Links in “Credit Unions”
- Today Show Promotes Credit Unions as Alternative to High-Fee Banks
The Today Show highlighted PNC Bankâs $7 monthly fee it charges  to its âvirtual walletâ customer if they want to conduct transactions at a branch. On the other hand, more than 80% of credit unions that offer checking services offer free checking. [9/30]
- CFPB’s 4 Ds: Nifty Catchphrase, But No New Surprises
UDAAPs, debt collection practices, fair lending, and payday loans have been on the CFPBâs radar for some time. [9/30]
- NCUA Requests Additional Information Gathering Approval
NCUA has submitted a request to the Office of Management and Budget for approval to gather information from credit unions regarding a host of credit union activities, including:Â CUSO lending and investment authority, federal credit union reimbursement policies, supervisory committee audit and verification requirements, and the circumstances and conditions under which members can inspect and copy board minutes, credit union books and records. [9/27]
- A United Approach to Preventing Cyber Attacks
The Financial Services Sector Coordinating Council, a group comprised of representatives from all aspects of the financial services industry, is looking for a united approach to combating cyber attacks. Future guidance is expected to be issued from the regulators. [9/27]
- NCUA Webinar Promotes Member Business Lending
NCUA webinar yesterday encouraged credit unions to consider member business lending as a means to increase loan and fee income. Staff reported that the average MBL is for $128,000 and the average delinquency rate is currently 1.76%. The staff emphasized the need for careful underwriting and encouraged microlending. [9/26]
- Rising Interest Rates Are Causing Decline in Mortgage Applications
And declining mortgage applications could have a negative impact on credit union loan growth and fee income, according to NCUA Chief Economist John Worth, who reports that refinancings have dropped by 60% since mortgage rates began to rise in May. [9/26]
- Reporting of Elder Abuse Does Not Violate Privacy Laws
NCUA, in conjunction with the other federal regulatory agencies, has confirmed that reporting elder abuse does not generally violate privacy laws. Reporting of elder abuse is required under the Gramm-Leach-Bliley Act and does not have notice and opt-out provisions. [9/25]
- CFPB Provides Chart to Help Small Credit Unions Identify Qualified Mortgages
A new chart published by the CFPB is designed to help credit unions and other small mortgage lenders determine whether a mortgage they are considering meets the definition of a âqualified mortgage." [9/25]
- SARs: Now Everybody’s Doing It
Financial institutions aren't alone in their filing of suspicious activity reports; the Justice Department has launched the Nationwide Suspicious Activity Reporting Initiative, which has resulted in a flood of reports, especially about people taking pictures of dams and other public structures. [9/25]
- NCUA Sues 13 International Banks
In its continuing effort to recover losses from U.S Central and other corporate credit unions, NCUA announced it is suing 13 international banks for antitrust activities. NCUA contends that the banksâ manipulation of the Libor rate caused millions in losses to the credit union industry. [9/24]
