Compliance & Regulatory News

CUNA Participates in Cybersecurity Panel

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

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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.”

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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.

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NJCUL Takes the ‘Scare’ 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!

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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.

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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.

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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.).

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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.

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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.

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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.

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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.

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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.”

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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."

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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. 

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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.

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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. 

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FinCEN Grants Temporary Beneficial Owner Relief

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

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Comments on Ways to Streamline, Improve FCU Bylaws Due May 21

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

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

Submit a comment quickly and easily through PowerComment.org

 

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CUNA, FinCEN Resources for Now-Effective CDD Rule

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

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Upcoming FREE Webinar on General Data Protection Regulation from CUNA

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

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FFIEC Announces Availability of 2017 Data on Mortgage Lending

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

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New ComplySight Complaint System Enhancements

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

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Compliance: Upcoming Dates to Keep in Mind

May, 2018

July, 2018

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

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CUNA Recommends CID Changes to CFPB to Protect CUs

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

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CFPB Finalizes Amendment to “Know Before You Owe” Mortgage Disclosure Rule

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

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Compliance: New Mortgage Servicing Rules now Effective

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

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Wells Fargo Mortgage, Auto Lending Practices Draw Big Fines

Two federal bank regulators hit Wells Fargo with $1 billion in fines today, the latest fallout from the wave of scandals to beset the bank. It will pay $500 million in penalties each to the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency, according to a statement from the CFPB.

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NCUA Approves Stress Testing, Advertising Rules

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its fourth open meeting of 2018 at the agency’s headquarters Thursday and unanimously approved two items: a final rule reducing regulatory burdens on federally insured credit unions with assets of $10 billion or greater by removing certain current capital planning and stress testing requirements, and a final rule revising parts of the agency’s advertising rule to provide regulatory relief by allowing an additional advertising option, expanding exemptions, and eliminating one requirement.

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Senate Bill to Clarify CFPB Insurance Authority Backed

CUNA wrote in support of a Senate bill Wednesday that would clarify that the business of insurance is exempted from the Consumer Financial Protection Bureau’s authority. The Business of Insurance Regulatory Reform Act was introduced by Sens. Tim Scott (R-S.C.), Tammy Baldwin (D-Wis.), Joe Manchin (D-W.V.) and Mike Rounds (R-S.D.).

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Nussle Pens Op-ed, Says Unity is Essential to Achieve Regulatory Relief

Achieving regulatory relief for credit unions requires alliances and teamwork, CUNA President/CEO Jim Nussle wrote in a Credit Union Journal op-ed Friday. Nussle noted that the bipartisan Economic Growth, Regulatory Reform and Consumer Protection Act (S. 2155), passed by the Senate and awaiting House consideration, is supported by such an alliance.

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Fed to Testify on U.S. Financial System, Hearings on Robocalls, Regulatory Relief Rules on NCUA Agenda

WASHINGTON – Both the House and Senate are in session this week. Committees in each chamber will hear a testimony from Federal Reserve Vice Chairman Randal Quarles on the U.S. financial system, and House and Senate committees will hold hearings on stopping abusive robocalls. The NCUA Board meets Thursday and will consider two rules that would offer credit unions greater flexibility in capital planning and advertising.

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Now Available: FinCEN’s Samples of the Beneficial Owner Certification Form in MS Word and a Fillable PDF

FinCEN's CDD Beneficial Owner Certification Form is now available in an electronic format! Previously, credit unions expressed difficulty in using FinCEN's Beneficial Owner Certification Form located in Appendix A to the rule due to it being inconveniently divided over two pages of the rule.  According to FinCEN, its "CDD Certification Form is an optional form providing a convenient way for institutions to obtain and record information required by the CDD rule”.

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NCUA’s CURE to Host Bank Secrecy Act Webinar

Register Now to Learn About Requirements for Ongoing Customer Due Diligence

ALEXANDRIA, Va. – Credit unions with questions about complying with customer due diligence requirements in the Bank Secrecy Act can get valuable information on a National Credit Union Administration webinar scheduled for April 25.

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NCUA Loan Participation Regulations

NCUA General Counsel Michael McKenna recently issued a legal opinion letter from the agency on loan participations. An inquiry was made about whether a loan participation must meet the requirements of NCUA’s loan participations regulation throughout the life of the transaction.

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CUNA’s Dempsey talks TCPA Decision, Next Steps

"CUNA plans to seek additional clarity surrounding the Telephone Consumer Protection Act (TCPA), following a significant step forward with the D.C. Court of Appeals decision to overturn parts of the 2015 Omnibus Ruling," CUNA Senior Director of Advocacy Leah Dempsey said during an interview. Appearing on CUBroadcast, Dempsey broke down last week’s decision, what it means for credit unions and what could happen going forward.

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Exemptions, exceptions for new CDD rule

The May 11 effective date of the new Customer Due Diligence (CDD) rule is approaching, after which credit unions will be required to obtain identifying information about the beneficial owners of their legal entity accounts.

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FFIEC provides update of exam modernization project

FFIEC provides update of exam modernization project 

The members of the Federal Financial Institutions Examination Council (FFIEC) announced an update on its examination modernization project that was undertaken following the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). 

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NCUA Releases 2017 Annual Report

ALEXANDRIA, Va. – The National Credit Union Administration today released its 2017 Annual Report, highlighting the agency’s activities, policy initiatives and accomplishments for 2017.

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CU Obligations for Service Animal Accommodations

CUNA’s compliance staff was recently asked a question about a credit union's obligation under the Americans with Disabilities Act regarding service animals. While credit unions want to ensure members are protected from discrimination, they also want to maintain a safe environment for all members. 

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NCUA Board Seeks Comments on Possible Credit Union Bylaws Changes

Credit Union Stakeholders Can Also Comment on a Proposal to Improve Procurement Process

ALEXANDRIA, Va. – The National Credit Union Administration Board held its third open meeting of 2018 at the agency’s headquarters on Thursday and unanimously approved two items.

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CUNA Suggests Regulatory Relief via CRA, MLA Changes, SBREFA

"Credit unions are harmed by poorly tailored rules," CUNA President/CEO Jim Nussle wrote to House Committee on Government and Reform leadership Wednesday. CUNA’s letter was sent for the record of the committee’s hearing on the federal regulatory process.

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Third Phase of Same Day ACH Starts Friday

The third and final phase of the same day automated clearing house (ACH) implementation is effective Friday, March 16. Effective with Phase Three, receiving financial institutions (RDFIs) must make funds available from same-day ACH credits for withdrawal by 5 p.m. at the RDFI’s local time.

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CFPB Issues Final Rule to Help Mortgage Servicers Communicate with Certain Borrowers Facing Bankruptcy

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) this week issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule.

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CFPB Publishes 2018 Lists of Rural and Underserved Counties

The Consumer Financial Protection Bureau (CFPB) has published the 2018 list of rural and underserved counties and a separate 2018 list that includes only rural counties. The Bureau has also updated the rural and underserved areas tool on its Web site for 2018.

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Senate Moves Forward on CUNA-Backed Bipartisan Reg Relief Bill

Senate Majority Leader Mitch McConnell filed cloture on the motion to proceed with the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Thursday, moving the bill closer to floor consideration. The bipartisan regulatory relief bill is strongly supported by CUNA, which has launched a nationwide grassroots support effort.

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Nussle, CU Leaders Talk Regulatory Relief with President Trump

During a meeting at the White House, they express support for a bipartisan Senate bill.

CUNA President/CEO Jim Nussle and several other credit union leaders left CUNA’s Governmental Affairs Conference briefly Monday for a meeting at the White House to talk regulatory relief with President Donald Trump.

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CUNA Tool Allows CUs to Calculate SIF Equity Distribution

CUNA has created a calculator where credit unions can enter their NCUA charter number and get the amount of their estimated share insurance fund equity distribution, the estimated premium they would have paid in 2018 absent CUNA/league advocacy efforts and some related ratios. CUNA and state leagues strongly supported closing the Temporary Corporate Credit Union Stabilization Fund last year and issuing distributions starting this year.

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NJCUL Holds Webinar on Legal Perspective of ADA Web Site Lawsuits with Attorney Michael DuPont

HIGHTSTOWN, N.J. – On Thursday, the New Jersey Credit Union League hosted a compliance webinar on the ADA Web Site Demand Letter Lawsuits issue from the legal perspective of attorney Michael DuPont. The webinar was the third in a series of in-person and virtual sessions on the ADA Web Site Demand letter topic. NJCUL brought credit union leaders and experts together to talk about what happened, actions credit unions can take to update their Web sites, risks, and legal consequences to receiving a demand letter from a law firm alleging a credit union has Web site discrepancies.

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CUNA Talks Regulatory Relief with CFPB Director

Key CUNA staff met with Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney Thursday to discuss ways to provide credit unions with regulatory relief. Ryan Donovan, CUNA Chief Advocacy Officer, and Leah Dempsey, Senior Director of Advocacy and Counsel, were joined by leaders of various financial services trade associations.

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Regulatory Relief Bills Pass House, ADA Vote Today

The U.S. House Wednesday advanced two credit union-backed regulatory relief bills, one adjusting the CFPB's TILA/RESPA integrated mortgage disclosures (TRID) rule and the other amending various banking laws. The bills now await action in the U.S. Senate.

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Regulatory Relief Votes Today, ADA Vote Expected Tomorrow

The U.S. House Rules Committee yesterday advanced three credit union-supported bills. The full House is expected to vote today on two regulatory relief bills and tomorrow on an Americans with Disabilities Act (ADA) bill.

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NCUA Board to Vote on Final Share Insurance Fund Equity Distributions Rule and Stabilization Fund Rebates at February Meeting

ALEXADNRIA, Va. – During its February Board Meeting being held on Thursday, February 15 at 10:00 a.m., the NCUA Board will vote on the Final Rule regarding Share Insurance Fund Equity Distributions, including the 2018 rebates to credit unions resulting from the closure of the Temporary Corporate Credit Union Stabilization Fund (TCCUSIF).

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CFPB Acting Director Announces Chief of Staff

WASHINGTON, D.C. — The Consumer Financial Protection Bureau’s (CFPB) Acting Director Mick Mulvaney announced that he has named Kirsten Sutton Mork chief of staff for the agency. Mork has been serving as staff director of the House Financial Services Committee under Chairman Jeb Hensarling.

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CUNA Evaluating ADA Lawsuits, Anticipates Filing Briefs

CUNA continues its evaluation of Americans with Disabilities Act (ADA) Web site accessibility litigation filed around the country against several credit unions and anticipates filing briefs in certain cases in the coming days and weeks.

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Rejected ADA Complaint Amended by Plaintiff

Since a case alleging Americans with Disabilities Act (ADA) violations by a credit union was thrown out last week, the plaintiff has amended his original complaint. The suit was thrown out Friday, and is an important step forward for credit unions facing increasing legal threats due to uncertainty over how the ADA applies to Web sites.

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CUNA’s Dempsey Talks ADA Compliance, CUNA Advocacy

CUNA Senior Director of Advocacy and Counsel Leah Dempsey appeared on CUBroadcast Thursday to talk about the recent rash of lawsuits hitting credit unions over ADA Web site accessibility confusion. CUNA has made protecting credit unions from these frivolous suits a top advocacy priority.

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ADA Suit Tossed in Victory for Virginia CU

A federal district court in Virginia Friday threw out a lawsuit brought against a credit union alleging Web site accessibility issues under the Americans with Disabilities Act (ADA). Credit unions are facing increasing legal threats due to confusion over how the ADA applies to Web sites.

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NCUA Seeks Comments on Proposed Call Report Modernization

Board Adopts Updated Strategic Plan, Annual Performance Plan

ALEXANDRIA, Va. – The National Credit Union Administration Board held its first open meeting of 2018 at the agency’s headquarters on Thursday and unanimously approved two items.

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IMPORTANT: ADA Website Litigation - NJCUL Hosting Follow-up Collaboration Meeting, Monday, Jan. 29

Credit union CEOs affected by receipt of an ADA demand letter, or who wish to know more information about the issues, are welcome to register for an in-person meeting at NJCUL’s headquarters this Monday, January 29, 10:00 am – 12:30 pm (EST) for the opportunity to collaborate face-to-face to share next steps, discuss options and to obtain access to resources. There is also an opportunity to attend virtually.  The League understands that time is of the essence, since most letters from the California law firm gave a two-week time frame for a decision – so we are asking that you please register today!

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2018 HMDA Reporting Thresholds and Changes to Notices

ALEXANDRIA, Va. – Changes to the criteria requiring credit unions to record and report data under the Home Mortgage Disclosure Act became effective January 1, 2018. Other changes simplify requirements for responding to public requests for HMDA data.

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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.

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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. 

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Executive Order Establishes New NCUA Seal

New Design Reflects NCUA’s Critical Role in Promoting Financial Stability

ALEXANDRIA, Va. – President Donald Trump has signed an Executive Order establishing the new official seal for the National Credit Union Administration, the agency announced Monday.

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NCUA’s Metsger Warns Taxi Medallion Crisis Could Lead to Loss Reserve Increase

ALEXANDRIA, Va. – The NCUA may be forced to increase loss reserves for the Share Insurance Fund as the value of taxi medallions plunges, putting credit unions that made medallion loans at risk, NCUA board member Rick Metsger said Friday, speaking at the Oregon Department of Financial Services CEO roundtable.

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FinCEN launches ‘FinCEN Exchange’

The Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a new program last week, FinCEN Exchange, in an effort to enhance information sharing between law enforcement and financial institutions. Credit union participation in the program is voluntary, and the program does not introduce any new regulatory requirements.

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