Links in “Credit Unions”

A NAFCU-sponsored letter with the signatures of 324 members of Congress has been sent to NCUA Chair Debbie Matz. The letter, which calls for more clarity about why the proposed risk ratings for credit unions is different from those set for other types of financial institutions, urges NCUA to consider the cost burden of the proposed rule and how that burden might affect mortgage and business lending. The letter also calls on the Agency to extend the comment period beyond 90 days. [5/16]

CFPB's new "easier-to-navigate" electronic version of Reg. Z includes a disclaimer worth noting. [5/16]

As if the competition from the bank across the street weren't enough, now the thing that worries 91% of bank directors and senior executives is nonbanks entering financial services. [5/16]

NCUA has $1.2 million in grants now available from the Community Development Revolving Loan Fund.  NCUA will be accepting applications from June 2 through June 30 for grants in four areas:  (1) to cover costs to obtain a CDF designation; (2) for new product and service development; (3) for collaborative purposes; and (4) for training. [5/15]

NCUA Board member Michael Fryzel has sent a letter to both CUNA and NAFCU in which he states that he believes the full NCUA board should vote on whether to extend the comment period for the proposed risk-based capital rule.  However, he added that he was confident that the final rule would include the suggested changes recommended by the two trade associations. [5/15]

A federal appeals courts ruled that a Wisconsin entertainer who bills herself as the “Banana Lady” had no basis for her suit against CUNA and two credit unions for violating her copyright. Some attendees at the CUNA Management School, where the “Banana Lady” performed posted videos and photos of her on their Facebook pages. [5/15]

This was a lesson Sallie Mae learned recently when she was required to pay $60 million in settlement penalties for violating the rights of members of the military. How did she do this? By failing to cap interest rates at 6% and forcing some members into default. [5/14]

The NCUA's 2013 annual report (released Monday) indicated that the regulatory agency only achieved 40% of their 10 specific diversity goals. However, rather than seeing it as a pass or fail issue, NCUA spokesman John Fairbanks says they use these numbers as an indicator of areas they need to improve. [5/14]

HUD's proposed rule on adjustable rate mortgages would change the look-back period and require compliance with the disclosure and notification requirements in the mortgage servicing rule. [5/14]

NCUA’s Annual Report released yesterday shows that 26 credit unions were subjected to Fair Lending audits last year with an average of 205 hours spent on each credit union. In addition, NCUA initiated 41 offsite Fair Lending contacts where the credit unions’ Fair Lending policies were reviewed and recommendations provided for improvements. [5/13]