Links in “CUNA”

CUNA has just completed a comprehensive study that did an in-depth look at the cost regulatory compliance imposes on credit unions. The study revealed that credit unions spent $7.2 billion on compliance in 2014. This is why CUNA has set regulatory relief as its number one advocacy priority for 2016. [1/13/16]

In light of the expansion to HMDA, Regulation C, the CFPB has opened a 60-day comment period to obtain feedback on the rules for when financial institutions must resubmit HMDA data due to identified errors. In a separate letter, CUNA has blasted the agency for overreaching in its final rule that requires reporting on 48 data fields when the Dodd-Frank Act required reporting on only 17 fields. [1/11/16]

The CUNA Mutual Group (CMG) has entered into a partnership with the NAFCU to offer mortgage payment protection programs to NAFCU members. CMG claims that there is no correlation between offering this one product to NAFCU members and what CMG does for CUNA and the state leagues. [1/6/16]

At 1:00 (CST) today, CUNA is offering a free 30 minute webinar tour of its new CUNA Compliance Community where credit union compliance professionals can stay connected not only with CUNA, but with each other. The tour will show how to navigate the user-friendly platform, identify the benefits, and show how to share a question with a CUNA attorney or with compliance peers. [1/5/16]

The Government Accounting Office (GAO) has issued a report that finds “moderate to minimal initial reduction in availability of credit” among those who responded to various surveys. However, CUNA points out that the report does not consider the impact of the recent TRID disclosures. [1/4/16]

The National Association of State Credit Union Supervisors has named Nichole Seabron as its new VP and regulatory counsel. Prior to joining NASCUS, she was an advisor to FEMA and compliance counsel to the Credit Union National Association. [12/22/15]

Credit unions were successful in achieving a number of regulatory goals this year. CUNA Chief Advocacy Officer Ryan Donovan highlights the legislative and regulatory victories from 2015 and lays out the agenda for 2016. [12/15/15]

The CUNA Board has approved a revision to the bylaws to eliminate the dual membership requirement. In addition, the board voted to expand CUNA membership to individuals and industry organizations and to reduce the size of the board. CUNA credit unions will vote on these measures in early 2016. [12/11/15]

Presenters at the CUNA Supervisory Committee and Internal Audit Conference stated that the most common audit findings are weak internal controls, particularly as they relate to IT system access and controls, and segregation of duties.The presenters identified other areas that are often cited. [12/9/15]

CUNA is up in arms over recent remarks by CFPB Director Richard Cordray to a group of consumer advocates in which he said that concerns expressed by credit unions and others about the effect that the CFPB's regulations have had on the availability of credit have been proven to be false. "Not true!" says CUNA. [12/4/15]