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CUNA Advocacy report

PowerComment Helps Credit Unions Answer Comment Calls

Aug
18

Missouri credit unions can now weigh in on comment calls using a new national online regulatory advocacy resource - PowerComment.  Credit unions have the ability to email regulators directly through PowerComment.

Posted By Sharon Bahr read more

Financing Credit Insurance on Mortgage Loans - Rule Takes Effect in June

Apr
22

The Credit Union National Association's (CUNA) Regulatory Advocacy group continues to urge the Consumer Financial Protection Bureau (CFPB) to provide flexibility to credit unions regarding two practices relating to covered mortgage-related insurance: adding a monthly charge for credit insurance premiums to the loan balance; and charging a fixed monthly fee for the credit insurance that does not decline as the loan balance decreases.

Posted By Sharon Bahr read more

FinCEN CDD Proposal Update; Virtual Currencies Guidance

Mar
25
FinCEN CDD Proposal Update; Virtual Currencies Guidance

The U.S. Treasury Financial Crimes Enforcement Network (FinCEN) will likely issue a proposed rule on customer due diligence (CDD) in the “coming weeks,” based on recent comments by senior U.S. Treasury officials.

Posted By Sharon Bahr read more

Court Dismisses MBS Counts Against Goldman Sachs & Co.

Mar
19
Court Dismisses MBS Counts Against Goldman Sachs & Co.

The U.S. District Court for the Central District of California on Thursday, March 14, 2013, tentatively dismissed seven of the National Credit Union Administration's (NCUA) eight claims against Goldman Sachs & Co. related to the sales of mortgage-backed securities to corporate credit unions because they were not filed prior to the expiration of the statute of limitations.

Posted By Sharon Bahr read more

ATM Litigation

Mar
19
ATM Litigation

Some of the same lawyers that filed numerous class action lawsuits against credit unions and banks for owning or operating ATMs in alleged violation of the fee disclosure requirements in the Electronic Fund Transfer Act (EFTA) are now turning their attention to compliance by ATM owners and operators with the Americans with Disabilities Act (ADA).

Posted By Sharon Bahr read more

NACHA Bulletins on International ACH Warranties & High Risk Originators

Mar
19
NACHA Bulletins on International ACH Warranties & High Risk Originators

The Electronic Payments Association (NACHA) recently issued an operations bulletin to narrow the scope of the warranty on outbound IATs to focus solely on the authorization of the entry, when authorization is required by the laws or payment system rules of the receiving country effective on March 15, 2013.

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FTC Report on Mobile Payments

Mar
18
FTC Report on Mobile Payments

The Federal Trade Commission (FTC) recently released a staff report highlighting key issues facing consumers and companies as they adopt mobile payment services. The report noted the rapid growth in mobile payments innovation and services. Also, the report showed the problem of mobile “cramming” when third parties place unauthorized charges on a consumer’s mobile phone bill.

Posted By Sharon Bahr read more

FDIC Unlikely to Reduce Deposit Insurance Premiums

Mar
18
FDIC Unlikely to Reduce Deposit Insurance Premiums

The Federal Deposit Insurance Corporation (FDIC) will not reduce deposit insurance premiums charged to banks. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Deposit Insurance Fund to have a reserve ratio of 1.35 percent by 2020.

Posted By Sharon Bahr read more

CFPB Updates - 3/18/2013

Mar
18
CFPB Updates - 3/18/2013

NLRB Recess Appointments Case to Move to Supreme Court;
Could Impact CFPB

Posted By Sharon Bahr read more

Opportunity to Voice Concerns to FASB in Effort to Improve Proposal on Credit Losses

Mar
18

Credit unions in Missouri are urged to share their input with the Credit Union National Association (CUNA) as it develops a comment letter to the Financial Accounting Standards Board (FASB) about its proposal regarding financial reporting of expected credit losses on loans and other financial assets.

The proposed model would utilize a single “expected loss” measurement for the recognition of credit losses. This would replace the multiple existing impairment models in U.S. generally accepted accounting principles (GAAP) that primarily use an “incurred loss” approach.

Posted By Sharon Bahr read more

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