Links in “Credit Unions”

Larry Fazio, NCUA Director of Examination and Insurance, will be appearing on a webcast to discuss implementation of the new risk-based capital rule from the supervisory and examination side. The free webcast, sponsored by the NAFCU, will be held today at 3:30 P.M. EST. [10/26/15]

By invoking cloture on a manager’s amendment, the Senate can now complete its work on the Cyber Information Security Act next week. The Act is designed to provide for greater security of financial data by enabling faster and more efficient sharing of cyber-threat information between businesses and government agencies. [10/23/15]

NCUA Board Member Mark McWatters says that NCUA should not wait to issue a supplemental capital rule that is simple, functional in the marketplace, and transparent. At the October Board Meeting, NCUA staff said that a supplemental capital rule would be made final before the 2019 implementation of the RBC rule. [10/23/15]

Credit union leaders are urging the CFPB to not lose sight of the fact that most consumers use overdraft protection and small loans in a responsible and reasonable way. For those that don’t, credit unions recommend that the CFPB focus on educating members rather than imposing further regulatory restrictions on overdraft and small loan products. [10/23/15]

Former CEO Charles Robert Poore of $42 million Toledo Metro FCU has been charged with the theft of over $200,000 from the credit union. Federal agents claim that Poore used his corporate credit card in conjunction with his wife’s credit card to purchase items for the credit union through Amazon and then resold the items to the credit union at significantly inflated prices. [10/23/15]

Now that credit unions are using the new combined TILA/RESPA disclosures for mortgage loans, questions have arisen about how to disclose the fees for “piggyback” or “simultaneous second” liens. The NAFCU Compliance Blog demystifies the confusing rules and guidance on how to handle these situations. [10/22/15]

Currently, federal credit unions can invest in bank notes only if the “original weighted average maturity” is less than 5 years. NCUA has issued a proposed rule that would eliminate the word “original” from the requirement, which should expand investment opportunities. [10/22/15]

NCUA reported that 14 credit unions have consented to late filing penalties, for a total of $3,491. This represents a significant drop in late filing fees from the first quarter of 2015 when 44 credit unions paid late filing penalties. Again, the majority of those subject to the penalties were credit unions with assets of less than $10 million. [10/22/15]

Do you know the six key signs of card fraud? Two fintech companies have studied years of card fraud statistics and have identified the six common factors. Some may surprise you. [10/22/15]

That is the concern being expressed by some in response to the CFPB’s proposed ban to class action waivers in arbitration clauses. The end result of the ban could be more days spent in court, an increase in compliance costs, and an elimination of certain products and services. [10/22/15]