Links in “Credit Unions”

NCUA’s Office of General Counsel has announced that it may be issuing a proposed rule to amend the Member Business Loan regulation in the early part of this year. Under consideration are changes to collateral valuation, underwriting requirements, the experience requirement, and the elimination of the personal guarantee requirement for well-capitalized credit unions. [1/16]

In a worst case scenario, a credit union that does not file its 5300 Call Report in a timely manner could face a fine of $1 million dollars per day until the report is filed. The deadline to avoid a civil money penalty will be the 4^th Friday of the month following the end of a quarter, beginning with April 25^th of this year. [1/16]

Apparently not. South Dakota banks claim they are representing the interests of “concerned citizens” in a state battle to tax credit unions. The South Dakota banks have claimed that these “concerned citizens” believe that it is unfair not to tax credit unions. However, the “concerned citizens” have yet to show up to support the banks’ position. [1/15]

Legislation is expected to be introduced in the Senate that would impose breach reporting and notification requirements on all U.S. businesses without imposing any additional duties on credit unions. Similar legislation is being considered in the House and has the support of both NAFCU and CUNA. [1/15]

NCUA releases two regulatory alerts providing an overview of new mortgage servicing rules under Reg. X (RESPA) and Reg. Z (TILA). [1/15]

Read this fascinating account of how a small credit union with an underperforming loan portfolio has been transformed into a highly successful credit union through its SEG affiliation with Darden Restaurants. [1/14]

Regulatory Alert No. 14-RA-04 provides further guidance for compliance with RESPA’s mortgage servicing rules. The Q&A format addresses force-placed insurance, error resolution and information requests, servicing policies and procedures, early intervention with delinquent borrowers, and loss mitigation. [1/14]

The webinar, scheduled for 1/15/2014, covers topics that might be of interest to all financial institutions, including banks (CRA elements). Focus to be on second-chance loans and checking accounts, alternatives to payday loans, and value-added partnerships with municipalities and community service organizations. [1/14]

It appears that the primary lesson learned from the Target breach is that that financial institutions need to take early, proactive measures. Those credit unions that informed their members and reissued cards immediately on hearing about the breach are incurring less fraud loss than they had anticipated. [1/13]

NCUA Chair Debbie Matz identifies cyber security threats, interest rate risk, private student loans, and money services business as top examination concerns for 2014. [1/13]