Compliance & Regulatory News

Comments on Remittance Assessment Due May 23

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) published its request for comment on its remittance rule in the Federal Register Friday, with comments due May 23. The bureau announced last week it will conduct an assessment on the rule, a rule CUNA has long believed harms consumers.

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Field-of-Membership Webinar and Questions and Answers Now Online

NCUA Plans to Issue Additional Guidance on New Rule in the Coming Months

ALEXANDRIA, Va. – Credit union stakeholders wanting more information about the National Credit Union Administration's new field-of-membership rule can now watch the agency’s Webinar online and review questions and answers from the event.

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Consumer Financial Protection Bureau Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores

Credit Reporting Company Misstated How Credit Scores It Sold Were Used

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s scores to make those decisions. The CFPB ordered Experian to truthfully represent how its credit scores are used. Experian must also pay a civil penalty of $3 million. 

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Banking Agencies Issue Joint Report to Congress Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

WASHINGTON – Continuing their efforts to reduce regulatory burdens while ensuring the safety and soundness of the nation’s financial institutions, member agencies of the Federal Financial Institutions Examination Council (FFIEC) issued a joint report to Congress detailing their review of rules affecting financial institutions.

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February 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Feb. 23, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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CUNA Seeks CU Consideration in Assessment of Remittance Rule

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) announced Friday it is seeking comment on a bureau plan to assess its rule on international remittances. CUNA has long believed the rule, which took effect in October 2013, is overly broad, and feedback from member credit unions is that this rule has harmed consumers by forcing them out of this market.

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Treasury’s CDFI Fund in Danger of Being De-Funded

Last week the president’s budget FY2018 budget called for the funding of the Community Development Financial Institutions (CDFI) grant program to be cut altogether from the U.S. Department of the Treasury’s budget. Credit unions and other financial institutions can be certified CDFIs by the U.S. Treasury, if they meet certain requirements.

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CFPB Publishes CUNA-Backed Proposed Delay of Prepaid Rule

WASHINGTON – The Consumer Financial Protection Bureau published its proposed delay of its prepaid accounts rulemaking Wednesday in the Federal Register. The delay would shift the implementation date to April 1, 2018, from Oct. 1, 2017, a request CUNA made when commenting on the proposed prepaid rule in March 2015.

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Could a NCUA Refund Be Coming Your Way?

The NCUA Corporate Stabilization Fund has reached a multi-billion dollar surplus, and its plans to return it to credit unions are well underway. Learn the preliminary details of the returns—and the conditions that created a surplus—in the new CUNA Economic Update hosted by CUNA Chief Policy Officer Bill Hampel. 

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Settlement Proposed in Home Depot Data Breach Lawsuit

ATLANTA – A proposed settlement was submitted to the court for approval Wednesday which would conclude the data breach lawsuit brought against Home Depot stemming from a 2014 data breach. CUNA, state leagues, and a number of credit unions are among the plaintiffs.

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Guide to Preparing Short Form Disclosure for Prepaid Accounts Now Available

WASHINGTON – The Consumer Financial Protection Bureau has made a guide to preparing the short form disclosure for prepaid accounts available on its Web site.

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Extended Exam Cycle Updates From CUNA GAC

WASHINGTON – During one of the GAC breakout sessions, NCUA staff outlined where the agency is at regarding extending the examination cycle.

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Nussle Talks National Budget on CNBC

WASHINGTON – CUNA President/CEO Jim Nussle continued to spread the message he’s been sending to attendees at CUNA’s Governmental Affairs Conference all week: Use the power of your voice to make an impact.

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Comments on 'Fiduciary' Delay Due March 17

WASHINGTON – The Department of Labor (DOL) has proposed a 60-day delay of the agency’s fiduciary (“conflict of interest”) rule. The rule, which currently requires compliance by April 10, 2017, would impact anyone who provides investment advice or recommendations for a fee or other compensation with respect to ERISA-covered retirement plans or IRAs.

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McWatters Outlines Plan for 'Thoughtful Loosening' of Regulation

​NCUA Acting Chairman Discusses Possible Stabilization Fund Closure in 2017

WASHINGTON – In his first address since his designation as Acting NCUA Board Chairman, J. Mark McWatters informed credit unions they can anticipate a “thoughtful loosening” of regulations, a streamlined agency budget, and the possible closure of the Temporary Corporate Credit Union Stabilization Fund in 2017.

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Metsger Marks a 'Very Productive and Rewarding Nine Months' as Chairman

​“Cooperative Spirit,” Board Member says, “Truly Makes America Great”

WASHINGTON – Modernized rules and a more efficient and responsive agency have been part of a “very productive and rewarding” turn at the helm of the National Credit Union Administration, NCUA Board Member and former Chairman Rick Metsger said Tuesday.

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Reminder: First CDFI Certification Round Now Open

NCUA’s Streamlined Application Process Aims to Certify More Credit Unions

ALEXANDRIA, Va. – Federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by the National Credit Union Administration (NCUA) and the Community Development Financial Institutions Fund (CDFI).

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NCUA Seeks Comments on Alternative Capital

ALEXANDRIA, Va. – During its first meeting of 2017, the NCUA Board unanimously approved an advance notice of proposed rulemaking to solicit comments on alternative forms of capital federally insured credit unions might use to meet capital standards required by statute and regulation.

In addition, the Office of General Counsel briefed the Board on the inflation adjustments to civil monetary penalties, which are required by federal law.

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Cybersecurity, Bank Secrecy Act Among 2017 Supervisory Priorities

NCUA’s primary mission is to ensure the safety and soundness of America’s federally insured credit unions and preserve the National Credit Union Share Insurance Fund that protects members’ deposits. To accomplish this, the NCUA uses a risk-focused examination program that allocates agency resources to credit unions and areas exhibiting the greatest potential risk.

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McWatters Plans Full Reg. Review

ALEXANDRIA, Va. – In his first NCUA Report column as NCUA Acting Chairman, J. Mark McWatters says he plans a “full regulatory review” with the goal of “empowering credit union innovation while lifting unnecessary regulations and streamlining others.”

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The NCUA Report to be Published Quarterly, February 2017 Issue Now Available Online

ALEXANDRIA, Va. – The National Credit Union Administration’s NCUA Report newsletter is moving to a quarterly publication schedule, the agency announced Friday. The February 2017 issue is now available online. The next issues in 2017 will be available in May, August, and November.

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NCUA Board Action Bulletin: Board Extends 18 Percent Interest Rate Cap

ALEXANDRIA, Va. – The National Credit Union Administration Board held its second open meeting of 2017 at the agency’s headquarters Thursday and unanimously approved a staff recommendation to maintain the current 18% maximum loan interest rate for most loans made by federal credit unions until Sept. 10, 2018.

The Board also received a briefing from the Chief Financial Officer on the performance of the National Credit Union Share Insurance Fund, which ended 2016 with a net position of $12.7 billion.

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Corporate System Resolution Costs Show Continued Improvement

ALEXANDRIA, Va. – Updated questions and answers about the Corporate Resolution program costs and projected future Temporary Corporate Credit Union Stabilization Fund assessments are now available online, the National Credit Union Administration said Thursday.

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NCUSIF, Loan Interest Rate Ceiling on Today’s NCUA Agenda

ALEXANDRIA, Va. – It’s a brief agenda for today’s NCUA meeting, with just two items scheduled. The meeting will start at 10 a.m. (ET), with a link to the live video stream available shortly before at NCUA.gov.

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13 Steps to BSA Exam Preparation

Ensure your risk assessment is current, and check policies for completeness.

From willful violation to maintain an Anti-Money Laundering (AML) program to failure to conduct risk assessments, the growing number of Bank Secrecy Act (BSA) and AML enforcements can strike fear in the hearts of even the most compliant credit union.

As with any anxiety, though, the path to squelching that fear is paved with preparation.

Taking the following steps in the weeks and months prior to a BSA/AML exam will go a long way toward increasing staff—and examiner—confidence in your credit union’s compliance.

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CUNA CompBlog: What Is the Consumer Compliance Rating System?
By: Nancy DeGrandi

The Consumer Compliance Rating System (CCRS) is an interagency framework developed by FFIEC member agencies for evaluating an institution's ability to manage consumer compliance risk and to prevent harm to consumers. NCUA integrates the current rating system into its existing CAMEL structure.

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NCUSIF Report, Interest Rate Ceiling on NCUA’s Feb. 23 Agenda

It’s a light agenda for the NCUA’s Feb. 23 board meeting, with only two items listed. According to the bureau, the meeting will consist of a quarterly report on the National Credit Union Share Insurance Fund, and a continuation of the federal credit union loan interest rate ceiling.

The meeting is scheduled to begin at 10 a.m. (ET), and a link to a live video stream will be available on NCUA.gov approximately 15 minutes before the meeting’s start time. 

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CUNA Requests MLA Credit Card Guidance, Clarifications

CUNA continued its efforts for additional clarifications, including asking for credit card guidance, on the changes to the Military Lending Act with a letter sent Thursday. Many changes became effective last October, and credit card provisions are scheduled to take effect Oct. 3.

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Latest Data Breach Exposes More Than 335K Card Numbers

ATLANTA – Atlanta-based Arby’s restaurants have acknowledged a data breach involving a number of its corporate-owned locations, reports Krebs On Security. The breach is estimated to have occurred between Oct. 25, 2016, and Jan. 19.

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CUNA and NASCUS to Host Fourth Cybersecurity Event in June

WASHINGTON – The fourth consecutive Cybersecurity Symposium will be held by CUNA and the National Association of State Credit Union Supervisors June 5-6 in San Diego.

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First CDFI Certification Round Now Open

NCUA’s Streamlined Application Process Aims to Certify More Credit Unions

ALEXANDRIA, Va. – Federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by the National Credit Union Administration and the Community Development Financial Institutions Fund.

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DOL Fiduciary Delay will Benefit CUs and Consumers, CUNA Says

WASHINGTON – The Department of Labor (DOL) is expected to delay implementation of its fiduciary rule, and sent notice to the Office of Management and Budget Thursday in response to last week’s executive order from the Trump Administration. The proposal has not been published yet, but will likely delay the implementation of the rule for 180 days after the original effective date of April 10.

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Comments on Alternative Capital Due to NCUA May 9

ALEXANDRIA, Va. – The NCUA published its Advance Notice of Proposed Rulemaking (ANPR) on alternative capital in the Federal Register Wednesday, with comments due to the agency by May 9. NCUA approved the ANPR at its January meeting, and CUNA welcomed the move and urged stakeholders to share feedback with the agency.

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Compliance: Looking at Commercial Loans Under MBL Rule

With the NCUA’s new member business lending (MBL) rule in effect, credit unions need to ensure they are in compliance and fully understand all of the new requirements. A recent entry in CUNA’s CompBlog takes a closer look at the guidance published in December by the NCUA, which provides more detail and sheds some light on examiner expectations. 

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CFPB Structure is Not Working for Credit Unions, CUNA Writes

WASHINGTON – Changes to the Consumer Financial Protection Bureau (CFPB) structure represent a reasonable improvement to a flawed structure, not an attempt to undermine the bureau, CUNA wrote to Sen. Sherrod Brown (D-Ohio) Monday. CUNA’s letter points out that since the Dodd-Frank Act was first proposed as a bipartisan commission by Sen. Elizabeth Warren (D-Mass.) and the Obama Administration, CUNA has agreed that it is the appropriate structure for the bureau.

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CUNA Supports Delay of DOL’s Fiduciary Rule

WASHINGTON – President Donald Trump issued an executive order Friday directing the U.S. Department of Labor to stop its fiduciary rule implementation and review the regulation in its entirety. CUNA supports the goal of the rule to protect investors, but has concerns that regulatory burdens and complexity associated with this rule could make it more difficult for consumers of all means to receive support planning for their financial future from credit union service organizations and some credit unions.

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CFPB Issues Prepaid Account Rule Compliance Guide

WASHINGTON – The Consumer Financial Protection Bureau issued a small-entity compliance guide for its rule on prepaid accounts this week. The 158-page guide is intended to help financial institutions understand how the rule applies to their operations.

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January 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Jan. 19, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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CUNA Reiterates MLA Concerns to DOD, Federal Regulators

WASHINGTON – CUNA and other financial services organizations met Wednesday with the Department of Defense (DOD) and other federal financial regulatory agencies to reiterate numerous concerns with the Military Lending Act (MLA). The DOD made changes to the MLA that became effective last year, changes that establish limitations on terms of consumer credit extended to servicemembers.

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CUNA: Flaws in TCPA Mirrored in Budget Act Implementation

MADISON, Wis. – Flaws present in the Federal Communications Commission’s (FCC) implementation of the Budget Act mirror the flaws of the agency’s July 2015 Telephone Consumer Protection Act (TCPA) order, CUNA wrote Wednesday. CUNA submitted comments on a petition for reconsideration for the August 2016 report and order implementing the Budget Act, which provides exemptions from the TCPA for debts owed to or guaranteed by the federal government.

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McWatters Names Vega as Chief of Staff

ALEXANDRIA, Va. – National Credit Union Administration Acting Chairman J. Mark McWatters has named Sarah Vega as his Chief of Staff.

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McWatters Named Acting NCUA Chairman

WASHINGTON – Today, President Donald Trump appointed J. Mark McWatters as Acting NCUA Chairman.

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CUNA to Raise TCPA Concerns to FCC in Petition Comment

WASHINGTON – CUNA will comment on a petition seeking clarifications on the Telephone Consumer Protection Act (TCPA) exemption for calls collecting debt owed to or guaranteed by the federal government, and will also address additional credit union concerns. The petition was filed by several organizations in December, requesting additional clarifications on the exemption.

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NCUA’s OSCUI Releases its January 2017 FOCUS eNewsletter

ALEXANDRIA, Va. – The NCUA’s Office of Small Credit Union Initiatives (OSCUI) recently released the latest edition of its Fundamentals of Credit Union Success (FOCUS) eNewsletter.

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Compliance: How Should CUs Respond to a Data Breach?

With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider in a recent CompBlog entry.

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NCUA Webinar to Cover SBA Loan Programs

​Discussion to​​ Include Agency’s Member Business Lending Rule

ALEXANDRIA, Va. – Credit unions interested in Small Business Administration loan programs can get valuable information from an upcoming National Credit Union Administration Webinar scheduled for Feb. 15.

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CUNA Urges Stakeholder Feedback for NCUA’s Alternative Capital ANPR

MADISON, Wis. – CUNA plans to work across the credit union industry to ensure the NCUA receives feedback on its alternative capital Advance Notice of Proposed Rulemaking (ANPR) put forth Thursday. The ANPR seeks information on a broad range of alternative capital topics.

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Learn About Recent Changes to HMDA Reporting and Prepaid Account Rules at an Upcoming NCUA Consumer Compliance Webinar

ALEXANDRIA, Va. – Credit unions can learn more about the new reporting requirements under the Home Mortgage Disclosure Act and recent rule changes for prepaid accounts during a Webinar hosted by the NCUA on Tuesday, Feb. 28 at 2 p.m.

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The NCUA Report: CDFI Certification Provides Pathways to Better Serving Members, Communities

ALEXANDRIA, Va. – The Community Development Financial Institutions Fund can be a critical funding source for credit unions operating in low- to moderate-income communities, helping to increase access to affordable financial services. Until recently, the process of becoming CDFI-certified could be time consuming and difficult. That’s no longer the case for certain credit unions.

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NCUA Top Supervisory Priorities for '17: Cybersecurity, BSA

ALEXANDRIA, Va. – NCUA outlined its supervisory priorities for 2017 in a letter sent to credit unions (17-CU-01). The letter is intended to assist credit unions in preparing for their next examination.

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Board, Management Responsibilities Under New MBL Rule

MADISON, Wis. – With NCUA’s new member business lending (MBL) rule now effective, CUNA’s compliance staff took a look at the rule’s new expectations for boards of directors and management in a recent CompBlog post. According to the rule, federally insured credit union boards of directors must approve the MBL policy, ensure the lending program is appropriately staffed and understand the nature of risk in the commercial loan portfolio.

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NCUA Webinar Will Cover New Field-of-Membership Rule

ALEXANDRIA, Va. – The National Credit Union Administration’s new field-of-membership rule takes effect Feb. 6, and you can get important information about the new rule in an agency Webinar scheduled for Wednesday, Feb. 1.

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December 2016 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Dec. 15, 2016, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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CUs Not ID'd in CFPB Debt Collection Survey

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) released the results of its survey on debt collection Thursday, prior to its discussion on the same topic. The survey, which consisted of 53 questions about first- and third-party debt collection, does not specifically identify credit unions.

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CUNA-Backed Parity Bill w/ MBL Cap Relief Introduced

WASHINGTON – A bipartisan group of four representatives introduced a bill Tuesday that would grant credit unions and banks parity on certain types of residential loans. The Credit Union Residential Loan Parity Act (H.R. 389) was introduced by Reps. Ed Royce, (R-Calif.), Jared Huffman (D-Calif.), Don Young (R-Alaska) and Peter DeFazio (D-Ore.).

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CUSO Registry Reaffirmation Period Begins February 1

Register Now for Jan. 25 Webinar On How to Complete the Process

ALEXANDRIA, Va. – Credit union service organizations will have from February 1 to March 31 to complete their annual required reaffirmation with the National Credit Union Administration’s CUSO Registry, the agency announced.

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Compliance: Changes in NCUA Exam Procedures for 2017

ALEXANDRIA, Va. – The NCUA promised enhanced examination planning procedures and scheduling changes for 2017, and outlined those changes in a letter to credit unions (16-CU-12) sent in the final days of 2016. The extended examination cycle applies to federal credit unions and federally insured state-chartered credit unions that meet certain eligibility requirements.

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Campaign for Common-Sense Regulation Part 4: CUs Fight for Their ‘Powerful Cause’ Together at GAC

WASHINGTON – Each year in late February or early March, every congressional office on Capitol Hill sees a credit union advocate walk through its doors, placing credit unions and their priorities squarely on the minds of each of the 535 members of Congress whose policy decisions literally shape the direction of this country.

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NCUA Letter Outlines Risk-Based Extended Exam Cycle

ALEXANDRIA, Va. – Most federally insured, state-chartered credit unions will receive an NCUA exam based on risk, and at least once every five years, according to a “letter to credit unions” issued by the agency last week outlining the steps the agency is taking to “permit an extended examination cycle.”

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Campaign for Common-Sense Regulation Part 3: Activate Your Members into This Fight with CUNA MAP

WASHINGTON – The most influential industries in Washington aren’t successful because of their money, or because they have the strongest connections in D.C. Whether it’s the National Rifle Association or the AARP, these organizations are successful because they bring millions of voices to Capitol Hill with them.

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Burdens Disrupting Regulatory Balance, Nussle Writes Congress

WASHINGTON – The 115th Congress should return to common-sense regulation of credit unions, balancing safety, soundness, consumer protection and members’ needs, CUNA President/CEO Jim Nussle wrote Tuesday. In a letter addressed to all members of the Senate and House, Nussle outlined CUNA’s regulatory relief priorities in the new Congress.

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Campaign for Common-Sense Regulation Part 2: Campaign a Go for Launch

WASHINGTON – Today, the CUNA/league system formally launched the Campaign for Common-Sense Regulation, a coordinated advocacy effort to activate the entire credit union industry to attack excessive regulations as one, insuppressible voice, according to Jim Nussle, CUNA president/CEO.

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‘Huge Opportunity’ for CUs: Nussle Q-and-A on Campaign for Common-Sense Regulation

WASHINGTON – CUNA President/CEO Jim Nussle sees 2017 as the strongest year yet for possible credit union advocacy victories on the regulatory relief front.

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CUNA, CCUL Get MBL Rule off of Meadows' Proposed Reg. Cuts

CUNA and the Carolinas Credit Union League (CCUL) ensured last week that a report by Rep. Mark Meadows (R-N.C.) containing a list of regulations the incoming administration could repeal did not include the NCUA’s recent member business lending (MBL) rule.

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24 CUs Agree to Late-Filing Penalties for Second Quarter of 2016

ALEXANDRIA, Va. – Twenty-four federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the second quarter of 2016 have consented to penalties totaling $9,364, according to the National Credit Union Administration.

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CUNA: Rebuild Your MBL Policy

New Member Business Lending Rule Offers Operational Flexibility But Requires Greater Policy Oversight

NCUA’s new member business lending (MBL) rule, effective Jan. 1, is one of the biggest changes to credit union business lending in decades. The agency received hundreds of comments from credit unions supporting the proposal and outlining how it would help them better serve their members.

According to CUNA’s economics and statistics department, 2,260 credit unions offer MBLs, and the balance of total outstanding MBLs is about $60 billion, up from $39 billion in 2010.

Advocacy efforts by CUNA, state leagues, and credit unions helped bring about the new rule. But now that the effective date is almost here, how should credit unions prepare?

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CUNA CompBlog: HMDA Asset Threshold Remains Unchanged for 2017

The Consumer Financial Protection Bureau (CFPB) published a final rule regarding the institutional asset-size exemption threshold under the Home Mortgage Disclosure Act (HMDA).

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CFPB Takes Action Against Pawn Companies for Deceiving Consumers About Loan Costs

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) recently took action against four Virginia pawnbrokers for deceiving consumers about the actual annual costs of their loans. In lawsuits filed in federal court, the CFPB alleged that the four companies broke the law by misstating the charges associated with pawn loans. The CFPB’s lawsuits seek to end the pawnbrokers’ illegal practices, get restitution for the consumers they harmed, and impose penalties.

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CUNA, NAFCU Support Hearing on NCUA’s Motion to Dismiss MBL Lawsuit

ALEXANDRIA, VA – CUNA and the National Association of Federal Credit Unions (NAFCU) attended Thursday’s hearing when the U.S. District Court for the Eastern District of Virginia heard the NCUA’s motion to dismiss the lawsuit brought against it by the Independent Community Bankers of America (ICBA). The court will likely rule on the motion sometime after Jan. 1.

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NCUA's Modernized Occupancy Rule Provides Regulatory Relief

Possible Stabilization Fund Assessment Rebates, Depleted Capital Recoveries Range from $3.4 Billion to $4.9 Billion

ALEXANDRIA, Va. – The National Credit Union Administration Board held its eleventh open meeting of 2016 at the agency’s headquarters here today and unanimously approved three items:

• A final rule providing regulatory relief to federal credit unions by eliminating the full occupancy requirement in the current occupancy rule.

• An interim final rule amending the agency’s Freedom of Information Act regulation to provide even greater agency transparency and to comply with changes in federal law.

• A request from the Texas Credit Union Department to revise its member business lending rule to provide parity with NCUA’s rule.

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Recording of NJCUL’s Compliance Webinar on MBL Now Available

HIGHTSTOWN, N.J. – The recording of the League’s “NCUA New Guidance on MBL” Webinar, which took place on Wednesday, December 14th, is now available online to member credit unions. 

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Free CU Cybersecurity Webinars from FS-ISAC

ARLINGTON, Va. – The Financial Services-Information Sharing and Analysis Center (FS-ISAC) will conduct two more Webinars specifically for credit unions on Dec. 20 and Jan. 12, all starting at 1:00 p.m. The FS-ISAC is an industry forum for collaboration on cybersecurity threats, and recently created a credit union council at CUNA’s request.

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NCUA Provides TCCUSIF, NGN Legacy Asset Details

ALEXANDRIA, Va. – The NCUA outlined prospects for the timing of Temporary Corporate Credit Union Stabilization Fund refunds Thursday and presented a detailed summary of the condition of the funds. The board briefing did not feature a vote, but the agency posted a summary of the fund, as well as staff comments to its Web site.

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CUNA Discusses Reg. Relief with HFSC Chair Hensarling

WASHINGTON – CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan met with Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee Tuesday. The topic of discussion was regulatory relief possibilities for credit unions in the 115th Congress, which includes Hensarling’s bill, the Financial CHOICE Act.

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Share Insurance Premium Not Necessary in 2017, States CUNA White Paper

WASHINGTON – There is no good reason for the NCUA to tinker with the National Credit Union Share Insurance Fund, CUNA wrote in a white paper released today on the very remote possibility of a 2017 insurance premium. The NCUA has signaled the possibility of a three to six basis point premium in 2017, which CUNA believes is surprising given the current and prospective condition of the fund, as well as the agency’s past practice.

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CUNA Seeking TCCUSIF Refund Info from Today’s NCUA Briefing

WASHINGTON – CUNA is hoping today’s NCUA board briefing on the NCUA guaranteed notes (NGN) program brings information about when Temporary Corporate Credit Union Stabilization Fund refunds can begin, as well as what can be done to maximize the amount returned. Thursday’s agenda also features a vote on the final CUNA-supported occupancy rule.

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CUNA Requests Additional MLA Clarifications from DOD

WASHINGTON – CUNA is continuing its efforts to achieve clarification on the Department of Defense’s (DOD) Military Lending Act (MLA) regulation with a letter sent this week urging answers for several outstanding questions. The letter points out a number of topics CUNA raised in a September letter to the NCUA, and reflects issues on which CUNA continues to receive inquiries.

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McWatters Outlines 2017 NCUA Initiatives, Including Items to Give CUs More Flexibility

ALEXANDRIA, Va. – NCUA board member J. Mark McWatters outlined a list of issues he would like to see tackled in 2017 in this month’s NCUA Report newsletter. In his column, McWatters credited enhanced communications between his office and that of Chair Rick Metsger for allowing the agency to propose, adopt, and execute a number of changes.

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CUNA, Leagues Strongly Supports FOM Proposal’s ‘Important Changes’

WASHINGTON – CUNA strongly supports the NCUA’s second proposed field-of-membership (FOM) rule, as it contains important changes CUNA recommended to the agency over the past 18 months. The proposal was issued in October as additional FOM modernizations to the rule finalized by the NCUA board at the same meeting.

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CUNA, Leagues to Vigorously Defend FOM Rule from Bankers Suit

WASHINGTON – CUNA and the state leagues reaffirmed support for the NCUA recent rulemaking related to its field of membership rule in response to a lawsuit filed Wednesday by the American Bankers Association against the agency’s final field of membership (FOM) rule.

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NCUA’s Final FOM Rule Published, Effective Feb. 5

ALEXANDRIA, Va. – The NCUA’s final field-of-membership (FOM) rule was published in the Federal Register today, making it effective Feb. 5. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.

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Insured Shares and Deposits Exceed $1 Trillion in Third Quarter

ALEXANDRIA, Va. – Insured shares and deposits in federally insured credit unions grew, for the first time, to more than $1 trillion and membership reached 106.2 million in the third quarter of 2016, the National Credit Union Administration reported Monday.

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NCUA Consumer Assistance Center Portal Adds Flexibility for Credit Unions

​Policy Change Allows Access to One Additional Authorized Official

ALEXANDRIA, Va. – Credit unions will have more flexibility to use the National Credit Union Administration’s Consumer Assistance Complaint portal, the agency announced Tuesday. 

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CFPB Signals Early 2017 Action on Arbitration, Debt Collection

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) released it proposed rulemaking agenda for the next year, which anticipates action on arbitration and debt collection in early 2017, and pre-rule activity on overdraft in January.

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TRID Challenges Continue, One Year Later

WASHINGTON – CUNA’s compliance team has received a number of questions recently that makes one thing perfectly clear: One year later, the Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure Rule (TRID) continues to present challenges for credit unions.

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NCUA Posts CUNA-Sought Exam Guidance for MBL Rule

ALEXANDRIA, Va. – CUNA-sought examination guidance on the NCUA's new member business lending (MBL) rules, which go into effect in January, was released last week by the agency.

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Comment Due Friday on NCUA's FOM Amendments

ALEXANDRIA, Va. – Comments on the NCUA’s field-of-membership proposal adopted by the board in October, are due Dec. 9.

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October 2016 NCUA Board Meeting and Budget Briefing Videos Available

​​​ALEXANDRIA, Va. – The video recordings of the Oct. 27, 2016, open meeting of the National Credit Union Administration Board and the agency’s budget briefing are now available on the agency’s Web site.

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Member Business Loans Guidance Added to Examiner’s Guide

ALEXANDRIA, Va. – NCUA’s revised Part 723, Member Business Loans; Commercial Lending becomes effective on January 1, 2017. The new rule reflects a principles-based approach to regulation, and is designed to provide greater flexibility to credit unions to meet the needs of their members through prudent risk-management practices. NCUA emphasizes that credit unions that engage in commercial lending activities need to have the people, processes, and policies in place to ensure the safety and soundness of their operations.

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New NCUA Videos Educate Credit Union Board Members about Financial Statements

ALEXANDRIA, Va. – Reading financial statements is an essential job for any credit union board member, and a new video series from the National Credit Union Administration can help make that job easier.

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CUNA Subcommittee Presses Reg Concerns with NCUA, CFPB

ALEXANDRIA, Va. – Members of CUNA’s Consumer Protection Subcommittee met with NCUA and the Consumer Financial Protection Bureau (CFPB) this week, addressing a wide range of issues related to regulatory burden.

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Dec. 9 Comment Deadline on FOM Amendments

ALEXANDRIA, Va. – The deadline for comments on the NCUA’s field-of-membership proposal adopted by the board in October are due Dec. 9.

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CFPB Monthly Complaint Snapshot Spotlights Debt Settlement, Check Cashing, and Other Financial Service Complaints

Report Also Includes In-Depth Look at Consumer Complaints from Oklahoma

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) released a monthly complaint snapshot highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair. The report shows that consumer complaints about these types of financial services generally revolve around issues of fraud or problems with reliable customer service. This month’s report also highlights trends seen in complaints coming from Oklahoma. As of Nov. 1, 2016 the Bureau has handled approximately 1,035,200 complaints across all products.

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CUNA Subcommittee to Meet with NCUA, CFPB This Week

WASHINGTON – As part of CUNA's coordinated advocacy efforts, its Consumer Protection Subcommittee is in Washington, D.C. this week to meet with regulators at the Consumer Financial Protection Bureau (CFPB) and NCUA.

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Projected 2017 Share Insurance Fund Premium and Stabilization Fund Assessment Range

ALEXANDRIA, Va. – Since 2009, the NCUA has provided a projected range for Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) assessments and National Credit Union Share Insurance Fund (Share Insurance Fund) premiums. The projection is provided to assist credit unions in developing budget estimates for the upcoming year.

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NCUA Sets 2017 Call Report Deadlines

Changes Give Credit Unions an Average of Seven Additional Days to File

ALEXANDRIA, Va. – Beginning with the Dec. 31, 2016, reporting cycle, federally insured, natural-person credit unions will have until the final Sunday of the month following the end of the quarter to file Call Reports, the National Credit Union Administration announced last week.

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NCUA Adds Days to Call Report Deadlines: CUNA Advocated Change

ALEXANDRIA, Va. – The NCUA announced a change to its Call Report cycle, one that CUNA and its Examination and Supervision (E&S) Subcommittee worked hard for to provide credit unions with regulatory relief in Call Report deadlines.

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Apply Now for 2017 Consulting from OSCUI

Opportunity to Participate in New Consulting Cycle

ALEXANDRIA, Va. – OSCUI is accepting applications for the next semester of the Consulting Program. The semester will start at the beginning of the year. Through the Program, OSCUI provide consulting services through NCUA's Economic Development Specialists at no charge. The specialists work with credit union management to help them address challenges such as strategic planning, crafting a marketing strategy, or a field-of-membership expansion. The Economic Development Specialists also work with organizers of new federal credit unions. Currently, 161 federally insured credit unions are enrolled in the cycle that will end Dec. 31.

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Federal Judge in Texas Blocks Overtime Rule Set to go into Effect Dec. 1

SHERMAN, TEXAS  – A federal judge in Texas on Tuesday granted a preliminary injunction delaying the Department of Labor’s overtime rule, which was set to go into effect Dec. 1.

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CUs Can File Claims Under Proposed MAPCO Settlement

NASHVILLE, Tenn. – A settlement has been proposed to resolve legal claims of financial institutions related to a May 2013 data breach. Any credit union that issued payment cards that were compromised in the breach could get a payment from the class action settlement.

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CU Trades Moved to File Joint Amicus Brief in Defense of NCUA’s Motion for Dismissal of Banker Suit

WASHINGTON – The Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) filed an amicus brief supporting the National Credit Union Administration’s (NCUA) motion to dismiss the lawsuit recently filed by the Independent Community Bankers of America (ICBA) which challenges the agency’s authority to issue its latest member business lending rule.

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NCUA Small CU Consulting Application Deadline Set for Nov. 30

ALEXANDRIA, Va. – The National Credit Union Administration’s (NCUA) Office of Small Credit Union Initiatives (OSCUI) is accepting applications for the next semester of its Consulting Program. The semester will start at the beginning of the year.

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CUNA Urges Dismissal of MBL Lawsuit Filed Against NCUA

WASHINGTON – CUNA stands steadfast in its support of the NCUA and its member business lending rule against a lawsuit challenging the rule, CUNA President/CEO Jim Nussle said.

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CFPB Holds Field Hearing on Accessing Financial Data

SALT LAKE CITY – CUNA plans to respond to, and seeks information from credit unions on, a Consumer Financial Protection Bureau (CFPB) request for information on consumer access to their financial records. The bureau released the request Thursday in conjunction with a field hearing in Salt Lake City on the same subject.

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NCUA Board Approves 2017–2018 Budget with Exam Flexibility Initiative Recommendations

Three to Six Basis Points Share Insurance Fund Premium Range Recommended for Credit Union Budgeting Purposes

ALEXANDRIA, Va. – The National Credit Union Administration Board held its tenth open meeting of 2016 at the agency’s headquarters Thursday and unanimously approved two items:

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CFPB Factsheet Now Available on Prepaid Rule’s Effective Dates

The CFPB has published a factsheet that highlights the prepaid rule’s effective dates and related exceptions and accommodations.

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FCC’s TCPA Gov’t Exemption Effective Jan. 15

The FCC published its exemption from the Telephone Consumer Protection Act (TCPA) in the Federal Register, which will go into effect Jan. 15. The change was prompted by the Budget Act of 2015, which amended the TCPA to create the exemptions for calls made to cell phones when collecting a debt owed to or guaranteed by the federal government.

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Identifying Elder Financial Exploitation

When deciding whether to explore and document a potential case of elder abuse, err on the side of taking action, attorney and 2016 Credit Union Reality Check speaker David Reed says. “This is a group that has been specifically identified as needing extra financial protections,” says Reed.  When in doubt, file a SAR with the FinCEN, he advises: “I don’t think we will ever get backlash for filing too many of this kind of SAR.” Generally speaking, financial exploitation of an elder can be defined as an action that “benefits the perpetrator, to the financial detriment of the member.”

Discerning elder abuse has become more difficult, Reed says, due to a rapidly aging population that continues to use financial services heavily. “We have members that are living longer and working longer. There’s more lending activity with people who are a bit more ‘mature’ in years,” says Reed, of Reed and Jolly LLC, which specializes in credit union matters.

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CUNA Aims for Inclusion of NCUA Budget Suggestions

CUNA hopes to see an NCUA budget that reflects considerations brought up in last month’s board briefing during today’s vote on the agency’s 2017-18 budget. CUNA, its league partners, and member credit unions addressed a number of concerns about the NCUA’s budget during last month’s budget briefing.

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Emerging Technology Heightens BSA/AML Focus

Criminals are now more likely to attempt to enter your system online, fraud expert says. While embracing the broad and increasingly complex array of payments options, credit unions also must attain and maintain BSA and AML compliance regimens that cover emerging technology such as mobile payments.

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