On February 28, 2012, the Bureau of Consumer Financial Protection (CFPB) published a notice and request for information regarding the impacts of overdraft programs on consumers (the Overdraft Notice). The Overdraft Notice allowed a 60-day comment period, closing on April 30, 2012. To allow parties more time to consider and craft their responses, the CFPB has extended the comment period until June 29, 2012. Read the Federal Register notice here. To help credit unions respond to this important request, CUNA has developed an on-line survey for gathering information. We encourage you to complete the short survey to help ensure that credit unions’ interests are well represented with the CFPB and any future rulemaking that might be undertaken. Go to the CUNA Survey.
The Consumer Financial Protection Bureau earlier this year distributed questionnaires to financial institutions to help evaluate how those institutions' overdraft policies affect consumers, and CUNA has responded, developing its own short 12-question survey designed to obtain information from credit unions regarding their overdraft protection, overdraft transfer, and overdraft marketing practices. More
The U.S. Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the names of 2 individuals and 16 entities whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. 1182). Read more.
Small credit unions should be just as concerned as large ones about violating the Equal Credit Opportunity Act, said CUNA Mutual Director of Regulatory Compliance Bill Klewin. More
Lawsuits brought against credit unions and banks alleging violations of the ATM-fee disclosure provisions in the Electronics Funds Transfer Act are on the increase again, this time on the West Coast with the latest filed Thursday against a credit union in Washington state. More
The U.S. Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the name of one individual whose property and interests in property has been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. 1182). Read more.
CUNA has urged the Consumer Financial Protection Bureau to suspend a duplicative automated teller machine notice requirement in an effort to help stop lawsuits being brought against credit unions and other financial institutions when the notices have been removed, damaged or destroyed. More
In this month's National Credit Union Administration Report, Director of Examinations and Insurance Larry Fazio said NCUA examiners and credit union management "can both take a lot of specific steps to contribute to a conducive exam environment." Read More