Articles

NJCUL 2019 AWARDS

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Checkout our InfoSight Highlight: Board of Director Liability

A credit union director (or officer) is referred to as a fiduciary by law. This means a director holds a position of trust. A director has an affirmative duty to care for the property of others and can be held liable for failing to perform that duty. Because the members of a credit union are too numerous to handle any but the most basic decisions for the credit union, the law provides for them to elect directors/fiduciaries to act on their behalf.

Welcome to the New NJCUL InfoSight!

The New Jersey Credit Union League is excited to announce the launch of our newly redesigned InfoSight!!  Our goal with the new website is to create a more interactive and user-friendly experience for our member credit unions. The design is more modern, streamlined, and much easier to navigate.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

 

 

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

See Your Name in Lights!

If you or a colleague are celebrating 25 years or more in the credit union industry, we want to celebrate with you during our Annual Convention!

Reminder: Delegate Registration Forms are Due Sept. 2

New Jersey Credit Union League (NJCUL) member credit unions have until Monday, September 2nd, close of business, to select their delegate representative. It is once again time to elect those who will represent credit unions from across the state as members of the NJCUL Board of Directors. Pursuant to the NJCUL Board of Directors Nomination and Election Rules we issued the call for nominations July 30, 2019.

CUNA: The BSA today What are Compliance Experts Saying?

Today, CUNA wrote how the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws can sometimes be a double-edged sword.  The Association’s article went on to say how on one hand, the laws intended purpose—to prevent serious crimes including fraud, money laundering and even human trafficking, is critical. On the other, with regulatory scrutiny falling even on credit unions unwittingly connected with these activities, it can sometimes feel like your organization might take the fall for something you couldn’t prevent.

N.H. Supreme Court Dismisses Defamation Lawsuit Brought by Patent Troll

Yesterday, Keith Leggett wrote in his Credit Union Watch that in a unanimous decision, the New Hampshire Supreme Court on August 16 upheld a lower court ruling that dismissed defamation claims brought by a patent assertion entity against the American Bankers Association (ABA), the Credit Union National Association (CUNA) and other defendants who labeled the company and its operator a “patent troll.”

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

NJ Named One of Least Friendly States

According to a Big 7 Travel survey released this week, New Jersey ranks 46th when it comes to friendliness. So how does the home to HBO’s series “The Sopranos” stack up against its neighbors? “Fuhgeddaboudit.” New Jersey came in just four spots higher than New York, which ranked dead last, and two spots higher than Delaware which ranked 48th. Pennsylvania, home to the City of Brotherly Love, ranked 18th besting the Garden State by 28 spots. 

Former Intern Wants to Unseat Her Old Boss, Rep. Smith

A former intern for Rep. Chris Smith (R-4) is expected to announce her candidacy for the Democratic nomination to challenge him next year in his bid to win a 21st term. The “dean” of New Jersey’s congressional delegation, Smith is also the delegation’s lone Republican after Democrats captured four additional House seats in last year’s mid-term elections.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019
10 am to 3:15 pm
NJCUL Education Center and via Zoom

 

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

DESIGNING FOR CHANGE: A PRACTICAL GUIDE TO BRANCH TRANSFORMATION

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

Welcome to the New NJCUL InfoSight!

The New Jersey Credit Union League is excited to announce the launch of our newly redesigned InfoSight!  Our goal with the new website is to create a more interactive and user-friendly experience for our member credit unions. The design is more modern, streamlined, and much easier to navigate.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

CFPB Appoints Private Education Loan Ombudsman

The Consumer Financial Protection Bureau (CFPB) announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. Mr. Cameron is a Colonel and Staff Judge Advocate for the Pennsylvania Army National Guard. He has served in the United States Army for 29 years. Mr. Cameron also joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts.

FOMC’s Annual Retreat This Week

The Federal Reserve's monetary policy-setting body, the Federal Open Market Committee (FOMC), is scheduled to meet this week for its annual retreat. The FOMC will meet Thursday through Saturday in Jackson Hole, WY.

Democratic Councilman to Seek GOP Nomination to Challenge Rep. Watson Coleman in CD12

Old Bridge Democratic Councilman Mark Razzoli announced Friday he has decided to run for Congress as a Republican, a decision that was “not made in haste, but a necessary one for anyone with a conscience” said Razzoli. “The Democratic Party that I knew has abandoned the American way of life, rule of law, and common sense, in favor of exaggerated, socialist ideology”, he added.

State’s Unemployment Rate Falls to 3.3 Percent in July, Below National Rate

New Jersey’s unemployment rate, which set a record low of 3.5 percent for June, fell another 0.2 percentage point in July to 3.3 percent, the lowest monthly rate since statewide records began in 1976 and 0.4 percentage point below the national rate of 3.7 percent, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics. Employment levels were essentially unchanged over the month, as total nonfarm wage and salary employment in the state decreased by 500 in July to a seasonally adjusted level of 4,202,000.

Will Seth Grossman Pursue a Rematch in CD2?

With a few of the state’s 2020 congressional races beginning to take some shape, many have their eye on the outspoken and controversial Seth Grossman wondering whether the 2018 Republican nominee in the 2nd Congressional District will pursue the party’s 2020 nomination to challenge Rep. Jeff Van Drew’s (D-2) bid for a second term. 

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

CFPB: Equifax Settlement Steps You Can Take

Last month, the Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC), and 48 states, the District of Columbia, and Puerto Rico announced a global settlement with Equifax over its 2017 data breach. The settlement provides a way to submit claims for services and for compensation to approximately 147 million people whose data were impacted.

CFPB: Equifax Settlement Steps You Can Take

Last month, the Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC), and 48 states, the District of Columbia, and Puerto Rico announced a global settlement with Equifax over its 2017 data breach. The settlement provides a way to submit claims for services and for compensation to approximately 147 million people whose data were impacted.

If you are hearing from your members or employees that they have been impacted, learn more how they can find out if they are eligible and about the benefits they may be entitled to. 

Claims may be submitted online or by mail, and a telephone help system is available.

Benefits include compensation for money lost as a result of the breach, compensation for time and money spent working through issues as a result of the breach, free credit monitoring, free credit reports over a period of years, and identity restoration services.

Read more information and check whether you were impacted by the breach.

NJCUL’s League InfoSight: Business Continuity Planning

Has your compliance department planned for worst-case scenarios? With all of your daily responsibilities and trying to keep on top of current regulatory changes, planning for potential problems may be on the backburner. However, this year’s extensive flooding across the Midwest demonstrates the need to prioritize preparation for unfavorable situations.  Make sure you’re compliant with the Business Continuity Planning information! 

Designing for Change: A Practical Guide to Branch Transformation

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

See Your Name in Lights!

If you or a colleague are celebrating 25 years or more in the credit union industry, we want to celebrate with you during our Annual Convention!

NY Fed Releases Quarterly Report on Household Debt

The Federal Reserve Bank of New York Center for Microeconomic Data’s Quarterly Report on Household Debt and Credit for 2Q 2019 released Tuesday showed total household debt reached a new high of $13.86 trillion – $1.2 trillion (in nominal terms) more than the previous peak reached in the third quarter of 2008.

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

NJCUL 2019 AWARDS

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Rep. Gottheimer Visits 1st Bergen FCU to Announce Legislation to Help Jersey Families Check and Boost Credit

Congressman Josh Gottheimer (NJ-5) Tuesday announced two bipartisan bills to fix two significant pillars of our credit system that are in dire need of an upgrade: how credit scores are calculated and how our credit is reported. Gottheimer’s Accurate Access to Credit Information Act will create a single, easy-to-use portal providing free access to a credit score and all three major credit bureau reports, with the ability to identify errors and initiate disputes, lift security freezes, and information on who has accessed your report over the prior two years.

June CU Membership Growth Doubles from May

Credit union membership growth in June doubled compared to May, as year-over-year membership growth hit 3.51% in June, according to CUNA’s Monthly Credit Union Estimates for June. Monthly credit union loan growth increased by 0.68% in June, the slowest June since 2012, and as is the norm, second quarter loan growth (1.76%) was higher than first quarter growth (0.43%).

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and Register via Zoom 


With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

CUNA, Ohio League Attend Arguments in Appellate-level ADA Case

CUNA, along with the Ohio Credit Union League, attended Thursday’s arguments before a three-judge panel of the U.S. Court of Appeals for the Sixth Circuit in Cincinnati. The cases are Brintley v. Aeroquip CU and Brintley v. Belle River Community Credit Union, two Michigan-based credit unions hit with frivolous lawsuits claiming website noncompliance with the Americans with Disabilities Act (ADA).

ComplySight Custom Reports are Here!

We have recently released a big enhancement which allows our clients to view the exact information they want to see! Custom reports can be saved, copied and shared with other staff members! Specific instructions will be communicated soon, but the ability to create custom reports is available now!

Bureau reopens comment period on HMDA rule amendments

The CFPB has published a notice [84 FR 37804] reopening the comment period for the proposed rule published May 13, 2019, at 84 FR 20972, but only with respect to the proposed changes relating to the permanent coverage thresholds for closed-end mortgage loans and open-end lines of credit in §§ 1003.2(g)(1)(v) and (g)(2)(ii) and 1003.3(c)(11) and (c)(12) and related commentary. Comments must be received by October 15, 2019.

Three Regulations CU Collectors Should Keep an Eye On

Creditunion.com wrote an article about three regulatory policies its collections team ought to know whether internal or outsourced. Credit union collections can oftentimes be a thankless task.  But if you outsource, no credit union wants to be at reputational risk if the member files a complaint because of a lack of training of the outsourced collections personnel, you could ultimately be held liable.

See Your Name in Lights!

Name in Lights Flyer

Meet us on the Boardwalk!  Registration is OPEN for the 85th NJCUL Annual Convention and Meeting, at the brand-new Hard Rock Hotel & Casino in Atlantic City. Click HERE for more info and to register.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properlyWith cyber attacks increasing, credit unions need to show that they're properlysafeguarding their members' information.

Rep. Smith Confirms He’ll Seek Re-Election

Rep. Chris Smith (R-4) told the New Jersey Globe this week that he will “enthusiastically” seek re-election to a 21st term in Congress next year. “I’ve never been more enthusiastic about a job in my life,” Smith said.  “I hope to have another decade here. I love it that much.”

“Wage Theft” Legislation Signed into Law

State legislation (S1790, now P.L.2019, c.212) intended to protect workers against wages theft was signed into law Tuesday by Lieutenant Governor Sheila Oliver. Oliver has been serving as acting governor while Governor Phil Murphy was vacationing in Italy. Gov. Murphy is expected to return to the Garden State this afternoon.

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

CMG Risk Alert Increased Off-Premise ATMs Currency Storage Attracts Criminals

ATMs now provide more cash-holding cassettes which increases the currency capacity. While this makes it easier for your credit union to ensure off-premise ATMs are operational with cash-on-hand, it also increases your risk exposure at those ATMs. To minimize risk, off-premise ATMs must not exceed $200,000 in cash storage and must be alarmed in a specific way.

DESIGNING FOR CHANGE: A PRACTICAL GUIDE TO BRANCH TRANSFORMATION

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

Do Your Data "Bytes” Have a Bad Aftertaste...

Data Bytes

By Rich Jones

We all know how important data is to our credit union. Let's face it; we are report addicted. We love our reports. We like to compare day to day, month to month, year to year, and peer to peer. Let's get real, we run two reports side by side and, oh the horrors; the numbers don't match the general ledger or the neighboring report. The math doesn't balance. The result is, we get many numbers to look at that we can't trust. So, we fall back on our gut, instincts, and intuition.

FinCEN Issues Statement on Risk-focused BSA/AML Supervision

Federal financial regulators, along with the Treasury’s Financial Crimes Enforcement Network (FinCEN), have issued a statement on risk-focused Bank Secrecy Act/Anti-Money Laundering (BSA/AML) supervision. The statement does not include any new requirements but is intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations.

NCUA Risk Alert: Business Email Compromise Fraud

Monday, the NCUA issued an alert that describes the increasing frequency of, and losses related to, business email compromise fraud schemes. Credit unions can take steps to prevent this type of fraud and should report such fraud, when it occurs, to the FBI’s Internet Crime Complaint Center. Credit unions that report incidents to the Internet Crime Complaint Center promptly increase their opportunity to recover funds that have been wired under fraudulent pretenses.

CFPB: New Proposed Rule Posted QMD

Friday, a new proposed regulation has been posted by the Consumer Financial Protection Bureau (CFPB) on the Qualified Mortgage Definition. With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for ‘‘qualified mortgages’’ obtain certain protections from liability.

CFPB: New Proposed Rule Posted QMD

Friday, a new proposed regulation has been posted by the Consumer Financial Protection Bureau (CFPB) on the Qualified Mortgage Definition. With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for ‘‘qualified mortgages’’ obtain certain protections from liability.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

DESIGNING FOR CHANGE: A PRACTICAL GUIDE TO BRANCH TRANSFORMATION

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

Adjusted Requirements for Cash-out Loans Announced by HUD, FHA, Ginnie Mae

The U.S. Department of Housing and Urban Development (HUD) Thursday announced joint policy actions designed to reduce risk associated with cash-out refinance lending. The changes are intended to preserve homeowners’ ability to convert home equity to cash via a government-sponsored mortgage but also improves the risk profile of HUD’s housing finance programs.

See Your Name in Lights!

If you or a colleague are celebrating 25 years or more in the credit union industry, we want to celebrate with you during our Annual Convention!

Fed Cuts Rates

As expected, the Federal Open Market Committee (FOMC) cut interest rates by 25 basis points Wednesday at the conclusion of its two-day monetary-policy setting meeting.

Senators Continue Push for ADA Website Clarity

A group of U.S. Senators followed up their September 2018 letter to the Department of Justice (DOJ) Wednesday, continuing to urge the agency to take action to promote clarity, compliance and accessibility regarding how the Americans with Disabilities Act (ADA) applies to websites. Credit unions around the country have faced lawsuits due to the uncertainty. CUNA and the state leagues have been strong advocates for a solution in the legal, regulatory and Congressional arenas.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

 

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

 

With cyber attacks increasing, credit unions need to show that they're properlyWith cyber attacks increasing, credit unions need to show that they're properlysafeguarding their members' information.Credit union membership is growing, with consumers looking to these nonprofit bankingoptions for better interest rates, lower fees, and less overhead than traditional, large,for-profit banking institutions.But, despite their smaller size and tighter margins compared to banks, credit unions stillface the same data and malware threats and require the same high level of security.

More Proposed Rulemaking News from CFPB

Wednesday, the CFPB issued an advance notice of proposed rulemaking for Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z).  With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any residential mortgage loan, and loans that meet Regulation Z's requirements for “qualified mortgages” obtain certain protections from liability. One category of qualified mortgages (QMs) is loans that are eligible for purchase or guarantee by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).

Account Opening for Nonprofit Organizations & Corporations

If your credit union is asked to open a variety of deposit accounts, there are specific documentation requirements for accounts established for donations, memorials, and various nonprofit organizations. What questions should be asked at account opening? What CIP documentation is required for BSA compliance? Are you complying with the beneficial ownership rules that became effective May 11, 2018? Corporations are "legal entity customers" and are covered by the rules.

CFBP Reopens Comment Period Letters Due Oct. 15

Wednesday, the Consumer Financial Protection Bureau (Bureau) announced that it is reopening the comment period for certain aspects of the May 2019 Notice of Proposed Rulemaking relating to Regulation C, which implements the Home Mortgage Disclosure Act. The Bureau’s proposal calls for increasing HMDA reporting thresholds for closed-end mortgages to 50 or 100 loans (up from the current 25) and extending the current temporary thresholds of 500 open-end lines of credit until Jan. 1, 2022.

PCUA FALL LEADERSHIP CONFERENCE IS ONE-OF-A-KIND

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

State Banker Associations Call for Increased CU Oversight in Joint Letter to Congress

A group of 51 state bankers associations sent a letter Wednesday to the leaders of the Senate Finance Committee and House Ways and Means Committee calling for a review of the credit union industry to determine whether it is living up to its statutory mission of serving people of “small means.” The group, representing all fifty states and the Commonwealth of Puerto Rico, also called for a thorough examination of the NCUA and its oversight of the credit union industry.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Department of Labor Form Should Exclude CU Data

CUNA recommends the Department of Labor (DOL) issue a final rule on financial reporting for labor organizations that exempts the reporting of information on labor-affiliated credit unions, it wrote Monday. CUNA’s letter is in response to a DOL proposal to amend a form submitted by labor organizations to file trust annual financial reports, as the proposal lists “credit unions” in the scope of labor organizations’ trusts.

Equifax Data Breach Settlement: How to Claim Your Benefits?

The Federal Trade Commission (FTC) has information that will help credit unions and their members file a claim to collect benefits under a settlement that the FTC and others reached with Equifax. It is estimated that roughly half the country is eligible to make a claim against the settlement.  Now, you can now find out if you were affected by the September 2017 breach and make your claim for benefits.

CMG: Negligent Entrustment: A Hidden Credit Union Business Risk

CUNA Mutual Group (CMG) found that negligent entrustment occurs when your credit union is found responsible for negligently providing another party (your employee) with a dangerous instrument and the entrusted party then causes property damage, injury, or death to a third party with that instrument. In recent years, this risk has increased significantly mainly due to distracted driving claims. The lawsuits can cost millions of dollars and cause reputational damages.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

DESIGNING FOR CHANGE: A PRACTICAL GUIDE TO BRANCH TRANSFORMATION

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

NCUA’s Todd Harper Visits With PA and NJ Credit Unions

Todd Harper 4 smallNew NCUA Board Member Todd Harper visited PCUA headquarters yesterday and is in Wilkes-Barre today. During the luncheon with credit union professionals from both Pennsylvania and New Jersey, Harper shared his priorities, philosophies, and answered questions from the credit union leaders. The Pennsylvania and New Jersey partnership are excited to bring these opportunities to their credit unions.

He opened with some of his own remarks. Harper relayed his ideas to the group on what a regulator should be by highlighting several words and phrases that make up the acronym FIRE, including: Fair and Forward-thinking; Inclusive and Independent; Risk-focused and Ready to Act; and Engaged and Efficient. He also added what he believes the focus on his service on the Board should entail. Harper’s priorities include capital and liquidity, cybersecurity, consumer protection, small credit unions, unserved and underserved people, and minority deposit credit unions.

At the conclusion of sharing his philosophies, he opened the floor up for questions. PCUA members in attendance asked many questions from regarding the difficulties credit unions have encountered in attempting to expand fields of membership to banking marijuana businesses. Before getting on the road to Northeast PA, Harper turned the tables and asked everyone a few questions of his own. Mainly, he wanted to hear their thoughts about what they see as their greatest opportunity for growth and asked for our credit unions’ thoughts about CUSOs expanding what they offer.

Pennsylvania was the fourth state Harper has visited since being confirmed to the NCUA Board. He has a strong history with the Commonwealth, previously serving on former Rep. Paul Kanjorski’s staff and lived in the Wilkes-Barre area.

Salary Inquiry Prohibition Signed into Law

State legislation (A1094) which will prevent an employer from asking about a job applicant’s wage and salary history was signed into law Thursday by Lieutenant Governor Sheila Oliver. Oliver is serving as acting governor while Governor Phil Murphy is on a two-week vacation in Italy.

MLA: A Look Back to Look Forward

The Military Lending Act’s (MLA) Compliance was required by October 3, 2016 for all open-end and closed-end loans not exempt from the final rule, except for credit card accounts which had a compliance date of October 3, 2017.

So what loans are covered by the MLA rule?

The MLA rule initially applied only to Payday Loans, Vehicle Title Loans and Tax Refund Anticipation Loans.

The Amended MLA Final Rule applies to consumer credit –which is credit offered or extended to a covered borrower primarily for personal, family. Or household purposes, and that is: subject to a finance charge; or is payable by a written agreement in more than four installments.

Final Rule Fidelity Bonds [Parts 704, 713]

The Board adopted a final rule on fidelity bonds under Part 704 for corporate credit unions and Part 713 for natural person credit unions. Specifically, the final rule:

  • Strengthens a board of directors’ oversight of a FICU’s fidelity bond coverage;
  • Ensures an adequate period to discover and file fidelity bond claims following a FICU’s liquidation;
  • Codifies a 2017 legal opinion that permits a natural person credit union’s fidelity bond to include coverage for certain CUSOs; and
  • Addresses Board approval of bond forms.
Robocall Bill Passes House with CUNA-suggested Changes

The US House of Representatives Wednesday passed the Stopping Bad Robocalls Act (H.R. 3375) by a vote of 429-3. The bill, which is the latest attempt by Congress to curtail fraudulent robocalls, had been amended in recent weeks to address concerns that CUNA raised that the legislation would limit credit unions’ ability to reach their members for legitimate business concerns.

Joint Statement on BSA/AML Supervision Issued

As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence, the federal bank regulatory agencies and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a joint statement as part of continuing efforts to improve transparency into their risk-focused approach to Bank Secrecy Act (BSA)/anti-money laundering (AML) supervision. The risk-focused approach enables federal agencies to better tailor examination plans and procedures based on the unique risk profile of each financial institution.

NCUA Proposed Rule: Allow FCUs to Leverage Nonmember Funding

The National Credit Union Administration (NCUA) has proposed a rule that will allow a federal credit union (FCU) to leverage funding sources other than member shares. These rules apply to federally insured state credit unions (FISCUs) by reference in §741.204. Currently, §701.32(b) of NCUA’s rules limits a FCU’s total public unit and non-member shares to the greater of 20% of total share or $3 million. An NCUA Regional Director may approve a waiver request to exceed the limits.

CMG: CUs Emerging Risks

Join CUNA Mutual Group’s Risk & Compliance Consultants to engage in a live, 90-minute, question and answer forum, Wednesday, August 14, 2:00 pm, EDT. Throughout this session, CMG will address questions that many of you have submitted in advance.

What the FTC Facebook Settlement Means for Consumers…And CUs

Credit unions that use Facebook as an additional tool in their communication toolbox to reach a broader swath of their membership and surrounding communities, might want to proceed with caution.  In the past, the National Credit Union Administration and other federal regulators have not provided close oversight to social media platforms, such as Facebook.  However, the next time users visit Facebook, things might not look different, but big changes are brewing behind the scenes.

SAFE Banking Act Would Negate Many Cannabis Safety Risks, CUNA Witness Tells Senate Banking Committee

Allowing legal cannabis-based businesses access to financial services is a public safety issue, noted Rachel Pross, representing the CUNA/League system before the Senate Banking Committee Tuesday. Pross, Chief Risk Officer at Maps CU, Salem, Ore., testified in support of legislation that would protect financial institutions that serve cannabis businesses in places where it is legal. 

PCUA FALL LEADERSHIP CONFERENCE IS ONE-OF-A-KIND

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

See Your Name in Lights!

If you or a colleague are celebrating 25 years or more in the credit union industry, we want to celebrate with you during our Annual Convention!

CUNA: Coming Up this Week in Washington

This week, CUNA reports that the House of Representatives may vote on a possible deal to raise the budget caps and the debt limit.  In addition, the House has scheduled votes on H.R. 397, the Rehabilitation for Multiemployer Pensions Act; H.R. 2203, the Homeland Security Improvement Act; and H.R. 3375, the Stopping Bad Robocalls Act. 

Cybersecurity Workshop Sept. 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom


With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

NJCUL Hosted CECL Workshop

On July 19, the league hosted a Current Expected Credit Loss - CECL Workshop.   Visible Equity sponsored the workshop with attendees from 9 credit unions. 

Jersey Shore FCU Announces Scholarship Winners

Jersey Shore FCU has announced the recipients of their various scholarship programs. The scholarships have been awarded to students who demonstrated outstanding academic performance, involvement in their community, and participation in sports or clubs, where many held leadership positions.

New NJEDA Program Looks to Support Small Business Growth Through CDFI Initiative

The New Jersey Economic Development Authority on Thursday announced a new pilot program aimed at making financing available to organizations that provide loans to micro-enterprises and other small businesses that are not yet able to qualify for traditional bank financing. The new program is “In support of Gov. Phil Murphy’s plan for building a stronger and fairer economy by better supporting small business.”

NCUA Chair Pens Op-Ed on Taxi Medallion Loans

NCUA Chairman Rodney Hood penned an op-ed in the New York Daily News discussing the challenges faced by borrowers, credit unions and NCUA due to recent changes in the taxi medallion market. "The turmoil in the city's taxi industry and the crisis drivers face as they struggle to pay loans secured by their taxi medallions is a matter of deep concern," Hood wrote.

CUNA, ABA Pen Op-Ed in Support for SAFE Banking Act, Nussle Comments in Forbes

Congress can stop the cannabis banking conundrum now, CUNA President/CEO Jim Nussle and American Bankers Association President/CEO Rob Nichols wrote in Fox Business Thursday. A credit union witness is scheduled to testify on CUNA's behalf before the Senate Banking Committee on the need for legal cannabis business to access financial services, and Nussle and Nichols outline why this is necessary in the op-ed.

Governor Murphy, Attorney General Grewal Sue IRS Over SALT Deduction Rule

Governor Phil Murphy and state Attorney General Gurbir Grewal announced Wednesday that the state has filed a lawsuit that seeks to strike down a new IRS rule that would prevent New Jersey residents from obtaining a full federal charitable deduction whenever they contribute to local governments and other qualifying institutions. The lawsuit aims to restore the state’s “SALT deduction work-around” which was designed to preserve the full federal income tax deductibility of state and local taxes.

Your Member has Passed Away and the Government Wants Their Money Back?!

Credit union personnel often first find out that a member has passed away when a close relative or the executor of the decedent’s estate is sitting at their member service representative’s desk.  It’s often an emotional, and at times, even a tearful encounter, for the relative and often for the credit union representative.  In the credit union world we often grow close to our members, so times like this it is often difficult for credit union staff to deal with both the emotional as well as the practical financial tasks that need to be accomplished.  One issue in particular, at the best of times, can be very confusing.  It is when a credit union member dies and you discover your member was receiving Federal government benefits into their credit union account through the Automated Clearing House (ACH).

CFPB Issues New Advisory for Reporting Elderly Exploitation

The Consumer Financial Protection Bureau (Bureau) issued an updated advisory this week to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation. The Bureau also recommended that financial institutions file Suspicious Activity Reports (SARs) with the federal government when they suspect elder financial exploitation (EFE).

FASB Moves Toward Delay of CECL Effective Date

Wednesday, the Financial Accounting Standards Board (FASB) discussed the issue of effective dates of several different standards as they apply to each type of reporting entity. All Board members agreed to add a project to FASB’s technical agenda to amend the effective dates for CECL, leases, and hedging. While the proposed changes will be subject to a 30-day comment period (once the official language is released), as it applies to credit unions, the plan would:

FinCEN Advisory on FATF List

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory [FIN-2019-A004] to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies and relevant actions by the U.S. Government. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. The advisory also reminds financial institutions of the status and obligations involving these jurisdictions.

CECL Roundtable, Friday, July 19 NJCUL Ed Center Free to NJ & PA Member Credit Unions

Join us for a visible Equity CECL Roundtable hosted by The New Jersey CU League to learn best practices for a successful CECL transition. Network with other executives in your area to better learn new allowance guidelines, implementation steps, regulatory impacts, and CECL stressors, as well as learn tips and tricks to help you be CECL-ready. Lunch will also be provided by Visible Equity.

NJCUL Hosts Annual Compliance Conference

The New Jersey Credit Union League hosted it’s 9th Annual Compliance Conference in Hightstown, NJ.  The conference was well attended with over forty credit union leaders, compliance stakeholders, speakers, and NJCUL staff.  Also, joining the conference were several Pennsylvania credit unions and Pennsylvania Credit Union Association staff.

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

CUNA Backs Efforts to Remedy Erroneous Call-Blocking

CUNA supports the addition of language to address erroneous call-blocking by the Federal Communications Commission, it wrote to leadership of the House Energy and Commerce Committee Tuesday. The committee will commence a markup of more than 20 bills Wednesday, including the Stopping Bad Robocalls Act (H.R. 3375), sponsored by committee Chair Frank Pallone (D-6).

CECL Roundtable, Friday, July 19 NJCUL Ed Center Free to NJ & PA Member Credit Unions

Join us for a visible Equity CECL Roundtable hosted by The New Jersey CU League to learn best practices for a successful CECL transition. Network with other executives in your area to better learn new allowance guidelines, implementation steps, regulatory impacts, and CECL stressors, as well as learn tips and tricks to help you be CECL-ready. Lunch will also be provided by Visible Equity.

Fannie Mae to Develop New Adjustable-Rate Mortgage Product

Fannie Mae currently offers several adjustable-rate mortgage (ARM) plans tied to the London Interbank Offered Rate (LIBOR) index. It has been widely communicated that the LIBOR index may no longer be available after 2021 so Fannie Mae is set to develop an adjustable-rate mortgage (ARM) product that will be indexed to the Secured Overnight Financing Rate (SOFR).

CUs Achieve Appellate-Level Win in Frivolous ADA Lawsuit

The U.S. Court of Appeals for the Seventh Circuit ruled in favor of a credit union facing a frivolous lawsuit claiming violations of the Americans with Disabilities Act (ADA) Monday. CUNA and the Wisconsin and Illinois Credit Union Leagues filed a brief in support of Aurora Policemen CU, Aurora, Ill., in Carello v. Aurora Policemen CU.

Cybersecurity: NCUA ACET Creep

Credit unions—don’t let NCUA’s automated cybersecurity examination creep up on you! January of this year, the Credit Union Times (CUT) reported that the NCUA board met and set a goal for the agency to finish cybersecurity reviews with the agency’s relatively new exam tool (ACET) by the end of the year at all federally insured credit unions with assets greater than $1 billion.  The board adopted its annual performance report in the same meeting.  The report sets agency goals and benchmarks for the coming year. 

CFPB’s Regulatory Flexibility Act - CUNA files Comment Letter, Jul 15

CUNA filed a comment letter today with the CFPB in response to its plan to review regulations pursuant to the Regulatory Flexibility Act (RFA).  In May, the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input. Additionally, the Bureau published a notice requesting public input as part of its first RFA review examining the 2009 Overdraft Rule. 

CECL Roundtable, Friday, July 19 NJCUL Ed Center Free to NJ & PA Member Credit Unions

Join us for a visible Equity CECL Roundtable hosted by The New Jersey CU League to learn best practices for a successful CECL transition. Network with other executives in your area to better learn new allowance guidelines, implementation steps, regulatory impacts, and CECL stressors, as well as learn tips and tricks to help you be CECL-ready. Lunch will also be provided by Visible Equity.

Not too Late to Submit Your Comment Letters

The National Credit Union Administration (NCUA) has two proposals pending in July.  It’s not too late to submit your comment letters.  It is important that your voice is heard on new and proposed regulatory changes that affect credit unions and their members.

ComplySight Exciting Changes on the Way!

ComplySight has a big enhancement coming your way! The New Jersey Credit Union League partners with CU Solutions Group and League InfoSight to bring you ComplySight, a compliance solution that makes it possible to track, measure, and report compliance activities in a single application, assisting in the organization’s overall communication, supporting a state of continual readiness for audits, and providing regulatory updates essential to maintaining credit union compliance.

IRS to Allow SSN Truncation on W-2 Forms

The IRS has issued final regulations [84 FR 31717] amending applicable sections of the Internal Revenue Code to permit employers to voluntarily truncate employees' social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, that are furnished to employees so that the truncated SSNs appear in the form of IRS truncated taxpayer identification numbers (TTINs). The amendments are effective upon publication, but will apply to returns, statements, and other documents required to be filed or furnished after December 31, 2020.

CU Alert! Currency with Stamped Image of Harriet Tubman Appearing in Circulation

As a political protest to the delay of the new Harriet Tubman $20 bill until 2028, people are using a 3-D stamp to superimpose a portrait of Tubman over Andrew Jackson’s portrait. These bills are appearing in circulation and are even being presented to credit unions.  The 3-D stamps are available for purchase online at ETSY, or plans can be downloaded for printing out the stamp using a 3-D printer.

NJCUL Awards Scholarships

NJCUL awarded its annual College Scholarships. The League awarded five $500 scholarships and one $1,000 scholarship.

Stress Tests Need to Evolve, Fed Leaders Tell Conference

Federal Reserve Chairman Jerome Powell and Vice Chair for Supervision Randal Quarles this week acknowledged the benefits of stress testing following the 2008 financial crisis and offered ways to improve the tests as the financial services landscape changes. The Fed leaders were addressing a Tuesday conference on stress testing held by the Federal Reserve Bank of Boston.

CMG Risk Alert: California Consumer Privacy Act Deadline Less Than Six Months Away

CUNA Mutual Group published a Risk Alert Wednesday on the California Consumer Privacy Act (CCPA), effective January 1, 2020.  The CCPA provides broader rights to consumers and stricter compliance requirements for businesses, including credit unions, than any other current state or federal privacy law. You need to understand your compliance and operational obligations under the current state of CCPA, as well as monitor similar and evolving federal and state privacy proposals.

Full House Consideration of NDAA Begins Today

The House is set today to begin its consideration of its FY2020 National Defense Authorization Act (NDAA). Although more than 650 amendments were filed with the House Rules Committee, none of them would add credit union-opposed language extending to banks the rent-free access to military bases for which credit unions are eligible. The Rules Committee ultimately decides which amendments proceed to floor consideration.

CFPB Settles Lawsuit Against Freedom Debt Relief

Tuesday, the Consumer Financial Protection Bureau (Bureau) settled its lawsuit against Freedom Debt Relief, LLC, the nation’s largest debt-settlement services provider. The company agreed to pay $20 million in restitution to affected consumers and a $5 million civil money penalty.

CFPB and FRB Issue Amendments to Regulation CC

On July 3, 2019, the Consumer Financial Protection Bureau and the Board of Governors of the Federal Reserve System issued a final rule  amending parts of Regulation CC, which implements the Expedited Funds Availability Act.1 The final rule makes changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the 2018 Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA).

NJ CPAs Say Student Loan Debt is a Financial Crisis

The NJ Society of Certified Public Accountants (NJCPA) Monday released the results of its June member survey which found that more than 80 percent of 623 certified public accountants surveyed said they either “strongly agreed” or “somewhat agreed” that student loan debt at $1.6 trillion in the United States is a financial crisis. More than 75 percent of respondents considered student loan debt in New Jersey to be a “major problem.”

Former CU VP Pleads Guilty to $3 Million Theft

 

The Credit Union Times (CUT) reported that a former credit union executive Josephine M. Crowe pleaded guilty Tuesday in a Kentucky federal court for stealing more than $3 million from the Louisville Metro Police Officer’s Credit Union that led to its liquidation last year.

Reminder: CDRLF Grant Round Closes, Jul. 20

Low-income credit unions have until July 20 to submit their applications for Community Development Revolving Loan Fund grants. The NCUA will administer approximately $2 million in CDRLF grants to the most qualified applicants, subject to the availability of funds, in four categories: underserved outreach; digital services and security; counselor certification; and training helping credit unions develop staff talents and skills.

Congress Returns After July 4th Recess

Both Houses of Congress will be back in session this week following last week’s July 4th recess. CUNA and the state leagues will be active on a number of credit union issues including the National Defense Authorization Act (NDAA).

NJ Governor Murphy Names Evan Weiss Senior Advisor for Public Finance

Tuesday, Governor Phil Murphy named Evan Weiss Senior Advisor for Public Finance. Weiss, an expert in public finance and economic development, has been hired by the New Jersey Economic Development Authority. Weiss is on mobility from the EDA to the Governor’s Office, where he will report to Deputy Chief of Staff for Economic Growth Joe Kelley and Chief Policy Advisor Kathleen Frangione.

Website allows filing of claims by those affected by Wendy’s data breach

Financial institutions affected by the data breach at Wendy’s restaurants can now file their claims and find additional information at a website established as part of the settlement of that case, wendysfidatabreachsettlement.com. It contains a mechanism for filing claims, as well as additional information, frequently asked questions, a list of important deadlines and court documents.

FRB, CFPB Issues Reg CC Final Rule, Jun. 24

On June 24, 2019, the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau jointly issued a final rule amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation.

Learn How the New NJ Minimum Wage Law Will Affect Credit Unions

In February, Governor Phil Murphy made good on a campaign promise to increase the state’s minimum wage to $15 per hour, with the first increase kicking in today, July 1. Some credit unions have already reported losing front-line staff to other employers. We’ve gotten two types of questions about the new law – what are the requirements and the exceptions, and then how are other credit unions dealing with the newly competitive market for talent.

MLA website changes scheduled this week

On June 21, 2019, the Defense Manpower Data Center (DMDC) announced that on June 27, 2019, it would make significant changes to the Military Lending Act (MLA) website to enhance security of the site and better protect the personal information of servicemembers. All users of the site will be required to create user accounts, which will be required to access both the Single Record Request and the Multiple Record Request capabilities of the site.

IRS warning - 2 million ITINs to expire

The IRS has posted a warning that nearly two million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been used on a federal tax return at least once in the last three consecutive years will expire December 31, 2019.

CUT: House Bill Could Block Essential Phone Calls

The Credit Union Times reported today that Bipartisan House legislation that would block robocalls also could keep credit unions from being able to contact their members, trade groups said. The House Energy and Commerce Committee’s Communications and Telecommunications last week approved H.R 3375, which now goes to the full committee.

CFPB Compliance and Guidance Resources Updated

The Consumer Financial Protection Bureau recently updated the small entity compliance guide that summarizes the payment-related provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule). The updated guide is available on the Bureau’s website.

Senate Passes NDAA with CUNA-Opposed Language

The Senate passed its version of the National Defense Authorization Act (NDAA) for fiscal year 2020 Thursday with CUNA-opposed language expanding certain waivers for rent and other facilities costs for financial institutions on military installations currently granted to credit unions.

Governor Murphy to Sign Budget, No Government Shutdown

Gov. Phil Murphy announced Thursday that he will sign the budget passed by the Legislature to avoid a government shutdown on Sunday, June 30th despite the absence of the millionaire’s tax he insisted be included. Speaking at an event in Secaucus to publicize the extra $50M in NJ Transit funding it includes, Murphy said he “can’t play politics with innocent lives” and he “will meet our constitutional deadline” to sign the budget, though whether he makes line-item vetoes remains to be seen.

Don’t Miss Out! CDRLF Grant Round Closes July 20

Low-income credit unions have until July 20 to submit their applications for Community Development Revolving Loan Fund (CDRLF) grants. The NCUA will administer approximately $2 million in CDRLF grants to the most qualified applicants, subject to the availability of funds, in four categories: underserved outreach; digital services and security; counselor certification; and training helping credit unions develop staff talents and skills.

CFPB Extends Comment Period for ANPR on HMDA Data Points

The Consumer Financial Protection Bureau (Bureau) announced Thursday that it is extending the comment period on its Advance Notice of Proposed Rulemaking (ANPR) relating to the Home Mortgage Disclosure Act (HMDA). The extension will give interested parties an opportunity to review the Bureau’s annual overview of residential mortgage lending based on the HMDA data financial institutions collected in 2018, as requested by a variety of stakeholders. In late summer, the Federal Financial Institutions Examination Council will release the national loan level dataset and the Bureau will release an overview of that dataset. The ANPR, issued on May 2, 2019, solicits comment on certain data points in the Bureau’s October 2015 final rule that were added to Regulation C or revised to require additional information, and on coverage of certain business- or commercial-purpose loans.

FSGG Appropriations Bill with CU-supported Funding Levels Passes House

The House passed the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2020 (H.R. 3351 Wednesday. CUNA wrote in support of the bill earlier this week due to the appropriations amounts for several credit union funds, including the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).

CFPB Delays Compliance Date for Underwriting Requirements of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule

The Consumer Financial Protection Bureau announced a final rule delaying the compliance date for the underwriting provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule). The final rule delays the effective date of those provisions from August 19, 2019, until November 19, 2020.

Agencies Issue Final Amendments to Regulation CC Regarding Funds Availability

WASHINGTON, DC — The Consumer Financial Protection Bureau and the Federal Reserve Board jointly published amendments to Regulation CC that implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers. The amendments apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn.

CUNA Pushes Against Increased Bank Access to Military Bases as Senate Considers Defense Authorization Act

CUNA called on Senate leadership Monday to reject inclusion of any language in the National Defense Authorization Act (NDAA) for fiscal year 2020 that would expand the Department of Defense’s (DoD) authority to exempt financial institutions from certain costs on military installations. The current Senate version contains such language, while CUNA, leagues and the Defense Credit Union Council successfully blocked language in the House NDAA that would have broadened the exemption.

CUNA Engaged w/ Appropriations Markups, Robocall Hearing

CUNA will be engaged with Congressional activities in both chambers this week, including committee and floor consideration of legislation and hearings covering credit union priorities. Among other bills, the House is expected to consider the Financial Services and General Government (FSGG) Appropriations Act for fiscal year 2020 (H.R. 3351).

CUNA Engaged w/ Appropriations Markups, Robocall Hearing

CUNA will be engaged with Congressional activities in both chambers this week, including committee and floor consideration of legislation and hearings covering credit union priorities. Among other bills, the House is expected to consider the Financial Services and General Government (FSGG) Appropriations Act for fiscal year 2020 (H.R. 3351).

The bill contains appropriations for several credit union funds, including the Treasury’s Community Development Financial Institutions (CDFI) Fund at $300 million and NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million. CUNA wrote (please post and add link) to House leadership to express credit unions’ support continued funding of the programs.

The bill’s report language also contains credit union-supported language on the current expected credit loss (CECL) standard, NCUA’s support for community development credit unions in low-income communities and others.

H.R. 3351 passed the House Appropriations Committee June 11.

The Senate is expected to consider its version of the National Defense Authorization Act (NDAA) for fiscal year 2020. The bill contains CUNA-opposed language regarding bank access to military installations, and CUNA wrote to Senate leadership Monday with its concerns.

Bipartisan Measure to Restore SALT Workaround Introduced by Reps Gottheimer and King

Following the finalization of the U.S. Treasury Department’s rule on charitable contributions, U.S. Reps. Josh Gottheimer (NJ-5) and Peter King (NY-2) introduced a bipartisan Joint Resolution to fully repeal the Treasury Department’s ruling. This new rule effectively prohibits states like New Jersey and New York from allowing towns and municipalities to use charitable funds to offer real tax relief to their communities.

Robocall Prohibition Mark-Up This Week

On Tuesday the House Energy and Commerce Committee is expected to begin mark-up of the Stopping Bad Robocalls Act which has been reintroduce as H.R. 3375. The NJCUL reached out to the committee chairman Rep. Frank Pallone’s (D-6) office last week to express concerns that any legislative solution to the growing problem of unwanted robocalls not impede a credit union’s ability to contact members for legitimate purposes.

OFAC Adjusts Penalties for Inflation

OFAC has published an amendment [84 FR 27714] to its regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended . This regulatory amendment, which is effective on publication, adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations.

HRA Coverage Expanded

The Departments of Health and Human Services, Labor, and the Treasury have announced regulatory amendments to be published June 20 that will expand the use of health reimbursement arrangements (HRAs). When employers have fully adjusted to the revised rules, it is estimated these changes will benefit approximately 800,000 employers, including small businesses, and more than 11 million employees and family members, including an estimated 800,000 Americans who were previously uninsured. FAQs regarding the changes were also released.

Greater Appraisal Consistency Benefits Consumers, Mortgage Lenders

Appraisals play a critical role in the home purchase process and a credit union’s assessment of the safety and soundness of providing a home loan, CUNA wrote to a House Financial Services subcommittee Wednesday. The House Financial Services subcommittee on housing, community development and insurance conducted a hearing on appraisals, which included a discussion of the Homebuyer Assistance Act of 2019 (H.R. 2852).

Salary Inquiry Ban Gets Final Legislative Approval, Sent to Governor

Legislation (A1094) that would prohibit an employer from asking about or considering an applicant’s wage or salary history when considering them for employment, or negotiating an offer of employment, received final legislative approval Thursday. The measure passed the Senate (25-9) yesterday and the Assembly (53-24-2) in March, largely along partisan lines in both chambers. It now heads to the governor who is expected to sign it into law.

Comments on NCUA’s Proposed Compensation in Connection with Loans to Members and Lines of Credit to Members Due Jun 24

Comments on the NCUA’s proposed rule on compensation connected with loans and lines of credit to members are due by the close of business on June 24. The NCUA Board issued an advance notice of proposed rulemaking (ANPR) to solicit comments on ways to improve the agency’s regulations limiting a credit union official’s and employee’s compensation in connection with loans and lines of credit to members. (An ANPR helps inform the agency before they begin drafting a proposed rule.)

Draft ILLICIT CASH Act Addresses BSA/AML Burdens

Credit unions support efforts to track money laundering and terrorist financing, but also believe it is important to strike the right balance between the compliance costs and benefits to the federal government, CUNA wrote to Senate Banking Committee leadership Wednesday before a hearing in which it will discuss draft legislation.

Commit to Being ‘Fiercely Cooperative,’ Nussle Tells ACUC

Putting credit union advocacy on the offense led to a successful 2018, CUNA President/CEO Jim Nussle said at America’s Credit Union Conference (ACUC) Tuesday, so how do credit unions stay on the offense in 2019? The continued use of credit unions’ “cooperative superpowers,” Nussle said, will continue to make the credit union difference stand out.

Legislature Honors NJ Credit Union Foundation on 100th Financial Reality Fair

The New Jersey Legislature adopted a Joint Legislative Resolution commemorating the New Jersey Credit Union Foundation (Foundation) on its 100 Financial Reality Fair. The Resolution was sponsored by Sen. Nellie Pou (D-35) and Asm. John McKeon (D-27), the chairs of their respective chamber’s committee with jurisdiction over financial services-related matters.

CFPB Symposium June 25 will Discuss Abusive Acts or Practices, Livestream Available

The Consumer Financial Protection Bureau (CFPB) will host the first of its recently announced symposia series on June 25, 2019 at 9 am, EST, at the Bureau's headquarters, 1700 G St. NW Washington, DC. Featuring remarks from CFPB Director Kathleen Kraninger and Deputy Director Brian Johnson as well as testimony from legal and policy experts on the topic of the abusiveness standard in consumer financial products and services.

Salary Inquiry Ban Advances

Legislation (A1094) that would prohibit an employer from asking about or considering an applicant’s wage or salary history when considering them for employment, or negotiating an offer of employment, was reported from the Senate Labor Committee Monday. The measure passed the Assembly in March. The Senate companion (S559) passed the upper chamber last year and is currently pending Assembly Labor Committee action.

CUNA Engaged with Cannabis, Beneficial-Owner Hearings

Both the House and Senate are in session this week and will be conducting several hearings of note to credit unions. The House Small Business Committee will conduct a hearing Wednesday about small businesses in the legal cannabis industry. While CUNA and the state leagues have not taken a position on the legalization or decriminalization of marijuana, they support legislation that would allow credit unions to offer services to cannabis-based businesses in places where it is legal. 

Over 4,000 Students Receive Hands-On Financial Literacy from Credit Unions During 2018/2019 School Year

Financial Reality Fair Program Reaches Second Major Milestone 

HIGHTSTOWN, N.J. – New Jersey credit unions reached a record 4,075 students through the New Jersey Credit Union Foundation’s Financial Reality Fair program during the 2018/2019 school year, a new milestone for the hands-on financial literacy program. Nine credit unions and the New Jersey Credit Union Foundation sponsored and hosted 25 Reality Fair events at middle schools, high schools, and college campuses across the state from October 2018 through June 2019. 

This is the second major milestone the program is celebrating this school year. In March, the program celebrated sponsoring its 100th Reality Fair.

SBA and SCORE Hosted 2-Day Virtual Conference; 7 FREE Educational Webinars Available

The U.S. Small Business Administration (SBA) and SCORE co-hosted a two-day Virtual Conference during National Small Business Week, Tuesday, May 7 and Wednesday, May 8, 2019.  They have made the educational presentations available to the public. For over 50 years, SCORE has served as America’s premier source of free business mentoring and education. As a resource partner of the SBA, SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964.  SBA and SCORE are helpful resources to small asset credit unions.

Fannie, Freddie Postpone Redesigned URLA Dates

Fannie Mae and Freddie Mac last week announced that the optional use period for the redesigned Uniform Residential Loan Application (URLA) will not begin July 1 as previously scheduled. The redesigned application includes the addition of a preferred language question.

Twenty Governors Pen Cannabis Banking Letter to Congress

Eighteen state and two territorial governors added their names to a letter sent last week urging Congress to pass legislation to enable financial institutions to provide banking services to state-licensed cannabis businesses. New Jersey Governor Phil Murphy (D) and Pennsylvania Governor Tom Wolf (D) were among the 20 signatories to the letter sent Thursday to U.S. Senate and U.S. House leadership, and the chairs and ranking members of the Senate Banking and House Financial Service committees. 

NCUA Chair Hood Responds to Schumer Allegations on Taxi Lending, Oversight

A June 12th Credit Union Times article reports that the NCUA Chairman Rodney Hood responded to allegations made by Senate Minority Leader Charles Schumer (D-N.Y.) in a May 21, 2019 letter. The CUTimes article referenced a letter that Hood sent Schumer, in which Hood placed the blame for the plunge in value of taxi medallions that backed the loans squarely on “ridesharing services, a technological disruption whose impact was as severe as it was uncontrolled”.  Hood was also quoted as saying that an “asset bubble,” not lackluster oversight by the NCUA, led to the crisis facing New York City taxi drivers and the now-closed credit unions that loaned them money. 

Highlights of CFPB Director Kraninger’s First Six Months

June 11th marked the first six months of Director Kathleen L. Kraninger leading the Consumer Financial Protection Bureau (Bureau). “It is an honor and privilege to serve American consumers. As Director, my focus is to prevent harm to consumers by using all the tools Congress gave us, including education, regulation, supervision and enforcement. I look forward to building on the efforts and progress of these first six months,” said Director Kraninger.

June is National Safety Month Week 2 Highlights OSHA Violations…Slips, Trips and Falls

Week 2 of the National Safety Council’s (NSC) annual National Safety Month highlights slips, trips, and falls, and with good reason. Credit unions and other businesses should be aware that violations of the Occupational Safety and Health Administration’s (OSHA) general requirements for fall protection continually top the list of most frequently cited standards, and falls remain one of the most common causes of serious work-related injuries and deaths in both general industry and construction. In 2017 alone, there were more than 8 million preventable fall injuries. Though most people assume that falls are primarily a concern for those working at elevated heights, there are plenty of slip, trip, and fall hazards in every work setting.

Sheltered Harbor Cyber-Defense Webinar Set for June 19

Sheltered Harbor, a voluntary initiative designed to help protect against cyberattacks, will conduct a free informational webinar June 19. CUNA is a founding board member of Sheltered Harbor and last month joined other financial trade associations to call on all financial institution CEOs to join the initiative.

Draft Bipartisan BSA/AML Reform Released

A bipartisan group of senators has released draft legislation to reform aspects of the Bank Secrecy Act (BSA), specifically targeted at anti-money laundering (AML)-combating the financing of terrorism (CFT) requirements. The draft comes as the House Financial Services Committee marks-up a bill related to beneficial ownership disclosure.

Congress Should Seek Additional Information from FCC on Call-blocking Order, CUNA Writes Senate Commerce Committee

The Senate Commerce Committee should press the Federal Communications Commission (FCC) on what actions and rulemakings, if any, the agency will undertake to ensure legally permissible calls aren’t impacted by last week’s call-blocking ruling. The committee conducted its oversight hearing of the FCC Wednesday, and CUNA submitted its letter in response to last week’s FCC vote on call blocking.

FY20 Defense Authorization Passes Committee without Credit Union-Opposed Language

The House Armed Services Committee passed the National Defense Authorization Act (NDAA) for fiscal year 2020 early ThursdayWhile an amendment was offered that would have extended to banks the same rent-free access to land and facilities that credit unions have been granted due to their not-for-profit, member-owned mission and structure, CUNA, selected leagues, and the Defense Credit Union Council (DCUC) were successful in working with committee members to ensure such language was kept out of the final bill. 

CECL Delay & Study Bill Introduced, CUNA Offers Support

It is essential to delay the current expected credit loss (CECL) accounting standard to study its potential impact and allow consideration of other methods, CUNA wrote Tuesday in support of the CECL Consumer Impact and Study Bill of 2019, introduced by Reps. Vicente Gonzalez (D-TX) and Ted Budd (R-NC). Rep. Josh Gottheimer (D-NJ) is one of seven cosponsors of the bipartisan measure.

House Appropriations Committee Passes Bill with $300M for CDFI Fund, $2M for CDRLF

CUNA supported appropriations levels for two credit union-related funds in the Financial Services and General Government (FSGG) Act for Fiscal Year 2020 in a letter to House Appropriations Committee leadership Tuesday. The NJCUL also contacted committee member Rep. Bonnie Watson Coleman (D-12) and in March asked members of the state’s delegation to add their names to a “Dear Colleague Letter” encouraging appropriations for both funds.

CFPB to Hold First Symposium on June 25

WASHINGTON, DC – The Consumer Financial Protection Bureau announced that its first symposium will be held on June 25 at 9 a.m. The symposium, part of a series announced earlier this year, will focus on the Dodd-Frank Act’s prohibition on abusive acts or practices. The symposium will be Webcast on the Bureau’s Web site.

School’s Out: Final Reality Fair of the Season Held at Wallace School in Vineland

VINELAND, N.J. – Area credit union teamed up to host the final Reality Fair of the 2018/2019 school year Tuesday at the Thomas W. Wallace Junior Middle School for about 225 8th graders. Volunteers from Members 1st of NJ FCU, Bay Atlantic FCU, Thunderbolt Area FCU, Deepwater Industries FCU, Campbell EFCU, the New Jersey Credit Union Foundation, and Vizo Financial Corporate manned the tables along with Wallace School staff and helped the students through the experience. This is the seventh Reality Fair area credit union have collaborated on at the Wallace School.

Review of RESPA’s Anti-Kickback Provision

Section 8 of the Real Estate Settlement Procedures Act (RESPA) prohibits anyone from giving or accepting a fee, kickback, or anything of value in exchange for referrals of settlement services in connection with any loan covered by RESPA. The Act also prohibits fee splitting and receiving unearned fees for services not actually performed. These restrictions apply in any situation where settlement services are related to a federally related loan. The rendering of services by a mortgage broker is a “settlement service” for purposes of the rule. 

CUAC Meeting Features Remittance, Debt Collection Talks

CUNA attended the two-day meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council last week. The CUAC advises the bureau on regulating consumer financial products or services, from the perspectives of credit unions and is comprised solely of CUNA member credit unions.

CU Membership Surpasses 117M, $1.5T in Assets

According to NCUA’s 2019 first-quarter call report data, membership at federally insured credit unions surpassed 117 million, adding 1.1 million members so far this year. In addition, assets grew $90 billion over the year resulting in $1.51 trillion in total assets.

CUNA Mutual Group Risk Alert: Counterfeit Checks

Counterfeit cashier's checks and/or corporate checks that closely resemble credit union authentic checks have been presented for payment at financial institutions in connection with scams. Slight alterations in check color, check stock, logo, or location of key credit union check branding elements have been reported. In many cases, Routing & Transit Number (RTN) and MICR information is accurate.

CFPB Issues Final Rule on Payday Lending

The Consumer Financial Protection Bureau (Bureau) has issued a final rule delaying the August 19, 2019 compliance date for the mandatory underwriting provisions of the 2017 Payday Lending Rule to November 19, 2020. The Bureau issued this final rule to create consumer protections for certain consumer credit products. 

Data Breaches Compromise Records of Nearly 20 Million

Medical testing company LabCorp. said Tuesday that personal and financial data on some 7.7 million consumers were exposed by a breach at a third-party billing collections firm. That company, the American Medical Collection Agency (AMCA), also recently notified another medical testing giant, Quest Diagnostics, that an intrusion in its payments Web site exposed personal, financial and medical data on nearly 12 million Quest patients.

CFPB Announces New Mortgage Closing Scams Prevention Resources

The FBI has reported that scammers are increasingly taking advantage of homebuyers during the closing process. Through a sophisticated phishing scam, they attempt to divert your closing costs and down payment into a fraudulent account by confirming or suggesting last-minute changes to your wiring instructions. In fact, reports of these attempts have risen 1,100 percent between 2015 and 2017, and in 2017 alone, there was an estimated loss of nearly $1 billion in real estate transaction costs. 

CUNA Mutual Group Risk Alert: Lack of Security Procedures Can Drive Physical Security Concerns

CUNA Mutual Group reported that two recent risks – armored car attacks and suspicious packages found – have been making their way back into the financial institution workplace. In some instances, the lack of or misunderstanding of written security procedures to follow has exacerbated the concern for staff. CUNA Mutual Group lays out how credit unions can take steps to put security procedures in place to keep from being a victim to physical security attacks.

NCUA: Public Unit and Nonmember Shares; Comments Due Jul. 29

The National Credit Union Administration (NCUA) Board issued a proposal May 31, 2019 that would amend the NCUA’s Public Unit and Nonmember Shares rule to allow federally insured credit unions to receive public unit and nonmember shares up to 50 percent of the credit union’s paid-in and unimpaired capital and surplus less any exiting public unit and nonmember shares. The agency is calling for the public to comment. Comment letters are due July 29, 2019.

Chartering, FOM, Bylaws Highlight NCUA’s Annual Regulatory Review

NCUA should only promulgate new or expand existing rules only if they are warranted based on “a compelling need,” CUNA wrote to NCUA Thursday. NCUA conducts an annual review each year of one-third of the agency’s regulations in an effort to determine those that need to be updated, clarified, simplified or eliminated, and CUNA sent its comments on this year’s review.

Comments on HMDA Reporting Thresholds Due to CFPB By June 12

The Consumer Financial Protection Bureau (CFPB) is proposing two alternatives to amend Regulation C to increase the threshold for reporting data about closed-end mortgage loans. The proposed rule would permanently raise the closed-end institutional and transactional coverage threshold from 25 to either 50 or 100 closed-end mortgage loans in each of the preceding two calendar years. The increased threshold would be effective January 1, 2020.

CDRLF Grant Round Now Open

Low-income credit unions interested in Community Development Revolving Loan Fund grants can submit applications between June 2 and July 20. The NCUA will administer approximately $2 million in CDRLF grants to the most qualified applicants, subject to the availability of funds, in four categories: underserved outreach; digital services and security; counselor certification; and training helping credit unions develop staff talents and skills. 

CFPB Publishes TILA-RESPA Integrated Disclosure FAQs

Last week, the Consumer Financial Protection Bureau (CFPB) published the first set of Frequently Asked Questions on the TILA/RESPA Integrated Disclosure (TRID) Rule as it applies to construction loans. The questions and answers in the CFPB’s TRID FAQs pertain to compliance with the TRID or TRID Rule. Reviewing these questions and answers is not a substitute for reviewing TILA, RESPA, Regulation Z, or its official interpretations (also known as the commentary). The statutes, Regulation Z, and its official interpretations are the definitive sources of information regarding the requirements.

Jersey Shore FCU Awarded CardRates.com’s Editor’s Choice™ Award for Community Commitment

A recent article on CardRates.com spotlights Jersey Shore FCU’s humble beginnings involving a group of air traffic controllers approaching the New Jersey Credit Union League in 1962 to start an employee credit union at the FAA William J. Hughes Technical Center and how much the credit union has grown since then. A big part of its growth is its managers’ and individual staff’s support of local charities and promote awareness about the needs in the Shore, which earned the credit union CardRates.com’s Editor’s Choice™ Award for Community Commitment.

1st Bergen FCU Hosting Free Small Business Certificate Program Beginning June 5

HACKENSACK, NJ - Current and aspiring small business owners are invited to take part in a free four-part certificate program designed to help entrepreneurs learn about resources they may not otherwise not have access to in order to take their business idea from dream to reality or grow their existing business into a huge success. Hosted by 1st Bergen Federal Credit Union and Greater Bergen Community Action (GBCA) Financial and Housing Counseling Program, in partnership with America’s Small Business Development Center of New Jersey, the program begins on Tuesday, June 5, and will run for four consecutive Tuesdays.

FCC Must Revise Call-Blocking Proposal to Protect Legal Calls

The Federal Communications Commission’s (FCC) proposed blocking-by-default framework will inevitably lead to the blocking and mislabeling of calls, depriving credit union members of important information, CUNA wrote to the FCC Thursday. CUNA sent its comments in response to a proposal from the FCC that would block certain calls to consumers by default, requiring them to specifically opt in to receive certain calls.

United Teletech Financial FCU President/CEO Leo Ardine Featured on Latest CUInsight Experience Podcast

Episode 21 of The CUInsight Experience podcast features a conversation with United Teletech Financial FCU President/CEO, NJCUL Board member, and graduate of the Search Inside Yourself Leadership Institute Leo Ardine. Ardine—also a coach, instructor, speaker, and facilitator—talks with host Randy Smith, co-founder and publisher of CUInsight.com, about meditation, emotional intelligence, and more.

FTC Rescinding Several FCRA Model Forms

The Federal Trade Commission (FTC) has published at 84 FR 23471 in a recent Federal Register a final rule rescinding several Model Forms and Disclosures issued under the Fair Credit Reporting Act (“FCRA”) that it has determined are no longer necessary. Given the CFPB's 2018 updates to its model forms and disclosures, the Commission determined that rescinding several of its model forms and disclosures would reduce confusion. The Commission also made conforming amendments to address references to the updated model forms and disclosures in related rules.

FTC: Hurricane Season Begins June 1; Is Your CU’s Disaster Plan Ready?

Weather has played a part in a credit union’s business continuity and disaster planning for decades, but with ever increasing changes in climates areas of the country are seeing increasingly disaster weather they have not seen before. It is prudent to revisit your plan each year to ensure your credit union is ready to react as needed. The Federal Trade Commission (FTC) wants to help.The FTC has free information to help people prepare for, deal with, and recover from extreme weather events like hurricanes, tornadoes, and other natural disasters.

Reminder: Web Site Available to File Wendy’s Data Breach Claims, Deadline is Sept. 30

Financial institutions affected by the data breach at Wendy’s restaurants can file their claims and find additional information at a website established as part of the settlement of that case, wendysfidatabreachsettlement.com. It contains a mechanism for filing claims, as well as additional information, frequently asked questions, a list of important deadlines and court documents.

200+ Hanover Park High School Students Get a Bite of Financial Reality

EAST HANOVER, N.J. – Visions FCU held a Reality Fair at Hanover Park High School for the Financial Literacy classes Wednesday, reaching approximately 210 students. Volunteers from the sponsoring credit union as well as Healthcare Employees FCU, Novartis FCU, and the New Jersey Credit Union League manned the lifestyle tables set-up in the school’s gymnasium.

FinCEN Announces Its Innovation Hours Program

The Financial Crimes Enforcement Network (FinCEN) announced the FinCEN Innovation Hours Program to better shape and inform its ongoing engagement with Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) innovators. The Innovation Hours Program will provide financial technology (FinTech) and regulatory technology (RegTech) companies and financial institutions the opportunity to present their new and emerging innovative products and services to FinCEN. Technology demonstrations should highlight how these innovations work and how financial institutions might use them. FinCEN expects to hold events in the Washington D.C. metro area, as well as some regional events that focus on financial services-related innovation.

Economic Factors Support Growth, FOMC Says

Members of the Federal Open Market Committee (FOMC) – the Federal Reserve's monetary policy-setting arm – viewed factors such as strength in the labor market, improved consumer confidence and diminished downside risks as "likely to support solid growth over the remainder of the year," according to minutes from the committee's April-May meeting released Wednesday.

NCUA Alert - Flood Insurance Alternatives

The National Credit Union Administration (NCUA) issued Regulatory Alert (19-RA-01) - Flood Insurance Alternatives that becomes effective July 1, 2019. Starting July 1,  credit unions must accept private flood insurance policies for applicable loans.  The policies must meet the definition of private flood insurance as included under the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) and incorporated into Part 760 of the NCUA’s regulations. In addition, credit unions may accept private flood insurance policies that do not meet the definition of private flood insurance as explained in this letter, as well as NCUA-approved private flood insurance plans provided by mutual aid societies.

Faster Payments, Debt Collection on CUAC Agenda

The Consumer Financial Protection Bureau (CFPB)'s Credit Union Advisory Council (CUAC) and other advisory boards will meet June 5-6 to discuss various issues affecting the industry, including faster payments and the bureau's proposed rule-making related to third-party debt collectors.

NCUA to Try to ‘Streamline’ Chartering Process

Attempting to simplify a chartering process that one NCUA board member called “amazingly sluggish,” the NCUA will begin offering a more detailed roadmap for people interested in starting a credit union, Martha Ninichuk, director of the Office of Credit Union Resources and Expansion told the agency board Thursday.

CFPB Launches Financial Education Tool for Active-duty Servicemembers

The Consumer Financial Protection Bureau (CFPB) significantly expanded its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management (MIMM.gov) was initially developed for future servicemembers who signed a contract to enlist in the armed forces but had not yet shipped off to basic military training.

Community Lenders Must be at Core of Housing Finance Reform

CUNA Chief Advocacy Officer Ryan Donovan continued CUNA’s direct advocacy to staff from all 535 Congressional offices Thursday with a message highlighting six credit union principles for housing finance reform. CUNA has gone on record numerous times since the start of this Congress with housing finance reform priorities, emphasizing that policymakers must keep credit unions’ role in supporting their communities in mind.

Robocall Bill Passes Senate

The Senate Thursday passed legislation that would enhance the Federal Communications Commission's (FCC) enforcement authority over violations of the Telephone Consumer Protection Act (TCPA) and require voice service providers to authenticate and block illegal robocalls.

NCUA Board Meeting Held

The National Credit Union Administration (NCUA) Board held its fifth open meeting of 2019 at the agency’s headquarters and unanimously approved one item: A proposed rule allowing a federal credit union to accept nonmember and public unit shares up to 50 percent of its unimpaired capital and surplus.

CU-backed Candidate Elected to Fill Pennsylvania Delegation Vacancy

Credit union supporter Fred Keller (R) won a special election to represent Pennsylvania’s 12th Congressional District in Congress Tuesday, defeating Democratic challenger Marc Friedenberg with 68.1% of the vote. Keller was supported by CUNA’s political action committee, the Credit Union Legislative Action Council (CULAC), and the Pennsylvania Credit Union Association.

CECL Delay Bill Would Ensure Impact is Properly Studied, CUNA Writes

CUNA maintains its longstanding position that the current expected credit loss (CECL) standard is inappropriate for credit unions and backed a bill Wednesday that would require the standard to be delayed and studied by the Securities and Exchange Commission along with the federal financial regulators, including the NCUA. Sen. Thom Tillis (R-N.C.) introduced the Continued Encouragement for Consumer Lending Act (S. 1564) Tuesday.

Bryn Conway Explains How to Provide a Consistent Member Experience to Drive Growth...

What does chemistry have to do with retail delivery? Chemistry is the ‘bridge science’ meaning it connects all the other natural sciences. By providing what your members want and need, retail delivery is the bridge science for brand and business development as well as growth in your credit union. Daniel Newman explained it best in a recent Forbes article, “If you want to build brand affinity, give the people what they want. What they want, it turns out, is an experience.” Hear from Bryn Conway, who made an appearance on CUBroadcast, on her presentation "The Chemistry of Retail Delivery: How Providing a Consistent Member Experience Drives Growth​" which she will discuss during our June 11th Business Development Roundtable

CUNA, Financial Trades Write Congress Opposing Reinstatement of CFPB’s Arbitration Rule

Reinstating the CFPB’s rule on arbitration agreements would undermine the ability of credit unions and other financial institutions to offer faster, more cost-effective resolutions to potential disputes than class action litigation, CUNA and other financial trades said in a joint letter to members of Congress Tuesday. CUNA joined other financial trade organizations to oppose an amendment to the Consumers First Act (H.R. 1500) that would reinstate the rule.

Disproportionate Compliance Burdens Mean Less Focus on Members, CUNA Tells Senate Banking Leadership

Credit unions take Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance seriously, but when resources are disproportionately spent on compliance, fewer safe and affordable products are available, CUNA wrote to Senate Banking Leadership Tuesday. The committee conducted a hearing Tuesday on combating illicit financing and the Treasury’s Financial Crimes Enforcement Network (FinCEN) customer due diligence (CDD) rule.

CULAC, PCUA Back Fred Keller in Tuesday’s Special Election

The Credit Union Legislative Action Council (CULAC), CUNA’s political action committee, and the Pennsylvania Credit Union Association (PCUA) are supporting State Rep. Fred Keller (R) Tuesday in the first special election of the 116th Congress. Keller is running for the seat in Pennsylvania’s 12th Congressional District, which is open due to former Rep. Tom Marino’s (R) retirement in January.

FCUs Must Be Allowed Access to Federal Courts, Says CUNA Brief

CUNA supports federal credit unions’ access to federal courts via diversity jurisdiction, one of the two methods for a federal court to have jurisdiction, the association indicated in an amicus brief filed Monday. CUNA’s brief was submitted to the U.S. Court of Appeals for the Fourth District, in response to a decision by the U.S. District Court for the Eastern District of Virginia that found Section 1332 of the U.S. Code is the sole source of diversity jurisdiction and that Section 1332 does not apply to federally chartered corporations.

In Memoriam: Jersey Central FCU Long-Time Staff Member Pat Schlenger Passes

Jersey Central FCU staff and board members are mourning the loss of their friend and long-time staff member, Pat Schlenger. A fixture in the credit union industry for 50 years, her dedication, compassion, and selflessness may never be equaled, the credit union said. “We will cherish the special moments that we shared and always remember the kindness that she showed to everyone she came in contact with. She will be dearly missed.”

FCC’s O’Rielly calls for swift action on CUNA’s TCPA petition

Federal Communications Commission (FCC) Commissioner Michael O’Rielly said Thursday during public remarks that the FCC has an obligation to resolve many of the worthy Telephone Consumer Protection Act (TCPA) petitions that are currently pending. He specifically cited CUNA’s petition, submitted in September 2017, that requests that FCC take action to provide credit unions with regulatory relief from the Telephone Consumer Protection Act (TCPA).  

FCC automatic robocall blocking could hamper CU-member communications

CUNA is concerned about proposed action from the Federal Communications Commission (FCC) that would block robocalls by default, believing it could result in serious disruptions to vital credit union-member communications. FCC Chairman Ajit Pai said Wednesday that the commission will vote June 6 on a declaratory ruling that would allow phone carriers to block suspected robocalls unless consumers affirmatively opt-out.

CUNA CECL data, concerns addressed in hearing with NCUA’s Hood

Members of the House Financial Services Committee cited CUNA data on the current expected credit loss (CECL) standard during a hearing Thursday with federal financial regulators including NCUA Chairman Rodney Hood. CECL is a new accounting standard that standard that recognizes lifetime expected credit losses, issued by the Financial Accounting Standards Board (FASB).

Jersey Shore Federal Credit Union Makes a $500 Donation to FACES 4 Autism

Jersey Shore Federal Credit Union’s Social Action Committee coordinated a candy sale that took place January, February, and March of 2019  to raise money for FACES 4 Autism in Northfield. All five branches were involved in this great fundraiser, and after it was all said and done, a $500 check was donated to this amazing local organization. FACES 4 Autism supports children, teens and adults on the autism spectrum and those who love them.

FCC Warns Consumers of One-ring Call-back Scam

The Federal Communications Commission (FCC) has alerted consumers to reported waves of “One Ring” or “Wangiri” scam robocalls targeting specific area codes in bursts, often calling multiple times in the middle of the night. These calls are likely trying to prompt consumers to call the number back, often resulting in per minute toll charges similar to a 900 number. The FCC cautions consumers not call these numbers back.

Senator Menendez Names New State Director

Sen. Robert Menendez has named Raphael Chavez-Fernandez his new State Director to lead the senator’s New Jersey offices and staff in Newark and Barrington.  Chavez-Fernandez, who served as deputy campaign manager during Menendez’s successful 2018 re-election run, returns to Menendez’s Senate office after spending the past three years working in the private sector.

ADA Lawsuit Dismissal Upheld

The U.S. Court of Appeals for the Fourth Circuit has upheld the dismissal of another lawsuit related to unclear Web site accessibility standards under the Americans with Disabilities Act (ADA). The lawsuit was against Herndon, Virginia-based Northwest FCU.

Flood Insurance Extender Passes House

Legislation (H.R. 2578) extending the National Flood Insurance Program (NFIP) through September passed the House Tuesday by a voice vote. The program is currently set to expire at the end of the month. The measure now heads to the Senate for consideration after which the president is expected to sign it into law.

CUNA Expresses CU Priorities, Difference Ahead of Hood Testimony

NCUA should take steps toward enhancements to the credit union charter, while improving cybersecurity efforts and reducing regulatory burden, CUNA President/CEO Jim Nussle wrote in a letter to Senate Banking Committee leadership in advance of NCUA Chairman Rodney Hood’s scheduled appearance before the committee. Hood will appear Wednesday as part of a panel of federal financial regulators.

CFPB Director Kraninger Announces Deputy Director

WASHINGTON — Consumer Financial Protection Bureau (CFPB) Director Kathleen L. Kraninger announced that Brian Johnson will serve as the Deputy Director. Mr. Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy Director in April 2018. Mr. Johnson has served as Acting Deputy Director since July 2018.

Consumer Financial Protection Bureau Outlines Plan to Review Rules Under the Regulatory Flexibility Act

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input. Additionally, the Bureau published a notice requesting public input as part of its first RFA review examining the 2009 Overdraft Rule.

Flood Insurance Extension Introduced

House Financial Services Committee Chairwoman Maxine Waters (D-CA) and ranking member Rep. Patrick McHenry (R-NC), late last week announced that they were introducing legislation that would extend the National Flood Insurance Program (NFIP) through September 30. The current authorization is set to expire on May 30.

Biz Kid$ Business Plan Competition Grants Available from the National CU Foundation

Grants Improve Youth Financial Futures Through Award-winning Series

MADISON, Wis. – Credit union organizations can now apply for a Biz Kid$ Business Plan Competition Grant from the National Credit Union Foundation (the Foundation) to help improve youth financial education through hands-on entrepreneurial experience. The Foundation is looking to distribute up to $25,000 in grant funds with a deadline to apply of June 30, 2019.

CUNA Mutual Group Risk Alert: Phishing Scam Targets Payroll Deposits

Phishing scams are targeting credit union human resources or payroll departments using a form of the C-suite business email compromise. The scam uses a phishing email – appearing to be from the CEO or another executive-level employee - sent to staff that manage HR or payroll functions. The email requests changes to an employee’s payroll direct deposit, which reroutes it to the fraudster’s account.

CUNA Contacts Sen. Sanders, Rep. Ocasio-Cortez Highlighting Benefits of CU Difference in Wake of their USPS Banking Proposal

The best option for consumers to access high-quality, affordable financial services are the credit unions in their communities, CUNA President/CEO Jim Nussle wrote to Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) Thursday. The two legislators recently announced a proposal expanding the duties of the U.S. Postal Service (USPS) to include offering financial services and products.

Treasury tech notice for users of OFAC site

The United States Department of the Treasury has posted an important Technical Notice for users of the OFAC Web site and sanctions lists data files. The existing certificate (expiring June 6, 2019) will be replaced on May 16, 2019 at 9 p.m. Please call this notice to the attention of your IT staff or your vendor if they download OFAC's sanctions list information.

Nominations Open for 2020 Herb Wegner Memorial Awards

Highest Awards in the Credit Union Movement Given by the National CU Foundation

Credit union supporters are encouraged to nominate individuals and organizations for the Herb Wegner Memorial Awards to be presented by the National CU Foundation. Winners will be honored at the Foundation’s annual awards and fundraising gala on February 24, 2020 in conjunction with the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. 
Data security standards must be strong, consistent, apply to all

The best approach on data security and privacy for consumers and business is for Congress to develop a strong privacy law that applies to all businesses and entities that collect, house or otherwise possess information, CUNA wrote to leadership of the Senate Banking and House Energy and Commerce Committees Tuesday. CUNA’s letters state that Congress must address data security in order to provide consumers with data privacy.

CFPB should bolster PACE disclosures, consumer protections

The Consumer Financial Protection Bureau (CFPB) should quickly promulgate a Property Assessed Clean Energy (PACE) financing rule that subjects PACE programs to the Truth in Lending Act, plus additional disclosures, CUNA wrote to the CFPB Tuesday. PACE financing permits a property owner to finance the purchase of energy efficiency improvements and pay for the purchase through an assessment on the property.

NJCUL Marketing Conference Packed with Info and Ideas

HIGHTSTOWN, N.J. – Is your marketing in a language that consumers understand? Is it engaging? Is it compliant? Is it educational? Speakers at the New Jersey Credit Union League’s annual marketing conference held on Tuesday challenged credit union marketers and leaders with these questions and more, then provided tools, resources, insight, and ideas to help them push their marketing efforts forward.

Consumer Financial Protection Bureau Proposes Regulations to Implement the Fair Debt Collection Practices Act

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rule-making (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.