Links in “NAFCU”

The NAFCU has set the protection of the credit union tax exemption as its top legislative/regulatory priority for 2016.  NAFCU CEO Dan Berger noted that regulatory reform and a continued push for a national data security standard are also top priorities for the coming year. [1/4/16]

In response to a letter from the NAFCU, the CFPB has confirmed that the new rule concerning annual privacy notices was effective immediately upon signature by the President. The new rule eliminates the need to send annual privacy notices to members with existing accounts unless there have been changes to the previous notice that was provided. The CFPB stated that it is working with the various agencies to expedite the rulemaking process. [12/23/15]

What are the top five cyber security threats that your credit union faces and how should you respond to those threats? That is the topic of an editorial by NAFCU CEO Dan Berger reminding us that point-of-sale attacks are far from over, the importance of training for both your staff and your members, and the importance of monitoring your social media accounts. [11/25/15]

NAFCU CEO, Dan Berger, has asked NCUA to justify each expense in its 2016/2017 proposed budget. Berger is concerned that the 2-year budget will be “inefficient and ineffective” because projections will likely have to be refined after the first year in order correct inaccuracies. [11/13/15]

A defense authorization bill that passed the Senate yesterday includes authorization for a study of the reliability of the Manpower Data Center database. NAFCU raised concerns about the database when the DOD was revising the Military Lending Rule. [11/11/15]

The third installment of the NAFCU’s series on the new risk-based capital rule looks at how investments in CUSOs are risk weighted. The rule requires that these investments be assigned a risk weight of 150%, unless the credit union’s overall exposure is “non-significant,” in which case a risk weight of 100% can be used. What does that mean? [11/9/15]

During a NAFCU webcast yesterday, Larry Fazio, Director of Examination and Insurance for the NCUA, shared details about the Agency’s goals for the new RBC rule and how credit unions should prepare for the 2019 implementation date. He added that complex credit unions should, in 2017, start looking at their capital adequacy plans, their RBC capital ratio, and at how changes in their business plans may affect their capital ratios. [10/27/15]

Larry Fazio, NCUA Director of Examination and Insurance, will be appearing on a webcast to discuss implementation of the new risk-based capital rule from the supervisory and examination side. The free webcast, sponsored by the NAFCU, will be held today at 3:30 P.M. EST. [10/26/15]

Now that credit unions are using the new combined TILA/RESPA disclosures for mortgage loans, questions have arisen about how to disclose the fees for “piggyback” or “simultaneous second” liens. The NAFCU Compliance Blog demystifies the confusing rules and guidance on how to handle these situations. [10/22/15]