Links in “Credit Unions”

The U.K. may be behind the U.S. when it comes to the credit union movement, but lately, due in part to a crackdown on payday lenders, it has been making gains. [1/14/15]

The Truth in Lending Act affords homeowners the right to rescind a mortgage for up to three years from consummation of the loan if material mortgage disclosures were inaccurate or not provided. At issue was whether the homeowner needed to simply notify the lender in writing of his/her desire to rescind, or if the homeowner was required to actually file suit within the three-year window. The Supreme court reversed lower court decisions and held that written notice was all that was required to exercise this right. [1/14/15]

NCUA racked up another win when the Supreme Court denied an appeal by several banks of a lawsuit brought by NCUA for damages for risky mortgage-backed securities the banks sold to two corporate credit unions. The banks had argued that NCUA had waited too long to file suit. [1/14/15]

Credit union law firm, Kaufman and Canoles, provides seven legal predictions for 2015. See how their predictions may affect your operations. [1/14/15]

You may want to mark your calendar to sit in on a webinar that NCUA will be hosting on Jan. 21 at 2 pm EST, when NCUA staff will cover the details of the revised risk-based capital rule. The NCUA Board is scheduled to vote on the revised rule at tomorrow’s Board meeting. [1/14/15]

A bill pending a vote in the House could help credit unions see some reduction in regulatory compliance costs. The bill would require federal agencies to adopt the “least-cost” implementation method when adopting new regulations, allow for more public input, and reduce the number of situations where an agency can issue an interim rule without notice and comment. [1/13/15]

CU Solutions, a subsidiary of the Michigan Credit Union League, is now offering its “Save to Win” prize-linked savings program to credit unions in Nebraska and Connecticut, with plans to expand to North Carolina, New York, and Washington. Members are rewarded for saving by earning chances to win prize money in monthly drawings. Legislation adopted last month now allows credit unions across the country to participate in prize-linked savings programs. [1/13/15]

President Obama is planning to announce a new proposal next week that will require companies that have been targets of a data breach to notify their customers within 30 days. As a further effort to combat identity theft, the White House announced that $29 billion State Employees Credit Union (NC) and JPMorgan Chase have joined others in offering free credit scores to their account holders. [1/13/15]

NCUA Chair Debbie Matz stated that the agency is looking at modernizing the Member Business Loan Rule with the intent of eliminating the MBL loan-by-loan and blanket waivers by removing all MBL limits, except those imposed by statute. [1/12/15]

NCUA Vice Chair Rick Metsger believes that federal credit unions would benefit from having more flexibility in defining their fields of membership, such as giving FCUs converting to community charters the ability to retain SEGs outside of the community area and the ability for community-chartered credit unions to define their FOM in accordance with the law of the state in which they operate. Some recommendations would require amending the Federal Credit Union Act. [1/12/14]