Compliance News
Affirmative Action: Is Share Insurance a Federal Contract? | Wednesday, 17 August 2011

Credit unions that participate in federal government programs, such as holding Treasury tax-and-loan accounts or acting as issuing or paying agents for U.S. savings bonds, are considered federal contractors under the Department of Labor’s nondiscrimination and affirmative action rules.  But, is federal share insurance issued by the NCUSIF considered a federal contract as well?

Whether you get a “yes” or “no” answer to this question will depend on who you ask: NCUA will tell you that the long-standing answer to this question is no.  Federal share insurance is not a federal contract triggering affirmative action obligations.  But, if you ask the Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP), the answer is yes.  So, what’s a federally insured credit union to do?  Read more at CUNA's Compliance Blog.

CUNA Urges CFPB Nominee To Consider CU Burden | Tuesday, 16 August 2011

As Richard Cordray prepares for his Sept. 6 nomination hearing before the Senate Banking Committee, CUNA President/CEO Bill Cheney urged the candidate for Consumer Financial Protection Bureau director to "consider ways in which the Bureau can help minimize regulatory requirements for credit unions and other financial institutions." Read More...

CUNA/Mastercard Will Hold Debit Interchange Audio Conference | Monday, 15 August 2011

MasterCard's plans for a two-tiered debit interchange fee rate structure, how that rate structure will impact credit unions, and the anticipated time table for implementation will be covered during an Aug. 17 Credit Union National Association (CUNA) audio conference call.

The hour-long call will be free for CUNA members and is scheduled to begin at 2 p.m. ET. A Q&A session will follow the prepared portion of the presentation. CUNA members will be able to register for the call beginning later today.  Read More.

FinCEN Issues Guidance on Commercial Bank of Syria | Wednesday, 10 August 2011

In coordination with Wednesday's designation of the Commercial Bank of Syria for its provision of financial services to entities previously sanctioned by the United States for their proliferation activities, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory today to alert U.S. financial institutions of information on the Commercial Bank of Syria's continued involvement in illicit financial activities.  Read More.

ATM Fee Lawsuits Continue | Wednesday, 10 August 2011

Another rash of lawsuits continue to be filed against financial institutions for failing to properly disclose ATM fees. CUNA Mutual Group reminds credit unions simple preventative steps can help them avoid costly fines and legal fees.  Read More...

NCUA Files Suit Against Goldman Sachs & Co. | Wednesday, 10 August 2011

The National Credit Union Administration filed suit today in California against New York firm Goldman Sachs & Co. alleging violations of federal and state securities laws, as well as misrepresentations in the sale of securities to now-failed U.S. Central and Western Corporate federal credit unions. Read More...

OFAC Publishes Names of Persons/Entities Removed From Lists | Tuesday, 09 August 2011

The U.S. Department of the Treasury’s Office of Foreign Assets Control (‘‘OFAC’’) has published the names of seven individuals and nine entities whose property and interests in property have been unblocked pursuant to Executive Order 12978 of October 21, 1995, Blocking Assets and Prohibiting Transactions With Significant Narcotics Traffickers.  See the names in the Federal Register Here.

Regulatory Agencies Issue Guidance on Federal Debt | Monday, 08 August 2011

Last Friday, Standard & Poor's rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations).  Read More

SAFE Act Consumer Site Goes Live | Friday, 05 August 2011

The SAFE Act requires that certain information about registered mortgage loan originators (MLOs) and institutions be readily available to the general public.  The initial registration period ended on July 29th and as expected, the Consumer Access website is now available.  Credit unions that have already registered in the NMLS System should review the website to ensure that they and their MLOs are reflected in the system.  Should you encounter any difficulties, the NMLS Call Center can be reached at (240) 386-4444.

Interchange: CUNA Webinar Addresses Compliance Concerns | Thursday, 04 August 2011

Credit unions that do not have agreements with two unaffiliated payment networks should begin shopping for a new network now instead of waiting for the April 1, 2012 compliance date to draw closer, PayFusion CEO TJ Riha said in a Wednesday Credit Union National Association (CUNA) webinar on pending interchange debit fee cap regulations. Read More...

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