Links in “Credit Unions”

Does TRID permit credit unions to provide revised Loan Estimates solely for "informational purposes" when settlement costs increase, but are still within the applicable tolerance limits? If you're asking this question, you're not alone. [7/31/15]

The NCUA wants the 12 million consumers that take out payday loans each year to know that there are lower cost alternatives available to them. Through a new YouTube video entitled, “Understanding Payday Loans,” the Agency hopes to educate consumers about how payday loans work and the costs involved, and to provide information about alternative short-term loan options that are available through credit unions. [7/30/15]

The Federal Open Markets Committee decided that only moderate economic expansion did not warrant an increase in the federal funds interest rate at this time. Chair Janet Yellon has said that the committee will opt for an interest rate increase in the fall. [7/30/15]

First, the new rule eliminates the 5% cap on federal credit unions’ investments in fixed assets. Second, the new rule establishes a single 6-year time period for partial occupancy of any premises acquired for future expansion. Third, the requirement has been eliminated that an FCU apply for a waiver from the partial occupancy rule within 30 months of acquisition. [7/30/15]

CUNA has released its strategic plan for 2015-2017. What’s in it? The main focus is a 360-degree advocacy plan to move toward dedicating 100% of member dues to advocacy efforts. The plan also calls for strong promotions to spread the message about the benefits of credit union membership. What’s not in the plan? There is no mention of the dual membership issue or of the rebranding of CUNA to America’s Credit Unions. [7/30/15]

In its quest to pass legislation with increasingly contrived acronyms, the House has passed the Regulation From the Executive in Need of Scrutiny Act (REINS Act).  The REINS Act would require Congress to hold an up-or-down vote before enactment of any regulation expected to have an impact of more than $100 million. [7/29/15]

CUNA has released the 2015-2016 editions of its CUNA Compensation Analytics and CUNA Staff Salary Report.  The reports are based on data provided from 1,300 credit unions from across the country. [7/29/15]

President Obama has signed a bill that increases the spending cap on the SBA’s 7(a) small business loan program to $23.5 billion. The popular program that guarantees up to 85% of the loan balance (the guaranteed portion of which does not count against a credit union’s statutory MBL cap) has now been restored. [7/29/15]

Chair Debbie Matz and a panel of senior NCUA executives addressed a number of topics at yesterday’s town hall meeting. Attendees were provided with updates and clarifications concerning future guidance on federal credit union employee benefits and the investments that fund them, the proposed member business lending rule, fair lending exams, fraud detection, and cybersecurity. [7/29/15]

This is the kind of question that keeps security and risk managers up at night. A recently published white paper on the subject provides the pros and cons and factors to consider if this issue should arise. [7/28/15]