Compliance & Regulatory News

NCUA Board Approves Annual Performance Plan

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its first open meeting of 2019 at the agency’s headquarters today and unanimously approved two items.

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CFPB Civil Penalty Inflation Adjustments

On January 15, 2018, the Consumer Financial Protection Bureau (CFPB) announced the annual adjustments for inflation to the CFPB’s civil penalty amounts, as required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This final rule becomes effective upon publication in the Federal Register.

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ADA Applies to Web Sites/Mobile Apps, Appeals Court Rules

In a lawsuit filed against Domino's Pizza, the U.S. Court of Appeals for the Ninth Circuit has ruled that Americans with Disabilities Act (ADA) requirements are applicable to Web sites and mobile applications.

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CFPB Signals ATR Changes Under Payday Rule

An American Banker article suggests that the Consumer Financial Protection Bureau (CFPB) will likely remove ability-to-repay (ATR) provisions from its 2017 payday lending rule. In its Fall 2018 Rule-making Agenda released in October the CFPB said that it would issue a proposed rule-making early this year to revisit certain provisions of the rule.

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What’s NEW at League InfoSight!

Searching for information on a credit union compliance or other topic? Looking for an educational video? Don’t forget about League InfoSight! InfoSight is constantly updating its content and education videos. Check out the following for the latest. To access League InfoSight and the Compliance Connection Videos go to www.njcul.org or click here.

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CUNA Calls for Increased Bylaw Flexibility

CUNA supports an approach to federal credit union bylaws that provides those institutions flexibility to work within the bylaws, as well as an efficient amendments process when deviation is appropriate, CUNA wrote to the National Credit Union Administration (NCUA) Monday. CUNA submitted its comment letter in response to NCUA’s bylaws proposed rule.

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NCUA outlines supervisory priorities for 2019

The National Credit Union Administration (NCUA) outlined its primary areas of supervisory focus in its first Letter to Credit Unions (19-CU-01) of 2019. The letter also contains information on full implementation of an extended exam cycle in 2019.

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FASB Roundtable to Cover CECL Implementation Issues, January 28

The Financial Accounting Standards Board (FASB) will hold a public roundtable discussion on implementation issues related to the current expected credit loss (CECL) standard January 28 from 8:30 a.m. to 2:00 p.m. at the Board’s offices in Norwalk, CT.

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Next NCUA Board Meeting January 17th

The National Credit Union Administration (NCUA) will hold its January Board Meeting next Thursday, January 17th, at 10:00 a.m. EST.

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Letter to Credit Unions (19-CU-01): Supervisory Priorities for 2019

Dear Board of Directors and Chief Executive Officer:

This letter outlines the NCUA’s primary areas of supervisory focus for 2019, and is intended to assist you in preparing for your next NCUA examination.

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USAA Fined $15.5M for Electronic Fund Transfer Violations

The Consumer Financial Protection Bureau (CFPB) announced Thursday that USAA Federal Savings Bank will pay $15.5 million to settle a claim from the CFPB that it violated the Electronic Fund Transfer Act (EFTA) and Regulation E.

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NCUA Re-districting Completed

The National Credit Union Administration (NCUA)'s restructuring of its regional offices took effect with the new year. The changes reduced the agency's regional offices from five to three with the closure of the Albany (Region I) and Atlanta (Region III) offices. The remaining three regions have been organized geographically instead of numerically with Eastern, Southern and Western regional offices.

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CFPB releases guidance on public HMDA data

The Consumer Financial Protection Bureau (CFPB) has released final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data it plans to make available to the public starting this year. The final policy guidance applies to HMDA data compiled by financial institutions in or after 2018 and made available to the public by the CFPB beginning in 2019.

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Bureau announces asset-size threshold adjustments under HMDA (Regulation C) and TILA (Regulation Z) and an annual adjustment under FCRA

The Bureau of Consumer Financial Protection (BCFP) has announced the asset-size exemption thresholds for depository institutions under Regulation C. The Bureau has also announced the asset-size exemption thresholds for certain creditors under the escrow requirements and small creditor portfolio and balloon-payment qualified mortgage requirements, and the small creditor exemption from the prohibition against balloon-payment high-cost mortgages under Regulation Z. Finally, the Bureau has announced the annual adjustment to the maximum amount consumer reporting agencies may charge consumers for making a file disclosure to a consumer under FCRA.

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NCUA to Fast Track Alternative Capital for CUs

The Credit Union Journal is reporting that the National Credit Union Administration (NCUA) may fast track a proposal to give complex credit unions access to alternative capital.

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Treasury Publishes National Illicit Finance Strategy and Supporting Risk Assessments

WASHINGTON - The U.S. Department of the Treasury issued the National Strategy for Combating Terrorist and Other Illicit Financing (National Illicit Finance Strategy), pursuant to Sections 261 and 262 of the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). The Strategy describes and assesses current U.S. government efforts to combat illicit finance threats and risks and identifies priorities, objectives, and potential areas for future improvement. It also highlights U.S. interagency and intergovernmental efforts to combat illicit finance domestically and internationally, including enforcement measures that include sanctions, prosecutions, and asset forfeiture, as well as improvements in information sharing mechanisms and updated guidance to aid financial institutions in detecting and combating illicit finance threats.

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FASB to Conduct CECL Roundtable in January

Financial Accounting Standards Board (FASB) announced it will discuss current expected credit loss (CECL) implementation at a public roundtable discussion, likely in January 2019. FASB recently finalized a CUNA/League-backed delay in CECL implementation. CUNA and the state leagues continue to maintain the standard is not appropriate for credit unions.

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CUNA, Trades Press Agencies for CECL Relief

CUNA joined with four other financial services trade groups Wednesday to press the Financial Stability Oversight Council (FSOC) for a delay in CECL (current expected credit loss) implementation until a transparent quantitative impact study is performed and shared with the industry. The National Credit Union Administration (NCUA) is a member of the FSOC.

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Consumer Financial Protection Bureau Name Change Halted

Bureau Director Kathy Kraninger has officially halted all efforts to change the name of the Consumer Financial Protection Bureau (CFPB), meaning that name will be official going forward. Former Acting Director Mick Mulvaney had proposed changes to the Bureau’s name and logo during his tenure.

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CUNA Calls for Changes to SBA’s Express Loan Affiliation Proposal

CUNA is concerned about several recently proposed changes to the Small Business Administration’s (SBA) regulations pertaining to Express Loans and Affiliation Standards. The association sent a letter to the SBA Tuesday on the proposal, which seeks comments on those two issues, among others.

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The NCUA Appeals Right to Define “local community” in Recent Court Case

According to CU Times magazine, the National Credit Union Administration (NCUA) Board “reasonably exercised” its power to define “local community,” and a federal judge should not have ruled otherwise, the agency said in documents filed in a federal appeals court last Thursday.

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NCUA, Six state regulators launch pilot program

The National Credit Union Administration (NCUA) announced last week that it and six state credit union regulators will launch an alternating examination pilot program for a select group of federally-insured, state-chartered credit unions. According to the agency, the program is based on its 2016 Exam Flexibility Initiative report, and will run for one full alternating cycle of approximately three years.

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NCUA Board Lowers Share Insurance Fund Normal Operating Level to 1.38 Percent

Agency Will Return to Three-Year Rolling Regulation Reviews in 2019

ALEXANDRIA, Va. – The National Credit Union Administration Board held its eleventh open meeting of 2018 at the agency’s headquarters this week and unanimously approved three items: lowering the normal operating level of the National Credit Union Share Insurance Fund to 1.38 percent from 1.39 percent, posting the final report of the agency’s Regulatory Reform Task Force in the Federal Register, following a briefing by the Office of the General Counsel, and a final rule making technical amendments to agency regulations to correct minor drafting errors and rescind certain unnecessary provisions.

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FCC Approves Creation of CU-Backed Reassigned Numbers Database

The Federal Communications Commission (FCC) approved a Report and Order Wednesday to create a reassigned numbers database to combat unwanted robocalls. CUNA and the state leagues have pushed for such a database as part of their ongoing advocacy to resolve issues related to the Telephone Consumer Protection Act (TCPA).

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BCFP Launches New HMDA Platform

The Bureau of Consumer Financial Protection (BCFP) has released a new beta version of the Home Mortgage Disclosure Act (HMDA) platform for data collected in 2018.

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NLRB Further Extends Time for Submitting Comments on Proposed Joint-Employer Rule-making

WASHINGTON — The National Labor Relations Board (NLRB) is extending the time for submitting comments regarding its proposed rule-making to address its joint-employer standard for an additional 30 days. The submission window is currently open and interested parties may now file comments on or before Monday, January 14, 2019. Comments replying to the comments submitted during the initial comment period must be received by the Board on or before January 22, 2019.

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NCUA Files FOM Appeal Brief

The National Credit Union Administration (NCUA) yesterday filed its brief for the appeal of the U.S. Court of Appeals for the D.C. Circuit decision in the American Bankers Association (ABA) lawsuit that challenged the agency's Field of Membership (FOM) rule. The lower court upheld two challenged portions of NCUA's FOM rule and struck down two provisions in the lawsuit filed against the agency.

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NCUA Board to Hear Regulatory Reform Final Report Dec. 13

The National Credit Union Administration (NCUA) board will hear recommendations from the agency’s Regulatory Reform Task Force at its Dec. 13 meeting. Scheduled for 10 a.m. the meeting is the board’s final of 2018 and will be streamed live at NCUA.gov.

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Pending Regulatory Comment Calls

The IRS has published 83 FR 56763 in a recent Federal Register proposed amendments to the regulations relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of plans that contain cash or deferred arrangements or provide for employee or matching contributions. Comments and requests for a public hearing must be received by January 14, 2019.

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BCFP Issues 2019 Regulations Z and M Dollar Thresholds

The Bureau of Consumer Financial Protection (BCFP), along with the Federal Reserve Board, updated the dollar thresholds in Regulation Z (Truth in Lending or TILA) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2019. The Dodd-Frank Act requires these thresholds be adjusted annually based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

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NCUA Releases Q3 2018 Credit Union System Performance Data

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

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Interagency Regulators Encourage BSA Innovation

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currancy (OCC) have issued a joint statement to encourage banks and credit unions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations.

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AI and Financial Records Access on Today’s BCFP Advisory Councils Agenda

The Bureau of Consumer Financial Protection’s (BCFP) advisory councils, including the Credit Union Advisory Council (CUAC), will hold a public meeting today from 1:00-3:45 p.m. to discuss artificial intelligence (AI) in consumer financial services and consumer access to financial records.

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Several Concerns in NCUA’s Appraisals Proposal Noted

CUNA generally supports the National Credit Union Administration (NCUA)’s proposed rule on real estate appraisals; however, it recommended several substantive changes in potentially problematic areas in its comment letter submitted Monday.

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CUNA Talks CU Jobs, Rule-makings with DOL

CUNA met with the Department of Labor (DOL) Monday to discuss several credit union related issues. In addition to discussions on DOL rule-makings, CUNA provided the agency with data estimating the credit union sector supports nearly 900,000 jobs nationally.

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U.S. Department of the Treasury’s FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance

WASHINGTON— As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats. 

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Faster Payments Webinar Recording Available

CUNA members can register for free to access a recording of Wednesday's webinar on the Federal Reserve’s development of faster payments. The webinar was designed to answer member questions and solicit feedback for CUNA’s comments. The recording will be posted within the next 48 hours, and it features a discussion of faster payments as CUNA prepares its comments for the Fed, due Dec. 14.

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BCFP’s Office of Cost Benefit Analysis Consistent with CUNA Recommendations

The Bureau of Consumer Financial Protection (BCFP) seeks an individual to lead a new Office of Cost Benefit Analysis, according to a notice posted Monday. CUNA and the state leagues have repeatedly called on the BCFP to conduct more comprehensive cost-benefit research and analysis in connection with its rule-makings and supervisory activities. It was among the numerous recommendations contained in the regulatory relief white paper CUNA submitted to the BCFP this past summer.

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NCUA Issues Fourth Quarter Newsletter

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

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NJ lawmakers unveil legislation legalizing marijuana

TRENTON, N.J. – New Jersey lawmakers on Wednesday unveiled their latest proposal to legalize recreational marijuana for people 21 and over, according to the Associated Press. A joint Democrat-led Assembly and Senate committee is expected to discuss the measures Monday.

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NCUA Announces 2019 Board Meeting Schedule

The National Credit Union Administration (NCUA) board has announced its meeting schedule for 2019. The open board meetings are generally held at 10 a.m. at the agency’s Alexandria, Va. headquarters, and video is live streamed on NCUA.gov.

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Next BCFP CUAC Meeting Scheduled for Dec. 6

The Bureau of Consumer Financial Protection (BCFP) will host its next Credit Union Advisory Council (CUAC) meeting Dec. 6, according to a notice published Wednesday in the Federal Register. According to the Bureau, it will be conducted via conference call, and members will receive the agenda when they RSVP.

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Reassigned Numbers Database on FCC Dec. 12 Agenda

The Federal Communications Commission’s (FCC) December 12 agenda includes a vote to issue a rulemaking to create a single, comprehensive reassigned numbers database to aid in the elimination of illegal robocalls.

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CUNA to Host Webinar on Fed Faster Payments Nov. 28

CUNA will conduct a webinar on the Federal Reserve’s development of faster payments, designed to answer member questions and solicit feedback for CUNA’s comments. Registration is currently open for the free, members-only webinar, scheduled for noon on Wednesday, Nov. 28.  

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October 2018 NCUA Budget Briefing and Board Meeting Videos Available

ALEXANDRIA, Va. – The video recordings of the National Credit Union Administration (NCUA)’s Oct. 17, 2018, public budget briefing and Oct. 18, 2018, open Board meeting are now available on the agency’s Web site.

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Fed Offering Webinar on Settlement Service Proposal

The Federal Reserve is offering a webinar Monday on its recent proposal to develop a 24/7/365 real-time gross settlement (RTGS) service to facilitate interbank settlement of faster payments.

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Happy holidays! Shopping tips from the Federal Trade Commission

The gift-giving season is just around the corner, and the gift-buying season starts, oh, any minute now. The Federal Trade Commission (FTC) has an early gift for you — tips to help you shop wisely and protect your personal information.

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CECL Delay Made Official by FASB

The Financial Accounting Standards Board (FASB) has officially issued an update to its current expected credit losses (CECL) standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.

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NCUA Board Approves 2019-2020 Budgets

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its 10th open meeting of 2018 at the agency’s headquarters today and unanimously approved two items.

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Summary of NCUA's November 15 Open Board Meeting

At Thursday's meeting, the National Credit Union Administration (NCUA) Board was briefed on the status of the Share Insurance Fund; approved the 2019-2020 budgets; and issued a proposed rule on fidelity bonds.

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CUNA Mutual Group Free Webinar on Emerging Risks December 5th

Join CUNA Mutual Group on Wednesday, December 5th at 2:00 p.m. for a free webinar on Emerging Risks. Register today for an exclusive and interactive discussion with CUNA Mutual Group’s Senior Risk & Compliance Consultants.

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Faster Payments Council Launches

The U.S. Faster Payments Council (FPC), which will coordinate the remaining implementation work identified by the Federal Reserve's task forces to modernize the U.S. payment system, launched Tuesday.

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NCUA Encourages CUs to Conduct Voluntary Credit Union Diversity Self-Assessment

ALEXANDRIA, Va. - The National Credit Union Administration (NCUA) sent a Letter to Credit Unions (18-CU-05) that explains that federally-insured credit unions, especially those with 100 or more employees, are encouraged to conduct and submit the annual Voluntary Credit Union Diversity Self-Assessment to the NCUA’s Office of Minority and Women Inclusion before December 31, 2018. The NCUA encourages credit unions to use the self-assessment as a source of diversity best practices and as a tool to assess and guide diversity efforts.

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CU Priorities for BCFP Raised at SBA Roundtable

CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection (BCFP) rule-making agenda, which was released last month.

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CUNA Attends Fed Faster Payments Town Hall

CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of the Federal Reserve’s series of town halls on the topic. The Fed is currently seeking comments on potential actions it can take to support interbank settlement of faster payments through Dec. 14.

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NCUA to vote on operating budget, bonds proposal Nov. 15

The National Credit Union Administration (NCUA) board will vote on the agency’s 2019-2020 budget at its Nov. 15 meeting, according to the agenda released Thursday. CUNA presented last month at NCUA’s budget briefing, and submitted written comments on the proposed budget as well.

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Judge Orders Stay of BCFP’s Payday Rule Implementation Date

A judge in the U.S. District Court for the Western District of Texas ordered a stay Tuesday of the implementation date of the Bureau of Consumer Financial Protection’s (BCFP) short-term, small-dollar lending rule. The rule is scheduled to go into effect in August 2019, but the bureau said Oct. 26 that it intends to issue a proposed rule in January.

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Reminder: Comments on NCUA's Appraisal Rule Due December 3rd

The NCUA board issued a proposed rule in September that would amend the agency’s regulation requiring real estate appraisals for certain transactions. Comments on the proposal ware due December 3rd. 

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FFIEC Reminds Financial Institutions to Review OFAC Requirements

Members of the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement alerting all financial institutions including credit unions to the potential impacts recent actions taken by the Treasury Department's Office of Foreign Asset Control (OFAC) under its Cyber-Related Sanctions Program may have on risk-management programs.

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FASB to Address Additional CECL Concerns

During a Financial Accounting Standards Board's (FASB) Transition Resource Group for Credit Losses meeting Thursday, FASB staff indicated it would spend additional time working on certain operational challenges associated with the current expected credit loss (CECL) standard.

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BCFP Updates HMDA Compliance Guide with S. 2155 Changes

The Bureau of Consumer Financial Protection (BCFP) has updated its small entity compliance guide for the Home Mortgage Disclosure Act (HMDA) to reflect changes in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and the Bureau’s August interpretive rule.

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Due diligence for members that privately own ATMs

Privately-owned ATMs are typically found in convenience stores, bars, restaurants, grocery stores, or check cashing establishments. Fees and surcharges for withdrawals, coupled with additional business generated by customer access to an ATM, make the operation of a privately-owned ATM profitable. As a result, more credit unions are being approached to open accounts for the owners of these ATMs.

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BCFP Clarifies How to Take HMDA Partial Exemptions in Light of S.2155 Final Rule

Earlier this month, CUNA hosted a webinar in conjunction with the Bureau of Consumer Financial Protection (BCFP) on HMDA implementation, which focused on the more technical and operational aspects of the new HMDA rule following the August 30, 2018 final rule implementing the S.2155 changes.

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NCUA Awards $2M in Grants to 203 Low-income CUs

The National Credit Union Administration (NCUA) awarded $2 million in grants to 203 low-income credit unions, funding from the agency’s Community Development Revolving Loan Fund (CDRLF). CUNA and the state leagues strongly support full funding for the CDRLF and successfully fought to restore funding when the fund was zeroed out for fiscal year 2018 by the Trump administration.

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CUNA On-hand for Opening Arguments in Landmark ADA Case

CUNA staff attended opening arguments in Griffin v. DOL FCU Tuesday, an appellate-level case involving alleged noncompliance with the Americans with Disabilities Act (ADA).

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BCFP Updates Home Mortgage Disclosure Act Small Entity Compliance Guide

The Bureau of Consumer Financial Protection (BCFP) has updated the Home Mortgage Disclosure Small Entity Compliance Guide to reflect amendments made by Section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act and the 2018 interpretive and procedural rule.

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RDC Litigation Webinar Recording Now Available

CUNA members can now access a free recording of a webinar outlining the latest development in patent litigation brought against several credit unions involving remote deposit capture (RDC) technology. The live version of the webinar hit capacity with 1,000 credit unions registering to attend.

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CUNA Sets Free Webinar on RDC Litigation for Oct. 30

CUNA will conduct a webinar Tuesday to discuss letter received by certain credit unions from law firms calling for negotiation of a patent licensing deal for remote deposit capture (RDC). Registration is open for the webinar, which is scheduled for Oct. 30 from 3:30 to 5 p.m.

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Court Sets FOM Lawsuit Appeal Dates, NCUA Brief Due Dec. 5

The D.C. Circuit Court of Appeals has set a briefing schedule for the appeal of the field-of-membership lawsuit brought against the National Credit Union Administration (NCUA) by the American Bankers Association (ABA). CUNA fully supports NCUA in its appeal and plans to submit an amicus brief in the appellate litigation.

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BCFP Announces Coming Changes to Payday Lending Rule

The Bureau of Consumer Financial Protection (BCFP) expects to issue proposed rules in January reconsidering its short-term, small-dollar lending rule, it announced Friday. The Bureau stated it will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules, but it currently plans to propose revisiting only the ability-to-repay provisions, not the payments provisions.

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CUNA Recognizes NCUA Budget Improvements, Urges Continued Work

CUNA submitted additional written comments to the National Credit Union Administration (NCUA) Friday on the agency’s proposed 2019 operating budget. CUNA’s letter follows up CUNA Senior Economist Mike Schenk’s presentation to the board at its budget briefing earlier this month.

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Credit Union Journal: McWatters to credit unions: Not NCUA’s job to ‘hold your hand’

This week the Credit Union Journal reported on National Credit Union Administration (NCUA) Chairman Mark McWatters’ remarks as he fired back at claims from a former board member that the agency’s requests for third-party cybersecurity vendor oversight are merely duplicating work already being done by other regulators. McWatters’ remarks came during a Q&A session following remarks directed at community development credit union professionals attending the Inclusiv conference in Clearwater, Fla.

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NCUA to Host HMDA and Consumer Compliance Update Webinar

ALEXANDRIA, Va. – Credit unions can learn more about recent changes to the Home Mortgage Disclosure Act (HMDA) and other federal consumer financial protection laws and regulations during a Nov. 14 webinar hosted by the National Credit Union Administration (NCUA).

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CUNA Highlights League, CU Autodialer Suggestions to FCC

CUNA highlighted several credit unions and leagues emphasizing the critical importance of a narrow definition of an automated telephone dialing system (ATDS) in its reply comments to a Federal Communications Commission (FCC) petition Thursday. CUNA filed its original comments last week in response to the petition, which was issued by the FCC in light of a decision by the Ninth Circuit Court.

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CECL Delay Approved by FASB

The Financial Services Accounting Board (FASB) approved Wednesday several CUNA/league backed changes to its current expected credit losses (CECL) standard. CUNA and the state leagues pressed FASB to extend the implementation date for credit unions, and the board proposed the change earlier this year.

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FFIEC Launches New BSA/AML InfoBase Site

The Federal Financial Institutions Examination Council (FFIEC) launched a redesigned Bank Secrecy Act/Anti-Money Laundering (BSA/AML) InfoBase Web site last week, aimed at sharing financial institution examination procedure information with examiners, financial institutions, the public and other stakeholders.

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Final RBC Rule on NCUA’s Thursday Meeting Agenda

The National Credit Union Administration (NCUA) board will vote on finalizing changes to its risk-based capital at its Thursday meeting, according to the agenda released by the agency Thursday. CUNA supports the proposal, but has expressed numerous concerns about the agency’s RBC approach in general.

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Risk-Based Capital Rule to Become Effective in 2020; Asset Threshold Raised

Board Proposes Simplifying Bylaws, Adding Clearer Guidance

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

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NCUA Holds Budget Briefing

Yesterday, the National Credit Union Administration (NCUA) Board held its budget briefing for it's 2019-2020 proposed budget.

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Trump Administration Releases Fall 2018 Regulatory Relief Agenda

The Trump administration Wednesday released its fall 2018 agenda for regulatory and deregulatory actions. Over the past two years, federal agencies have issued 176 deregulatory actions that have contributed to some $33 billion regulatory compliance savings.

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Donovan Thanks NCUA for RBC Work, Says Additional Work Needed

The National Credit Union Administration (NCUA) board deserves thanks for its work on risk-based capital, but more work is needed, CUNA Chief Advocacy Officer Ryan Donovan wrote in Credit Union Times Tuesday. The board is scheduled to vote on the final RBC rule at its Thursday meeting.

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CUNA to Present at Wednesday’s NCUA Budget Briefing

CUNA Chief Economist Mike Schenk will present at the National Credit Union Administration (NCUA)’s budget briefing Wednesday at NCUA’s Alexandria headquarters. The briefing is scheduled to start at 10:00 a.m. and will be streamed live at NCUA.gov.

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UDAAP Clarity is Coming, Mulvaney Tells Mortgage Bankers

Bureau of Consumer Financial Protection (BCFP) Acting Director Mick Mulvaney said the Bureau is working on a rulemaking to better clarify its definition of unfair, deceptive or abusive acts or practices (UDAAP).

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Federal Trade Commission Makes Consumer Complaint Data More Accessible

The Federal Trade Commission (FTC) hears from millions of consumers each year about fraud, identity theft, and other problems, allowing us to warn other consumers about scams they should watch out for, while also providing the agency with an important source of information to support our enforcement actions.

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CUNA Schedules Free Webinar on RDC Litigation for Oct. 30

CUNA will conduct a webinar Oct. 30 to discuss a letter received by certain credit unions from law firms calling for negotiation of a patent licensing deal for remote deposit capture (RDC).

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Reminder: NCUA Budget Briefing Scheduled for Tomorrow

Briefing to be Livestreamed; Public Comment Period Open Until Oct. 26

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) will hold its 2019-2020 budget briefing on Wednesday, Oct. 17, at 10 a.m. Eastern in its Central Office boardroom.

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BCFP’s TDP Proposal Backed, Improvements Offered

CUNA and the state leagues generally support the Bureau of Consumer Financial Protection (BCFP)’s policy to encourage Trial Disclosure Programs (TDP) but recommends any Bureau-approved programs be narrow in scope and not excessively deviate from traditional disclosure standards.

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CUNA, BCFP Present HMDA Partial Exemption Info, Resources

CUNA hosted a webinar Wednesday with Bureau of Consumer Financial Protection (BCFP) staff on changes to Home Mortgage Disclosure Act (HMDA) reporting requirements. A recording of the webinar is available for free to CUNA members, and will be available shortly.

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It’s National Cybersecurity Awareness Month

October is spooky enough with its ghouls and goblins. National Cybersecurity Awareness Month is here to remind us how to stay safe and secure from real (and maybe even scarier) threats – malware and scammers.

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NCUA Webinar Will Discuss Using a Narrative for Community Charter Applications

ALEXANDRIA, Va. – Credit unions can get valuable information about using a “well-defined local community” field-of-membership narrative for community charter applications on an Oct. 24 webinar hosted by the National Credit Union Administration (NCUA).

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FOM Narrative Approach, NCUA Offers Guidance

The National Credit Union Administration (NCUA) released a letter to federal credit unions (18-FCU-02) Tuesday that provides guidance on how credit unions can use a written narrative to establish a well-defined local community. The narrative approach falls under the NCUA's second field-of-membership (FOM) rule, which became effective Sept. 1.

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Reg Agencies Address Benefits of BSA Collaboration; NJCUL Provides Members Affordable BSA Training for Staff and Boards

The Treasury’s Financial Crimes Enforcement Network (FinCEN) joined federal financial regulators, including the National Credit Union Administration (NCUA), last week to issue a joint statement on sharing Bank Secrecy Act (BSA) resources. The statement addresses the benefits of financial institutions entering into collaborative arrangements to help manage their BSA and anti-money laundering (AML) obligations more efficiently and effectively.

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10 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2018

ALEXANDRIA, Va. – 10 federally-insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2018 have agreed to penalties totaling $4,133, the National Credit Union Administration (NCUA) announced.

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CUNA’s Nussle, Schenk Talk CU Regulatory Climate at CEI

CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer for Policy Analysis Mike Schenk addressed the state of credit unions and opportunities for the future Thursday at the Competitive Enterprise Institute (CEI). Nussle and Scheck discussed the need for regulatory relief, credit union history, the Community Reinvestment Act and other topics.

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FinCEN and Federal Regulators Issue CIP Exemption Order

FinCEN, the National Credit Union Administration (NCUA) and the federal banking regulators jointly issued an exemption from the Customer Identification Program (CIP) requirements for certain property and casualty finance contracts provided by financial institutions to small businesses (referred to as premium finance loans or premium finance lending).

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Reg. CC Rule Includes Presumption of Alteration

The Federal Reserve has published a final rule amending subpart C of Regulation CC (Availability of Funds and Collection of Checks) to address check alteration disputes when the paper check is unavailable for inspection.

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Federal Regulators, FinCEN Issue CIP Exemption Order
ALEXANDRIA, Va. – The NCUA jointly issued an exemption for the Customer Identification Program requirements, Section 748.2 of the NCUA’s Rules and Regulations, for certain property and casualty finance contracts provided by credit unions to small businesses. Credit unions must still comply with all other regulatory requirements of the Bank Secrecy Act including the requirement to file suspicious activity reports as applicable.
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New High Intensity Drug Trafficking Areas Designated, New Jersey Among Those Named

 The White House’s James Carroll, Deputy Director of the Office of National Drug Control Policy, announced the designation of 10 new areas across Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, and West Virginia as High Intensity Drug Trafficking Areas (HIDTAs). Credit unions should beware that with increase in drug traffic within a geographic area comes an increase in attempts to flow illicit monies through financial institutions.

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Appeals Court Decision Complicates “Autodialer” Issue

A Ninth Circuit U.S. Court of Appeals decision last week expanded the definition of an "autodialer," keeping it in line with the definition adopted by the Federal Communications Commission (FCC) in a series of rulings from 2003 to 2015, which was invalidated in March.

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LEIs Could Have Value, Shouldn’t be Mandatory, World Council Says

While World Council of Credit Unions does not support a requirement for credit unions to obtain “Legal Entity Identifiers” (LEIs) it sees some potential value in encouraging increased use of this system, the World Council wrote to the Financial Stability Board (FSB).

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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.

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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.

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Proposed Rule Would Change Appraisal Requirement Threshold, Exempt Some Transactions

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

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

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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. 

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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.

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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.

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CUNA Backs Senate GUIDE Compliance Act for Guidance Clarity

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

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Proposed Paid Sick Leave Regulations Issued; Free NJCUL Webinar on NJ Employers Requirements this Friday

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

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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.

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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.

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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.

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FinCEN grants permanent exceptive relief from Beneficial Ownership Rule

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

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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.

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NJCUL Holds ReliaMax Surety Company Liquidation Webinar

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

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Bureau of Consumer Financial Protection Releases Latest Supervisory Highlights

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

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NCUA Releases Q2 2018 Credit Union System Performance Data

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

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NCUA Chairman McWatters Letter on Credit Union Supervision

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

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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.
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CUNA Calls for $3B Threshold for Extended Exam Cycle Eligibility

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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

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

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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.

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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.

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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.

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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.

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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).

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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.

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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).

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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.

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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.

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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!

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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. 

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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’ 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!

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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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NY CU Files Lawsuit Over President’s CFPB Appointee

According to a recent article in the Credit Union Times, Lower East Side People’s Federal Credit Union filed a suit in U.S. District Court for the Southern District of New York following the resignation of Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, contending that President Trump illegally appointed Office of Management and Budget Director Mick Mulvaney to serve as interim director of the agency.

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Comments on Proposed New Data Collection Format Due Jan. 2, 2018

The NCUA is seeking comments from stakeholders on its plans to modernize the formats for loan, deposit and investment data collected electronically during examinations. This proposal is part of the agency’s Enterprise Solution Modernization Program and is expected to provide benefits to the agency and to credit unions, including a more consistent examination process, more efficient use of examiner time and reduced burdens on credit unions. Visit the League’s regulatory Comment Calls page for the latest information on comment letter writing and comment calls.

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Fiduciary rule transition period extended

With the Department of Labor (DOL) finalizing an 18-month extension of the fiduciary rule’s applicability date, what should credit unions do during the extended transition time? The rule’s amended definition of “fiduciary” became effective June 9, but fewer conditions will apply to financial institutions and advisers until July 1, 2019.

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CUNA Concerned About HMDA Data Availability

CUNA outlined a number of concerns with the Consumer Financial Protection Bureau’s (CFPB) proposed policy guidance on disclosure of loan-level Home Mortgage Disclosure Act (HMDA) data, it wrote to the bureau last week.

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CFPB Takes Action Against Citibank for Student Loan Servicing Failures that Harmed Borrowers

Company Deceived Borrowers About Tax Benefits, Incorrectly Charged Late Fees and Interest, Sent Misleading Monthly Bills and Incomplete Notices

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) took action against Citibank, N.A. for student loan servicing failures that harmed borrowers. Citibank misled borrowers into believing that they were not eligible for a valuable tax deduction on interest paid on certain student loans. The company also incorrectly charged late fees and added interest to the student loan balances of borrowers who were still in school and eligible to defer their loan payments. Citibank also misled consumers about how much they had to pay in their monthly bills and failed to disclose required information after denying borrowers’ requests to release loan cosigners. The Bureau is ordering Citibank to end these illegal servicing practices, and to pay $3.75 million in redress to consumers and a $2.75 million civil money penalty.

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Budget Briefing Video Available Online

ALEXANDRIA, Va. – The video recording of the Oct. 18th public briefing on the National Credit Union Administration’s proposed 2018-2019 budget is now available online here.

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NCUA 2018/2019 budget, OTR Methodology on Nov. 16 Meeting Agenda

NCUA’s 2018-2019 budget and the overhead transfer rate (OTR) methodology are highlights of NCUA’s Nov. 16 board meeting, according to the agenda released Thursday. The meeting is scheduled to begin at 10 a.m. (ET) Nov. 16, and a live video stream will be available.

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State of New Jersey Requests Information from FIs on Tax Payers

It will soon be mandatory for financial institutions (FIs) to comply with the State of New Jersey Department of the Treasury Division of Taxation’s order to implement its Financial Institution Data Match (FIDM) program as outlined in its October 17, 2017 letter to financial institutions in the State, including credit unions. According to the State’s letter: New Jersey Statute N.J.S.A. 54-50-37b(2) allows the Division to develop a system for the exchange of data with financial institutions for the purposes of identifying the accounts of debtors owing past due New Jersey state taxes.” Click here to view instructions from the State for compliance and here to view the Memorandum of Understanding that financial institutions are expected to complete.

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Pending Regulatory Comment Calls

NJCUL wants your voice to be heard! Help your League and CUNA get the message through. For comment letters to have the greatest impact, we need to hear from you. Please consider whether and how these proposals would affect your credit union, then take action! Contact NJCUL Vice President of Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org, for information on interpretation of the changed or new regulation. Click here to send your own letter through PowerComment.

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Final Supervisory Review Committee, Appeals Rules Published, Effective Jan.

ALEXANDRIA, Va. – The NCUA published its final rules on the supervisory review committee (SRC) and appeals procedures in the Federal Register Monday, both rules will be effective Jan. 1. The NCUA board finalized the rules at its October board meeting.

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NCUA Reminds CUs Planning and Testing Are Key to Being Able to Recover from a Disruption

As discussed in the May issue of The NCUA Report, business continuity planning is essential for all credit unions. No matter the size, every credit union is responsible for ensuring members have access to money and services. Being prepared for a possible interruption before it occurs is critical to your credit union’s ability to recover.

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HMDA, Fair Lending Interagency Webinar Set for Nov. 16

WASHINGTON – The Home Mortgage Disclosure Act (HMDA) and other fair lending issues will be discussed by representatives from seven federal agencies, including the NCUA, during a live Webinar scheduled for Nov.16 at 2 p.m. There is no charge for the Webinar but registration is required.

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NCUA Webinar Will Discuss Benefits of Diversity for Credit Unions

Annual Diversity Self-Assessment Survey Now Under Way

ALEXANDRIA, Va. – Credit unions can learn about the many benefits of promoting diversity in their workforces and their membership on an upcoming webinar hosted by the National Credit Union Administration.

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NCUA Improves Appeals Process for Regulations and for Supervisory Actions

Share Insurance Fund Posts Quarterly Loss Due to Increased Loss Provisions

ALEXANDRIA, Va. – The NCUA Board held its eighth open meeting of 2017 Thursday and unanimously approved four items: a final rule enhancing due process and providing consistency with other federal financial institutions regulators in the supervisory appeals process; a final rule providing uniform, comprehensive procedures to govern the agency’s regulatory appeals process; a proposed rule to reduce regulatory burdens by removing some of the capital planning and stress testing requirements currently applicable to federally insured credit unions with assets of $10 billion or greater; and a request for information to be published in the Federal Register on standardizing the loan, deposit, and investment information collected electronically during examinations.

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CFPB Updates HMDA Implementation Materials & 2018 FIG

To support implementation of the recently issued 2017 HMDA Final Rule, the Consumer Financial Protection Bureau (CFPB) has updated the chart on the Collection and Reporting of HMDA Information about Ethnicity and Race.

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CUNA, CU Industry Reps Present at NCUA Budget Briefing

ALEXANDRIA, Va. -- CUNA recognizes NCUA has made improvements to its budget process reflected in this year’s proposed budget, CUNA Vice President of Research and Policy Analysis Mike Schenk told the agency during its budget briefing Wednesday. Schenk, along with other credit union industry representatives, was among the presenters at NCUA’s briefing on its proposed 2018-2019 budget.

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Required Disaster Preparedness Planning for Credit Unions

After weeks of hurricanes, and now wildfires, it’s more important than ever for credit unions to be prepared for disasters. Federally insured credit unions are required to have disaster recovery and business resumption plans to address all types of disruptions.

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Final Appeals, SRC Rule on NCUA’s Oct. 19 Meeting Agenda

Final appeals and supervisory review committee (SRC) rules are part of NCUA’s board meeting agenda next week. The meeting will come a day after NCUA conducts a briefing on its 2018-2019 budget.

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NCUA Posts 2018–2019 Budget Proposal

Agency Accepting Comments and Budget Briefing Presentation Requests

ALEXANDRIA, Va. – The National Credit Union Administration’s 2018–2019 budget proposal is now available online, and the agency is accepting comments as well as requests to present at its Oct. 18 budget briefing.

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League Hosts Free Equifax Legal Ramifications Webinar, Archive Available to Members

The League hosted a free webinar this morning with attorney Michael DuPont who discussed credit unions’ legal rights, potential involvement in class actions suits, and unforeseen ramifications resulting from the Equifax breach. He also covered the impact credit unions can expect and discussed the option of taking legal action. An archived recording of the webinar can be access by NJCUL members here.

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CPFB Issues Interim Final, Proposed Mortgage Servicing Rules

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) issued an interim final rule Wednesday allowing flexibility to mortgage servicers about when they can communicate foreclosure options to borrowers who have requested communications cease. The interim final rule goes into effect Oct. 17.

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NCUA Publishes TCCUSF Closure, Ad Rule Proposal, Strategic Plan

ALEXANDRIA, Va. -- The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund, along with a proposed rule and the agency’s strategic plan, were published in the Federal Register Wednesday. The NCUA approved issuing the proposals, and closing the fund, at last week’s board meeting.

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MLA Credit Card Provisions Effective Today as Scheduled

WASHINGTON – The Department of Defense (DOD) has denied a request from CUNA and other organizations to delay the effective date of credit card provisions in the Military Lending Act (MLA), changes that are effective today, Oct. 3, 2017. CUNA wrote to the DOD in June asking for the delay due to lack of guidance, which they said creates compliance challenges that could result in less availability of credit to servicemembers and families.

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FFIEC Announces Availability of 2016 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 6,762 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA).

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NCUA Board Approves TCCUSF Merger, Refunds Start in 2018

The NCUA Board voted to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF), merge it with the Share Insurance Fund, and begin issuing refunds in 2018, according to documents available at the start of today’s board meeting.

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League InfoSight Announces ComplySight Enhancement, Complaint Management Capabilities Available at No Additional Cost

LANSING, Mich. League InfoSight, a collaborative effort of 15 credit union leagues/associations—including NJCUL—and the Credit Union National Association (CUNA), announced today that it has added the ability to log and manage complaints to ComplySight, its self-assessment tool credit unions can use to grade themselves on compliance with federal regulations.

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CFPB Issues Reg B Final Rule and Executive Summary

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) has issued a final rule to amend Regulation B to provide creditors flexibility in complying with Regulation B in order to facilitate compliance with Regulation C and transition to the 2016 URLA. To support implementation of the rule, the Bureau has issued an Executive Summary.

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CUNA to Host Post-Data Breach Webinar w/ FS-ISAC

CUNA will join CUNA Mutual Group and the Financial Services Information Sharing Center (FS-ISAC) for a webinar Thursday on mitigating fraud risk in the wake of the Equifax data breach. Registration is now available for the call, which is open to CUNA and CUNA Mutual Group members only and is scheduled for 1 p.m. (ET) Thursday.

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Compliance: 'Mailbox rule' for TRID timing requirements

CUNA's compliance staff receives a number of questions about the TILA-RESPA integrated disclosure (TRID) rule, leading to publication of a recent CompBlog post addressing means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms.

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New Form I-9 Takes Effect Today

WASHINGTON -- Employers must begin using the new Form I-9 starting today. Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the U.S. All employers must ensure proper completion of Form I-9 for each individual they hire for employment in the U.S. This includes citizens and non-citizens. The federal government released the new form on July 17, the second such update this year, according to the news Web site HR Dive.

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NCUA Sets Budget Briefing for Oct. 18

Draft Budget Available Week of Oct. 2; Deadline for Comments Oct. 27

ALEXANDRIA, Va. – The National Credit Union Administration will hold a public briefing on its proposed 2018–2019 budget on Wednesday, Oct. 18, from 2 p.m. to 4 p.m. Eastern in the agency’s boardroom in Alexandria, Virginia.

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Education Department Ends Pact with CFPB, Cites Improper Actions

WASHINGTON – The Education Department, in a recent letter to CFPB Director Richard Cordray, said the bureau violated terms of a partnership with the department regarding the sharing of federal student loan information and announced that the pact will be terminated.

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Deadline Approaching for CUs to File Claims in Home Depot Suit

Credit unions have until Sept. 14 to file a claim for payment under the settlement reached between plaintiffs and Home Depot in that data breach lawsuit. CUNA, as well as leagues and credit unions, are among the plaintiffs in the lawsuit, which stems from a 2014 data breach that compromised 56 million credit and debit cards.

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The Cost of Elder Financial Abuse Reported to Be 12 Times More Than Previously Believed

Over the past few years, a frequently cited estimate of the amount of money lost to elder financial abuse was $2.9 billion. This estimate included the caveat that the crime is largely underreported. A 2015 study by True Link reveals that elderly Americans lose $36.48 billion each year to financial abuse. This new study attempts to gather more of the unreported information and broaden the definition of elder abuse to include deceptive practices (even if technically legal).

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Why Bank Secrecy Act Reporting Matters

Credit union employees responsible for BSA compliance and reporting feel the burden of their work, but they don’t always see the connection to law enforcement actions. But BSA reporting does have real-world implications, according to FinCEN.

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The Final Countdown to Same-Day ACH: CUNA’s CompBlog Warns CUs Not to ‘Get Caught Flat Footed’

September 15 is almost upon us: the date of the second and most significant rollout of Same-Day ACH capabilities. If this comes as news to you, it’s safe to assume your credit union does not plan to originate Same-Day Debits for members in the early stages of its availability. This does not mean you’re able to sit on the sidelines as a spectator, however, CUNA’s latest CompBlog article points out.

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NCUA Grants $1.8M to Low-Income CUs

ALEXANDRIA, Va. – The NCUA awarded grants totaling more than $1.8 million to 251 low-income credit unions through the Community Development Revolving Loan Fund (CDRLF), the agency announced.

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CUNA Outlines way to Equitable, Proportional TCCUSF Refunds

CUNA followed up last week’s letter to NCUA on the closing of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) Tuesday with a letter on the agency’s proposal to update its share insurance rule in order to facilitate distribution of funds. Updating the rule addresses the only way allowed by the Federal Credit Union Act to distribute funds after closing the TCCUSF.

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CFPB Announces 2018 Reg. Z Thresholds

The Consumer Financial Protection Bureau (CFPB) announced 2018 thresholds applicable under Regulation Z last week. The bureau is required  to adjust on an annual basis certain thresholds under Regulation Z.

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Metsger: ‘We Will Carefully Weigh All Points of View’ on Stabilization Fund

Board Member Addresses NASCUS on Closure, Mergers Rule, Reorganization

SAN DIEGO, Ca. – National Credit Union Administration Board Member Rick Metsge reminded credit unions of the Sept. 5 deadline for submitting comments on the proposed plan to close the Temporary Corporate Credit Union Stabilization Fund and make a Share Insurance distribution in 2018, saying the agency “will carefully weigh all points of view.”

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CUNA Backs TCCUSF Closure Plan, Concerned with NOL Rise

CUNA fully supports NCUA’s proposed plan to close the Temporary Corporate Credit Union Stabilization Fund, merge its assets into the share insurance fund and repay credit unions a portion of stabilization fund premiums in 2018. CUNA is the only national trade association for credit unions advocating for refunds to begin in 2018.

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CFPB Temporarily Changes Mortgage Data Rule Reporting Threshold for Community Banks and Credit Unions

Final Rule Also Clarifies Certain Requirements to Help Companies Comply

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) today issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The Bureau has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending. 

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NCUA Honors Trump’s Order to Roll Back Regulation with ‘Sweeping Reg Reform Plan’

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) recently revealed “its sweeping regulatory reform plan” which aligns with President Donald Trump’s order to massively scale back government regulations. Trump’s executive order, released in January, asks that for every one new regulation issued, at least two prior regulations be identified for elimination.

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What You Need to Know About Demand Letters and UDAAP

In CUNA's latest Back to Basics blog post, Michael Christians discusses the deceptive prong of the Consumer Financial Protection Bureau's (CFPB) prohibition against unfair, deceptive and abusive acts and practices (UDAAP). Specifically, identifying language that may be included in your credit union's demand letters that likely won't pass the UDAAP smell test.

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NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the July 20, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website.

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Stabilization Fund Webinar Available Online

Comments on the Proposed Plan Due by Sept. 5
ALEXANDRIA, Va. — The National Credit Union Administration has now posted the Aug. 9 webinar covering its proposed plan to close the Temporary Corporate Credit Union Stabilization Fund.

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NCUA Seeks Comments on Sweeping Regulatory Reform Plan

Four-Year Plan Maps a “Significant and Comprehensive Relief Effort”
ALEXANDRIA, Va. – The National Credit Union Administration is asking credit union stakeholders to read and comment on a package of regulatory reforms recommended by an internal agency task force.

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DoD Reaffirms October 3rd MLA Effective Date for Credit Cards

Despite CUNA's ongoing advocacy efforts with the Department of Defense (DOD) to extend the Military Lending Act's (MLA) effective date for credit card accounts, DOD recently reaffirmed the October 3, 2017 effective date. 

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Final TRID Rule Analysis Available

WASHINGTON -- CUNA’s final rule analysis of the Consumer Financial Protection Bureau’s (CFPB) changes to the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule is now available. The bureau published the final rule in the Federal Register last week, making it effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.

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Back-2-Basics: ESIGN

The Electronic Signatures in Global and National Commerce Act of 2000 ("ESIGN") promotes the use of electronic signatures and records in commercial transactions by granting them the same legal validity and enforceability as paper records and handwritten signatures.

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CUNA Final Rule Analysis: TRID 2.0

CUNA Compliance is pleased to announce publication of its Final Rule Analysis ("FRA") which discusses the Consumer Financial Protection Bureau's ("CFPB") recently issued rule amending the Integrated Disclosure Rule ("TRID").

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CFPB Unveils Prototypes of "Know Before You Owe" Overdraft Disclosure Designed to Make Costs and Risks Easier to Understand

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) unveiled new Know Before You Owe overdraft disclosure prototypes designed to improve the model form that banks and credit unions already provide to consumers weighing overdraft coverage. The Bureau is currently testing four prototypes that each have a simple, one-page design aimed at making the costs and risks of opting in to overdraft coverage easier to understand and evaluate. People who frequently attempt to overdraw their checking accounts typically pay almost $450 more in fees if they opted in to debit card and ATM overdraft coverage, according to a new CFPB study published today. The study found that most of these frequent overdrafters are financially vulnerable, with lower daily balances and lower credit scores than people who do not overdraft as often.

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NCUA’s Final CDFI Qualification Round Runs Aug. 7 to Sept. 1

Streamlined Application Process Can Help Eligible Credit Unions

ALEXANDRIA, Va. – The National Credit Union Administration is hosting its third and final round for credit unions to qualify to use the streamlined application for certification as community development financial institutions.

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Shine a Spotlight on Elder Financial Abuse

Elder abuse affects an estimated five million victims annually, and financial exploitation is among the most common forms.

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Compliance Alert: Enforcement of Stricter Public Record Standards

Since July 1, the three nationwide consumer reporting companies (Equifax, Experian and TransUnion) began enforcing stricter standards on the public records they collect. As part of the previously announced National Consumer Assistance Plan (NCAP), the credit bureaus have developed “enhanced” public record data standards for the collection and timely updating of civil judgments and tax liens.

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View MBL Guidance as a ‘Road Map’

As NCUA begins carrying out examinations under the revised member business lending (MBL) rule, credit unions need to ensure their lending operations meet all of the rule's criteria.

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The Importance of Applying Software Updates, AKA Patches, and Enabling Automatic Updates

What are patches? A “patch” is a fix, or an update to software. Most software vendors release updates to patch or fix vulnerabilities, flaws, and weaknesses also known as bugs in their software. Because intruders can exploit these bugs to attack your computer, keeping your software updated is important to prevent infection.

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NCUA Board Re-Schedules September Meetings

ALEXANDRIA, Va. – The National Credit Union Administration Board has re-scheduled its September open and closed meetings to Thursday, Sept. 28, beginning at 10 a.m. Eastern.

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NCUA Board Proposes Closing Stabilization Fund and Providing a Distribution in 2018

ALEXANDRIA, Va. – The NCUA board Thursday unanimously approved a request for comment on a proposed plan to close the Temporary Corporate Credit Union Stabilization Fund this year, 4 years ahead of schedule. The proposed plan would provide credit unions with a National Credit Union Share Insurance Fund distribution in 2018, estimated to be between $600 million and $800 million.

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June 2017 NCUA Board Meeting Video Available

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

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Additional Resources Have Been Posted to the CFPB’s Home Mortgage Disclosure Act (HMDA) Resources for HMDA Filers Web Page

The Resources for HMDA Filers Web page of the Consumer Financial Protection Bureau’s site has been updated with additional resources. Modifications have been made to the Technology Preview, Filing Instructions Guide for data collected in 2017, Filing Instructions Guide for data collected in or after 2018, and Frequently Asked Questions (FAQs).

These materials are also accessible from the FFIEC website.

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PowerComment is Moving!

PowerComment, the easy to use online tool that allows you to comment on new or proposed regulation, is moving from CUNA, returning to the California and Nevada Credit Union Leagues.  Never fear, you will still be able to use PowerComment, however, you will no longer have to use your CUNA login. However, you will be required to create a new PowerComment login. As always, feel free to contact NJCUL’s VP of Compliance and Regulatory Affairs, Nicola Foggie, first for help navigating the latest in proposed regulations or changes to state and federal laws, as well as help in writing and submitting a comment letter at nfoggie@njcul.org or call 1-800-792-8861, ext. 112.  Commenting on new or changed regulation is the best way to allow your voice to be heard! 

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NCUA Chairman McWatters Asks CFPB Director Cordray to Exempt Largest Credit Unions from CFPB’s Examination and Enforcement Authority

Letter Stresses Cooperation to Ease Burdens on Credit Unions

ALEXANDRIA, Va. – National Credit Union Administration Chairman J. Mark McWatters wrote Consumer Financial Protection Bureau Director Richard Cordray to request CFPB provide a conditional exemption for credit unions with assets of more than $10 billion from its examination and enforcement authority.

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CFPB Files Complaints Against Two Credit Repair Companies

WASHINGTON – The CFPB filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. The Bureau alleges that the companies not only charged illegal advance fees for credit repair services, but also misrepresented their ability to repair consumers’ credit scores.

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CFPB Releases State-Level Snapshot of Consumer Complaints

Report Provides National and State-by-State Overviews of the Complaints Submitted to the Bureau

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans. The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB’s complaint process. Overall, the Bureau has received over 1,218,600 complaints as of June 1, 2017.

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McWatters Named NCUA Chairman

ALEXANDRIA, Va. – President Donald J. Trump has designated Acting National Credit Union Administration (NCUA) Board Chairman J. Mark McWatters as the tenth Chairman of the NCUA Board, effective June 23.

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NCUA June Meeting Summary

NCUA's agenda for the June meeting consisted of three final rules, a proposed rule, a request for comment, and a board briefing.

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CUNA Analysis of FHLB Change Starting July 5

With privately insured credit unions that meet certain requirements eligible to join the Federal Home Loan Bank (FHLB) program starting July 5, CUNA has developed a final rule analysis with an overview of new requirements.

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CUNA Analysis of FHLB Change Starting July 5

With privately insured credit unions that meet certain requirements eligible to join the Federal Home Loan Bank (FHLB) program starting July 5, CUNA has developed a final rule analysis with an overview of new requirements. The FHLB program serves as a low-cost source of liquidity for financial institutions.

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CUNA Outlines Recent Changes to CUNA's MAPR Calculator

If you have visited CUNA's MAPR calculators recently, you might have noticed a few changes. CUNA currently offers a Closed-End Loan calculator with a Known Monthly Payment and an Open-End Loan calculator.

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Scam Alert: The FTC Doesn’t Need Your Bank Info

Some people have gotten an email that claims to be from Maureen Ohlhausen, the FTC’s Acting Chairman. But it’s not. The email asks you to give your bank account information – so, it says, you can get money from the government’s settlement with Western Union. The email is a scam to steal your financial information.

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NCUA Releases New Call Report Form, Instructions

ALEXANDRIA, Va. – NCUA has released its new call report form and accompanying instructions, which become effective Sept. 30. For credit unions engaged in commercial lending, most notable are the updates reflecting the January 2017 changes to the member business lending (MBL) rule.

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CUNA CompBlog: Federal Reserve Raises Federal Funds Interest Rates

On Wednesday June 14, 2017, the Federal Open Market Committee (FOMC), which sets monetary policy for the federal Reserve, announced it would raise interest rates by a quarter point (0.25%) due to increasing concern over tight labor markets and the related risk of rising inflation pressures, bringing the target range to 1.00% to 1.25%.

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CUNA’s CompBlog Dicusses Escrow Account Shortages and Deficiencies

In this installment of the CUNA CompBlog Back to Basics series, CUNA discusses a credit union's available options for handing escrow account shortages and deficiencies under the Real Estate Settlement and Procedures Act (RESPA). An escrow shortage or deficiency occurs when there is not enough money in the escrow account to cover the monthly payment. This can happen for a variety of reasons, but one of the most common reasons is an increase in property taxes, usually the result of the borrower's property assessment going up. So what should a credit union do when an increased tax or insurance bill comes in and the account does not have sufficient funds to cover the payment.

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NCUA Board Re-Schedules June Meetings

ALEXANDRIA, Va. – The National Credit Union Administration Board has re-scheduled its June open and closed meetings.

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McWatters Discusses Goals for Change

NCUA Working to Provide Regulatory Relief, Close Stabilization Fund

WASHINGTON – Credit unions can expect more regulatory relief and streamlined operations from the National Credit Union Administration in the future, Acting Board Chairman J. Mark McWatters said recently.

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Register Now for NCUA’s Upcoming CDRLF Grant Webinar

Interested in applying for a NCUA grant this year? Staff from NCUA’s Office of Small Credit Union Initiatives will discuss what’s new and improved for the 2017 Community Development Revolving Loan Fund grant program during a 90-minute webinar on Wednesday, June 14th at 2:00 p.m. Eastern.

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FinCEN to Update Currency Transaction Report

In August of 2017, the Currency Transaction Report (CTR) available on the BSA E-Filing System will be updated to adhere to the changes defined in Federal Register notice posted on February 20th , 2016. New or updated data fields will be added to the online discrete CTR as well as the CTR batch files. The new or updated data fields are...

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FinCEN Changes to CTR Start in August

The Currency Transaction Report (CTR) available on the Bank Secrecy Act (BSA) e-filing system will be updated in August, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced last week. These changes are defined in a Federal Register notice published by FinCEN in February.

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NCUA Issues Second Quarter Newsletter

Read the latest issue of The NCUA Report

ALEXANDRIA, Va. – The National Credit Union Administration released today the second quarter edition of its newsletter.

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NCUA Board Proposes Rules on Mergers, Appeals

Stabilization Fund Reports Continued Positive Net Position

ALEXANDRIA, Va. – The National Credit Union Administration Board held its fourth open meeting of 2017 at the agency’s headquarters last week and unanimously approved three items...

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Compliance: Safe Harbors for Federal Benefit Garnishment

CUNA’s compliance staff was recently asked about a garnishment order for a member’s account that receives federal benefits. The credit union performed a 2-month account review, which determined the member did not have enough “unprotected funds” to honor the garnishment order, and the member contacted the credit union to request the order be paid in full using those funds.

Can the credit union do this?

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Second CDFI Streamlined Certification Invitation Round Closes May 26

Federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by NCUA and the Community Development Financial Institutions Fund. The second round of NCUA’s program closes May 26.

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NCUA: Be Sure Your Cyber Defenses are Ready

ALEXANDRIA, Va. – In the wake of the “WannaCry” global ransomware attack, the National Credit Union Administration (NCUA) reminds federally insured credit unions to verify they have effective controls in place to prevent similar attacks.

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April 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the April 20, 2017, open meeting of the National Credit Union Administration (NCUA) Board is now available on the agency’s Web site.

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A Look at the SCRA’s 6% Interest Rate Cap

The Servicemembers Civil Relief Act (SCRA) is designed to protect individuals on full-time active military duty who have been materially affected by their service. A recent CUNA CompBlog back-to-basics post examines one significant aspect of the SCRA: the 6% interest rate limit.

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Federation Hosting Live Webinar Demo of FFIEC Risk Assessment Tool May 23rd

Join the National Federation of Community Development Credit Unions (Federation) on May 23rd for a live demo of the FFIEC Cybersecurity Assessment Tool, developed by the Federal Financial Institutions Examination Council (FFIEC) to help institutions identify their risks and determine their cybersecurity preparedness. 

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Collateral, LTV, Guarantees in New MBL Rule

ALEXANDRIA, Va. – NCUA’s member business lending (MBL) rule has been in effect for more than five months now, and credit unions are still working on implementing the rule’s changes.

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NCUA Settles Two MBS Suits, Recoveries Hit $5.1 Billion

ALEXANDRIA, Va. – NCUA announced two large legal recoveries this week from claims relating to mortgage-backed securities: $445 million from UBS and $400 million from Credit Suisse. The recoveries stem from claims arising from losses related to purchases of securities by corporate credit unions.

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Comments on Alternative Capital Proposal Due May 9

ALEXANDRIA, Va. – The NCUA Board is considering changes to the existing secondary capital regulation and whether to authorize federally insured credit unions to issue supplemental capital instruments that would only count toward a credit union’s risk-based net worth requirement. Comments on the advance notice of proposed rulemaking are due May 9.

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NCUA Issues Updated Guidance on Compliance Risk Indicators

ALEXANDRIA, Va. – NCUA has recently provided its examiners with guidance on the updated list of compliance risk indicators that are part of NCUA’s Risk-focused Examination Program. The updated list of indicators does not impose any new or higher supervisory expectations for credit unions.

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CFPB Sues Online Lenders Over Debt Collection

WASHINGTON – The CFPB has filed suit against four online lenders for allegedly collecting debts they were not legally owed. The CFPB said the action fell under the Dodd-Frank Act's prohibition against unfair, deceptive or abusive acts and practices (UDAAP) and that the companies violated the Truth in Lending Act. 

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McWatters: CUs Have Until Next April 1 to Comply With Prepaids Rule

 NCUA Acting Chairman J. Mark McWatters told federally-insured credit unions in a letter that compliance with the CFPB's prepaid accounts rule will begin on April 1, 2018, in light of the bureau's recent delay of the rule's effective compliance date.

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Fraud Alert: Members Romanced Into Providing Login Credentials and Money

Romance and dating scams continue to victimize credit union members nationwide. Fraudsters ultimately convince them to provide account login credentials. These scammers then login to the account and use ACH debits or enroll for mobile remote deposit capture to deposit fraudulent checks. The members subsequently transfer the funds to the scammer before the ACH debits or checks are returned. Read the full alert here. 

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Availability of Oral Disclosures Under the DoD's MLA Rule

The MLA requires a statement of the MAPR and a clear description of the covered borrower’s payment obligation to be provided to the covered borrower orally. Creditors may satisfy this requirement by providing the information to the covered borrow in person at a face-to-face meeting or through a toll-free telephone number. 

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Trade Associations Back Consumer Protections in PACE Loans

Twenty-eight trade associations lodged strong support for legislation that would bring financing for Property Assessed Clean Energy (PACE) loans under the same Truth in Lending Act consumer protections required of other mortgage products. The "Protecting Americans from Credit Entanglements Act of 2017" (S. 838/H.R. 1958) would require federal TILA-rooted requirements and considerations for PACE loans – including the CFPB's ability-to-repay and qualified mortgage rules, among other standards. PACE loans enable mortgage borrowers to finance environmentally friendly home upgrades, such as solar panels and energy efficient appliances.

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Court Denies CFPB Subpoena in For-Profit College Probe

The U.S. Court of Appeals for the District of Columbia Circuit on Friday upheld a lower court decision to deny the CFPB's attempt to subpoena information from the Accrediting Council for Independent Colleges and Schools, an organization that accredits for-profit colleges. The bureau's subpoena is the latest in a pattern of interest on the bureau's part in the for-profit college industry.

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Phase 2 of Same-Day ACH Coming Sept. 15

The second phase of same day automated clearing house (ACH) roll-out has a Sept. 15th effective date, and NACHA- The Electronic Payments Association has released a list of recommended action items to be performed before that date. All financial institutions must be prepared to receive same-day ACH debits by Sept. 15th, even if not originating them. NACHA emphasizes that “even those not planning to use same-day processing for ACH debits should take reasonable care to prevent unintentional same-day ACH debits." Other action items include:

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Supreme Court Hears Debt Collection Case

The Supreme Court heard arguments in a case brought under the Fair Debt Collection Practices Act that could, depending on how the court decides, affect financial institutions' debt collection activities. The case originated from a suit brought by auto loan borrowers against Santander Consumer USA. Its central question is whether Santander should be regulated as a debt collector after it purchased auto loan debts the borrowers had owed to CitiFinancial. 

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Comments on Alternative Capital Proposal Due May 9th

The NCUA Board is considering changes to the existing secondary capital regulation and whether to authorize federally insured credit unions to issue supplemental capital instruments that would only count toward a credit union’s risk-based net worth requirement. Comments on the advance notice of proposed rule-making are due May 9. 

Questions? Contact NJCUL's Vice President, Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org. 

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CUNA TO PREPARE UPDATED STUDY ON REGULATORY BURDEN COST

WASHINGTON -- CUNA seeks to update its groundbreaking study on the costs of regulatory burden this year, and will begin reaching out to credit unions in the coming weeks, CUNA Chief Policy Officer Bill Hampel said Monday. CUNA’s study, conducted by Cornerstone Advisors, found that in 2014 alone, regulatory burden cost credit unions $7.2 billion.

“It’s been a few years, and the data isn’t exactly stale as these things go,” Hampel said. “It would be nice to check in and see what the numbers are, to see whether the cost has gone up.”

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Back 2 Basics: 5 Steps to Follow When You Receive a Garnishment Notice

1. Determine whether a “Right to Garnish Federal Benefits” is Attached - Prior to taking any other action related to a garnishment order, and no later than two business days after receiving the order, a credit union must review the order to determine if the United States or a State child support enforcement agency has attached or included a Notice of Right to Garnish Federal Benefits. If such a notice is attached or included with the garnishment order, then the credit union must

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CFPB Issues HMDA Proposal, Initial Analysis Favorable

The CFPB issued a proposal designed to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. Initial analysis suggests the changes will be favorable for credit unions, and CUNA will continue to examine the proposal for potential unintended consequences. The proposal would clarify information financial institutions are required to collect and report about mortgage lending. Specifically, it contains a number of clarifications, technical corrections and minor

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New CUNA Compliance Resource! HMDA Data Collection Flow Chart

As you know, in October 2015, the CFPB finalized amendments to the Home Mortgage Disclosure Act (“HMDA”). Among these were modifications to the government monitoring information (“GMI”) data collection requirements found in Appendix B to Reg C. In summary, Appendix B now contains very specific instructions on how a credit union must collect and report GMI about a HMDA reportable transaction. This includes procedures for both face-to-face as well as telephone, mail and online

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CUNA CompBlog: The IRS Issues New FATCA FAQs

The IRS has published a new list of FATCA related FAQs. Like previous FAQs, most will not apply to U.S. credit unions. The following is an example of a Q&A that some of you may be interested in: 

"Are U.S. Financial Institutions (USFIs) required to register under FATCA? If so, under what circumstances would a USFI register? Does it matter whether the USFI has a branch in an IGA jurisdiction?

A USFI is generally not required to register under FATCA, regardless of whether it maintains a foreign branch.  However, a USFI must register if the USFI chooses to become a Lead FI and/or a Sponsoring Entity, or if the USFI seeks to maintain QI status with respect to one or more of its foreign branches. Also, a USFI with a foreign branch that is a reporting Model 1 FFI must register (and identify each such branch when registering).

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NCUA Warns of Fake Check Scams

​Consumers Should Be Vigilant and Avoid Depositing Checks from Unknown Parties

ALEXANDRIA, Va. – Consumers should be on the lookout for fake check scams, the National Credit Union Administration warned after receiving numerous inquiries from consumers.

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NCUA Schedules Special Closed Board Meeting

ALEXANDRIA, Va. – The National Credit Union Administration Board has scheduled a special closed meeting for Wednesday, April 12, 2017, beginning at 1 p.m.

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InfoSight Highlight: FFIEC Cybersecurity Assessment Tool

The Assessment consists of two main components; the Inherent Risk Profile and the Cybersecurity Maturity. The Inherent Risk Profile helps the institution understand how their products and services contribute to the institution’s overall inherent risk and whether specific categories pose more risk than others. The Cybersecurity Maturity component contains assessment factors and individual declarative statements across five main domains to identify specific controls and practices. While management can determine the institution’s maturity level in each area, the Assessment is not designed to identify an overall cyber security maturity level.

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CUNA CompBlog: CFPB Proposes Amendments to the Regulation B Data Collection Requirements

On March 24th, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule to amend the monitoring information data collection requirements found in Sections 1002.5 and 1002.13 of Regulation B ("ECOA"). The primary purpose of the proposal is to better align the data collection requirements of ECOA with the previously amended data collection requirements of Regulation C ("HMDA").  

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NCUA Letter to Credit Unions: Risk-Focused Examinations and Compliance Risk

NCUA developed a Supervisory Letter to provide examiners with guidance about the updated list of compliance risk indicators that are part of NCUA’s Risk-Focused Examination (RFE) Program. The updated list of indicators does not impose any new or higher supervisory expectations for credit unions. The updates to the indicators will take effect on March 31, 2017.

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CUNA CompBlog: Got Cybersecurity? It's a Supervisory Priority!

When NCUA issued its list of supervisory priorities for 2017, it wasn't a surprise that cybersecurity was on the list as it's been a key priority for the last few years. No doubt you're familiar with the FFIEC's tool that is used as self-assessment to gauge the level of cybersecurity risk and the processes and procedures your credit union has in place to mitigate those risks.  Does your incident response plan cover all the bases (IT, Legal, Marketing and Communications areas) so that your credit union can weather the ugliness of a breach when it happens?

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CUNA Compblog: Floor Rates for Variable-Rate Open-End Loans

MADISON, Wis. – CUNA’s compliance staff went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.

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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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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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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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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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