Compliance

John Magill The movement’s political force has put CUNA at the bargaining table with legislators. Influence is to Congress what the dollar is to the economy. Both allow the holder to obtain a desired product. In the economy, the dollar gives you purchasing power. In Congress, influence gives you power,... READ MORE

Karen Saul With pay discrimination, each paycheck is a new filing opportunity. The Lilly Ledbetter Fair Pay Act of 2009, the first legislation President Obama signed into law, has a retroactive effective date of May 28, 2007. It applies to all claims of discriminatory compensation pending on or after that... READ MORE

Mike Schenk CUs could lend an additional $10 billion to the nation’s small businesses. Small businesses are noticing the credit union difference. While other lenders have tightened or curtailed business lending, credit unions have increased it. Federal Deposit Insurance Corp. statistics show banking industry business loans increased only 8% in... READ MORE

Mary Dunn The final costs to CUs are unknown at this time. Most agree the National Credit Union Administration (NCUA) Board needed to act in January to assist the corporate credit unions and that it had few options. Concerned about capital and liquidity in these institutions that also might affect... READ MORE

Pam Finch NCUA’s corporate CU proposal liberates movement leaders to talk structure. When news of the National Credit Union Administration’s (NCUA) corporate stabilization plan broke, you almost could see the smoke rising from the network server housing the CUNA CFO Council e-mail list activity. The opinions and emotions of the... READ MORE

Kathleen Thompson Take note of IRS Form 990’s new Part VI on nonprofit governance. A new Internal Revenue Service (IRS) requirement has focused attention on credit unions’ need for conflict of interest policies and annual disclosure processes for board members and senior staff to report possible conflicts. Review a sample... READ MORE

CUNA President/CEO Dan Mica to GAC attendees: 'Our work as your trade association is focused on finding other alternatives...and mitigating the cost to CUs.'

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Michael McLain NCUA changes prohibit certain credit card practices for FCUs. The National Credit Union Administration (NCUA), Office of Thrift Supervision, and Federal Reserve Board issued final rules in December 2008 to better protect credit card users. The rules prohibit certain unfair and deceptive acts or practices, and improve consumer... READ MORE

LEAD STORY When gasoline prices surpassed $4 per gallon last summer, siphoning consumers’ discretionary income, some members of Holy Rosary Credit Union, Rochester, N.H., faced the prospect of borrowing money to pay home heating expenses when winter came. That didn’t sit well with Brian Hughes, president/CEO of the $135 million... READ MORE

By Valerie Moss Q True or false: Credit unions must maintain electronic disclosures on their home banking Web sites for at least 90 days.   A False . The Federal Reserve Board eliminated this requirement because industry practice is to retain the information for much longer. The Fed also eliminated... READ MORE

NCUA’s Office of Small Credit Union Initiatives (OSCUI) is offering yet another free webinar.  This webinar will discuss how collaboration can help Credit Unions compete and offer greater value to their members.   NCUA’s OSCUI typically fosters development for small, new and low income designation credit unions; however, this webinar is open to credit unions of [...]

Given the volume and complexity of the CFPB’s new mortgage rules related to Reg Z and Reg X, we haven’t focused much on the new Reg B appraisal rule. However, we are seeing some confusion with the timing requirements, so here is some information that hopefully clarifies the timing. The rule generally provides that a [...]

In January you were shocked at the sheer volume of mortgage rules.  From February through May you attended trainings, read summaries, or read the actual rules and began to understand them.  Now that you understand them, you know how difficult and time-consuming implementation of the new rules will be; and, now that summer is in full [...]