Links in “Credit Unions”

While recreational marijuana use is legal in Colorado and Washington, it is still considered illegal under federal law. How can financial institutions reconcile the difference? So far, they can't, but there may be hope on the horizon. [9/19]

A thoughtful piece in the U.S. News provides data in support of maintaining the tax exemption for credit unions citing their resilience through the economic crisis; author states that eliminating the tax exemption would likely deal a fatal blow to a low-cost financial service provider for over 93 million consumers. [9/18]

Credit unions have always led the way in offering small consumer loans. Take a look at some of the innovative small loans that have brought big rewards to their credit unions. [9/18]

FHA issues a final rule that streamlines the financial statement reporting requirement for credit unions and other lenders supervised by federal banking agencies. In exchange for submitting annual audited financial statements, FHA-approved lenders with less than $500 million in assets will be able to submit their unaudited financial regulatory reports that align with their fiscal year-end. [9/17]

CUNA has added a CFPB Mortgage Rules page to the Compliance Resource section of its website. This new resource consolidates a host of information ad tools to assist with compliance with the new mortgage rules and includes eGuides, archived webinars, and Q&As. [9/17]

Part two of a two-parter on ten Twitter accounts to follow for compliance and risk matters in 140-character chunks. [9/17]

NCUA has activated its disaster relief policy for Colorado credit unions that have been affected by flooding, enabling them to 1) make prudent emergency loans with special terms and reduced documentation; 2) reschedule routine examinations; and 3) obtain NCUA guaranteed lines of credit from the share insurance fund. CUs may also assist affected credit unions in a variety of ways, such as providing access to ATM networks or by offering check cashing services. [9/16]

That target is for distributed denial of service attacks or DDoS attacks. The University Federal Credit Union in Austin, Texas never thought it would happen to them... until it did. [9/16]

NCUA announced that it has developed a series of training videos for Supervisory Committee Members from small and low income-designated credit unions.  The six-part series is available through the NCUA website. [9/16]

Yet another reminder for all FIs to review their disaster recovery plans [9/16]