New mortgage staff registration requirements should be finalized any day now. The requirements implement the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act of 2008. The Federal Deposit Insurance Corp. released its draft final rules in November 2009, and CUNA expects the National Credit Union Administration’s (NCUA) rules, applicable... READ MORE
The sheer volume of new regulations is overwhelming for most CUs. Expect to see renewed regulator interest
in the Bank Secrecy Act’s anti-money laundering provisions and ID theft red flags enforcement. Board focus: Plan now
for an even heavier compliance burden. A seemingly endless onslaught of...
Q Does a periodic statement have to display “gridlines” when disclosing the aggregate dollar amount totals for overdraft and returned item fees? A Yes . Effective Jan. 1, 2010, all credit unions—not just those that promote overdraft services as previously required—were required to disclose on periodic statements the... READ MORE
Klewin : Focus on planning and creativity when shoveling through the regulatory blizzard. By William Klewin I’m a pretty good bellyacher. I can complain about the weather, about bureaucracy at the Department of Motor Vehicles, returning unwanted presents, or the Green Bay Packers losing in the first round of the... READ MORE
NCUA has also issued a proposal affecting community CUs. A number of regulatory issues remained with us as our calendars
rolled over to 2010. One of those issues is the regulation of corporate credit unions. About 95% of natural-person credit
unions belong to and rely on corporate credit...
CUs must provide notices and obtain opt-in from members before assessing fees. Last month credit unions had
to comply with new Truth in Savings requirements for disclosing aggregate overdraft fees on periodic statements regardless
of whether they promoted the payment of overdrafts. The regulations also addressed account...
Visitors to creditunionmagazine.com were most interested in regulations, corporate stabilization, and the recession during 2009. The most-read stories on creditunionmagazine.com during 2009 were: 10) Strange-But-True CU Crimes Did you hear about the arrest police made in a 26-year-old credit union embezzlement case? Or about the member who deposited her... READ MORE
By Valerie Moss Q Can a credit union share a Suspicious Activity Report (SAR) with another credit union under the Section 314(b) information-sharing provisions of the USA Patriot Act ? A No. Section 314(b) of the USA Patriot Act allows financial institutions to share information with each other... READ MORE
By Valerie Moss Q Must a credit union set up individual accounts for each Office of Foreign Assets Control (OFAC)-blocked party, or can it set up one account to house funds from all blocked accounts? Next : The answer A OFAC allows a credit union to choose either method.... READ MORE
Expect continued regulatory scrutiny of your BSA compliance program. Most credit unions
have adjusted to tougher regulatory scrutiny of their Bank Secrecy Act (BSA) compliance programs. Nevertheless, compliance
remains a challenge for most, if not all, institutions. That’s why so many credit union compliance...
Regulators, students, economists and lenders are all talking about student loans. To underscore the renewed interest in consumer protections for student loan products, the CFPB recently announced it has filed its first public enforcement action against a company in the for-profit college industry. The CFPB filed a lawsuit accusing a for-profit college of predatory student […]
Our Favorite Time of Year: Direct Deposit of #TaxRefunds Once again the time is upon us, that glorious period known as tax season. The IRS began accepting tax returns on January 31st, officially kicking off the 2014 processing period. Most individuals choose the e-file option so that they can receive their funds as soon as […]
The NCUA issued a Letter to Credit Unions in October of last year that will be effective as of March 31, 2014 – are you ready? This rule applies to all federally insured credit unions (credit union) but does not include corporate credit unions. The NCUA’s goal in adopting the rule is to ensure all […]