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CUNA Advocacy report

NCUA Holds a Listening Session in San Diego

Jul
18
NCUA Holds a Listening Session in San Diego

The week of July 9, National Credit Union Administration (NCUA) Chairman Debbie Matz and staff held a listening session in San Diego to provide credit union officials in the region an opportunity to communicate their concerns to the agency.  She was accompanied by NCUA Executive Director Dave Marquis, Director of Examination and Insurance Larry Fazio, Region II Director Jane Walters

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CFTC Excludes CUs and Banks <$10 Billion from Swap-Clearing Requirements

Jul
17
CFTC Excludes CUs and Banks <$10 Billion from Swap-Clearing Requirements

On July 10, the Commodity Futures Trading Commission (CFTC), the primary federal regulator of derivatives, adopted a final rule to provide an exception for banks and credit unions with $10 billion or less in assets from swap-clearing requirements mandated by the Dodd-Frank Act.  While few credit unions currently participate in swaps, the rule could have affected National Credit Union Administration's (NCUA) efforts to consider hedging for interest rate risk mitigation.

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CFPB Issues a Proposal to Implement Recent Changes to HOEPA

Jul
16
CFPB Issues a Proposal to Implement Recent Changes to HOEPA

During the week of July 9, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to amend Regulation Z and Regulation X to implement the Dodd-Frank Act's amendments to TILA and RESPA regarding high-cost mortgage loans.  The Dodd-Frank Act am

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NCUA Inspector General Reports

Jul
15
NCUA Inspector General Reports

During the week of July2, an analysis from Bill Hampel of the 2011 financial statement of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) was posted.

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People's United Bank Lawsuit and "Commercially Reasonable" Online Security

Jul
14
People's United Bank Lawsuit and "Commercially Reasonable" Online Security

From time to time Credit Union National Association (CUNA) will post information on lawsuits that indicate legal trends or that result in an opinion of interest to credit unions.

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RESPA/TILA Know Before You Owe Project - Update

Jul
13
RESPA/TILA Know Before You Owe Project - Update

On July 6, the Consumer Financial Protection Bureau (CFPB) posted another blog entry giving more details on the specifics behind the entire Know Before You Owe mortgage disclosure project.  The CFPB states that “Soon, [it] will submit a Notice of Proposed Rulemaking to the Federal Register to begin the public notice–and-comment process.”  Notably, the CFPB also indicates that wh

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Upcoming CUNA Comment Letter to CFPB on Prepaid Cards

Jul
12
Upcoming CUNA Comment Letter to CFPB on Prepaid Cards

Credit Union National Association (CUNA) continues to seek input from credit unions on their regulatory comment call on the Consumer Financial Protection Bureau (CFPB’s) advance notice of proposed rulemaking (ANPR) regarding prepaid cards.  CUNA is also working with the CUNA Payments Policy and Consumer Prote

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Upcoming Rulemakings from the CFPB

Jul
11
Upcoming Rulemakings from the CFPB

Credit Union National Association's (CUNA) Regulatory Advocacy Department has developed a chart for credit unions and leagues to use which highlights various rulemaking projects that are being undertaken by the Consumer Financial Protection Bureau (CFPB), as required by the Dodd-Frank Act.  While the chart continues to evolve, the latest version outlines each of the rulemaking initia

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CFPB Requesting Additional Data on Mortgage Lending

Jul
10
CFPB Requesting Additional Data on Mortgage Lending

The Consumer Financial Protection Bureau (CFPB) is requesting additional data on mortgage lending in conjunction with its rulemaking efforts on the ability to repay proposal.   Credit Union National Association (CUNA) requested an extension of this comment period, set to expire Monday, and they have additi

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NCUA's 2011 Annual Report

Jul
10
NCUA's 2011 Annual Report

The National Credit Union Administration (NCUA) released its 2011 Annual Report the week of July 2, 2012. Several issues are worthy of note:

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