Compliance & Regulatory 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
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
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
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.

in Compliance & Regulatory 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.

in Compliance & Regulatory 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
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
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.

in Compliance & Regulatory News
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
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
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.

in Compliance & Regulatory News
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
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.

in Compliance & Regulatory News
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
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
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
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
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
FASB Proposes Changes to CECL Implementation

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) today that would amend the transition requirements and scope of the credit losses standard issued in 2016. Stakeholders are encouraged to review and provide comment on the proposal by September 19, 2018.

in Compliance & Regulatory News
Beneficial Owner Relief Extended through Sept. 8

The Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the Beneficial Ownership Rule’s limited exception for rollover and/or renewal of certain accounts for an additional 30 days. It was scheduled to expire Aug. 9, and now will be in place up to and including Sept. 8.

in Compliance & Regulatory News
TCPA Regulatory Relief Needs Outlined for Senate Commerce Committee

Credit unions need regulatory relief regarding the Telephone Consumer Protection Act (TCPA), CUNA wrote to the Senate Commerce Committee Tuesday. CUNA sent it's letter for the record of the committee’s hearing on oversight of the Federal Communications Commission (FCC).

in Compliance & Regulatory News
FinCEN Issues Exceptive Relief Regarding Beneficial Ownership Requirements

Last week, the Financial Crimes Enforcement Network (FinCen) issued an ‘Extension of Limited Exception from Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Rollovers and Renewals On May 16, 2018”.  FinCen’s 90-day limited exceptive relief covers financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers (Beneficial Ownership Rule) for certain financial products and services (i.e., certificate of deposit or loan accounts) that were established before the Beneficial Ownership Rule’s Applicability Date, May 11, 2018.

in Compliance & Regulatory News
FFIEC Provides Update of Examination Modernization Project

The members of the Federal Financial Institutions Examination Council (FFIEC) announced an update on its Examination Modernization Project that was undertaken as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).

in Compliance & Regulatory News
Comments on NCUA Risk-Based Capital Rule Due Sept. 7

NCUA’s risk-based capital proposed rule has been published in the Federal Register, and comments will be due Sept. 7. CUNA called the proposal a step in the right direction, but still questions the need for such a rule.

in Compliance & Regulatory News
Pending Regulatory Comment Calls

It is important for credit unions to exercise their right to provide input on proposed or changing regulation. For comment letters to have the greatest impact, consider whether and how these proposals would affect your credit union; including unintended consequences. One easy way to submit your comments is through the League sponsored PowerComment. If you have a login, it just takes a few seconds to get access to a comprehensive look at upcoming or pending regulations and then use the sample comment letter to make it your own, then just hit send! If you don’t, take a few minutes to register for a login and to get alerts directly to you.

in Compliance & Regulatory News
Cybersecurity Education Series Begins with a Virtual Roundtable

On August 8, 2018, NJCUL Vice President of Compliance and Regulatory Affairs, Nicola Foggie, led a very informative Cybersecurity Virtual Roundtable on the Law, NCUA Exam Expectations and More!

in Compliance & Regulatory News
NCUA Update on Exam Initiatives

The National Credit Union Administration (NCUA) released LCU #18-CU-01 to update credit unions on its five, on-going examination modernization initiatives. 

in Compliance & Regulatory News
SBA Cites CUNA, CU Concerns about TPCA in Letter to FCC

The Small Business Administration’s (SBA) Office of Advocacy wrote to the Federal Communications Commission (FCC) sharing credit union concerns with the Telephone Consumer Protection Act (TCPA). Members of CUNA’s Small Credit Union Committee asked the SBA to contact the FCC, and credit unions were cited in the letter.

in Compliance & Regulatory News
Fed’s Latest Compliance Supervision Bulletin

The Federal Reserve published a Consumer Compliance Supervision Bulletin in July, which provides high level summaries of a variety of compliance issues the agency has observed in its supervised entities.

in Compliance & Regulatory News
CUNA Highlights Non-member Deposit Regulatory Changes to Benefit CUs

CUNA encouraged NCUA to analyze ways regulations governing non-member deposits could be improved without posing additional risk, given the significant benefits such changes would provide. CUNA President/CEO Jim Nussle wrote to NCUA Chairman J. Mark McWatters and board member Rick Metsger to follow up on recent meetings between agency staff and CUNA’s Small Credit Union Committee.

in Compliance & Regulatory News
One-year RBC Delay ‘Step in Right Direction,’ CUNA Says

The National Credit Union Administration (NCUA) issued a proposed rule to delay implementation of its risk-based capital rule by one year at its Thursday meeting. CUNA and the leagues support delaying the rule but have pushed for a two-year delay through various pieces of legislation.

in Compliance & Regulatory News
Compliance: NCUA highlights share insurance resources

The National Credit Union Association (NCUA) conducted a recent webinar in which staff discussed how credit union employees can help their members maximize National Credit Union Share Insurance Fund (NCUSIF) coverage.

in Compliance & Regulatory News
NCUA to Consider One-year RBC Delay

In a letter last week to Reps. Bill Posey (R-FL) and Denny Heck (D-WA), NCUA Chairman Mark McWatters said the agency plans to consider a rule Thursday that would delay its risk-based capital (RBC) rule by one year.

in Compliance & Regulatory News
Push for TCPA Relief Continues

CUNA requested a House sub-committee press upon the Federal Communications Commission the need to revise its implementation of the Telephone Consumer Protection Act (TCPA) in a letter for a Wednesday hearing. CUNA sent its letter for the record of the FCC oversight hearing conducted by the House Energy and Commerce sub-committee on communications and technology.

in Compliance & Regulatory News
NCUA Highlights Helpful Share Insurance Resources During Webinar

Last week, NCUA held a webinar entitled “Looking for a CURE for Share Insurance, Part 1”, in which agency staff discussed how credit union employees can help their members maximize NCUSIF share insurance coverage.

in Compliance & Regulatory News
House Passes CUNA/League-supported RBC Delay

The JOBS and Investor Confidence Act of 2018 (S. 488) passed the House of Representatives in a 406-4 vote on Tuesday. Title XVII of the House Amendment would delay the risk-based capital rule recently finalized by NCUA. CUNA supports the measure as it reduces the impact on credit unions by pushing the effective date from January 1, 2019 to January 1, 2021.

in Compliance & Regulatory News
CUNA Participates in Cybersecurity Panel

CUNA represented credit unions in a cybersecurity panel discussion that took place in Washington on Monday.

in Compliance & Regulatory News
CUNA Letter Outlines RBC Concerns

CUNA Monday sent a letter to the House sub-committee on Financial Institutions and Consumer Credit regarding the sub-committee’s hearing upcoming on, “Examining Capital Regimes for Financial Institutions.”

in Compliance & Regulatory News
CUNA Calls for Changes to CFPB Complaint Processes

Changes are needed regarding how the Consumer Financial Protection Bureau handles complaints, CUNA told the Bureau in its comprehensive white paper. CUNA submitted its white paper to the Bureau Monday in response to its request for information on the consumer complaint and inquiry process.

in Compliance & Regulatory News
NJCUL Takes the ‘Scare’ Out of Compliance at 9th Annual Compliance Conference on Friday the 13th

HIGHTSTOWN, N.J. – The New Jersey Credit Union League hosted a sold-out annual compliance conference with the theme of Don't Let Regulators Find Skeletons in Your Closet!” NJCUL President/CEO David Frankil welcomed the large group of CEOs, board members, and compliance professionals, who then heard from seven speakers that provided best practices, tips, real-world scenarios, and practical solutions to help keep regulators out of their closet!

in Compliance & Regulatory News
Compliance: Changes to Remote Deposit Capture Effective July 1

New warranty and indemnity rights, liabilities and obligations under Regulation CC became effective July 1. The Federal Reserve’s final rule creates a new Remote Deposit Capture Indemnity to address the allocation of liability when a depositary institution accepts deposit of a check through remote deposit capture.

in Compliance & Regulatory News
CUNA Urges CFPB to Regularly Assess Complaint System

CUNA urged the Consumer Financial Protection Bureau (CFPB) Friday to regularly assess its overall complaint system for compliance burden relief opportunities. CUNA wrote its letter in response to a Bureau request to the Office of Management and Budget to renew information collection associated with its Company Portal.

in Compliance & Regulatory News
CUNA Backs Senate Bill to Provide TRID Regulatory Relief

CUNA joined other trade organizations Thursday to back a Senate bill that would make regulatory relief changes to the Real Estate Settlement Procedures Act (RESPA). The TRID Improvement Act of 2018 (S. 2490) was introduced by Sens. Tim Scott (R-S.C.) and Doug Jones (D-Ala.).

in Compliance & Regulatory News
CUNA Backs CFPB, Foundation Partnership for Financial Education

CUNA strongly encourages the Consumer Financial Protection Bureau (CFPB) to work with the National Credit Union Foundation in its consumer education efforts, it wrote in its comprehensive white paper to the Bureau. CUNA submitted its white paper Monday in response to the Bureau request for information on financial education programs.

in Compliance & Regulatory News
Comments on final two CFPB RFIs due in July

Credit unions will have two final opportunities to comment on Consumer Financial Protection Bureau (CFPB) Requests for Information (RFI) this month. These deadlines will wrap up the Bureau’s series of RFIs on how it functions.

in Compliance & Regulatory News
Federal Financial Institutions Regulators Issue Statement on HMDA Changes

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) and other federal financial institutions regulators have issued a joint statement describing amendments to the Home Mortgage Disclosure Act that are required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

in Compliance & Regulatory News
Community Development Grant Round Now Open

Approximately $2 Million Available; Application Deadline is Aug. 18

ALEXANDRIA, Va. – Low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications now.

in Compliance & Regulatory News
Reg CC Changes Effective July 1

Less than one week from today, new warranty and indemnity rights, liabilities and obligations to Regulation CC could impose greater risks for credit unions. The final rule creates a new Remote Deposit Capture Indemnity in Section 229.34(f) to address the allocation of liability when a depositary institution, such as a credit union accepts deposit of a check through “remote deposit capture.”

in Compliance & Regulatory News
With Two More Frivolous ADA Suits Against CUs Tossed, CU System Continues Advocacy Efforts

Two credit unions facing frivolous lawsuits alleging Americans with Disabilities Act (ADA) violations were thrown out this week. Credit unions are facing lawsuits due to uncertainty with how the ADA applies to Web sites, and CUNA and the leagues have deployed the system’s 360-degree advocacy resources to find a solution in the legal, regulatory and legislative arenas.

in Compliance & Regulatory News
Ohio, Alabama Judges Toss Out ADA Cases

District Court judges in Ohio and Alabama have thrown out two lawsuits against a pair of credit unions — Dover, Ohio-based DoverPhila Federal Credit Union and Decatur, Ala.-based Family Security Credit Union — whose Web sites allegedly violated the Americans with Disabilities Act (ADA), according to Credit Union Times. This ruling comes on the heels of a recent string of dismissals of similar cases by District Courts in Virginia.

in Compliance & Regulatory News
CUNA’s Nussle, Donovan, Eurgubian Meet with NCUA’s McWatters

CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian met with NCUA Chairman J. Mark McWatters Monday to discuss credit union issues, most notably regulatory relief and ways it can be achieved.

in Compliance & Regulatory News
Donovan op-ed: CFPB could help consumers by working with CUs

Consumer Financial Protection Bureau (CFPB) regulations should be appropriately tailored and based on data, CUNA Chief Advocacy Officer Ryan Donovan wrote in a Credit Union Journal op-ed that appeared Friday. Donovan said the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is an important step, but credit unions need more relief from the Bureau.

in Compliance & Regulatory News
CUNA Reaffirms Call for CFPB to Conduct Extensive Review of Regulations

The Consumer Financial Protection Bureau (CFPB) should conduct an extensive review of the regulations under its jurisdiction, CUNA wrote to the Bureau Friday. CUNA sent a copy of its comprehensive white paper to the Bureau in response to its request for information (RFI) on inherited regulations and inherited rule-making authorities.

in Compliance & Regulatory News
Field-of-Membership Rule Changes Provide More Flexibility and Consumer Choice

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its sixth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items: a final rule amending the agency’s regulations governing its chartering and field-of-membership rules with respect to applicants for a community charter approval, expansion, or conversion and a final rule to provide members of federally insured credit unions with greater transparency when those credit unions seek voluntary mergers.

in Compliance & Regulatory News
NCUA to Vote on FOM Rule Today

The NCUA board will be briefed on the status of the agency’s member business loans final rule, among other items, at its board meeting today. The meeting is scheduled to begin at 10 a.m. and will be streamed on NCUA.gov.

in Compliance & Regulatory News
CUNA: CFPB Should Streamline Regs, Exempt CUs

"The Consumer Financial Protection Bureau should look closely at its rules and streamline regulations or exempt credit unions entirely," CUNA wrote to the Bureau. CUNA submitted a copy of its comprehensive white paper to the Bureau in response to its request for information on adopted regulations and new rule-making authority.

in Compliance & Regulatory News
Compliance: S. 2155 changes to HMDA reporting

CUNA’s compliance staff will be taking in-depth looks at regulatory relief provisions contained in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). A recent CompBlog post focuses on changes to the Home Mortgage Disclosure Act (HMDA).

in Compliance & Regulatory News
Kathy Kraninger Nominated to Serve as CFPB Director

President Donald Trump nominated White House budget official Kathy Kraninger to lead the Consumer Financial Protection Bureau. CUNA President/CEO Jim Nussle said, "CUNA, leagues and credit unions look forward to working with the new director and will continue their push for regulatory relief."

in Compliance & Regulatory News
MBL briefing, FOM Rule Vote on NCUA June 21 Agenda

The NCUA board will be briefed on the status of the agency’s member business loans final rule, among other items, at its June 21 board meeting. The meeting is scheduled to begin at 10 a.m. and will be streamed on the NCUA Web site.

in Compliance & Regulatory News
State Credit Union Data Show Positive Trends Continue in Q1 2018

ALEXANDRIA, Va. – Federally-insured credit unions across the country generally saw continued positive trends in the first quarter of 2018, according to state-level data compiled by the National Credit Union Administration (NCUA) and released this week.

in Compliance & Regulatory News
Compliance: S. 2155 effects on member ID program

With S. 2155 signed into law, credit unions are curious about when its regulatory relief provisions take effect, and if any guidance will be available. CUNA’s compliance staff has collected resources, NCUA has finalized its one-to-four non-owner occupied rule, but there’s more in the bill.

in Compliance & Regulatory News
NCUA Releases Q1 2018 Credit Union System Performance Data

ALEXANDRIA, Va. – Data on the financial performance of federally insured credit unions in the quarter ending March 31, 2018, are now available from the National Credit Union Administration (NCUA).

in Compliance & Regulatory News
CUNA Continues FOM Support as NCUA, ABA Appeal Court Ruling

The American Bankers Association (ABA) filed a cross-appeal in response to NCUA’s appeal of the U.S. District Court ruling regarding NCUA’s field-of-membership (FOM) rule. CUNA strongly supports NCUA’s appeal and further believes the court erred in its finding that the agency overstepped its statutory authority with regard to the combined statistical area (CSA) approach and the definition of rural district.

in Compliance & Regulatory News
First Jersey CU Taxi Medallions to Be Auctioned

Following the liquidation of First Jersey CU in February, the NCUA will be auctioning four of the credit union’s New York City taxi medallions.

in Compliance & Regulatory News
NCUA Board Approves Changes to Member Business Lending Rule

Removal of Occupancy Requirement for 1-to-4-Unit Dwellings Takes Loans Out from Under Lending Cap

ALEXANDRIA, Va. – Federally-insured credit unions will no longer have to count loans made on any 1-to-4-unit family dwellings as member business loans after a vote by the National Credit Union Administration Board.

in Compliance & Regulatory News
Operators of Student Loan Debt Relief Schemes Settle FTC Charges

Settlements Stem from an FTC-Led Enforcement Sweep Announced Last Year

The defendants in two student loan debt relief cases have agreed to settle Federal Trade Commission claims that they charged consumers illegal upfront fees and falsely promised to help reduce or forgive student loan debt burdens.

in Compliance & Regulatory News
Reminder: Pending Regulatory Comments Due

There are a number of upcoming proposed regulations that need your voice! For comment letters to have the greatest impact, the League and regulatory agencies need to hear from you. Please consider whether and how proposals would affect your credit union and contact NJCUL’s Nicola Foggie at nfoggie@njcul.org or call 1-800-792-8861, ext. 112, for assistance in evaluating the proposed regulation, providing your invaluable feedback, and/or writing your comment letter. Need more information on comment letter writing? Click here to check out NJCUL’s Comment Calls page.

in Compliance & Regulatory News
Law Firm Soliciting CU Members Charged NSFs, CUs Urged to Ensure Compliance

CUNA has recently become aware of a Web site and social media advertisements that appear to be sponsored by a class action law firm inviting credit union members to contact the firm if they have been charged an overdraft or non-sufficient funds fee in connection with the use of a debit card. The League was made aware of this phishing scheme and alerted credit unions early last week. 

in Compliance & Regulatory News
CUNA General Data Protection Regulation Webinar Rescheduled for May 30th

Due to technical difficulties, CUNA was forced to reschedule the General Data Protection Regulation webinar. If you already registered, you do not need to register again. However, this allows more time for others to register as we still have space available. Register now to learn more about the regulation being implemented overseas, its potential impact on credit unions, and the prospects for similar restrictions in the U.S.- whether through legislation or industry self-policing.

in Compliance & Regulatory News
NCUA Board Proposes Second Payday Alternative Loan Option, Seeks Comment on a Third

Share Insurance Fund Posts $33.1 Million Net Income in First Quarter

ALEXANDRIA, Va. – The National Credit Union Administration Board held its fifth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items: notice of proposed rulemaking seeking comment on the agency’s proposal to provide federal credit unions with additional options for payday alternative loans, and a final rule clarifying agency procedures for resolving severance claims arising from involuntary liquidations. The Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund, which posted a net income of $33.1 million in the first quarter, primarily due to the strong investment income earnings. 

in Compliance & Regulatory News