Compliance News
Comments On NCUA E-filing Proposal Sought By CUNA | Wednesday, 31 July 2013
Credit unions can discuss whether they support the National Credit Union Administration's proposed e-filing regulation, and can detail any unintended consequences the proposed rule could create for them, in a new Credit Union National Association comment call.

Credit unions that currently file their reports manually can also address whether the regulation will create undue hardship for them.  Read More

CUNA Comment Call
CUNA: Derivatives Proposal, As Is, a Missed Opportunity For CUs | Wednesday, 31 July 2013
In a second comment letter on the National Credit Union Administration's derivatives proposal, the Credit Union National Association noted that the agency's plan, if left unchanged, would impose excessive requirements and high costs on participating credit unions, resulting in "a lost opportunity for credit unions to reduce risk in a similar manner allowed for banks.

"This would place credit unions and the credit union system at a distinct disadvantage. Moreover, it would deprive credit unions of an important tool to manage [interest rate risk (IRR)] and thereby contain costs for the National Credit Union Share Insurance Fund," CUNA Deputy General Counsel Mary Dunn wrote.  Read More
CUNA Urges Lawmakers To Be Alert To CU Burdens | Friday, 19 July 2013
Submitting a statement for the record of a Thursday hearing entitled "Regulatory Burdens: The Impact of Dodd-Frank on Community Banking," the Credit Union National Association alerted lawmakers that the law has affected all financial institutions--none more than credit unions.

In the statement to the House Government Reform and Oversight subcommittee on economic growth, job creation and regulatory affairs, CUNA President/CEO Bill Cheney emphasized that the multitude of new regulations are generating a "crisis of creeping complexity," where credit unions are forced to hire specialized employees just to ensure compliance with the new requirements and reports. Read More
NCUA Changing Regional Organization in 2014 | Friday, 19 July 2013
Federally chartered credit unions in nine states will move from one NCUA Region to another in 2014, the agency said Thursday.

As of Jan. 1, federal credit unions in Colorado, Montana, New Mexico and Wyoming will move from Region V to Region IV.

“We continually monitor our regional workload and, when necessary, make adjustments to distribute exam hours proportionally,” NCUA Board Chairman Debbie Matz said in the announcement.  Read More
CUNA Suggests Enhancements To Loan Participation Rule | Tuesday, 16 July 2013
The Credit Union National Association in a letter Friday commended "the substantial improvements" that were made to the National Credit Union Administration's loan participation rule, but urged the agency to give credit unions latitude as they comply with the rule changes. The rule goes into effect Sept. 23.  Read More
Data Privacy Scrutinized At House CFPB Hearing | Thursday, 11 July 2013
As the data collection practices of the National Security Administration continue to come under broad-based scrutiny, the House Financial Services financial institutions and consumer credit subcommittee this week held a hearing to examine the Consumer Financial Protection Bureau's own consumer data collection practices.

Subcommittee Chairman Shelley Moore Capito (R-W.Va.) in her opening remarks cited news reports that indicated data on as many as 10 million Americans is held by the CFPB.  Read More
Senators Unveil Important First Step To GSE Reform | Wednesday, 26 June 2013
Tuesday's introduction of legislation that would wind down government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor, the Federal Mortgage Insurance Corporation (FMIC), "is an important first step to creating a secondary mortgage market that focuses on ensuring access to all financial institutions in need a functioning mortgage market, including credit unions," Credit Union National Association President/CEO Bill Cheney said.

The bill, known as the Housing Finance Reform and Taxpayer Protection Act, was introduced by Sens. Bob Corker (R-Tenn.), Mark Warner (D-Va.), Mike Johanns (R-Neb.), Jon Tester (D-Mont.), Dean Heller (R-Nev.), Heidi Heitkamp (D-N.D.), Jerry Moran (R-Kan.) and Kay Hagan (D-N.C.).  Read More
New CFPB Page Consolidates Reg Guidance | Friday, 14 June 2013

The Consumer Financial Protection Bureau has consolidated its new and pending mortgage rules, and associated implementation materials, into a new one-stop regulatory resource for credit unions and others impacted by and interested in is rules.

The bureau's new Regulatory Implementation web page includes:

  • Mortgage rules at a glance;
  • Small entity compliance guides;
  • Videos;
  • Quick reference charts;
  • The 2013 rural or underserved counties list; and
  • Other materials.  Read More
FBI: Cybercriminals Using Photo-Sharing Programs | Thursday, 13 June 2013
The Federal Bureau of Investigation (FBI) has seen an increase in cyber criminals who use online photo-sharing programs to perpetrate scams and harm victims' computers.

As an example, the bureau cited scammers who advertise vehicles online but will not provide photos in the advertisement. The ad promises to send photos on request, but often the photo is a single file sent as an e-mail attachment, and sometimes the victim receives a link to an online photo gallery.  Read More
CFPB Shares Lending Rule Exam Emphasis | Thursday, 06 June 2013
Examination procedure manuals for two lending regulations, the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), have been released by the Consumer Financial Protection Bureau.

The CFPB in a release said the new manuals "are intended for use by CFPB examiners and the financial institutions and mortgage companies subject to the new regulations.  Read More
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