Association News
Avoid CU Burdens in Diversity Policy: CUNA to NCUA | Wednesday, 28 March 2012

CUNA has urged the National Credit Union Administration to implement standards for "assessing the diversity policies and practices of entities regulated by the agency," as mandated by the Dodd-Frank Wall Street Reform Act, "in a manner that would minimize the information gathering and reporting burden on credit unions."  More

CFPB Files Amicus Brief in Truth-in-Lending Case | Wednesday, 28 March 2012

Borrowers that do not receive Truth in Lending Act-mandated disclosures from mortgage lenders may cancel those loans, provided they inform the lender of their intent to cancel the loan within three years, the Consumer Financial Protection Bureau said in an amicus brief filed this week in Colorado. More

Compliance: FCUs Must Tweak Equal Housing Lender Notices | Friday, 23 March 2012

Faithful readers of the CUNA CompBlog will have seen already that recent technical changes approved by the National Credit Union Administration at its March meeting earlier this month require federal credit unions that offer mortgages to revise their Equal Housing Lender notices.  More

Lawmakers Discuss the 'Relationship Business' of Politics | Wednesday, 21 March 2012

"We're in a relations business when we're in the law making business," Rep. Lynn Jenkins (R-Kan.) told the audience during a breakout session at the Credit Union National Association's (CUNA) 2012 Governmental Affairs Conference (GAC) in Washington Tuesday.

Jenkins and Rep. Ed Perlmutter (D-Colo.) addressed the importance of establishing relationships with state legislators during a panel discussion entitled "From the State House to Capitol Hill: The Critical Nature of State Advocacy."  More

Udall, McCarthy Back MBL Efforts In Senate and House | Wednesday, 21 March 2012

Members of the Senate and the U.S. House both touted their support for member business lending legislation, but told attendees of CUNA's Governmental Affairs Conference that lawmakers will need credit unions' help to get the legislation passed.  More

OFAC Revises Iranian Transactions Regulations | Tuesday, 20 March 2012

The Department of the Treasury's Office of Foreign Assets Control amended the Iranian Transactions Regulations to redefine the term entity owned or controlled by the Government of Iran to substantially conform to the definition in the amended Iranian Financial Sanctions Regulations.  Read more.

GAC Attendees Offered Advocacy Advice | Tuesday, 20 March 2012

Attendees of the CUNA 2012 Governmental Affairs Conference received their advocacy marching orders on Monday, with CUNA staff and a guest speaker briefing a packed conference hall on the latest legislative and political issues, and how best to convey the credit union point of view on these matters.  More

Legislation, Hearings on Tap as CUs Visit Hill | Tuesday, 20 March 2012

Washington will be packed this week, with credit union advocates taking their message to Washington legislators as part of the CUNA 2012 Governmental Affairs Conference, and business will proceed as usual on Capitol Hill, with both the U.S. House and Senate in session. More

FinCEN Issues CTR Clarification | Friday, 16 March 2012

The Financial Crimes Enforcement Network ("FinCEN") has issued guidance to clarify, for currency transaction reporting purposes, the aggregation of multiple transactions conducted by businesses with common ownership. FinCEN received requests from financial institutions for further guidance. In particular, requestors were interested in guidance that addressed common ownership aggregation beyond the limited set of circumstances discussed in FinCEN Ruling 2001-2. That ruling was specific to an individual who owned three incorporated businesses with separate tax identification numbers and accounts, and who made a practice of using funds from one account to pay for the expenses associated with the other businesses.2 FinCEN is supplementing that ruling with the following additional guidance. Read more.

Supplemental Capital Leads Credit Unions to Create Coalition | Friday, 16 March 2012

There’s a new sheriff in town to wrangle up support for credit union access to supplemental capital.

The Coalition for Credit Union Access was formed specifically to push for the passage of H.R. 3993, The Capital Access for Small Business and Jobs Act, and will not likely take on other topics, according to a spokesperson.  More

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