Links in “Credit Unions”

NCUA's data for the third quarter shows a 3.3% increase in loans from the previous quarter and a 10.7% increase from this time last year. Credit union membership now exceeds 102 million; however, the number of federally-insured credit unions has declined to 6,090. [12/7/15]

The IRS has made several changes to the filing deadlines for certain IRS forms that will take effect in 2016. The forms affected by the change include Form 1099 -INT, Form 1098-E, Form 1098, and Form 1042-S. [12/7/15]

Friday, President Obama signed into law a sweeping transportation bill that included three regulatory relief provisions for credit unions. First, credit unions will no longer have to send annual privacy notices to existing members unless there has been a change from the previous notice. In addition, privately-insured credit unions will now be able to join the Federal Home Loan Bank program and the CFPB must establish procedures for determining when an area is to be designated as "rural." [12/7/15]

To celebrate its 25th anniversary, CU Times asked its readers to vote for the individual that they felt had the most influence on the industry since 1990.  The winner...........former NCUA Chair and industry consultant Dennis Dollar. [12/7/15]

CUNA is up in arms over recent remarks by CFPB Director Richard Cordray to a group of consumer advocates in which he said that concerns expressed by credit unions and others about the effect that the CFPB's regulations have had on the availability of credit have been proven to be false. "Not true!" says CUNA. [12/4/15]

According to a recent CFPB study, the Credit Card Accountability and Disclosure (CARD) Act has helped reduce the amount of credit card fees paid by American consumers by more than $16 billion.  However,the report cites costs that still remain a concern to the CFPB. [12/4/15]

The revised Military Lending Act is complex and your staff needs to understand when and to whom the provisions apply. In addition, the Act requires financial institutions to calculate an "all-in" Military Annual Percentage Rate, which is different from the calculation of a standard annual percentage rate. [12/4/15]

The Eliminate Privacy Notice Confusion Act has now passed both the House and Senate and awaits the President's signature. The Act would eliminate the requirement that credit unions provide an annual privacy notice to their members. Instead, new privacy notices would only have to be sent when there is a change to the privacy information. [12/4/15]

CUNA and other business representatives have sent a letter to the members of the Senate and House appropriations committees stating that the CFPB failed to study the impact of restricting arbitration clauses. The letter urges lawmakers to block the CFPB from finalizing its rule until a thorough study has been conducted. [12/2/15]