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

Mar
19
Credit Union Bill Moves Forward with Vote in Missouri House Financial Institutions Committee

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
Court Dismisses MBS Counts Against Goldman Sachs & Co.

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
ATM Litigation

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
NACHA Bulletins on International ACH Warranties & High Risk Originators

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
Expansion of FedACH SameDay Service

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

NCUA Report on Understanding the Risks of Private Student Loans

Mar
19
NCUA Report on Understanding the Risks of Private Student Loans

The National Credit Union Administration (NCUA) reported on risks from private student loans in the March edition of The NCUA REPORT. Student loan debt surpassed $1 trillion in 2012 with 15% coming from private student loans according the NCUA quoting Consumer Financial Protection Bureau (CFPB) statistics. Total delinquency nationwide is 5.4% but only 1.46% for credit unions.

Posted By Sharon Bahr read more

FTC Report on Mobile Payments

Mar
18
FTC Report on Mobile Payments

The Federal Trade Commission (FTC) recently released a staff report highlighting key issues facing consumers and companies as they adopt mobile payment services. The report noted the rapid growth in mobile payments innovation and services. Also, the report showed the problem of mobile “cramming” when third parties place unauthorized charges on a consumer’s mobile phone bill.

Posted By Sharon Bahr read more

FDIC Unlikely to Reduce Deposit Insurance Premiums

Mar
18
FDIC Unlikely to Reduce Deposit Insurance Premiums

The Federal Deposit Insurance Corporation (FDIC) will not reduce deposit insurance premiums charged to banks. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Deposit Insurance Fund to have a reserve ratio of 1.35 percent by 2020.

Posted By Sharon Bahr read more

CFPB Updates - 3/18/2013

Mar
18
CFPB Updates - 3/18/2013

NLRB Recess Appointments Case to Move to Supreme Court;
Could Impact CFPB

Posted By Sharon Bahr read more

Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Mar
18
Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Credit unions in Missouri are urged to share their input with the Credit Union National Association (CUNA) as it develops a comment letter to the Financial Accounting Standards Board (FASB) about its proposal regarding financial reporting of expected credit losses on loans and other financial assets.

The proposed model would utilize a single “expected loss” measurement for the recognition of credit losses. This would replace the multiple existing impairment models in U.S. generally accepted accounting principles (GAAP) that primarily use an “incurred loss” approach.

Posted By Sharon Bahr read more

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