Links in “Credit Unions”
- Recap of Newly Approved CUSO Rule
National Credit Union Administration took several actions during its board meeting last week, including approval of the final Credit Union Service Organization rule. Here is an overview of the new rule. [11/25]
- Donât Let TCPA Catch You Unaware!
TCPA (the Telephone Consumer Protection Act) was enacted in 1991. So why is it a big deal now? Two reasons: lawyers have discovered it and are using it to win large settlements in class action suits and a recent amendment now requires that you obtain prior express written consent before you make telemarketing calls to your members. [11/25]
- Paul Gentile Moves to Massachusetts Credit Union League
Gentile has been named as the new president/CEO of the Massachusetts Credit Union League replacing the retiring Dan Egan. He had previously served as president/CEO of the New Jersey Credit Union League and is currently CUNAâs VP of strategic communications. [11/25]
- Growing Fly in the M&A Ointment: Regulatory Compliance
Survey of bank directors and execs finds that it is more difficult today than it was five years ago to get regulatory approval for a merger or acquisition. One of the leading culprits is increased scrutiny of regulatory compliance. [11/22]
- NCUA November Board Meeting Produces Final CUSO Rule and Announcement on 2014 Corporate Credit Union Assessment
The NCUA Board approved changes to the CUSO Rule that will require all CUSOs to report certain information to NCUA and state regulators. CUSOs that offer more complex or higher-risk services, such as credit and lending, IT, and custody, safe-keeping and investment management services, will be required to report more detailed information, including providing financial statements ad general customer information. In addition, the Board announced that, due to recent legal settlements, it does not anticipate a corporate credit union assessment for 2014. [11/22]
- NCUA Files Additional Suit in St. Paul Croatian FCU Collapse
NCUA files lawsuit seeking a $6.9 million judgment against two more individuals involved in embezzling funds from St. Paul Croatian FCU. The defendant and his wife allegedly set up six businesses in order to obtain fraudulent loans from the credit union. The defendant also paid $20,000 in kickbacks to the former CEO, who is now serving a 14-year sentence in a federal prison. [11/22]
- Credit Union Looted Before Managerâs Suicide
NCUA has filed a civil complaint against the estate of John Dupree, Jr., the former manager of the $2.4 million Shiloh of Alexandra FCU, and his former fiancé. The complaint alleges that the pair embezzled about $10 million dollars from the small credit union to pay for âsinful thingsâ as stated in Mr. DuPreeâs suicide note. [11/21]
- Thereâs Good and Bad in the Senate Draft Tax Bill
Senate Finance Committee Chairman Max Baucus has released the draft of his tax bill that includes some good news and some bad news for credit unions. The good news is that the credit union tax exemption is not affected. The bad news is that the bill would require financial institutions to report all accounts that have no or nominal earnings during the tax year and would expand the scope of information that would need to be reported on IRS Form 1098 (for mortgage interest reporting).
- The Biggest Mistakes You Can Make When Marketing to Women
The key is to avoid using stereotypes that condescend to women. Your goal should be to portray women as smart and not frivolous. This articles provides specific examples of the wrong approach versus the right approach. [11/21]
- Initial Industry Reaction to the New Mortgage Disclosure Forms Rule (All 1,888 Pages of It)
Initial praise and concerns from the Independent Community Bankers of America for the new mortgage disclosure form rules (nearly 1,900 pages worth) released yesterday . [11/21]
