Links in “Credit Unions”

If Congress really wants to help the unbanked and underbanked, then instead of trying to turn post offices into banks, it should work to remove the barriers that keep credit unions from serving them. [1/22/16]

A Houston credit union's retired executive almost got away with stealing more than $1.2 million in unclaimed checks over 18 years. Almost. [1/22/16]

Last year, Ally Financial and the CFPB reached a settlement on claims that Ally engaged in racial discrimination against African-American, Hispanic and Asian borrowers. However, a report just released by the House Financial Services Committee says that the CFPB erred in the methodology it used to identify the recipients of settlement checks and some checks were sent to white borrowers, as well. [1/21/16]

As part of its voluntary liquidation process, Internet Archive FCU has paid out to its members of record all shares insured by the NCUSIF. NCUA had issued a cease and desist order to the credit union in November, 2015 citing the credit union’s unwillingness to open accounts and extend loans to potential members in its low-income community, violations of the Bank Secrecy Act and USA Patriot Act and a declining financial condition with increasing losses. [1/21/16]

The Servicemembers Civil Relief Act’s one-year extended protection period from foreclosure for returning servicemembers expired on December 31, 2015. This means that the protection period has reverted back to the statutory 90-day protection period. Efforts are continuing to renew the longer extension period. [1/21/16]

CUNA has released a new guide to assist credit unions with their comment letters regarding the proposed changes to the federal field of membership requirements. The guide breaks down the issues for community credit unions and for those with multiple common bonds. Comment letters must be submitted by February 8^th. [1/20/16]

Two men have been sentenced to five and six years in federal prison for using a poplar social media site to scam $100,000 from three large credit unions and a major bank. The scheme involved using the social media site to pay for access to debit card PINs and depositing worthless, stolen checks and altered money orders at ATMs. [1/20/16]

Ken Robinson, who was the CEO of NAFCU for 16 years from 1984 to 2000, has died. Robinson, who was a retired Marine Corps major general, led the credit union association and the credit union industry through years of tremendous growth and expansion, as well as years of significant challenges including the battle to retain the right for federal credit unions to have  multiple-group charters under the 1998 Credit Union Membership Access Act. His charm, grace, and wit will be greatly missed. [1/20/16]

In this month’s The NCUA Report, NCUA board member Mark McWatters continues his dialogue on the need for the Agency to create a “very transparent, non-retaliatory” examination process. Specifically, McWatters recommends that NCUA designate a senior executive as an exam outreach officer, revisit examiner training, develop a new appeals process resource webpage, and create a credit union advisory council to address reg relief and exam issues. [1/20/16]

Credit unions can access the Defense Manpower Data Center (DMDC) to identify borrowers who are covered under the Military Lending Act (MLA). However, credit unions that want to be able to access this database beginning in February must contact the MLA help desk no later than Feb. 1^st as the number of users is limited. [1/19/16]