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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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FHLBanks Offer to Work with NCUA on Emergency Liquidity Issues

Feb
04

The presidents of all of the Federal Home Loan Banks have written to the National Credit Union Administration (NCUA) in support of the use of the FHLBanks as a source of emergency liquidity for credit unions. In July 2012, NCUA issued a proposal that addresses emergency liquidity requirements for federally insured credit unions. The proposal would require credit unions with assets of $100 million or more to have access to a backup federal liquidity source for emergencies.

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NCUA Letter Says the Agency Is Addressing DoRs

Feb
04

Credit Union National Association (CUNA) has been urging the National Credit Union Administration (NCUA) to improve the examination process and provide more information to credit unions about its examination priorities and practices. Consistent with previous years, the agency has sent Letter 13-CU-01 to the board and chief executive officers of all federally insured credit unions regarding its supervisory focus for 2013.

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Missouri U.S. Reps Serve on Financial Services & Small Business Committee

Jan
29

As the 113th Congress begins, four out of Missouri’s eight U.S.

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Missouri Credit Unions Support National Credit Union House

Jan
25

Six credit unions across the state supported Credit Union House in Washington, D.C. in 2012.  Credit Union House serves as a coordination center on Capitol Hill for credit unions and credit union groups visiting our nation’s leaders.  It is owned collectively by credit union state trade associations across the country, including the Missouri Credit Union Association. 

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GAO Report: Dodd-Frank Regulations Still in Progress

Jan
25

According to a Government Accountability Office (GAO) report released this week, although regulators have made progress in implementing some key reforms required by the Dodd-Frank Act, others remain incomplete, and the effectiveness of some implemented reforms remains to be seen.  The report examines the (1) overall status of U.S. financial regulatory reforms arising from the Act, (2) challenges affecting the implementation of these reforms, and (3) areas that pose continued risk.

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CU Mergers: Thresholds for Government Review Increased

Jan
25

On January 10, 2013, the Federal Trade Commission (FTC) announced the annual revisions to the Hart-Scott-Rodino Act (HSR) filing thresholds for credit unions.  The updated thresholds are $70.9 million and become effective on February 11, 2013.  HSR requires some merging credit unions to submit prior notification of a merger to the FTC if the merging credit union’s assets on its latest call report are equal to or greater than the $70.9 million threshold.

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CFPB Officially Delays International Remittance Regulation

Jan
25

This week the Consumer Financial Protection Bureau (CFPB) officially announced in a blog post that it is delaying the effective date of its international remittance transfer rule that was set to go into effect on February 7, 2013.  The new effective date will be announced “later this year” and th

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FFEIC Releases Social Media Guidance & Requests Comments

Jan
25

The Federal Financial Institutions Examination Council (FFIEC) released proposed guidance entitled Social Media: Consumer Compliance Risk Management Guidance.

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IRS Issues Final FATCA Regulation

Jan
25

The Internal Revenue Service (IRS) issued a final rule that implements information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act (FATCA).  The rule describes the step-by-step process for U.S.

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