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Tuesday's Consumer Financial Protection Bureau nomination hearing "was a formal step forward in the confirmation process" for potential agency director Richard Cordray, but his nomination still faces several obstacles, CUNA has noted.  Read More

The Financial Crimes Enforcement Network (FinCEN) today released its analysis of identity theft suspicious activity reports (SARs) filed by securities and futures firms that shows identity thieves prefer to use stolen account identifiers to take over existing legitimate investment accounts rather than to set up new unauthorized accounts.  Read More

CUNA President/CEO Bill Cheney said that the National Credit Union Administration's 25 basis point Temporary Corporate Credit Union Stabilization Fund assessment "came as no surprise" to credit unions, but nonetheless harms their bottom lines. Read More

Credit unions will be assessed 25 basis points (bp) of their total insured shares to help cover corporate credit union stabilization costs, the National Credit Union Administration voted today. The agency expects it to bring $1.96 billion into the fund. Read More

While Washington has remained quiet for most of August, CUNA has continued its work on the regulatory front, meeting this week to discuss the credit union regulatory burden, and other top credit union issues, with Consumer Financial Protection Bureau (CFPB) representatives. Read More

CUNA commended the National Credit Union Administration for its plan to allow credit unions to hedge their interest-rate risk with financial derivatives saying credit unions need many tools to facilitate their operations as possible, provided they are consistent with vigilant risk management on the credit union's part and reasonable supervision from regulators. Read More

As CUNA works to compile a comprehensive list of credit unions' regulatory burdens to send to federal regulators and continue to seek their aid to provide relief, CUNA is asking credit unions to send their views on what rules unnecessarily encumber operations. Read More

During a Bank Secrecy Act webinar hosted by CUNA Friday, Judy Graham, of the National Credit Union Administration's office of examination and insurance, said examiners identify risk assessments and staff training as two top areas of compliance problems.  Read More

Regulatory burdens in the form of higher compliance costs could lead to more credit union mergers, Bill Hampel, CUNA chief economist, told The Washington Post Sunday. Read More

In a recent Regulatory Alert (11-RA-04), the National Credit Union Administration offers guidance intended to help credit unions comply with an joint interim final rule that addresses garnishment of accounts that include federal benefits payments

The joint rule was issued by the U.S. Treasury, the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board, and the Office of Personnel Management and pertains to the following benefit payments:
• Social Security and Supplemental Security Income benefits;
• Veterans benefits;
• Federal Railroad retirement, unemployment and sickness benefits;
• Civil Service Retirement System benefits; and
• Federal Employees Retirement System benefits.

Read More.