Mountain West News
Affirmative Action: Is Share Insurance a Federal Contract? |

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 |

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 |

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 |

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 |

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...

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