supported Candidates Win Tuesday in Fla., Okla.

Credit union-backed candidates saw victories in Tuesday’s elections, including primaries in Florida and a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council, CUNA’s political action committee.

in Legislative & Political News
ACI President Says CU ‘Formula’ is Working for Consumers

Congress got the credit union “formula” right, American Consumer Institute (ACI) President Steve Pociask wrote in Inside Sources in response to false banker claims appearing in the Wall Street Journal. CUNA President/CEO Jim Nussle’s response to the banker claims appeared in the Wall Street Journal last week.

in Legislative & Political News
Credit Union of New Jersey Announces New Brand Strategy

EWING, N.J. — Credit Union of New Jersey announced the introduction of their new brand and more focused positioning strategy. The new brand officially launched on August 15, 2018.

in Credit Union News
Creation of ‘Cyber Lexicon’ Supported by World Council

The World Council of Credit Unions supports the Financial Stability Board’s (FSB) initiative to develop a “cyber lexicon” but urges the board to take a proportional approach that does not impose additional compliance burdens on credit unions and other community-based financial institutions. The World Council submitted its letter in response to a consultative document from FSB on developing a cyber lexicon to address cybersecurity and cyber resilience in the financial sector.

in Compliance & Regulatory News
Clarida Confirmed as Fed Board Vice Chair

The Senate voted 69-26 Tuesday to confirm Richard Clarida as vice chairman of the Federal Reserve Board. Clarida has offered support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.

in Legislative & Political News
CUNA Calls for Mortgage Choice Act Inclusion in FSGG Appropriations Bill

CUNA joined a group of organizations this week to call on Senate leadership to ensure mortgage regulatory relief language remains in the conference committee version of the 2019 financial services and general government appropriations bill. The Mortgage Choice Act (H.R. 1153) language is a bipartisan measure that passed the House in February and is strongly supported by CUNA and the state leagues.

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NCUA Provides Examination Guidance for Bank Secrecy Act Customer Due Diligence and Beneficial Ownership Compliance

The NCUA issued examination procedures to field staff regarding customer due diligence and beneficial ownership provisions that are part of the Bank Secrecy Act/Anti Money Laundering Rules (BSA/AML). A Letter to Credit Unions (18-CU-02) sent to credit union Board Chairs and management provides all federally insured credit unions with the examination expectations provided to the NCUA examiners regarding the review of a credit union’s compliance with these areas. This includes new examination procedures that will be incorporated into the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual.

in Compliance & Regulatory News
CUs Back Candidates in Florida Primaries, Oklahoma Runoff

Credit unions are supporting several candidates in Tuesday’s primary elections in Arizona and Florida, and a candidate in a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council (CULAC). 

in Legislative & Political News
BCFP Student Loan Ombudsman Quits

The top official overseeing student loans at the Bureau of Consumer Financial Protection (BCFP) resigned on Monday saying Trump Administration policies were harming students and families.

in Legislative & Political News
Analysis of New UBIT Guidance Available

The Internal Revenue Service (IRS) released guidance this month regarding certain Unrelated Business Income Tax (UBIT) in the Tax Cuts and Jobs Act of 2017 (TCJA). The guidance is online, and will be published September 4 in Internal Revenue Bulletin 2018-36.

in Compliance & Regulatory News
IRS Targets SALT Deduction Workaround

The Internal Revenue Service (IRS) issued proposed regulations last week providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.

in Legislative & Political News
NJCUL Hosts its second session on Cybersecurity: NCUA on the ACET and CAT

HIGHTSTOWN, N.J. – The National Credit Union Administration's (NCUA) Len Siwak and Alexis Pezza presented detailed information about the Automated Cybersecurity Examination Tool (ACET), and how it was developed and will be utilized by the agency at the New Jersey Credit Union League's Cybersecurity Roundtable on Wednesday.

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BCFP Nomination Clears Senate Banking Committee

Kathy Kraninger’s nomination to lead the Bureau of Consumer Financial Protection (BCFP) cleared the Senate Banking Committee 13-12 Thursday and now heads to a final vote by the full Senate.

in Legislative & Political News
CUNA Corrects False Banker Attack in Wall Street Journal

CUNA and credit unions responded to the latest banker attack in the Wall Street Journal Thursday, with CUNA President/CEO Jim Nussle leading the response letters to the editor. Nussle responded to claims by a Florida banking association on credit unions’ tax status.

in Legislative & Political News
NCUA Issues Third Quarter Newsletter

Read the latest issue of The NCUA Report online

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) released the third quarter edition of its online newsletter.

in Compliance & Regulatory News
BCFP Nomination Expected to Clear Senate Banking Committee Today

A Senate Banking Committee vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) is expected today. During her nomination hearing last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."

in Legislative & Political News
CUNA/leagues Named Most Influential Financial Services Advocates

CUNA and the league system are seen as the most influential financial services organizations and one of the most effective advocacy organizations in Washington, according to an independent study conducted by Ballast Research (formerly National Journal Research). Once again, CUNA is the leading association at representing the interests of its members, due to its success in creating the credit union narrative and sharing their story among Washington policymakers.

in Industry News