Pending Senate data breach legislation may "create an unnecessary duplicative regulatory burden for credit unions," CUNA has warned in a letter sent to members of the Senate Judiciary Committee ahead of today's scheduled markup session. Read More
Credit union service organizations (CUSOs) do not pose a risk to the credit union system nor do they pose overall concerns to the National Credit Union Share Insurance Fund and the National Credit Union Administration should withdraw--or at least substantially modify--its recently proposed additions to rules governing CUSOs, CUNA said in a comment letter. Read More
The Consumer Financial Protection Bureau has made a slight change in round four of its mortgage disclosure form revision project, asking commenters to "compare two different types of loan products using the same version" of the mortgage form. View Here
The Federal Trade Commission (FTC) issued a new final rule, which bans deceptive and misleading mortgage advertising practices. The final rule includes 19 examples of practices that will be prohibited once the rule becomes effective on August 19, 2011. The final rule affects entities regulated by the FTC, which includes state-chartered credit unions. Although federal credit unions are not under the FTC’s enforcement jurisdiction, the practices can still be viewed as general guidelines to keep in mind. Read more...
Questions about the interchange rule? The Federal Reserve has issued a frequently asked questions guide to assist credit unions and other small entities. Read more Here
CUNA is encouraging credit unions to respond to the Consumer Financial Protection Bureau's Office of Servicemember Affairs' request for comment on the financial products and services they offer to members of the military community. Read More
The NCUA on Friday reminded credit unions that payments for their 2011 Temporary Corporate Credit Union Stabilization Fund Assessments, as well as a semi-annual 1% capitalization deposit adjustment, must be made by Sept. 27. Read More
The Financial Crimes Enforcement Network (FinCEN) has released Electronic Filing Requirements For FinCEN's Currency Transaction Report (CTR) and Electronic Filing Requirements For FinCEN's Suspicious Activity Report (SAR). These technical specifications are to be used to develop batch files of FinCEN's new CTR (FinCEN Report 112) and SAR (FinCEN Report 111) for upload or transmission to the BSA E-Filing System. Read More