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The NCUA and Consumer Financial Protection Bureau have placed more emphasis on Fair Lending laws and Home Mortgage Disclosure Act data collection in 2013, and credit unions can expect additional rules and exams in 2014.

Some are also anticipating the anti-discrimination reporting and compliance could be expanded to apply to auto financing, business loans and credit cards, which could change the way credit unions lend to members. 
The National Credit Union Administration approved a final version of fixed-asset regulation changes.

The changes include plain language revisions, new definitions and rewordings that impact the current fixed-assets rule, Section 701.36. That rule allows federal credit unions to purchase, hold and dispose of property necessary or incidental to their operations. These fixed assets include office buildings, branch facilities, furniture, computer hardware and software, and ATMs.

The amendments do not make any substantive changes to regulatory requirements. Rather, they are intended to clarify the rule by improving its organization, structure, and "ease of use."

The Credit Union National Association has spoken in support of these proposed fixed-asset rule changes.  Read More
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
The Treasury Department's Office of Foreign Assets Control ("OFAC'') published the names of seven entities whose property and interests in property are blocked pursuant to Executive Order 13464 of April 30, 2008 ("Blocking Property and Prohibiting Certain Transactions Related to Burma'') ("E.O. 13464'') or Executive Order 13448 of October 18, 2007 ("Blocking Property and Prohibiting Certain Transactions Related to Burma'') ("E.O. 13448''). OFAC is also amending the listing of a person whose property and interests in property were previously blocked.  Read more.
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
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
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
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
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
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