Compliance

Due diligence applies to agreements with regulators, too. Christopher Pippett Typically you might think of due diligence review as applying only to vendor relationships. However, you also should thoroughly analyze the formal agreements you might have to enter into with the National Credit Union Administration (NCUA) or your state regulator... READ MORE

LEAD STORY  Attracting new members, dealing with the economy, retaining current members, and adapting programs to new technology are the biggest challenges facing credit unions. So says a survey conducted by Credit Union 24, Tallahassee, Fla. It examines successes and competitive challenges credit unions currently face. The top challenges credit... READ MORE

ALM, business cycles, and the 12.25% cap affect business loan programs. Jim Jerving The recession’s effects on the banking system are well-chronicled—a stranglehold on the credit supply and dangerously low capital levels for some of the nation’s largest banks. The trickle-down effect has frozen credit at smaller, local banks that... READ MORE

By Kathy Thompson I was just reading an article about how cosmetics and alcohol sales increase during trying times. Apparently, increased demands on compliance programs can be another “leading economic indicator” that there are problems out there. I want to assure you that we’re working behind the scenes to try... READ MORE

By Valerie Moss Q Can a federal credit union use a trade name in advertising? For example, could it use “ABC Community” rather than its full charter name, “ABC Community Federal Credit Union?”         A Yes. Part 740.2 of the National Credit Union Administration’s regulations states that... READ MORE

By Valerie Moss Q Can a credit union adopt a policy to disallow cash deposits and withdrawals of more than $10,000 per day to reduce the burden of filing Currency Transaction Reports (CTRs)?   A Yes. The Bank Secrecy Act doesn't prohibit limiting the dollar amount of transactions a credit... READ MORE

Mary Dunn: Topping the regulatory agenda are regulatory restructuring, top-level changes at NCUA, examination issues, and corporate CU issues. CUNA Deputy Counsel Mary Dunn outlined four critical regulatory issues for credit unions during a morning breakout session Wednesday: 1. Regulatory restructuring. The proposed Consumer Financial Protection Agency is a “glass... READ MORE

LEAD STORY Say goodbye to compliance worries with tools from two CUNA strategic alliance providers. Compliance software from Verafin Inc., St. John’s, Newfoundland, helps you comply with the Bank Secrecy Act, USA PATRIOT Act, and Fair and Accurate Credit Transactions Act red flag rules. TraceSecurity Compliance Manager™ from TraceSecurity, Baton... READ MORE

A Supreme Court decision leaves an open question on unsecured second mortgages. Michael McLain It’s unlikely Congress will reconsider cramdown legislation in the short term, following its defeat in the Senate this spring. Before breathing a sigh of relief, you might want to read the rest of this article. The... READ MORE

LEAD STORY Despite a local economy mired in recession, American 1 Federal Credit Union’s recent loan rebate promotion showed there’s room for loan growth in Michigan. The $163 million asset, Jackson-based credit union offered a loan rebate in April that will give members who financed a closed-end, secured loan half... READ MORE

If you remember last summer, NCUA’s Office of Consumer Protection notified over 1000 federal credit unions across the country of their eligibility for low income designation.  NCUA’s initiative was in part due to President Obama’s relief and recovery package to help drought stricken states across the country.   Many of you accepted the designation; however, do [...]

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to purchase only qualified mortgages as of January 10, 2014. For those of us that follow the secondary mortgage market and compliance regulations, this shouldn’t be much of a surprise.   The new CFPB rule allows for loans to be underwritten as either [...]

It’s here! Last week the CFPB issued the new final version of the remittance transfer rule. The final rule, which was originally supposed to be effective in February, has now been re-issued. The CFPB has given financial institutions additional time to comply with the rule so the new effective date is October 28, 2013. This [...]