News

Compliance News

  • This holiday season, the average consumer will spend more than $1,000 on gifts and related expenses and credit unions are there to ensure consumers maintain their financial health, CUNA's Ryan Donovan wrote to all 535 Congressional offices Tuesday.
  • Over 20,000 people celebrated the start of the holiday season at American Heritage CU's Annual Grand Illumination Tree Lighting and Fireworks Symphony, an event that included a $225,000 donation to the Children’s Hospital of Philadelphia.
  • CUNA fully supports NCUA’s latest FOM proposal, as it would re-adopt a provision to allow an applicant to designate a CSA, or an individual, contiguous portion thereof, as a WDLC, provided that the chosen area has a population of 2.5 million or less.
  • In July 2017, the nationwide consumer reporting agencies began removing civil judgments and tax liens from credit reports. Millions of consumers had records wiped from their report. Following these consumers over the next two years, this report looks at how the removal affected the relationship between credit scores and consumers’ credit performance.
  • En estas fiestas, usted seguramente recibirá más de una oferta para abrir la tarjeta de crédito de alguna tienda. Claro, la oferta de un 20 por ciento extra, o de cero intereses si lo paga completo, puede  sonar muy tentadora, pero puede tener un precio. Tenemos 6 consejos a seguir para que disfrute de los beneficios y reduzca los riesgos.
  • The credit union movement achieved a notable win today when the final version of the fiscal year 2020 National Defense Authorization Act (NDAA) was released without a provision that would have allowed certain banks to obtain cost waivers to operate on military installations.
  • The House Financial Services Committee is scheduled to mark up a series of bills starting Tuesday at 10 a.m. (ET), including a bill CUNA supports the Self-Employed Mortgage Access Act (H.R. 2445).
  • Five federal financial regulators, including NCUA, released a joint statement on the use of alternative data in underwriting by credit unions and other financial institutions noting the benefits that using alternative data may provide to consumers.
  • This holiday season, extra discounts with a store credit card may sound tempting, but they can come at a price. Enjoy the benefits but reduce risky credit card debt with these 6 tips.
  • CUNA seeks clarity on the California Consumer Privacy Act rules so credit unions can properly comply. The law’s definition of “business” needs further clarification, as the definition in the bill does not address not-for-profit status.
  • The FHA plays a critical role in homeownership, yet impediments exist keeping credit unions from accessing the FHA lending program. CUNA made suggestions that could create a regulatory environment that boosts credit unions’ confidence in the program.
  • The NCUA board will consider a final risk-based capital rule, the agency’s 2020-21 budget and will receive a briefing on the 2020 share insurance fund Normal Operating Level (NOL) at its Dec. 12 meeting.
  • Learn more about your prepaid account and how to shop for prepaid cards. Explore the CFPB’s database of prepaid account agreements.
  • Credit unions and the financial services industry at large are dedicated to protecting customer information along with working to ensure that systems used to provide financial services to Americans are robust, secure and resilient.
  • CUNA identified both where it has seen positive steps by NCUA as well as issues where improvements can be made in a letter for the record of NCUA Chairman Rodney Hood’s testimony before the Senate Banking Committee Thursday.
  • Concerns over potential negative community effects from credit unions purchasing banks are misinformed and inaccurate, CUNA President/CEO Jim Nussle wrote to Federal Deposit Insurance Corporation Chair Jelena McWilliams Thursday.
  • U.S. Senate FCU broke ground on a new headquarters in Alexandria, Va. Wednesday, a building named after their longest serving board member and Senate staff icon Bertie Bowman. The Bertie Bowman building is expected to be open by 2021.
  • The CFPB Ombudsman’s Office shares its FY2019 Annual Report.
  • The House voted Wednesday to pass the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act, legislation designed to combat unwanted robocalls via the Telephone Consumer Protection Act. 
  • Credit unions are deeply concerned that Americans’ financial wellness is compromised by inconsistent privacy and security standards applied to businesses that possess, process or transport consumers’ nonpublic personal information.
  • Nikki R. Haley, U.S. Ambassador to the United Nations from 2017-2019, will be the Tuesday keynote speaker at the 2020 CUNA GAC, February 23-27 in Washington, D.C. This annual conference is the credit union system’s premier advocacy event.
  • Recent NCUA actions have been positive for credit unions, but there are areas the agency can improve, CUNA wrote Tuesday, adding that NCUA should continue coordination with other federal regulators, including but not limited to the CFPB and FCC.
  • The CFPB issued a proposed remittance rule Tuesday increasing the “normal course of business” threshold to 500 transfers per year. CUNA has asked for it to be raised to at least 1,000 but considers the proposal a positive step forward.
  • While CUNA supports aspects of NCUA’s proposed budget, particularly the transparency of the process, there are several concerns raised in its comment letter, which follows CUNA's presentation at NCUA’s Nov. 20 budget briefing.
  • Both chambers of Congress are in Washington, D.C. and CUNA will be engaged with NCUA Chairman Rodney Hood’s testimony before the House Financial Services Committee and Senate Banking Committee and other activities this week. 
  • CUNA joined NASCUS earlier this month for its annual BSA/AML Certification Conference in Tempe, Ariz. The three-day event featured presentations on the most pressing compliance issues facing credit unions today.
  • Comments on several proposals, including NCUA’s 2020-21 operating budget, are due in December. The proposed 2020 operating budget is $316.2 million a 3.9% increase over last year. Comments are due to NCUA Dec. 2.
  • CUNA offices in Washington, D.C. and Madison, Wis. will be closed Thursday, Nov. 28 and Friday, Nov. 29 for the Thanksgiving holiday. There will be no Daily email Thursday or Friday. The Daily will resume, Monday, Dec. 2. 
  • This week marks 111 years of not-for-profit financial cooperatives in America, CUNA Chief Advocacy Officer Ryan Donovan wrote to Congressional offices this week, saying without Congressional support credit unions would not be able to meet community needs.
  • Credit unions are among the top resources for consumers to help improve finances, C-Plant FCU Paul Adams wrote in the Mayfield Messenger, noting that the structure places the emphasis on financial education and ensuring members’ financial health.
  • CUNA has released the November 2019 edition of the Economic Update, in which Chief Economist Mike Schenk explores the disconnect between continued economic success nationally and the actual results of that success for everyday people.
  • The CFPB issued a request for public comment on an assessment it will conduct on the TRID rule, to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule and more.
  • Forty-four credit union professionals earned their Certified Credit Union Internal Auditor designations after attending CUNA & ACUIA Internal Audit Certification School, successfully demonstrating their mastery of core auditing competencies.
  • This Data Point uses the Bureau’s Consumer Credit Panel to identify likely users of income-driven repayment and provides descriptive statistics of who these borrowers are and how delinquencies on student loans and other products change after borrowers enroll in these alternative repayment programs.
  • The Senate passed a bill Thursday afternoon and President Donald Trump signed it Thursday evening, avoiding a government shutdown and extending federal government funding and the National Flood Insurance Program through Dec. 20.
  • CUNA would prefer that Congress move beyond the Gramm-Leach-Bliley Act and develop a uniform privacy and data security law that regulates data and privacy protections based on the type of data instead of the current sector-specific approach
  • Learn how to spot the warning signs of debt collection scams and ways to protect yourself.
  • Fall 2019 rulemaking agenda

    The semiannual update of our rulemaking agenda.
  • According to the latest data from the Program for International Student Assessment (PISA), a gap in financial literacy among groups of students appears as early as age 15.
  • Your financial well-being is about more than your income and credit score. Instead, it tells a larger story about how you manage your money. October is Financial Planning Month, and we have 25 tips for improving your overall financial health and well-being.