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NCUA Launches Budget Web Page

Dec
17
NCUA Launches Budget Web Page

The National Credit Union Administration (NCUA) has developed a new webpage on its budget.

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CFPB News and Updates - 12/14/2012

Dec
17
CFPB News and Updates - 12/14/2012

CFPB May Allow Financial Services Companies to Float Trial Disclosures

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Bankers TAG Bill Dies in U.S. Senate

Dec
13

In a major setback for the bank lobby,  S. 3637, the banks’ Transaction Account Guarantee Program (TAG) bill, has died in the U.S. Senate.  By a vote of 50-42 on December 13, Senators voted against an effort to waive a Budget Point of Order for TAG.  A vote of 60 was needed to overcome the point of order and take a vote on the bill itself. Missouri’s U.S. Senators split on the issue, with U.S. Sen. Claire McCaskill (D) voting in support and  U.S. Sen. Roy Blunt (R) voting against.  

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U.S. House Passes Privacy Notification Act

Dec
12

The U.S. House of Representatives passed H.R. 5817, the Eliminate Privacy Notice Confusion Act, by a voice vote on December 12.  Currently, financial institutions are required to give annual privacy notices each year, even if their privacy policies have not changed. 

This legislation, sponsored by U.S. Rep. Blaine Luetkemeyer (R-District 9) would require credit unions and other financial institutions to provide information to their members ONLY if they have changed any policy or practice related to the privacy of the member. 

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ATM Bill Passes U.S. Senate

Dec
12

The ATM disclosure bill, H.R. 4367, was approved by unanimous consent by the U.S. Senate on December 11.  The bill was unanimously passed by the U.S. House in July.  It now goes to President Obama to sign and make law.

Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) sponsored the bill, which eliminates the requirement that credit unions and other financial institutions place a physical disclosure on ATMs.  The bill preserves consumer notification of any potential fees associated with an ATM transaction through an electronic disclosure.

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Reminder: Federal Benefit Payments are Transitioning to Electronic Only

Dec
11

Federal benefit payments (e.g., payments from the Social Security Administration and Veterans Affairs) will transition entirely from paper to electronic form as of March 1, 2013.  Federal benefit payments will be delivered electronically to recipients either by direct deposit via ACH or transfer to a Direct Express Debit MasterCard card, which is administered by Comerica Bank.

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FinCEN Summaries of Public Roundtables

Dec
11

The Financial Crimes Enforcement Network (FinCEN) has released summaries of its public roundtable meetings held in Los Angeles, New York City, and Chicago regarding the agency’s advance notice of proposed rulemaking (ANPR) on customer due diligence (CDD) requirements that would apply to financial institutions, including credit unions.

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Financial Services Sector Coordinating Council Discusses Cyber-Security

Dec
11
Financial Services Sector Coordinating Council Discusses Cyber-Security

Last week, Credit Union National Association (CUNA) staff attended the Financial Services Sector Coordinating Council (FSSCC) all-day meeting to discuss coordination efforts between federal government entities and the financial services sector on critical infrastructure, cyber-security, and crisis management.  Senior staff from the Department of Homeland Security, Treasury, and other government entities discussed current critical infrastructure initiatives and their ongoing

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NCUA Final Rule on Alternatives to the Use of Credit Ratings

Dec
10

As noted in the Credit Union National Association's (CUNA) summary of the National Credit Union Administration (NCUA) Board meeting on December 6, the Board approved a final rule on alternatives to credit ratings to assess creditworthiness that will apply to federal natural person and corporate credit unions, effective 180 days after publication in the Federal Register; this rule change was required under the Dod

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New CUNA Examination Survey

Dec
10
New CUNA Examination Survey

The Credit Union National Association (CUNA) has developed a new survey to allow credit unions to provide CUNA and the state leagues with feedback on their most recent examination by the National Credit Union Administration (NCUA) and/or their state regulator.  The survey was emailed to all CUNA/league affiliated credit unions, except those in NCUA's Region 2, on Thursday, December 6.  Credit unions in Region 2 have already participated in

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