Links in “Credit Unions”
- Bipartisan Reg. Relief Action Urged by CUNA, Bankers
A letter asking for bipartisan agreement and congressional action for regulatory relief was sent by credit unions and bankers alike to the U.S. Senate Banking Committee. CUNA, ABA, and the Independent Community Bankers of America highlighted the high amount of financial institutions struggling with growing regulatory burden, and other issues. [5/18/15]
- Fiserv to CUs: CFPB Data Request Won’t Breach Privacy, But May Increase Costs
The CFPB has ordered Fiserv to provide anonymized data regarding overdraft programs. Fiserv assures credit unions it will protect their privacy, but warns of possible price increases to cover the cost of complying. [5/18/15]
- Innovations Highlighted at Finovate
At the FinovateSpring 2015 Conference, companies had an opportunity to showcase new and existing products. Take a look at the exciting and innovative solutions they are offering. [5/15/15]
- CFPB Plans Sweeping Changes to HMDA Data Collection
Itâs clear that the CFPB sees accurate and comprehensive HMDA data as a key tool in enforcing fair lending compliance. Last year the Bureau proposed sweeping changes to the HMDA data collection rules and is looking now to finalizing that rule. [5/15/15]
- How to Develop a Strong Compliance Culture
Examiners are taking a closer look at behavioral factors within credit unions that promote fast and effective responses to regulatory changes. Do you know the five principles and characteristics of a strong compliance culture? [5/15/15]
- Judge Extends Home Depot Suit Deadline
Credit unions now have until May 27th to join a class action suit against Home Depot for recovery of costs related to the massive data breach in September 2014. CUNA noted that Home Depot continues to use inferior systems and procedures that could expose consumers to future risk. [5/15/15]
- CUNA Expresses Concerns About Reg. D Transaction Limitations
CUNA has sent a letter to the Federal Reserve Board, the FDIC, and the OCC in which it states that the transaction limitations on savings accounts have outlived their initial policy purposes and adversely affect credit unionsâ ability to serve their members. In addition, CUNA expresses concerns about proposed changes to Reg. CC that could pose challenges for RDC transactions. [5/14/15]
- Do You Know Your Responsibilities if a Broker Delivers Your TILA/RESPA Loan Estimate?
The new TILA/RESPA combined disclosure rules go into effect in just over two months. Are you sure you know what your responsibilities are if you work with a mortgage broker who will be delivering the TILA/RESPA loan estimate disclosures for you? [5/14/15]
- NAFCU Makes FOM Recommendations to NCUA
A NAFCU Task Force has a number of recommendations for the NCUA to consider as it reviews the chartering process for federal credit unions, including removing geographic limitations on FOM chartering and expansion requests, setting deadlines for the NCUA to respond to FOM amendments, and removing the arbitrary 2.5 million population cap for well-defined local communities. [5/14/15]
- Alabama Seeks New Loan for Convicted Fraudster
They say truth is stranger than fiction and that certainly appears to be the case with Alabama One Credit Union, which has been much in the news lately due to a large fraud and a cease and desist order from NCUA. Now the credit union is drawing more attention by asking the state regulators and NCUA for permission to make a $120,000 business loan to Danny Butler, who is in federal prison for fraud and check kiting. [5/13/15]
