Links in “NAFCU”

Eliott C. Ponte, Regulatory Compliance Counsel at NAFCU, writes of an experience where he was a victim of phone fraud. For most, this could be an alarming experience. Those who manage to handle the situation responsibly can protect their financial well-being. But those who let their emotions take control may accidentally release information they may regret later. Here are some resources to help prepare for these situations. [3/9/16]

NAFCU, CUNA, and the Independent Community Bankers of America have joined together to dispel the notion that debit interchange caps have benefited consumers. In an American Banker editorial the trade associations wrote that a recent survey of merchants revealed that very few are passing on the savings to their customers. The total amount that retailers have saved as a result of the Durbin amendment is estimated to be $32 million. [2/25/16]

NAFCU is encouraging credit unions to contact their Congressional representatives today to ask them to sign a letter to NCUA Chair Debbie Matz requesting that the agency return to the 18-month exam schedule.  The letter advises that a longer exam cycle will provide needed regulatory relief and better allocate NCUA resources. [2/17/16]

NAFCU has launched a new e-handbook entitled “Credit Union Compliance 101,” which is designed to provide guidance to new compliance officers as well as serving as a reference guide for experienced compliance officers. The e-handbook, which is available now for purchase, provides links to resources, guidance on specific areas such as advertising and lending, an index of significant NCUA Legal Opinion Letters, an index of the active Letters to Credit Unions, and several chapters devoted to the role and responsibilities of the compliance officer. [2/17/16]

NAFCU members have voiced their opinion regarding CFPB's TILA-RESPA Integrated Disclosures (TRID) not covering all aspects of "good faith" lending. [2/17/16]

NAFCU President and CEO Dan Berger spoke with Senate Majority Leader Mitch McConnell,R-Ky., and other lawmakers this week concerning credit union regulatory relief and other goals for the association. [2/11/16]

Making the tax season process painless might not be possible, but the NAFCU wants to save you from at least one or two headaches. Their latest blog post outlines a number of CU specific tax FAQs, predictions, and helpful links. [2/3/16]

NAFCU’s compliance blog details the new flood insurance requirements that went into effect on January 1^st of this year. The primary change requires large credit unions to escrow for flood insurance premiums, unless the loan qualifies for an exemption. However, there is a “small lender” exemption from the mandatory escrow requirement for financial institutions with less than $1 billion in total assets. [1/19/16]

The CUNA Mutual Group (CMG) has entered into a partnership with the NAFCU to offer mortgage payment protection programs to NAFCU members. CMG claims that there is no correlation between offering this one product to NAFCU members and what CMG does for CUNA and the state leagues. [1/6/16]

The CFPB has told NAFCU that it does not intend to issue a proposed rule on overdraft protection in 2016. On the other hand, NAFCU has also been told by the CFPB that it is studying the consistency with which financial institutions are calculating consumers’ available funds in relation to overdraft programs. [1/5/16]