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Missouri Credit Unions Share and Learn about “Unbanked” Consumers

Oct
29
Missouri Credit Unions Share and Learn about “Unbanked” Consumers

A financial access forum focusing on "unbanked" consumers at the Federal Reserve Bank of St. Louis featured input from Missouri credit unions.

Posted By Amy McLard read more

First Community’s Barks Serves on National Federal Reserve Council

Oct
29
First Community’s Barks Serves on National Federal Reserve Council

A Missouri credit union leader is sharing the credit union perspective on a national level with the Federal Reserve.

Posted By Amy McLard read more

NCUA Issues letter to CUs on New Reporting Requirements

Oct
29
NCUA Issues letter to CUs on New Reporting Requirements

The National Credit Union Administration (NCUA) issued a letter to credit unions in advance of changes to the 5300 Call Report to replace existing reporting requirements on loan modifications with information on troubled debt restructurings (TDRs) specifically.  Revisions to the Call Report are necessary to implement requirements included in the Board’s May 2012

Posted By Sharon Bahr read more

WOCCU Participates on Financial Stability Board Legal Identifier Project

Oct
29
WOCCU Participates on Financial Stability Board Legal Identifier Project

Since August, the World Council of Credit Unions (WOCCU) has been deeply involved in consultations regarding the Financial Stability Board’s (FSB) Legal Entity Identifier (LEI) project as a member of the FSB’s Private Sector Participation Group.  The LEI system will come into existence likely in March 2013 and will assign a unique number to every financial institution, including credit unions, and all other parties to "financial transactions" in

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CUNA & Financial Trade Groups Meet with FRB on Debit Interchange

Oct
29
CUNA & Financial Trade Groups Meet with FRB on Debit Interchange

On October 24, 2012, representatives from the Credit Union National Association (CUNA) and other financial trade associations met with Louise Roseman, Director of the Reserve Bank Operations and Payments Systems Division at the Federal Reserve Board (Board), to advocate that the debit interchange fee caps should include certain additional costs incurred by issuers, as detailed in a

Posted By Sharon Bahr read more

CFPB Finalizes Rule on Defining Larger Participants of the Consumer Debt Collection Market

Oct
29
CFPB Finalizes Rule on Defining Larger Participants of the Consumer Debt Collection Market

On October 24, 2012, the Consumer Financial Protection Bureau (CFPB) issued a final rule that will allow it to supervise the larger consumer debt collectors for the first time.

Posted By Sharon Bahr read more

Bankers Target MBL Again in Senate

Oct
25
Bankers Target MBL Again in Senate

Credit unions are in the final push to pass member business lending legislation in the U.S. Senate and House, and bankers are again targeting U.S. Senate offices to oppose the measure.  U.S. Senate bill S. 2231, the Credit Union Small Business Jobs Bill and U.S. House bill H.R. 1418, the Small Business Lending Enhancement Act, would raise the credit union member business lending limit from 12.25% to 27.5% of assets. 

Posted By Amy McLard read more

Financial Literacy & Education Commission Holds Quarterly Meeting

Oct
24
Financial Literacy & Education Commission Holds Quarterly Meeting

On October 18, 2012, the Financial Literacy and Education Commission (FLEC) held its quarterly meeting; FLEC is comprised of the heads of 20 federal agencies, including NCUA and the other financial regulators. Consumer Financial Protection Bureau (CFPB) Director Corday made several remarks regarding financial literacy and the CFPB’s role and responsibilities in addressing the issue. Director Cordray noted that the CFPB is focusing its efforts in the following three areas:

Posted By Sharon Bahr read more

CUNA Seeks Comments on NCUA's "Small Entity" Proposal

Oct
24
CUNA Seeks Comments on NCUA's "Small Entity" Proposal

The Credit Union National Association (CUNA) continues to seek comments on the National Credit Union Administration's (NCUA) “small entity” proposal, and has also requested a 30-day extension of the comment period so that credit unions can provide more complete feedback and information.  NCUA’s proposal would amend the agency’s definition of a "small entity," by increasing the asset threshold from $10 million to $30 million.

Posted By Sharon Bahr read more

CFPB News and Updates - 12/11/12

Oct
24
CFPB News and Updates - 12/11/12

CFPB Update on Fair Lending

Posted By Sharon Bahr read more

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