Links in “CUNA”

CUNA and other business representatives have sent a letter to the members of the Senate and House appropriations committees stating that the CFPB failed to study the impact of restricting arbitration clauses. The letter urges lawmakers to block the CFPB from finalizing its rule until a thorough study has been conducted. [12/2/15]

Industry experts at a recent CUNA conference identified the red flags that may signal illicit activity. This checklist should become part of your staff training in order to ensure that potential money laundering and other illegal activities at your credit union are detected in a timely fashion or avoided entirely. [11/23/15]

A new CUNA study reveals that CUs dealt with a walloping $6.6 billion in regulatory burden impact in 2014. The survey revealed a median compliance cost of 49 basis points of credit union's assets; this was partnered with an unfortunate median reduction in revenue opportunity of 10 basis points of assets. [11/17/15]

"Since credit unions have this unique relationship with members, they are more likely to know their members, and are able to resolve conflicts in a quick and amicable fashion," CUNA told the CFPB's Small Business Advisory Panel in regards to the bureau considering proposals on arbitration agreements. [11/16/15]

The early word from a CUNA survey is that credit unions were slammed with $6.6 billion in compliance costs in 2014. From a bottom line perspective that means that for the average credit union compliance costs now comprise about 20% of total operating expenses and 40% of total staff expenses. [11/13/15]

The state credit union leagues remain divided about CUNA’s decision to retain the dual membership policy that requires credit unions that join their state league also join CUNA and pay membership dues to both. The New York Credit Union Association is the latest to join the chorus against the policy after a survey of their members found that 80% are in favor of membership choice. However, Mountain West Credit Union Association has announced its support for CUNA’s position. [11/5/15]

That is the essence of a letter submitted by CUNA to the Senate Banking Committee urging them to consider a number of measures that would relieve the regulatory burden on credit unions, so that they can devote more resources to serving their members. CUNA points to the strong average capital ratio for the industry and identifies a number of regulatory issues that, if addressed, would ultimately benefit consumers. [10/28/15]

There appears to be a sort of rebellion in the ranks as another credit union league has voted to give its members a choice of membership. The Board of the League of Southeastern Credit Unions, which serves credit unions in Florida and Alabama, voted unanimously to give its members the choice of joining the League without also having to join CUNA. The League CEO says that he remains a strong CUNA supporter, but believes that offering a membership choice is in the best interests of their credit unions. [10/20/15]

CUNA meets with the CFPB to remind the bureau as it considers revising overdraft protection that credit unions are far different from banks, offering these services as a convenience and accommodation for their members, who appreciate these services. [10/19/15]

The CFPB says it should become a positive force for credit unions. CUNA agrees, but says this will only be the case if the CFPB focuses its rulemaking and enforcement actions on the bad actors and not by imposing additional regulatory and compliance burdens on the good actors, like credit unions. [10/6/15]