Links in “Credit Unions”

31 credit unions agreed to pay civil money penalties ranging from $138 to $1,878 for not filing their 3^rd quarter 5300 Call Reports by the filing deadline. NCUA Chair Debbie Matz noted that the number of late filers continues to decline and she is hopeful that the agency will soon have 100% compliance. [1/23/15]

House Financial Services Chairman Jeb Hensarling says that the regulatory burden is crushing community financial institutions. His committee has in its sights the Dodd-Frank Act and, in particular, eliminating the taxpayer-financed bailouts. [1/22/15]

During a webinar yesterday on the revised risk-based capital proposed rule, Larry Fazio, director of examination and insurance for NCUA, was asked whether NCUA would be providing an online risk-based net worth calculator as it had after the first proposed rule for credit unions to determine the impact of the rule on their institution. Fazio reported that NCUA will provide a spreadsheet tool, but not an online calculator as the new rule considers data not obtained on current Call Reports. [1/22/15]

Which of your employees should be provided with the ability to remotely access their credit union email account? What are the advantages and what are the risks? [1/21/15]

NCUA has posted to its website the 58-page legal opinion letter it obtained from outside counsel to support its proposal for a tiered net worth capital ratio. Critics have argued that the Federal Credit Union Act does not provide authority to the agency to establish a tiered system. [1/21/15]

The Supreme Court has declined to hear an appeal filed by retailers to overturn a lower court opinion that held that the Federal Reserve Board acted within its authority in setting the current cap on debit card interchange fees. NAFCU and CUNA both commended the court for its action, but continue to argue that the current caps are too low. [1/21/15]

Maintaining thorough employee records is vital as disgruntled and former employees often pose the biggest liability threat to credit unions. This article offers critical advice on adopting sound and efficient employment record retention practices. [1/20/15]

CUNA and the SBA are looking for ways to involve more credit unions in SBA programs. CUNA is asking its members to complete an online form to collect information from credit unions that are interested in participating. SBA 7(a) loan programs guarantee from 50% to 90% of the loan balance. The amount of the loan secured by the SBA guarantee does not count towards a credit union’s 12.25% MBL cap. [1/20/15]

Many commenters to the first proposed RBC rule claimed that the Federal Credit Union Act does not afford NCUA the authority to establish a two-tiered, risk-based net worth standard. NCUA Chair Debbie Matz has countered these concerns by stating that the agency obtained an outside legal opinion before proceeding with the revised proposal. [1/19/15]

Here’s another cautionary tale about the importance of carefully vetting your cleaning company and ensuring that all documents with sensitive information are locked away at night. The CEO of the Greater Pittsburgh Police FCU recently discovered that her cleaning company employees were not only stealing soft drinks, office supplies, and promotional clothing, but also signature cards containing sensitive member information. [1/19/15]