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Credit unions will be charged a 2012 Temporary Corporate Credit Union Stabilization Fund assessment of 9.5 basis points of their member shares as of June 30, the National Credit Union Administration announced at Tuesday's July open board meeting. Read More
The Consumer Financial Protection Bureau this fall will begin supervision and examination of consumer credit reporting agencies with more than $7 million in annual receipts, the agency announced on Monday.  Read More
The Commodity Futures Trading Commission on Tuesday approved a final rule to exempt, as end users, credit unions with under $10 billion in assets from the terms of pending derivatives regulations, and introduced a proposal that would also exempt certain larger credit unions from those same rules. Read more.
The Treasury Department's Office of Foreign Assets Control ("OFAC'') published today the names of 6 individuals whose property and interests in property are blocked pursuant to Executive Order 13536 of April 12, 2010, ``Blocking Property of Certain Persons Contributing to the Conflict in Somalia.  Read more.
Taking what it might consider to be a one-two punch against the confusion that can surround consumers during the mortgage origination process, the Consumer Financial Protection Bureau Monday proposed a new, simplified mortgage disclosure form and also proposed to expand protections afforded consumers who take out mortgages that are considered "high cost."  Read More
In the immediate aftermath of the U.S. Supreme Court's decision Thursday to uphold President Barack Obama's landmark health care law, Brad Pricer, human resources process leader for CUNA Mutual Group, offered credit unions a direct but gentle piece of advice: It's time to get off the fence. Read More
Much like the multiple lawsuits that attacked fee disclosures or lack of them at ATMs of credit unions and banks the past two years, a new wave of multiple, duplicative lawsuits has begun, this time targeting banks' and credit unions' overdraft policies and processes.  Read More
Credit unions must ensure that they inform their members who are in the military and receive Permanent Change of Station orders of all their loan modification options and don't do any deceptive practices.  Read More
The Consumer Financial Protection Bureau should "fully understand and minimize the potential implementation and ongoing compliance costs and unintended consequences on credit unions from its potential new regulations,'' CUNA wrote in a letter to the agency. CUNA Regulatory Counsel Dennis Tsang recommended that the agency "develop limited, targeted questions'' when the bureau begins collecting information about compliance costs and other effects of regulations. Read More
Proposed credit union service organization regulatory changes drew a substantial number of comments from credit unions when they were released last year, and a final version of the CUSO changes will be the lone item on the agenda when the National Credit Union Administration holds its open board meeting on June 21. Read More