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MCUA Files Comment Letter on CFPB Trial Disclosure Programs

Feb
19
MCUA Files Comment Letter on CFPB Trial Disclosure Programs

On February 15, 2013, the Missouri Credit Union Association (MCUA) filed a Comment Letter with the Consumer Financial Protection Bureau (CFPB) on the agency’s proposed policy to encourage trial disclosure programs.

Posted By Sharon Bahr read more

Cybersecurity Executive Order and Policy Directive

Feb
19
Cybersecurity Executive Order and Policy Directive

The White House released an Executive Order (EO) on critical infrastructure cybersecurity and a Presidential Policy Directive (PPD) on critical infrastructure security and resilience.

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MCUA Files Comments with CFPB Regarding CARD Act

Feb
19
MCUA Files Comments with CFPB Regarding CARD Act

On February 19, 2013, the Missouri Credit Union Association (MCUA)  filed a comment letter with the Consumer Financial Protection Bureau (CFPB) in response to its request for information regarding certain aspects of the consumer credit card market, including regul

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U.S. Rep. Clay Announces $2 Million in Housing Grants

Feb
14
U.S. Rep. Clay Announces $2 Million in Housing Grants

Missourians are no strangers to cold winters, but in some St. Louis area communities, drafty windows, leaky roofs and rotting foundations cause an even greater burden during these difficult months. For nearly 300 St. Louis area residents, $2.0 million in new affordable housing grants will assist them in making necessary home improvements – giving them a warmer, more affordable winter.

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Republican Nominee in Missouri’s Open District 8 Seat

Feb
12
Republican Nominee in Missouri’s Open District 8 Seat

Missouri Republican leaders have selected State Representative Jason Smith (R-District 120) as the Republican nominee for the 8th Congressional District seat vacated by Jo Ann Emerson.  The decision was made on February 9, after six rounds of balloting by the Republican committee members narrowed the field down from thirteen hopeful candidates.  The final round of ballot

Posted By Amy McLard read more

Class Action Lawsuit on ATM Standards under the ADA

Feb
11
Class Action Lawsuit on ATM Standards under the ADA

Recently, the U.S. District Court for the Eastern District of Texas permitted a class action lawsuit to proceed against a bank regarding ATM standards under the Americans with Disabilities Act (ADA) in the Hunter v. First United Bank & Trust Company case; the district court denied the bank’s motion to dismiss the plaintiff’s class action complaint.

Posted By Sharon Bahr read more

U.S. DOJ Lawsuit Against Standard & Poor's

Feb
11
U.S. DOJ Lawsuit Against Standard & Poor's

On Tuesday, February 5, 2013, the U.S. Department of Justice (DOJ) filed a civil lawsuit against Standard & Poor’s, alleging that the credit rating agency’s ratings on mortgage-backed securities contributed to the financial crisis.

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Mortgage Servicing Final Rule Analysis Now Available

Feb
11
Mortgage Servicing Final Rule Analysis Now Available

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
FFIEC Releases Social Media Guidance & Requests Comments

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
ABA Complains Proposed Sponsor Expansion Creates Overly Broad FOM

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.

Posted By Sharon Bahr read more

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