Links in “Credit Unions”

The Financial Crimes Enforcement Network has published a Notice and Request for Comments on proposed revisions to the Currency Transaction Report (CTR) to allow for alternative reporting models that have developed since the current CTR was created in 2011. This notice does not propose any new regulatory requirements or changes to the requirements related to currency transaction reporting, but rather seeks input on technical matters designed to improve the layout and reporting of the CTR. Written comments on the proposal will be accepted through April 4, 2016. [2/3/16]

A report from the Washington-based consulting firm revealed early credit union data trending toward double-digit growth in 2015 for the seventh consecutive quarter. The report projected year-over-year loan growth for the past year at 10.6% based on 85% of credit unions that had reported thus far. [2/3/16]

What kinds of things are financial institutions doing that send up a flare to the Consumer Financial Protection Bureau in its search for fair lending violations? One good place to look is in the CFPB’s fall 2015 semi-annual report, where the bureau outlined those areas that indicate heightened fair lending risk. In other words, if the CFPB sees signs of these risks at a financial institution, that’s a trigger for them to dig deeper to look for evidence of fair lending violations. [2/2/16]

Federal credit union examiners are on notice that when a credit union meets certain statutory requirements it no longer must send annual privacy notices. In a letter to credit unions, the NCUA provides the clarification that CUNA sought. NCUA Chair Debbie Matz stated, “NCUA examiners have been notified that if your credit union meets the applicable requirements, you need not send annual privacy notices unless and until your credit union no longer meets those requirements.” [2/2/16]

This week the NCUA announced 22 credit unions filed late call reports for the 3^rd quarter of 2015 and have consented to civil monetary penalties totaling $18,682. The range of penalties charged were from $115 up to $10,000. In order to determine the penalties for the credit unions, the NCUA assessed three factors: the credit union’s asset size, its recent call report filing history, and the length of the delay. [2/2/16]

As reported, the cybersecurity market reached $9.5 billion in 2015, making it the largest non-government cybersecurity market. Additionally, the New York City–based Deloitte stated “in 2015 that the US financial services sector faced the greatest economic risk related to cybersecurity and that the financial institutions must dedicate more resources to improve the security vigilance and resilience of their cybersecurity models” [2/2/16]

On Nov. 21 2013, NCUA amended federal rules and regulations related to credit union service organizations (CUSO’s), and that new registry officially opened yesterday. Included in these amendments is the requirement for CUSO’s to agree, in writing, to provide information directly to the agency. [2/2/16]

According to CUNA's Economic Forecast, the Federal Reserve is expected to hike interest rates to 1.25% this year, and GDP growth should climb 2.75% in 2016 due to "pressures of the rising U.S. dollar on manufacturing and exports."  [2/1/16]

NCUA issues prohibition orders to six individuals, some for embezzlement, some with charges unspecified, but to avoid the time and expense of administration litigation. [2/1/16]

Says the claim that NCUA hasn't tackled the field-of-membership issue for more than 15 years lacks credibility. [2/1/16]