Links in “CUNA”
- CUNA Says CFPB Should Increase Relief in âRuralâ Definition Rule
CUNAâs comment letter is supportive of the CFPBâs proposal to broaden the definition of a âruralâ area, but states that the proposed rule should go farther and provide impact analyses to show how communities, consumers, and creditors would be affected if the yearly loan limit was increased from 2,000 to 2,500, 3,000, 3,500, etc. In addition, the small creditor asset limit of $2 billion may be arbitrary and CUNA is asking for consideration to be given to raising the limit. [3/31/15]
- CUNA Says CFPBâs Proposed Rule on Prepaid Accounts May Have Adverse Consequences
In a comment letter to the CFPB regarding its proposed rule on prepaid accounts, CUNA warns that applying Regulation E to prepaid accounts may not be appropriate and could result in these types of accounts being less accessible, particularly by the underserved. [3/24/15]
- CUNA Asks CFPB for Further Reg Relief
In a comment letter to the CFPB, CUNA has asked that the Bureau consider additional regulatory relief from the TILA/RESPA mortgage servicing requirements in the form of adding exceptions to the 120-day delinquency rule, clarifying the process for force-placing insurance, raising the loan limit for âsmall institutionsâ from 5,000 to 10,000 loans, and expanding the scope of the successors in interest rule. [3/17/15]
- McWatters Calls for Transparent Regulation
NCUA board member Mark J. McWatters stressed to members of the CUNA the importance of transparent regulation. McWatters urged the NCUA to establish at least three advisory committees, with the task to advise the NCUA board on budgets, examination procedures, and regulatory relief. [3/10/15]
- Matz Provides Reg Relief Update
Speaking at CUNAâs GAC, NCUA Chair Debbie Matz told attendees that the agency is working on a supplemental capital rule to coincide with the implementation of RBC2 in 2019, and will be issuing a new proposed rule on fixed assets very soon. She also said she has working groups looking into field of membership issues and the MBL personal guarantee requirement. [3/10/15]
- CUNA Files Amicus Brief in FL Interchange Case
In the case Danaâs Railroad Supply v. Bondi the merchants filing the suit are arguing, among other things, that Floridaâs ban on merchants assessing a surcharge on credit card transactions is a violation of their first amendment right to free speech. CUNA has filed an Amicus brief in which it argues that the Florida statute does not prohibit merchants from doing anything at the point-of-sale to encourage customers to use cash, and that merchants are free to ask Congress or the Florida legislature to cap the fees they pay for credit card transactions. [3/6/15]
- Dunn Leaving CUNA
Mary Dunn, long-time CUNA Senior Vice President and Deputy General Counsel, is leaving her position effective April 3rd. No reason is cited for her departure, but Dunn has agreed to continue to provide assistance to the CUNA Advocacy Team for an interim period after her departure. CUNA Â restructured its management team in January and eliminated some positions. [3/4/15]
- Strong Discussion Scheduled for CUNA GAC Conference
Attendees at this yearâs CUNA GAC will be meeting with their Congressional representatives to discuss the importance of preserving the tax exempt status, stopping merchant data breaches and improving data security standards, as well as avenues for regulatory relief for credit unions. [2/19/15]
- UBIT Refund Guidance
If youâre a state-chartered credit union that had to pay Unrelated Business Income Tax (UBIT) in the past, you may be entitled to a refund of those taxes in light of a change in position by the IRS. The question is how do you go about this. CUNA has asked outside law firm Foley and Gardner to provide a memo for credit unions with general information about the refund claim process. [2/18/15]
- CUNA Needs Your Regulatory Burden Stories
The Senate Banking Committee is looking for real examples of how the regulatory burden has adversely affected financial institutions. CUNA is launching a new online tool today to collect the stories submitted by credit unions. The submissions should provide specific examples of how increased regulation has caused a reduction in services to members and/or increased costs to the credit union. [2/17/15]