Compliance

Compliance Q&A: Reg E

March 03, 2010
By Valerie Moss Q Is it true that credit unions without formal courtesy pay programs can ignore the Fed’s new Regulation E rule on ATM and one-time debit card overdrafts?     A Not true . The Federal Reserve Board has made it clear that credit unions won’t be able... READ MORE

CFPA Wouldn’t Replace NCUA

February 23, 2010
Barr: The financial regulatory system is fundamentally flawed. Calling credit unions an essential part of the fabric of the nation’s communities, Assistant Treasury Secretary Michael Barr pledged to help credit unions expand their small business lending activity. Barr, speaking during Tuesday’s General Session, also commented on the Treasury's recent work... READ MORE

Hyland: Focus on the future

February 23, 2010
Hyland: Don't wait to seize the future. Entering the stage to the strains of R.E.M.’s “It’s the End of the World as We Know it,” NCUA Vice Chair Gigi Hyland told General Session attendees to seize the future—pronto. “It’s the end of the world as we know it and it’s... READ MORE

Compliance Burden Keeps Growing

February 23, 2010
Credit union boards don’t have to know all the compliance answers. But boards must be able to ask key questions to ensure their credit union is “on track” complying with laws and regulations, said Kathy Thompson, CUNA’s senior vice president/associate general counsel for regulatory compliance, during a Tuesday panel discussion... READ MORE

Matz Optimistic About CUs' Future

February 22, 2010
While NCUA has spent more time recently "addressing credit unions’ immediate problems,” NCUA Chairman Debbie Matz said that both the agency and the credit union movement in general "have stronger reason for long-term optimism" and "can again think of the credit union industry's longer-term potential" as the economy begins to... READ MORE

The Fog Is Lifting

February 19, 2010
Nader Moghaddam Time to look at the economy and regulatory changes with clear eyes. At this time last year, we arrived at our nation’s capital encased in a heavy fog of confusion and uncertainty. Issues that loomed over attendees at the Credit Union National Association’s 2009 Governmental Affairs Conference included:... READ MORE

Focus on FACT Act

February 19, 2010
Valerie Y. Moss New regs emphasize integrity of consumer information CUs provide. Last year, the National Credit Union Administration (NCUA), Federal Trade Commission (FTC), and the federal banking agencies finalized regulations to implement the accuracy, integrity, and direct-dispute provisions of Section 312 of the Fair and Accurate Credit Transactions (FACT)... READ MORE

Update: SAFE Act Registration

February 19, 2010
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

Compliance: Feeling Overwhelmed? Just Wait

February 19, 2010
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... READ MORE

Compliance Q&A: Periodic Statements

February 08, 2010
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

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#FinCEN smuggling & trafficking guidance

Detecting and reporting suspicious transactions is essential in the financial industry. FinCEN issued an advisory last week to help financial institutions identify “red flags” to assist with the identification and reporting of suspicious financial activities connected with human smuggling and trafficking. Detecting and reporting: Important observations when interacting with members and throughout the credit unions […]

SCRA: An Acronym You Need to Know

In May, the United States Department of Justice announced a $60 million settlement with student loan servicer Sallie Mae for alleged violations of the Servicemembers Civil Relief Act (SCRA). As a result, the once seemingly forgotten 4th fair lending law now resumes its rightful place center stage. If it’s been awhile since your credit union’s […]

Elder Justice Site Launched

Whether it has become more common due to our aging society, or it is simply more prevalent in the news, elder abuse is receiving more attention as of late.  The Department of Justice felt that this topic was deserving of additional resources, and thus created an Elder Justice website. The website contains resources for victims […]
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