Links in “NAFCU”

Now that interest rate risk is being removed from the revisions to the proposed RBC rule, NAFCU is urging that NCUA make four other changes: lowering the 10.5% RBC ratio; removing the individual minimum capital requirement and creating an independent appeals process that is free of examiner retaliation; including a consideration of a credit union’s portfolio of assets and liabilities in the definition of a complex credit union; and increasing the 1.25% risk to assets ratio for ALLL purposes. [11/6/14]

In a letter to NAFCU and CUNA signed by the Retail Industry Leaders Association, the National Association of Convenience Stores and other organizations accused credit unions of using misleading arguments with the media and before Congress. The groups argue that 34% of the data losses that have occurred this year have been at financial institutions, while only 11% affected retailers. In addition, the groups criticized credit unions for being slow in adopting chip and PIN technology. [11/3/14]

NAFCU supports NACHA’s proposed rule changes that will eliminate the 15-day notification period required for RDFI’s to re-credit consumer accounts for unauthorized debt entries and will require consumer disclosures for entities providing cards to consumers to initiate ACH point of sale entries. [10/3/14]

NAFCU is urging the Federal Housing Finance Board to allow flexibility for Fannie Mae and Freddie Mac to determine how best to stabilize and improve their portfolio positions. In addition, any changes to the GSE’s enterprise housing goals for 2015 should not create obstacles to credit union access. [10/29/14]

NAFCU President/CEO Dan Berger, NAFCU Vice President of Legislative Affairs Brad Thaler, and new CUNA President/CEO Jim Nussle all were named to The Hill newspaper’s list of the top lobbyists for 2014.  [10/23/14]

According to NAFCU, the Federal Housing Finance Agency’s proposal to create a single security to be issued by Fannie Mae and Freddie Mac would reduce the training and compliance burden for credit unions that do business with the government-sponsored enterprises. NAFCU has further urged the agency to ensure that GSE securities currently held by credit unions not lose their marketability after the introduction of the single security. [10/15/14]

NAFCU supports allowing credit unions with a fixed asset management plan to exceed the current 5% cap on investments in fixed assets. However, the association recommends eliminating all occupancy requirements entirely. [10/14/14]

According to a recent NAFCU survey, 84.4% of the respondents stated that they had been impacted by a local data breach in the past two years. The majority responded that they have voluntarily implemented NCUA’s best practices on IT security. [10/10/14]

Dan Berger, CEO and President of NAFCU, wrote a letter to the President Barack Obama attempting to persuade him to place the responsibility of retail data breaches on the heads of the retailers, not financial institutions. [9/29/14]

NAFCU is offering advice to the credit union unsure of what to do between now and the implementation of the TILA-RESPA rule, which is still nearly a year away. [9/26/14]