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CUNA Advocacy report

NCUA Loans Available to Low-Income Designated Credit Unions

Feb
04
NCUA Loans Available to Low-Income Designated Credit Unions

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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Credit Card Interchange Update

Feb
04
Credit Card Interchange Update

New payment network rules that allow retailers to assess “check out” fees or surcharges on credit card purchases took effect in many states on January 27, 2013. Visa and MasterCard rules previously prohibited merchants from charging surcharges on credit card purchases. The charges can be up to 4% and are imposed at the merchant level on credit card transactions.

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Beware: Cyberattacks Update

Feb
04
Beware: Cyberattacks Update

For the past several months, some large financial institutions have been subject to cyberattacks and a number of credit unions have also been impacted in recent weeks.  These attacks are intended to disrupt financial institution websites and operations, and include distributed denial of service (DDoS) attacks, which involve directing a very high volume of traffic to disrupt websites. DDoS attacks do not involve data breach or hacking of a website’s content.

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CUNA: Compliance Relief Needed on CFPB Remittance Rule

Feb
04
CUNA: Compliance Relief Needed on CFPB Remittance Rule

The Credit Union National Association (CUNA) sent another comment letter  to the Consumer Financial Protection Bureau (CFPB) asking the agency to provide a broader international remittance transfer exemption level and additional compliance relief for credit unions.

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FHLBanks Offer to Work with NCUA on Emergency Liquidity Issues

Feb
04
FHLBanks Offer to Work with NCUA on Emergency Liquidity Issues

The presidents of all of the Federal Home Loan Banks have written to the National Credit Union Administration (NCUA) in support of the use of the FHLBanks as a source of emergency liquidity for credit unions. In July 2012, NCUA issued a proposal that addresses emergency liquidity requirements for federally insured credit unions. The proposal would require credit unions with assets of $100 million or more to have access to a backup federal liquidity source for emergencies.

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NCUA Letter Says the Agency Is Addressing DoRs

Feb
04
NCUA Letter Says the Agency Is Addressing DoRs

Credit Union National Association (CUNA) has been urging the National Credit Union Administration (NCUA) to improve the examination process and provide more information to credit unions about its examination priorities and practices. Consistent with previous years, the agency has sent Letter 13-CU-01 to the board and chief executive officers of all federally insured credit unions regarding its supervisory focus for 2013.

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GAO Report: Dodd-Frank Regulations Still in Progress

Jan
25
GAO Report: Dodd-Frank Regulations Still in Progress

According to a Government Accountability Office (GAO) report released this week, although regulators have made progress in implementing some key reforms required by the Dodd-Frank Act, others remain incomplete, and the effectiveness of some implemented reforms remains to be seen.  The report examines the (1) overall status of U.S. financial regulatory reforms arising from the Act, (2) challenges affecting the implementation of these reforms, and (3) areas that pose continued risk.

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CU Mergers: Thresholds for Government Review Increased

Jan
25
CU Mergers: Thresholds for Government Review Increased

On January 10, 2013, the Federal Trade Commission (FTC) announced the annual revisions to the Hart-Scott-Rodino Act (HSR) filing thresholds for credit unions.  The updated thresholds are $70.9 million and become effective on February 11, 2013.  HSR requires some merging credit unions to submit prior notification of a merger to the FTC if the merging credit union’s assets on its latest call report are equal to or greater than the $70.9 million threshold.

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CFPB Officially Delays International Remittance Regulation

Jan
25
CFPB Officially Delays International Remittance Regulation

This week the Consumer Financial Protection Bureau (CFPB) officially announced in a blog post that it is delaying the effective date of its international remittance transfer rule that was set to go into effect on February 7, 2013.  The new effective date will be announced “later this year” and th

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FFEIC Releases Social Media Guidance & Requests Comments

Jan
25
FFEIC Releases Social Media Guidance & Requests Comments

The Federal Financial Institutions Examination Council (FFIEC) released proposed guidance entitled Social Media: Consumer Compliance Risk Management Guidance.

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