Articles

NJCUL ALERT: USAA Notice to FIs Seeking Patent Licensing Fees

Many financial institutions around the country, including credit unions, could soon be paying a price for the success of remote deposit capture. Originally created by USAA, remote deposit capture (RDC) has become a popular feature in most mobile banking apps. The issue…USAA is putting financial institutions on notice that it wants to start charging a licensing fee to use it.

in Compliance & Regulatory News
CUNA Staff Outlines ADA Threats, Strategy During Webinar, Recording Available

Nearly 1,000 credit union stakeholders tuned into to CUNA’s members-only webinar on Web site accessibility under the Americans with Disabilities Act (ADA) Thursday. For those unable to attend, registration is currently open to watch a recorded version of the webinar, which will be posted soon.

in Compliance & Regulatory News
CFPB Issues Civil Penalty Inflation Adjustments Final Rule

The Consumer Financial Protection Bureau (CFPB) is adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction.

in Compliance & Regulatory News
NCUA's Jan. 25 Agenda Includes Strategic Plan Vote

The NCUA board will vote on its 2018-2022 strategic plan at its Jan. 25 board meeting, according to the agenda released Thursday.

in Legislative & Political News
CFPB, Mortgage Relief Bills Pass Financial Services Committee

The House Financial Services Committee (HFSC) passed four CUNA/League-backed regulatory relief bills in a mark-up that included a total of 17 bills. A number of committee members cited credit union support for the bills, and Rep. Scott Tipton (R-Colo.), specifically cited CUNA’s support for one.

in Legislative & Political News
HMDA Regulatory Relief Bill Passes House

The House voted 243-184 Thursday night in favor of the CUNA/League-backed Home Mortgage Disclosure Adjustment Act (H.R. 2954) that would raise the reporting threshold for certain HMDA requirements.

in Legislative & Political News
CUNA Mutual Emerging Risk Alert: Defend Against Tax Refund Fraud

Tax fraud scams and identity theft is at a higher risk during tax filing season with fraudsters looking to claim bogus refunds. The Internal Revenue Service (IRS) and financial institutions have made substantial progress in the battle against identity theft-related tax refund fraud; however, credit unions and credit union members should remain vigilant in recognizing potential tax refund fraud.

in Risk Alerts
NJCUL ADA Update: Resources, Information, Advocacy

In anticipation of Americans with Disabilities Act (ADA) Web site compliance requirements, throughout 2017, the New Jersey Credit Union League provided critical communications and solutions for credit unions to evaluate their Web sites, as well as offered connections to partners and resources to mend deficiencies. For example, in October 2017, NJCUL’s Services Corporation (NSC) held an ADA Web site webinar, facilitated by CU Solutions Group.

This past week, a number of New Jersey credit unions have received demand letters threatening lawsuits for claimed ADA discrepancies on their respective Web sites. NJCUL President/CEO, David Frankil provided an urgent update to members last week via email regarding these letters. As of yesterday, the calls and emails continue to come in to NJCUL on this issue, and the number of credit unions that have received letters are being reported in upwards of 20 or more. There are sure to be more to come. To help credit unions navigate this issue, we ask that if you have received a demand letter or want to proactively address your Web site issues, please visit the ADA Web Site Compliance Advocacy page NJCUL launched last week. 

in Compliance & Regulatory News
National CU Foundation Announces New Director of Philanthropy

The National Credit Union Foundation has announced the addition of Rebecca Dopart as the new Director of Philanthropy, effective January 16, 2018. 

in Industry News
CFPB Announces RFIs on Consumer Protection Functions

The Consumer Financial Protection Bureau (CFPB) issued a call for evidence to ensure it is fulfilling its consumer protection functions, the bureau announced Wednesday. Acting Director Mick Mulvaney said the series of Requests for Information (RFIs) will be forthcoming in the Federal Register in the coming weeks.

in Legislative & Political News
Equifax Judge Provides Updates in Class-Action Breach Suit

The judge in the Equifax data breach lawsuit made several decisions and set deadlines last week for the case. CUNA filed its lawsuit in October, in response to a data breach that exposed information of as many as 145 million consumers.

in Legislative & Political News
State Bank of New Jersey Bill Introduced

To help fulfill a campaign promise made by Gov. Phil Murphy, Sen’s Nia Gill (D-34) and Richard Codey (D-27) have introduced legislation (S885) to would create a State Bank of New Jersey.

in Legislative & Political News
Today’s ADA Webinar at Capacity, Recording Will be Available to Members

Registration has reached capacity for today’s free, CUNA members-only webinar on Americans with Disabilities Act (ADA) Web site compliance. However, registration is open for members, who want to watch a recorded version, which will be posted after the webinar concludes.

in Legislative & Political News
Credit Union-backed Bills to See Floor Consideration, Committee Mark-up

Action is expected this week on several CUNA/League system-backed regulatory relief bills, one that is expected to see House floor consideration and others that will be marked-up by the House Financial Services Committee. The House is scheduled to consider the Home Mortgage Disclosure Adjustment Act (H.R. 2954), which would provide credit unions and other small lenders relief from Home Mortgage Disclosure Act (HMDA) reporting requirements.

in Legislative & Political News
CUNA Launches Next Phase of Grassroots Support for Senate Regulatory Relief Bill

CUNA launched the second phase of its nationwide grassroots advocacy support of the Senate’s bipartisan regulatory relief bill this week after urging Senate leaders last week to give the bill floor consideration. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is strongly supported by CUNA and the state leagues.

in Legislative & Political News
Murphy Takes Oath of Office, Sets Stage for a Progressive Era

Philip (Phil) Dunton Murphy took the oath of office as New Jersey’s 56th governor yesterday at twelve noon in the Patriots Theater of the Trenton War Memorial in front of hundreds of state and local government officials and politicos from across the state.

in Legislative & Political News
Biz Kid$ Financial Ed Grants Now Available from National CU Foundation

Grants Improve Youth Financial Futures Through Award-winning Series

MADISON, Wis. – Credit union organizations can now apply for a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (the Foundation) through March 31, 2018. The Foundation is looking to distribute up to $75,000 in grant funds to credit union organizations as part of this effort.

in Industry News
Fiordaliso Nominated for BPU President

Incoming Governor Phil Murphy has tapped Joseph Fiordaliso, currently a commissioner on the state Board of Public Utilities (BPU), as the agency's new president.

in Legislative & Political News
CUNA, Leagues, CUs Continue TCPA Relief Push in FCC Meetings

CUNA, league representatives, and individual credit unions continued the push for regulatory relief under the Telephone Consumer Protection Act (TCPA) in a series of meetings with Federal Communications Commission (FCC) staff to open 2018. CUNA previously submitted a petition outlining ways the FCC could provide relief for credit unions.

in Legislative & Political News
Senate Banking Committee to Discuss BSA Reforms

Following votes on numerous nominations including those to chair and vice chair the Federal Reserve Board, the Senate Banking Committee will hold another hearing on reforming and strengthening Bank Secrecy Act (BSA) enforcement. Tomorrow's hearing will feature witnesses from the Treasury and Justice departments. A hearing on the same topic last week featured witnesses from the private sector, including a representative from The Clearing House Association.

in Legislative & Political News
CFPB Relief Bill Mark-Up, SBA 7(a) Program Hearing This Week

With the House and Senate back in session, the House Financial Services Committee is poised this week to mark-up more than a dozen bills, including one that would provide credit unions regulatory relief from the CFPB.

in Legislative & Political News
Inaugural Day in Trenton, Murphy to Take Oath of Office at Noon

At eleven this morning officials from the three branches of state government and countless local officials and politicos from across the state will gather in the Patriots Theater of the Trenton War Memorial for the inauguration Ambassador Philip “Phil” Dunton Murphy as the 56th governor of New Jersey.

in Legislative & Political News
Governor Christie Signs Electronic Lien & Titling (ELT) Mandate

Governor Chris Christie signed into law NJCUL-requested legislation (S2968) that mandates establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the current paper system. The legislation received final legislative approval on the last day of the 217th Legislature. The measure passed the Senate 36 to 0 in the afternoon, and the Assembly 59 to 8 at 8:20 p.m.

in Legislative & Political News
CUNA Cybersecurity Conference Set for June 2018 in Nashville

For the fifth consecutive year, CUNA and the National Association of State Credit Union Supervisors (NASCUS) will provide credit union professionals the latest trends and tactics to safeguard them from cyberattacks.

in Compliance & Regulatory News
CUNA Recognizes Volunteer Achievement Program Participants

CUNA announced the 647 credit union board members who earned pins and certificates through the CUNA Volunteer Achievement Program in 2017.  

in Industry News
CUNA, Leagues, CUs Continue TCPA Relief Push in FCC Meetings

CUNA, league representatives, and individual credit unions continued the push for regulatory relief under the Telephone Consumer Protection Act (TCPA) in a series of meetings with Federal Communications Commission (FCC) staff to open 2018. CUNA previously submitted a petition outlining ways the FCC could provide relief for credit unions.

in Legislative & Political News
Governor Christie Signs Bipartisan Bill to Draw Amazon’s HQ2 to New Jersey

Governor Chris Christie Thursday signed bipartisan legislation authorizing billions of dollars in state tax incentives to draw Amazon’s second headquarters, known as HQ2, along with 30,000 to 50,000 new jobs, to New Jersey. Governor Christie has urged Amazon to consider Newark as the ideal location, and the new law (A-5340/P.L.2017, c.282) will produce the majority of $7 billion being offered in State and city tax credits to Amazon’s HQ2 to locate in the Garden State.

in Legislative & Political News
Updated IRS Withholding Tables Now Available

The Internal Revenue Service (IRS) has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that the IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.

in Legislative & Political News
South Jersey Federal Credit Union Hosts Book Signing with Ryan Howard & Krystle Howard

DEPTFORD TOWNSHIP, N.J. — South Jersey Federal Credit Union (SJFCU) is hosting a book signing featuring the Little Rhino Book Series authors Ryan Howard, former Phillies first baseman, World Series Champion and partner at SeventySix Capital, and Krystle Howard on Saturday, February 10th to promote good sportsmanship and the importance of literacy.

in Credit Union News
FOMC Members Express Differing Opinions on Rate Hikes

Federal Reserve Bank of NY President William Dudley yesterday reiterated his support of the Federal Open Market Committee's (FOMC) decision to increase interest rates. Dudley said "above-trend growth" offsets the low inflation that has made some on the committee more cautious toward rate hikes.

in Legislative & Political News
CU Supporter Ed Royce to Retire from Congress

Congressman Ed Royce (R-CA) has joined the growing list of Capitol Hill lawmakers who will not seek re-election in November. Royce, who announced Monday his intention to retire from Congress at the end of this term, earned a reputation for being a credit union champion having introduced a number of pro-credit union bills during his tenure.

in Legislative & Political News
Reminder: New W-8BEN Rules

For IRS W-8BEN forms obtained on or after January 1, 2017, you must collect a date of birth for the foreign credit union member. However, if you have the foreign member’s date of birth in your files, you may use that information for reporting purposes and will not be required to treat a Form W-8BEN as invalid because it did not include a date of birth. Also, after January 1st, if you have an otherwise valid Form W-8BEN, but it is missing a foreign TIN, you are permitted to obtain the member’s foreign TIN on a written statement provided by the member (including a written statement transmitted by email) that indicates that the foreign TIN is to be associated with the member’s Form W-8BEN. Similarly, you are permitted to obtain the reasonable explanation for the absence of a foreign TIN in this manner.

in Compliance & Regulatory News
CUNA Sets Free, Members-Only ADA Webinar for Jan. 18

Registration is now open for a CUNA members-only webinar featuring updates from CUNA and CUNA Mutual staff on litigation threats related to Web site compliance with the Americans with Disabilities Act (ADA). The free webinar is scheduled for Thursday, Jan. 18, from 3 to 3:45 p.m. (ET).

in Legislative & Political News
Special Alert: NJ Credit Union Receives ADA Demand Letter

HIGHTSTOWN, N.J. - The League was notified this morning that a small New Jersey credit union received a letter of violation stating the credit union’s Web site is not in compliance with requirements of the Americans With Disabilities Act (ADA) Web Content Accessibility Guidelines. The letter, from a California law firm, states that their client (who is blind) is entitled to “damages, attorney’s fees, and an accessibility injunction,” and suggests that the credit union contact them for a “confidential resolution” to avoid suit being filed within two weeks.

in Compliance & Regulatory News
NJ Attorney General, Bureau of Securities, and Consumer Affairs Issue Cryptocurrency Warning

With cryptocurrencies continuing to attract headlines, Attorney General Christopher S. Porrino and the Bureau of Securities, which is within the Division of Consumer Affairs, today reminded New Jersey investors to be cautious about investments involving cryptocurrencies.

in Legislative & Political News
Bill to Strengthen SBA's 7(a) Oversight Introduced

Bipartisan legislation was introduced this week to increase the Small Business Administration's (SBA) oversight authority over its 7(a) loan program. Many credit unions participate in the program which helps mitigate loan risk and maximize small-business lending within their statutory member business loan (MBL) cap.

in Legislative & Political News
Bill to Impose Fines for Credit Bureau Data Breaches Introduced

Senate Banking Committee members Elizabeth Warren (D-MA) and Mark Warner (D-VA) introduced a bill Wednesday that would create penalties for data breaches occurring at credit reporting agencies.

in Legislative & Political News
NCUA Introduces the Office of Credit Union Resources and Expansion (CURE)

The National Credit Union Administration (NCUA) has created, as part of its agency-wide realignment to better focus resources in a changing financial services environment, the Office of Credit Union Resources and Expansion (CURE). CURE began operations on January 7, 2018 and will support low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions. Wednesday, the agency held a webinar on CURE that will be archived and available to view in approximately three weeks, click here to register for access.

in Industry News
Bay Atlantic Appoints Vice President of Lending

VINELAND, N.J. -- Matthew DeVault of Vineland has been appointed Vice President of Lending for the Bay Atlantic Federal Credit Union.

in Credit Union News
ADA Website Accessibility Advocacy Page Launched

As CUNA continues to push for solutions to credit unions facing legal threats on Web site accessibility under the Americans with Disabilities Act, it has launched an advocacy page outlining the current situation and steps CUNA is taking. Credit unions are facing increased legal threats due to confusion over Web site compliance with the ADA. CUNA has been working with the Department of Justice and Congress to solve the issue.

in Legislative & Political News
Credit Union of New Jersey Chairman Gary Chizmadia to Serve on CUNA’s Volunteer Leadership Committee

MADISON, Wis. – Credit Union of New Jersey Chairman Gary Chizmadia has joined CUNA’s Volunteer Leadership Committee for 2018. CUNA recognized Chizmadia’s commitment to the success and advancement of our industry. Chizmadia was invited to join the Committee by CUNA Chairman Patrick S. Jury and President/CEO Jim Nussle.

in Credit Union News
Governor-Elect Murphy’s Cabinet Taking Shape

Governor-elect Phil Murphy announced shortly after his election that Lt. Governor Sheila Oliver would also serve as commissioner of the Department of Community Affairs. In the weeks that followed his election and in the run up to his inauguration next Tuesday, Governor-elect Murphy is rounding out his selections for cabinet posts.

in Legislative & Political News
Court Rejects CFPB Leadership Challenge

The U.S. District Court for the District of Columbia ruled Wednesday that President Donald Trump has the authority to appoint a director of the Consumer Financial Protection Bureau (CFPB). The case, English v. Trump, centered on whether Leandra English, picked by departing Director Richard Cordray, should serve as director rather than Mick Mulvaney, who Trump named interim director.

in Legislative & Political News
BSA Regulatory Relief Changes Outlined for Senate Banking Committee Hearing

It is important to strike a balance between costs to financial institutions and the benefits of Bank Secrecy Act (BSA), anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) regulations, CUNA wrote Tuesday to Senate Banking Committee leadership. The letter was entered into the record for the committee’s hearing on reforming and strengthening BSA enforcement.

in Legislative & Political News
Support for House Regulatory Relief Bills Outlined Prior to Sub-Committee Hearing

CUNA outlined its support for two regulatory relief bills prior to a House Financial Services subcommittee on financial services and consumer credit hearing Tuesday. One bill would exempt community financial institutions from Consumer Financial Protection Bureau (CFPB) rules, while the other would delay data collecting requirements under the Home Mortgage Disclosure Act (HMDA).

in Legislative & Political News
CUNA, Leagues Call for Floor Consideration of Senate Regulatory Relief Bill

CUNA and leaders of the 38 credit union leagues representing all 50 states and the District of Columbia wrote to Senate leadership Tuesday to urge floor consideration of the Senate’s bipartisan regulatory relief bill. CUNA and the Leagues strongly supports the Economic Growth, Regulation Relief and Consumer Protection Act (S. 2155), which was introduced by a bipartisan group of legislators in November and passed the Senate Banking Committee in December.

in Legislative & Political News
Democratic Assembly Committee Assignments and Chairs Announced

Assembly Speaker Craig J. Coughlin (D-19) announced the chairs and Democratic membership of the Assembly committees for the 218th legislative session, which began Tuesday.

in Legislative & Political News
Senate Leadership, Committee Chairs Take Shape

Senate President Steve Sweeney Tuesday announced the committee chairmanships and memberships for the 218th Legislative Session. The Senate leadership was sworn-in at the Senate’s organizational meeting along with the members of the state Senate.

in Legislative & Political News
New Legislature Convenes, CU Supporter Coughlin Takes Assembly Helm

The 218th New Jersey State Legislature was sworn-in Tuesday, and long-time credit union supporter Asm. Craig Coughlin (D-19) took over as speaker of the General Assembly. Coughlin replaced Asm. Vincent Prieto (D-32), who served two terms as Assembly speaker, the third most powerful position in state government.

in Legislative & Political News
Cashman, Kovac, Paxson & Thompson Elected to National Credit Union Foundation Board

MADISON, Wis. – At its December 12, 2017 meeting, the National Credit Union Foundation (the Foundation) board of directors elected Robert Cashman, President/CEO at Metro Credit Union in Chelsea, Mass.; Timothy Kovac, Vice President & Associate General Counsel, Business Compliance & Regulatory Leader for Legal Operations at CUNA Mutual Group in Madison, Wis.; Samantha Paxson, EVP & Chief Marketing and Experience Officer at CO-OP Financial Services in Rancho Cucamonga, Calif.; and Brett Thompson, President/CEO at the Wisconsin Credit Union League in Madison, Wis. to the Foundation board.

in Industry News
CUNA Backs Bill to Modernize U.S. AML/CFT Regime

CUNA wrote in support of legislation Thursday that would modernize anti-money laundering/countering the financing of terrorism (AML/CFT). The Counter Terrorism and Illicit Finance Act was introduced by Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.).

in Legislative & Political News
Financial Education from CUs is Essential for Consumers, CUNA Tells CFPB

Credit unions resources used for financial education and literacy can be strained by regulatory costs, CUNA told the Consumer Financial Protection Bureau (CFPB) in a letter sent this week. Responding to a bureau proposal to renew Office of Management and Budget approval for information on financial coaching for veterans and low-income consumers, CUNA outlined credit unions’ role in financial education.

in Legislative & Political News
Push for ADA Web site Clarity Continues, GAC Breakout Session Scheduled

CUNA remains engaged in combating predatory class action threats related to Web site accessibility requirements surrounding the Americans with Disabilities Act (ADA), CUNA President/CEO Jim Nussle wrote to members Monday. Credit unions have been hit with increasing lawsuit threats over uncertainty about ADA Web site requirements.

in Legislative & Political News
Hamilton Horizons FCU Promotes Lisa M. MacIntosh to Co-President/CEO

HAMILTON, N.J. – Hamilton Horizons Federal Credit Union announced on Monday the promotion of Lisa M. MacIntosh, CPA, to Co-President/CEO. She will be sharing the duties of President/CEO with Cindy Rein-Zima.

in Credit Union News
Regulatory Relief, BSA Hearings This Week

A House Financial Services subcommittee will conduct a hearing on two credit union-backed regulatory relief bills, and CUNA will also be engaged in several other Congressional hearings this week. The bills will be considered Tuesday as part of a House Financial Services subcommittee on financial institutions and consumer credit hearing on proposals for a more efficient federal regulatory regime.

in Legislative & Political News
ELT Mandate Gets Final Legislative Approval, Heads to Governor

NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the current paper system received final legislative approval late Monday evening, the last day of the 217th Legislature. The measure passed the Senate 36 to 0 in the afternoon, and the Assembly 59 to 8 at 8:20 p.m.

in Legislative & Political News
Key Points of Federal Data Breach Legislation Outlined

CUNA joined with several other organizations Thursday and wrote to House Energy and Commerce members in support of federal legislation to protect personal information and ensure consumers are notified of a data breach in a timely manner. The letter was sent to Reps. Greg Walden (R-Ore.), committee chairman and Bob Letta (R-Ohio), chairman of the subcommittee on digital commerce and consumer protection.

in Legislative & Political News
ELT on Senate and Assembly Calendars Today, Last Day of 217th Legislature

Today is the final day of the state’s 2016-2017 legislative session but before the 218th Legislature convenes tomorrow, both the state Senate and Assembly are poised to give final legislative approval to NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles. If passed by both chambers, the measure will be sent to Gov. Chris Christie for his consideration before his term ends on January 16.

in Legislative & Political News
NCUA Supervisory Priorities for 2018 Explained by CUNA

NCUA has released its list of supervisory priorities for 2018 in a letter to federally insured credit unions (17-CU-09). A recent CUNA CompBlog entry provides information on the letter, which is also available on NCUA’s Web site.

in Compliance & Regulatory News
Former N.J. Governor Brendan Byrne Dies at Age 93

Former New Jersey Governor Brendan T. Byrne, who, during his two-terms as governor, left an enduring legacy in New Jersey that ranged from preserving 1.1 million acres of the state’s Pine Barrens, creating the state’s first income tax, and signing a law to legalize casinos in Atlantic City, died Thursday. He was 93 years old.

in Legislative & Political News
Television Spot Highlight Children’s Miracle Network

A television advertisement featuring local credit union leaders captured the spirit of the holidays and gained exposure for local Children’s Miracle Network Hospitals in the Wichita Falls, Texas area. 

in Industry News
CU Lending Strong in November, According to CUNA Monthly Credit Union Estimates Report

Continued lending strength as consumers prepared for the holidays highlighted November’s monthly credit union estimates.

in Industry News
New Jersey Participates in Nationwide Settlement with PHH Mortgage Corp

Department of Banking and Insurance Commissioner Richard J. Badolato announced Wednesday that New Jersey is participating in a 47-state legal settlement with PHH Mortgage Corp. The settlement with the Mt. Laurel – based company will assist borrowers harmed by PHH Mortgage during 2009-2012, due to severe operational deficiencies in the firm’s mortgage servicing.

in Legislative & Political News
Nussle Calls for Continued Support for Senate Regulatory Relief Bill

CUNA President/CEO Jim Nussle urged credit union stakeholders to maintain the momentum of support for the Senate’s bipartisan regulatory relief bill in an action alert issued Wednesday. In the video, Nussle said more work remains after CUNA’s Campaign for Common-Sense Regulation achieved several significant victories in 2017.

in Legislative & Political News
Governor Declares State of Emergency in Four Counties, Closes State Offices

Governor Chris Christie on Thursday declared a state of emergency in four counties along the Jersey shore as a blizzard hit the state. In a tweet, the governor said he had made the emergency designation for Cape May, Atlantic, Ocean and Monmouth counties. 

in Industry News
NJCFE Kicks-Off America Saves Week 2018 with 3rd Annual Job Help and Financial Fitness Expo

ATLANTIC CITY, N.J. – The New Jersey Coalition for Financial Education (NJCFE), through partnerships with NJSaves and Clarifi, is hosting its 3rd Annual Job Help and Financial Fitness Expo conveniently located at Bally’s on the boardwalk in Atlantic City on February 28, 2018. This Expo is open to the public and kicks-off America Saves Week, taking place February 26-March 2.

in Industry News
NCUA Schedules CURE Webinar for Jan. 10

NCUA’s Office of Credit Union Resources and Expansion (CURE) begins operations Jan. 7, and credit unions can learn about what CURE is offering on an agency webinar scheduled for Jan. 10.

in Industry News
CUs Should be Exempt from Stress Testing, CUNA Maintains in Comment Letter

CUNA maintains credit unions should remain exempt from stress testing requirements, as Congress intended, in a comment letter on NCUA’s proposed rule on capital planning and supervisory stress testing. NCUA’s proposal would remove some of the capital planning and stress testing requirements currently applicable to certain covered credit unions and and provide a multi-tier graduated schedule for credit union compliance.

in Legislative & Political News
2018 CUNA Advocacy Agenda Outlined

CUNA’s 2018 advocacy agenda is to revolutionize the operating environment for credit unions. This agenda has four main points: reduce regulatory burden, expand and protect credit union powers, enhance payment security and preserve the credit union tax status.

in Legislative & Political News
Call-to-Action Issued, Tell Sen’s Menendez & Booker to Support Regulatory Relief Bill

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) was reported favorably from the Senate Banking Committee in December. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and their ability to better serve their members.

in Legislative & Political News
South Jersey Federal Credit Union Promotes Three Employees

DEPTFORD TOWNSHIP, N.J. — South Jersey Federal Credit Union (SJFCU) announced the promotions of Kenneth Barnshaw, James Hartmann and David McDevitt.

in Credit Union News
District Court Hears Arguments on Preliminary Injunction Request on CFPB Leadership Challenge

U.S. District Judge Timothy Kelly heard arguments on Dec. 22 for a preliminary injunction request filed by Leandra English challenging President Trump's appointment of Mick Mulvaney to serve as interim director of the Consumer Financial Protection Bureau (CFPB). CUNA is participating in the case having filed an amicus, or friend of the court, brief.

in Legislative & Political News
McWatters Being Considered for CFPB Director Seat

According to recent articles published by Credit Union Journal and the Credit Union Times, President Trump is seriously considering nominating NCUA Chairman J. Mark McWatters as CFPB director.

in Compliance & Regulatory News
Consumer Financial Protection Bureau (CFPB) Releases Report on the State of the Credit Card Market

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released its biennial report on the state of the credit card market. The report found that the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased over the past several years. The report found also that cardholders average fewer credit cards than before the recession, and more are signing up for secured cards that require a cash deposit.

in Industry News
December 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Dec. 14, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

in Industry News
CFPB Launches HMDA Tools: Check Digit and Rate Spread Calculator

The Consumer Financial Protection Bureau (CFPB) announced the launch of the HMDA Check Digit Tool and Rate Spread Calculator. The CFPB provides the new Rate Spread Calculator for use with data collected in or after 2018. The Check Digit Tool and Rate Spread Calculator will remain available to financial institutions throughout the 2018 collection period and thereafter to support calculation of data field values required for reporting HMDA data.

in Industry News
NCUA Outlines its 2018 Supervisory Priorities

ALEXANDRIA, Va.— NCUA has outlined its supervisory priorities for 2018.

in Industry News
NCUA Webinar Will Discuss New Office of Credit Union Resources and Expansion

ALEXANDRIA, Va. – The National Credit Union Association’s (NCUA) new Office of Credit Union Resources and Expansion (CURE) will begin operations on Jan. 7, 2018, and credit unions can learn about what CURE is offering on an agency webinar scheduled for Wednesday, Jan. 10, 2018.

in Industry News
CFPB Announces CUNA-Requested Delay of Prepaid Rule

CUNA’s request for a delay in the effective date of the Consumer Financial Protection Bureau’s (CFPB) prepaid accounts rule has been granted to allow additional implementation time, the bureau announced Thursday. It also expects to issue a final rule amending parts of the prepaid rule.

in Legislative & Political News
CUNA Notes Potential Burdens in NCUA Data Modernization

While CUNA supports NCUA’s commitment to examination modernization, it cautioned the agency against a one-size-fits all approach in a letter sent Thursday. CUNA’s letter was in response to NCUA’s request for information (RFI) on electronic data collection modernization.

in Compliance & Regulatory News
NJCUL VP of Compliance and Regulatory Affairs Nicola Foggie Earns Certification in Enterprise Risk Management

NJCUL congratulates Vice President of Compliance and Regulatory Affairs, Nicola Foggie, on obtaining the designation of CUNA Credit Union Enterprise Risk Management Expert (CUERME). Foggie plans to utilize the skills she learned, along with her compliance team, to help NJCUL member boards of directors and senior management navigate the process of identifying areas of risk and work to develop the strategies and methods to effectively manage risk across the organization through the use of a common risk management framework.

in Compliance & Regulatory News
The Benefits of Enterprise Risk Management

As business risks continue to increase, credit unions are finding it necessary to implement some sort of formal risk management system.  In an effective enterprise risk management (ERM) program credit unions can work to organize, plan and mange their risks and be ready to maximize opportunities. Organizations of all types that undertake an ERM program haver reported a variety of benefits from enhancing their risk management program and access to tools.

in Compliance & Regulatory News
Vote for Miracles winners announced

Children’s Miracle Network Hospitals and Credit Unions for Kids announced the five winners of the 2017 Vote for Miracles campaign. Over the course of three weeks, more than 600,000 votes were cast more than doubling the vote total for last year’s promotion. In addition, members representing more than 3,000 credit unions cast votes during the campaign.  

in Industry News
Trade Orgs, Including CUNA, Outline Essential Data breach Legislation Points for House Energy and Commerce Committee

CUNA and other trade organizations highlighted what data breach legislation should look like to leadership of the House Energy and Commerce Committee this week in response to a request for comments on such legislation. CUNA supports strong national data security and breach notification requirements.

in Industry News
Senate Examination Bill Backed by CUNA

CUNA wrote in strong support of a Senate examination fairness bill Wednesday, viewing it as a strong step toward ensuring regulators conduct fair exams. The Financial Institution Fairness and Reform Act (FIEFRA) (S. 2237) was introduced by Sens. Jerry Moran (R-Kansas) and Joe Manchin (D-W. Va.).

in Legislative & Political News
State Credit Union Data Show Loan Growth Rate Up; Assets, Shares Growth Slower in Third Quarter of 2017

ALEXANDRIA, Va. – Federally insured credit unions across the country saw loans grow at a faster rate in the third quarter than a year earlier, while assets and shares grew more slowly, according to state-level data compiled by the National Credit Union Administration.

in Industry News
Tax Reform Passes Congress with CU Exemption Intact

WASHINGTON – Republican tax reform legislation (H.R. 1) which leaves the credit union tax status untouched has passed both houses of Congress.

in Legislative & Political News
Tax Reform Nearing Reality with CU Exemption Intact

WASHINGTON -- With a House vote Tuesday afternoon and Senate action overnight on the conference report for the Republican tax reform legislation, the bill now awaits a second House vote to approve a technical correction before heading to the president.

in Legislative & Political News
DOBI Commissioner Nominated, Gov-Elect Murphy Taps Asw. Caride

TRENTON, N.J. -- Governor-elect Phil Murphy (D) Tuesday announced the nomination of Assemblywoman Marlene Caride (D-36) to serve as commissioner of the Department of Banking and Insurance (DOBI) and said that he would ask her to help establish a public bank for the state.

in Legislative & Political News
#VoteforMiracles Voting Ends Today

The 2017 #VoteforMiracles promotion ends today after establishing a record of more than 500,000 votes over the three-week campaign. The voting, which will conclude at 11:59 P.M. CST this evening, is expected to heat up over the final few hours as the competition remains tight among the leading hospitals vying for $100,000 in prize money.

in Industry News
Murphy to Tap Caride to Head Department of Banking and Insurance

TRENTON, N.J. – Governor-elect Phil Murphy will turn to Assemblywoman Marlene Caride (D-36) to head the state Department of Banking and Insurance, sources say. A formal announcement is expected later today.

in Legislative & Political News
What Tax Reform Means for Credit Unions, CUNA Analysis Available

WASHINGTON -- CUNA released its analysis of what the final tax reform bill means for credit union operations. The House-Senate tax reform conference committee reported its final tax bill, which would cut taxes by roughly $1.5 trillion over 10 years and would make significant changes to and simplify U.S. tax laws.  

in Legislative & Political News
Congress, Senate in Final Sessions of the Year this Week

WASHINGTON -- The House – and possibly the Senate – is expected today to vote on the agreed-upon tax reform legislation released Friday, the Conference Report for H.R. 1, the Tax Cuts and Jobs Act. The credit union tax exemption is untouched in the final language.

in Legislative & Political News
ELT Mandate Passes Senate and Assembly Committees

TRENTON, N.J. – NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system received final committee approval in both houses of the Legislature on Monday. The measure was voted on in the Senate Budget & Appropriations and the Assembly Appropriations committees. It was approved by the Senate Transportation Committee earlier this month and by the Assembly Transportation Committee in January.

in Legislative & Political News
New Process puts Mortgage Industry at Risk, CUNA tells IRS

CUNA and other organizations wrote to Acting IRS Commissioner David Kautter Friday with concerns that a recent change to the tax transcript process could adversely impact the residential mortgage industry.

in Industry News
Analysis of DOD’s Latest MLA Guidance

The Department of Defense published CUNA-requested guidance pertaining to the Military Lending Act last week. This new interpretive rule amends the guidance in three of the 19 questions and answers presented by DOD in August, and it clarifies a fourth issue not addressed in the August guidance.

in Compliance & Regulatory News
CUNA Announces 3 Keynote Speakers for 2018 CUNA GAC

CUNA has announced three keynote speakers at the 2018 CUNA Governmental Affairs Conference (GAC), scheduled for Feb. 25 to March 1, 2018.

in Industry News
CU Member Satisfaction Index Remains Strong, According to CFI Group’s 2017 Credit Union Satisfaction Index

ANN ARBOR, Mich. – CFI Group just released its 2017 Credit Union Satisfaction Index (CUSI), a survey of U.S. credit union members asking about their experience with their credit union. At the end of 2017, credit union satisfaction among members remains at 84, as measured on a 0-100 scale, showing no change from 2016.

in Industry News
Bill Introduced to Enable All-charters to Add Underserved Areas

WASHINGTON – Legislation that would allow credit unions of all charter types to add underserved areas to their fields of membership was introduced Thursday just before the U.S. House recessed for the holidays. 

in Legislative & Political News
CUNA Backs Rep. Emmer’s HMDA Delay Bill

Rep. Tom Emmer (R-Minn.) released a bill Thursday that would delay the expanded data collection and reporting requirements under the Home Mortgage Disclosure Act (HMDA). CUNA supports the bill, which would provide regulatory relief for credit unions.

in Legislative & Political News
ELT Mandate on Senate and Assembly Committee Agendas Today

TRENTON, N.J. – NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system is scheduled for final committee consideration in both houses of the Legislature this morning. The measure will be voted on in the Senate Budget & Appropriations and Assembly Appropriations committees. It was approved by the Senate Transportation Committee earlier this month and by the Assembly Transportation Committee in January.

in Legislative & Political News
CU Tax Status Untouched in Reform Bill

WASHINGTON – House and Senate conference committee members unveiled their tax reform bill, and like all other versions of the bill the credit union tax status remains untouched. The House and Senate are expected to vote on the measure next week.

in Legislative & Political News
Members 1st of NJ FCU Brings Another Successful Reality Fair to Bridgeton High School

BRIDGETON, N.J. – Despite snow being in the forecast, over 100 students at Bridgeton High School took part in the school’s financial Reality Fair last Friday.

in Credit Union News
NJCUL, CU Advocates Visit Capitol Hill to Discuss Taxi Medallion Loans

WASHINGTON – NJCUL and representatives of four credit unions visited Capitol Hill yesterday to discuss taxi medallion loans. 

in Legislative & Political News
ELT Mandates Slated for Final Senate and Assembly Committee Action Monday

TRENTON, N.J. – NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system is scheduled for final committee consideration in both houses of the Legislature on Monday. The measure will be voted on in the Senate Budget & Appropriations and Assembly Appropriations committees. It was approved by the Senate Transportation Committee earlier this month and by the Assembly Transportation Committee in January.

in Legislative & Political News
CUNA Mutual Group Risk Alert: Labor Law Changes in 2018 to Impact Your Employee Handbook

With the new year quickly approaching, your credit union’s HR, risk, and compliance departments should carefully review and understand upcoming labor law changes that will take effect in 2018. In addition, you should ensure that your credit union’s policies and employee handbook reflect the latest laws and changes that are occurring at state and local levels. Some of the changes that could impact your handbook include leave, equal pay, reasonable accommodations, and weapons in the workplace.

in Risk Alerts
CUNA announces keynote speakers for 2018 Governmental Affairs Conference

MADISON, Wis., and WASHINGTON, DC – The Credit Union National Association (CUNA) has announced three keynote speakers at the 2018 CUNA Governmental Affairs Conference.

in Legislative & Political News
House Passes CUNA-Backed Privacy Notice Clarification

The House voted 275-146 in favor of a CUNA-backed bill Thursday that would provide privacy notice clarity. The Privacy Notice Technical Clarification Act (H.R. 2396) would update the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions.

in Legislative & Political News
NCUA Finalizes Mergers Rule, Agency Reorganization

The NCUA board finalized two rules at its Thursday meeting, the final meeting of 2017. Both rules, on emergency mergers and agency reorganization, were approved unanimously.

in Compliance & Regulatory News
Final Emergency Merger, Reorganization Rules on NCUA Agenda

The NCUA board will consider final rules on emergency mergers and agency reorganization at its Thursday meeting, the final of 2017. The meeting is scheduled to begin at 10 a.m. (ET) Dec. 14, and will be streamed live on NCUA’s website.

in Compliance & Regulatory News