Links in “Credit Unions”

As you may have heard, the Colorado Division of Financial Services has issued an unconditional charter to The Fourth Corner Credit Union to serve the legal marijuana industry. In the meantime, state law permits a credit union to begin operations while its federal share insurance application is pending. [11/25/14]

Many credit unions believe the proposed DOD lending rule will not affect them because they either have very few servicemembers in their membership or they don't have any products that are over the 36% lending cap. Unfortunately, neither of those facts have a major impact on the compliance burden caused by the proposed rule. [11/24/14]

NCUA announced that it will issue its revised risk-based capital rule at its January 15 board meeting. Chairman Matz stated that the revised proposed rule will have a 90-day comment period. [11/24/14]

NCUA Board member Mark McWatters is urging the NCUA Board to permit public comment on the agency’s budget proposal saying it would not compromise the Board’s independence. McWatters voted against the 2015 budget at the November board meeting. [11/24/14]

The CFPB has finally allowed financial institutions to step into the 21st century and post their annual privacy notice online, instead of mailing it. But don’t put those stamps away just yet; there are a few caveats. In this video, AffirmX’s SVP and In-House Counsel Jane Pannier discusses those caveats and helps you determine whether they apply to your institution. [11/21/14]

Unfortunately, it's an increase. The NCUA raised the current 69.2% OTR to 71.8% based on a methodology that took into consideration factors including the value to the NCUSIF, cost of NCUA resources and programs, and more. But remember, credit unions with less than $1 million in assets are not subject to the fee. [11/21/14]

Come January, residents of Colorado might see the first ever credit union dedicated to serving marijuana businesses. Fourth Corner Credit Union has already received an unconditional charter to operate from its home state, but is still pending NCUA approval. [11/21/14]

The president of our nation recently made an executive action to grant US residency status to more than 4 million undocumented aliens, many of which are credit union members already since credit unions accept a wide array of identification documents to establish a "reasonable belief that it knows the true identity of the customer." If you disagree with the president's action, this author has some advice (take it or leave it). [11/21/14]

CUNA has three nominees for the open positions on its Board of Directors: Winona Nava (president/CEO of Guadalupe CU), Donna Neal (president/CEO of My Community FCU), and Peter Dzuris (president/CEO of Northland Area FCU). [11/21/14]

The NCUA's budget for 2015 was announced with the headline noting the 4.2% increase was the smallest since 2008. While such news might seem positive, NASCUS announced in a separate headline displeasure with the overhead transfer rate rise from the previously "staggering" level of 69.2% to a now higher 71.8%. [11/21/14]