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Mortgage Servicing Final Rule Analysis Now Available

Feb
11

Last month, the Consumer Financial Protection Bureau (CFPB) finalized required amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act to Regulation Z and Regulation X. These required amendments will have a significant impact on the way closed-end mortgage loans are serviced by credit unions going forward. The final rules become effective January 10, 2014.

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FFIEC Releases Social Media Guidance & Requests Comments

Feb
11

The Federal Financial Institutions Examination Council (FFIEC) released proposed guidance entitled “Social Media: Consumer Compliance Risk Management Guidance (Guidance). The Guidance addresses the applicability of federal consumer protection and compliance laws, regulations, and policies to activities conducted via social media by credit unions and other regulated financial institutions. The Guidance does not impose new requirements on credit unions.

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ABA Complains Proposed Sponsor Expansion Creates Overly Broad FOM

Feb
11

The American Bankers Association (ABA) complained in a letter sent to the National Credit Union Administration (NCUA) that Thrivent FCU sponsor’s expansion of its common bond from Lutheran to all Christians would create a field of membership (FOM) that is overly broad. The sponsor, Thrivent Financial for Lutherans, is scheduled to vote in March whether to expand its common bond membership from Lutheran to Christian. The ABA worries that this would automatically expand Thrivent FCU’s field of membership to all Christians, which it feels is overly broad.

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Federal Reserve Bank Paper on Prepaid Cards and Money Laundering Risks

Feb
11

The Federal Reserve Bank of Atlanta’s Retail Payments Risk Forum recently released a paper on general purpose reloadable (GPR) prepaid cards and money laundering risks.

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FTC Staff Report on Mobile Privacy Disclosures

Feb
11

The Federal Trade Commission (FTC) recently released a staff report entitled, “Mobile Privacy Disclosures: Building Trust Through Transparency” and a related new business guide for mobile developers.  The staff report recommends ways that participants in the mobile marketplace can better inform consumers about their mobile privacy.

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U.S. Rep. Ann Wagner Meets Credit Union Leaders in Second District

Feb
04

 

 

 

 

 

 

Just four weeks after being officially sworn into office, Congresswoman Ann Wagner (R-District 2) met with credit union representatives from her district.  Fifteen credit union leaders met with Wagner at First Community Credit Union in Chesterfield on January 31.

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NCUA Loans Available to Low-Income Designated Credit Unions

Feb
04

The National Credit Union Association (NCUA) is making $9.5 million in loans available to low-income designated credit unions from the Community Development Revolving Loan Fund (CDRLF). These loans are administered by NCUA’s Office of Small Credit Union Initiatives (OSCUI) and meant to assist low-income credit unions in providing services to their members.

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Credit Card Interchange Update

Feb
04

New payment network rules that allow retailers to assess “check out” fees or surcharges on credit card purchases took effect in many states on January 27, 2013. Visa and MasterCard rules previously prohibited merchants from charging surcharges on credit card purchases. The charges can be up to 4% and are imposed at the merchant level on credit card transactions.

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Beware: Cyberattacks Update

Feb
04

For the past several months, some large financial institutions have been subject to cyberattacks and a number of credit unions have also been impacted in recent weeks.  These attacks are intended to disrupt financial institution websites and operations, and include distributed denial of service (DDoS) attacks, which involve directing a very high volume of traffic to disrupt websites. DDoS attacks do not involve data breach or hacking of a website’s content.

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CUNA: Compliance Relief Needed on CFPB Remittance Rule

Feb
04

The Credit Union National Association (CUNA) sent another comment letter  to the Consumer Financial Protection Bureau (CFPB) asking the agency to provide a broader international remittance transfer exemption level and additional compliance relief for credit unions.

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