Changes to the HMDA Act: What Do You Need to Know?
By: Nicola L. Foggie, CUCE, BSACS, NJCUL Vice President, Compliance & Regulatory Affairs

Compliance & Regulatory
Would You Want to Live in a Risk-Free Society?
By: David Frankil, NJCUL President/CEO

The question we face as individuals is the same we face as leaders of financial institutions – how much risk are we willing to accept, and how do we manage it.  But to re-state the obvious, without risk, there is no return....

Compliance & Regulatory
Court Dismisses Bankers’ Frivolous MBL Lawsuit
By: Nicola Foggie, NJCUL Vice President, Compliance and Regulatory Affairs

Yesterday, the NCUA and credit unions won a huge victory! U.S. District Court Judge James Cacheris dismissed a lawsuit brought by the Independent Community Bankers of America (ICBA) against the National Credit Union Administration (NCUA), this past September. The Banker’s suit against the agency challenged NCUA’s 2016 member business lending rule (MBL). The American Bankers Association supported the ICBA litigation that challenged the MBL rule and amendments that changed the statutory MBL cap, including making it easier to exclude nonmember loans from the cap calculation. According to the court’s opinion, the lawsuit was dismissed based on ICBA’s lack of standing and timeliness. In his opinion, Judge Cacheris stated that even if the ICBA had established standing and timeliness, the court said it still would have found that the rules satisfied the requirements established by the Administrative Procedures Act and existing case law.

Compliance & Regulatory
Did You Know that NJCUL was Founded in 77 BC?
By: David Frankil, NJCUL President/CEO

That would be “Before CFPB.”

And odds are that your credit union was also born in the BC era.

Few new financial services regulatory agencies have had the fast start and wide-ranging impact of the Consumer Financial Protection Bureau (CFPB). For anyone charged with tracking and complying with their rules, the last five years probably seem like dog years.

This all came to mind this week with the Wells Fargo debacle, and the role that the CFPB played in bringing those practices to light and to an end. The CFPB vision and values statements provide the foundation upon which they acted – but what is most interesting is how consistent they are with what you’d see at a credit union:

Compliance & Regulatory