Links in “Credit Unions”
- Matz to Testify Before House Committee
Debbie Matz, along with other members of the House Financial Stability Oversight Committee, are scheduled to testify before the House Financial Services Committee on Dec. 8th. The hearing is being held to look at the FSOC's agenda, operations, and structure. Eyes will be on whether Matz addresses the agency's need to examine third party vendors. [12/2/15]
- Put an “S” on It!
The NCUA's Office of Inspector General is recommending that the agency add an "S" to its CAMEL rating system. The "S', which would stand for "sensitivity to the market," would be designed to more effectively measure and monitor interest rate risk. The OIG is concerned that the current methodology might understate or obscure situations of high IRR risk. [12/2/15]
- Overdraft Class Action: “Available Balance” v. Actual Balance
Law firm goes after a Florida credit union arguing that it used an "artificial available balance" instead of an actual balance in deciding whether to charge an overdraft. [12/2/15]
- Compliance Culture Scoreboard: How Does Your Institution Rate?
When regulators discuss the root causes of the problems in a financial institutionâs Bank Secrecy Act and Anti-Money Laundering programs, invariably the cause that comes out at the top of their list is a weak culture of compliance. These points come from an advisory by FinCEN, the Financial Crimes Enforcement Network. The regulatory agencies have found that poor BSA performance is as much about the culture of a financial institution as it is about the products, services, customers, and geographic location of the business. How does your compliance culture measure up? Give your financial institution an honest assessment of how well it measures up in each of the six areas. [12/1/15]
- Five Common Card Fraud Myths Busted
With card fraud running rampant here in the U.S., it's important to sort the fact from fiction when it comes to credit card vulnerabilities. Make sure your members are well informed about card fraud threats and misconceptions. [12/1/15]
- NCUA Liquidates a Cleveland Credit Union
The NCUA has determined that Greater Abyssinia Federal Credit Union is insolvent and has no prospect for recovery. It therefore has decided to liquidate the credit union and discontinue operations.  The credit union had assets in the amount of $412,775 and served 425 members. [12/1/15]
- Why Next Two Weeks Are Key for Regulatory Relief
It's a pivotal period for several regulatory relief measures for smaller financial institutions. Here's why. [11/30/15]
- FinCEN Focuses on Funnels
Funnel accounts, in which people acting on behalf of criminals (sometimes unwittingly) deposit cash proceeds under $10,000 from criminal activity into the account at different branches, have hit FinCEN's hot list. [11/30/15]
- NCUA Plans Mortgage Lending Webinar
Mortgage outsourcing, best practices, and compliance requirements are on the agenda for this NCUA Dec. 16 webinar. [11/30/15]
- Webinar – HMDA Blows Up: What You Need to Know About the CFPBâs Game-changer
Still reeling from the new TILA-RESPA Integrated Disclosures, mortgage lenders got about a five-minute breather before the next big bombshell hit: the CFPBâs amendments to the Home Mortgage Disclosure Act. While the regulation has been around since the mid-70s, the 2015 amendment is a game-changer. In this webinar, held on Dec 3, 2015 at 1:00 pm Eastern, AffirmXâs Jane Pannier will help get you up to speed with what you need to know and why itâs not too soon to start mobilizing the troops. [11/25/15]
