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MCUA Comments on FFIEC Social Media Use Guidance

Mar
25

The Missouri Credit Union Association (MCUA) has submitted a comment letter about social media guidance to the Federal Financial Institutions Examination Council (FFIEC).

Posted By Sharon Bahr read more

FinCEN CDD Proposal Update; Virtual Currencies Guidance

Mar
25

The U.S. Treasury Financial Crimes Enforcement Network (FinCEN) will likely issue a proposed rule on customer due diligence (CDD) in the “coming weeks,” based on recent comments by senior U.S. Treasury officials.

Posted By Sharon Bahr read more
Posted By Sharon Bahr read more

Missouri’s Clay Cosponsors MBL Bill

Mar
21

Congressman William Lacy Clay (D-District 1) has signed on as a cosponsor to H.R. 688, the Credit Union Small Business Jobs Creation Act.  He is the first cosponsor on this bill from Missouri, and also supported the member business lending (MBL) bill introduced in the last Congress.

Posted By Amy McLard read more

Missouri’s Blunt Cosponsors Privacy Notice Bill In Senate

Mar
21

Missouri U.S. Senator Roy Blunt (R) is an original cosponsor to S. 635, a privacy notice bill introduced in the Senate on March 21. 

Posted By Amy McLard read more

Credit Union Bill Moves Forward with Vote in Missouri House Financial Institutions Committee

Mar
19

HB 478, a bill modernizing the Missouri Credit Union Statute dealing with joint accounts, is moving forward in the Missouri House of Representatives. The House Financial Institutions Committee unanimously voted HB 478 out of committee as a consent bill on March 6.     Representative Paul Wieland (R-District 112) is the bill’s sponsor.

The Missouri Credit Union Association testified in support of the bill during the committee hearing.

Posted By Amy McLard read more

Court Dismisses MBS Counts Against Goldman Sachs & Co.

Mar
19

The U.S. District Court for the Central District of California on Thursday, March 14, 2013, tentatively dismissed seven of the National Credit Union Administration's (NCUA) eight claims against Goldman Sachs & Co. related to the sales of mortgage-backed securities to corporate credit unions because they were not filed prior to the expiration of the statute of limitations.

Posted By Sharon Bahr read more

ATM Litigation

Mar
19

Some of the same lawyers that filed numerous class action lawsuits against credit unions and banks for owning or operating ATMs in alleged violation of the fee disclosure requirements in the Electronic Fund Transfer Act (EFTA) are now turning their attention to compliance by ATM owners and operators with the Americans with Disabilities Act (ADA).

Posted By Sharon Bahr read more

NACHA Bulletins on International ACH Warranties & High Risk Originators

Mar
19

The Electronic Payments Association (NACHA) recently issued an operations bulletin to narrow the scope of the warranty on outbound IATs to focus solely on the authorization of the entry, when authorization is required by the laws or payment system rules of the receiving country effective on March 15, 2013.

Posted By Sharon Bahr read more

Expansion of FedACH SameDay Service

Mar
19

The Federal Reserve Banks recently announced that, effective April 1, 2013; they will offer an expanded FedACH SameDay service for their same-day ACH transactions.

Posted By Sharon Bahr read more

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