Links in “Credit Unions”

Despite a flat real estate market and declining first-time home buyer applications, more consumers sought mortgages from credit unions in 2014 than at any time in the past. The recent decline in the FHA insurance premium rates and credit unions’ willingness to work with less-qualified applicants could position them to continue to do very well in 2015. [1/19/15]

The NCUA Board has approved a revised risk-based capital proposed rule. While not ideal, it is an improvement over the original proposed rule. Here’s what you need to know about the revisions and the other actions taken at yesterday’s board meeting. [1/16/15]

The Treasury Department’s Office of Foreign Asset Control issued a final rule to implement changes to the sanctions imposed on Cuba. The changes affect remittances, permit U.S. financial institutions to open correspondent accounts at Cuban financial institutions, and authorize certain transactions with Cuban nationals located outside of Cuba. [1/16/15]

While CUNA and NAFCU praise NCUA for incorporating many of their recommendations into the revised risk-based capital proposal, they say that given the healthy capital ratios across the industry, the millions of dollars it will cost to implement the RBC rule just aren’t warranted. [1/16/15]

Much of the revised risk-based capital rule deals with changes to the risk weights for various categories of credit union assets. NCUA has provided a chart that maps out these changes in an easy-to-digest format. [1/16/15]

In response to reports based on a secret recording in which an employee of a Wisconsin credit union cites pressure from the NCUA to close a gun dealer's account, the president of the credit union has come forward to say that the account wasn't closed because of the NCUA, but because the credit union was not capable of monitoring the cash-intensive businesses at a level required by regulation. Consumer group says blame still falls on the Obama administration. [1/16/15]

Today we’ll finally see the outcome of the industry’s intensive lobbying efforts to obtain significant revisions to the original risk-based capital rule that NCUA first proposed last year. A revised RBC rule will be unveiled at today’s board meeting and the results are expected to be positive. [1/15/15]

A 2008 armed robbery at a Fort Financial FCU branch went horribly wrong when two armed thieves were deterred by the security system and fled to a nearby home. The elderly owner of the home, who was forced to move from one room to another by one of the robbers, later died of a heart attack. At issue was a 1934 law that makes it a separate crime to take a hostage in the course of robbing a financial institution. The court ruled that the robber’s actions amounted to the taking of a hostage. [1/15/15]

Gun store owner records a conversation with a credit union official who claims the NCUA forced it to shut down the gun store's accounts because of Operation Choke Point, a Department of Justice initiative designed to make it harder for certain lines of business to access the legal banking system. NCUA denies that Operation Choke Point factored into the decision. [1/15/15]

NCUA Chair Debbie Matz will be hosting a webinar with guest Richard Cordray, CFPB director, on February 10^th at 3:00 pm EST. The webinar is designed to provide credit union leaders and compliance officials the chance to pose questions directly to their regulators. [1/15/15]