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CUNA Advocacy report

Cybersecurity Executive Order and Policy Directive

Feb
19

The White House released an Executive Order (EO) on critical infrastructure cybersecurity and a Presidential Policy Directive (PPD) on critical infrastructure security and resilience.

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MCUA Files Comments with CFPB Regarding CARD Act

Feb
19

On February 19, 2013, the Missouri Credit Union Association (MCUA)  filed a comment letter with the Consumer Financial Protection Bureau (CFPB) in response to its request for information regarding certain aspects of the consumer credit card market, including regul

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Class Action Lawsuit on ATM Standards under the ADA

Feb
11

Recently, the U.S. District Court for the Eastern District of Texas permitted a class action lawsuit to proceed against a bank regarding ATM standards under the Americans with Disabilities Act (ADA) in the Hunter v. First United Bank & Trust Company case; the district court denied the bank’s motion to dismiss the plaintiff’s class action complaint.

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U.S. DOJ Lawsuit Against Standard & Poor's

Feb
11

On Tuesday, February 5, 2013, the U.S. Department of Justice (DOJ) filed a civil lawsuit against Standard & Poor’s, alleging that the credit rating agency’s ratings on mortgage-backed securities contributed to the financial crisis.

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Mortgage Servicing Final Rule Analysis Now Available

Feb
11

Last month, the Consumer Financial Protection Bureau (CFPB) finalized required amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act to Regulation Z and Regulation X. These required amendments will have a significant impact on the way closed-end mortgage loans are serviced by credit unions going forward. The final rules become effective January 10, 2014.

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FFIEC Releases Social Media Guidance & Requests Comments

Feb
11

The Federal Financial Institutions Examination Council (FFIEC) released proposed guidance entitled “Social Media: Consumer Compliance Risk Management Guidance (Guidance). The Guidance addresses the applicability of federal consumer protection and compliance laws, regulations, and policies to activities conducted via social media by credit unions and other regulated financial institutions. The Guidance does not impose new requirements on credit unions.

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ABA Complains Proposed Sponsor Expansion Creates Overly Broad FOM

Feb
11

The American Bankers Association (ABA) complained in a letter sent to the National Credit Union Administration (NCUA) that Thrivent FCU sponsor’s expansion of its common bond from Lutheran to all Christians would create a field of membership (FOM) that is overly broad. The sponsor, Thrivent Financial for Lutherans, is scheduled to vote in March whether to expand its common bond membership from Lutheran to Christian. The ABA worries that this would automatically expand Thrivent FCU’s field of membership to all Christians, which it feels is overly broad.

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Federal Reserve Bank Paper on Prepaid Cards and Money Laundering Risks

Feb
11

The Federal Reserve Bank of Atlanta’s Retail Payments Risk Forum recently released a paper on general purpose reloadable (GPR) prepaid cards and money laundering risks.

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FTC Staff Report on Mobile Privacy Disclosures

Feb
11

The Federal Trade Commission (FTC) recently released a staff report entitled, “Mobile Privacy Disclosures: Building Trust Through Transparency” and a related new business guide for mobile developers.  The staff report recommends ways that participants in the mobile marketplace can better inform consumers about their mobile privacy.

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NCUA Loans Available to Low-Income Designated Credit Unions

Feb
04

The National Credit Union Association (NCUA) is making $9.5 million in loans available to low-income designated credit unions from the Community Development Revolving Loan Fund (CDRLF). These loans are administered by NCUA’s Office of Small Credit Union Initiatives (OSCUI) and meant to assist low-income credit unions in providing services to their members.

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