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NCUA Board Meeting Summary

Sep
24
NCUA Board Meeting Summary

The National Credit Union Administration board meeting was held on Thursday, September 20, 2012.  The meeting was confined to positive actions, and the key points from the meeting are:

Posted By Sharon Bahr read more

Central Chapter Legislative Reception

Sep
24
Central Chapter Legislative Reception

The Central Chapter of Credit Union's Annual Legislative Reception is scheduled for Wednesday, October 10, 2012.  Please join other credit union representatives to discuss with legislators the topics and issues that are important to you and how they affect the credit union movement. This is an opportunity to meet with your legislators in a relaxed environment and thank them for their continued support.

Posted By Sharon Bahr read more

FinCEN Summary of Customer Due Diligence Proposal Hearing

Sep
20
FinCEN Summary of Customer Due Diligence Proposal Hearing

The Financial Crimes Enforcement Network (FinCEN) has released its summary and prepared remarks from its July 2012 public hearing regarding the agency’s advance notice of proposed rulemaking (ANPR) on customer due diligence (CDD) requirements for financial institutions, including credit unions.  Credit Union National Association (CUNA) staff attended the hearing, and the Missouri Credit Union Association (MCUA) submitted a comment letter on May 4, 2012.

Posted By Sharon Bahr read more

Credit Unions Invited to Attend CFPB Consumer Advisory Board Inaugural Meeting on Sept. 27

Sep
19
Credit Unions Invited to Attend CFPB Consumer Advisory Board Inaugural Meeting on Sept. 27

CFPB Consumer Advisory Board Inaugural Meeting on Thursday, September 27 – St. Louis

Missouri credit union leaders are invited to attend the Consumer Financial Protection Bureau (CFPB)’s Inaugural Meeting of its Consumer Advisory Board on Thursday, September 27, 2012 in St. Louis, Missouri.

Here are the meeting details:

Posted By Amy McLard read more

FTC Guide: Advertising & Privacy for Mobile Apps

Sep
17
FTC Guide: Advertising & Privacy for Mobile Apps

The Federal Trade Commission (FTC) has recently published a guide entitled, "Marketing Your Mobile App: Get It Right from the Start," to assist mobile application developers in complying with federal advertising and privacy requirements.  The guidelines include recommendations on truthful advertising, clear and conspicuous disclosures, and privacy consid

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Impact of Dodd-Frank on Safety and the Soundness of MBLs

Sep
17
Impact of Dodd-Frank on Safety and the Soundness of MBLs

The Government Accountability Office (GAO) issued a report on September 13, 2012, on the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on Credit Unions and Community Banks. The report basically concludes that it is too early to tell what the total impact of the Act’s provisions on credit unions and community banks will be.

Posted By Sharon Bahr read more

FHFA, Fannie Mae & Freddie Mac Announce New Framework

Sep
17
FHFA, Fannie Mae & Freddie Mac Announce New Framework

On Tuesday, September 11, 2012, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are starting a new representation and warranty framework for conventional loans sold or delivered on or after January 1, 2013.  The new initiative, according to the FHFA, is aimed to clarify lenders’ repurchase exposure and liability on future loan deliveries.  Under the framework:

Posted By Sharon Bahr read more

CFPB News and Updates

Sep
17
CFPB News and Updates

The following articles relate to recent updates from the Consumer Financial Protection Bureau (CFPB). 

CFPB's Director Testifies Before Senate Banking Committee

Posted By Sharon Bahr read more

Report on NCUA's Exam & Complaint Process

Sep
17
Report on NCUA's Exam & Complaint Process

The Office of Inspector General (OIG) at the National Credit Union Administration (NCUA) has issued a report on the agency’s examination and complaint processes.

Posted By Sharon Bahr read more

CUNA to CFPB: Craft Qualified Mortgage Final Rule Carefully

Sep
17
CUNA to CFPB: Craft Qualified Mortgage Final Rule Carefully

The Credit Union National Association (CUNA), along with other financial trade associations, sent a letter to Director Cordray and the Consumer Financial Protection Bureau (CFPB) regarding the Qualified Mortgage requirements under the Bureau’s pending Ability to Repay Rule.  In the letter, CUNA urged the agency to broadly define the Qualified Mortgage definition, and to provide a legal safe harbor for mortgage lenders from ability to repay litigation when they originate loans that meet the Qualified Mortgage standards.  They also urged the Bureau to develop objective, bright

Posted By Sharon Bahr read more

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