News

Compliance News

  • More than 500 credit unions are now using Credit Union Compliance Management System™ after just six months of national availability. The solution has been adopted by credit unions of every asset size, from below $50 million to over $10 billion.
  • Credit unions are concerned PPP loan forgiveness process is overly complicated, CUNA wrote to a House Small Business subcommittee Friday. The letter follows two others on the importance of PPP forgiveness sent by CUNA to Congress this week.
  • CUNA’s latest Economic Update video features Senior Economic Jordan van Rijn examining the latest on the economy, what to expect from the recovery, how long the recovery might take, updated credit union operations forecast and more.
  • Changes to regulations and the creation of new lending programs have and will continue to help individuals affected by the pandemic, including PPP forgiveness legislation, temporarily lifting the MBL cap and expanding CLF and TDR changes until the end of 2021.
  • The Small Business Administration should take several additional steps if Paycheck Protection Program funding becomes available again, including improving national and regional operations in order to provide more timely feedback to lenders and borrowers.
  • CUNA and Credit Union Legislative Action Council, its federal PAC, launched its first round of general election advertising this week in support of Sens Susan Collins (R-Maine), Steve Daines (R-Mont.), Gary Peters (D-Mich.) and Tina Smith (D-Minn.).
  • The Commonwealth of Virginia’s Department of Veterans Services has awarded 1st Advantage FCU, Yorktown, Va., the Virginia Values Veterans certification for its commitment to hiring military veterans.
  • The House voted to pass two CUNA-supported pieces of legislation, The Ensuring Diversity in Community Banking Act of 2019 and the COVID-19 Fraud Prevention Act. CUNA sent a letter of support to House leaders earlier this week in support of the bills.
  • Thinking about tomorrow? A brighter financial future is within reach. Take the first step and add to your emergency savings today.
  • CUNA supports SAFE DATA Act introduced Wednesday, which would simplify privacy and data security laws by a creating national standard which would add protections for all Americans while reducing compliance burdens stemming from many standards across the states.
  • Development of the FedNow real-time payments network is necessary, CUNA wrote to the Federal Reserve Wednesday. The Fed announced details of the 24x7x365 interbank settlement service last month.
  • The House passed a Continuing Resolution Tuesday that would fund the federal government through Dec. 11. Current funding is scheduled to expire Sept. 30. The resolution also extends funding for the National Flood Insurance Program through Sept. 30, 2021.
  • Credit union board and committee members will come together virtually to discuss pressing industry topics for CUNA Credit Union Board Leadership Virtual Roundtable, Dec.14 and 15. Credit union board and committee members will gain important information from their peers.
  • The BSA Coalition will host a “Regulatory Focus and Priorities” webinar Thursday, Sept 24, beginning at 10 a.m. (ET). The focus of the webinar is potential regulatory changes and the status of initiatives in 2020. Registration is now open.
  • CUNA supports the CFPB’s proposed rule on higher-priced mortgage loan exemptions which would exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for HPMLs.
  • The CUNA Board of Directors recently approved a resolution to adjust 2021 affiliation dues to provide relief for credit unions. The adjusted dues will help credit unions continue to prioritize the needs of their employees, members and communities amid the current health and economic emergency.
  • CUNA President/CEO Jim Nussle joined NCUA Chairman Rodney Hood and World Council of Credit Unions President/CEO Bran Branch Monday afternoon for a discussion on the credit union role in inclusion, justice and advocacy.
  • CUNA will be engaged in House floor votes and several hearings in both chambers of Congress this week, including testimony from Federal Reserve and Treasury leaders, and on Paycheck Protection Program loan forgiveness.
  • CUNA is on track to spend $7 million in support of congressional candidates from both sides of the aisle this cycle It is backing candidates who have a history of standing behind credit unions’ mission to deliver not-for-profit, member-owned financial services.
  • CUNA wrote House leaders Monday to support two pieces of legislation that are expected to come up on the House floor this week, the Ensuring Diversity in Community Banking Act of 2019 and COVID-19 Fraud Prevention Act.
  • The Treasury’s Financial Crimes Enforcement Network issued a final rule last week amending Bank Secrecy Act/Anti-Money Laundering regulations for non-federally insured credit unions. The rule is effective Nov. 16 of this year and has a compliance date of March 15, 2021.
  • NCUA awarded $3.7 million in grants and no-interest loans to 162 low-income credit unions, helping them provide affordable financial services to their members and communities during the pandemic. These included NCUA 153 grants totaling nearly $1.5 million and nine no-interest loans of $250,000 each.
  • A new study on the savings habits of Minnesota credit union members found that prize-linked savings accounts incentivize people to save money for the first time and help change overall savings habits. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000.
  • A recorded version of CUNA's webinar on its MAP campaign, Credit Unions Voteis available for free to CUNA members. It features a review of the Credit Unions Vote platform, an overview of current member template and review the goals of MAP.
  • The National Credit Union Foundation launched its CUAid app in July as a way for the credit union system to strengthen the industry’s response in the face of disaster. The app is available for Apple and Android devices, and has a web browser version.
  • CUNA compliance and advocacy staff joined CUNA Mutual Group and the Illinois Credit Union League Thursday for a town hall meeting on overdraft rules and regulations. Illinois credit unions are among credit unions around the country that have seen an uptick in concerns about overdraft rules.
  • The NCUA board passed a final real estate appraisals rule, approved an exemption from the Bank Secrecy Act’s Customer Identification Program and heard a briefing on the new MERIT Examination system at its Thursday meeting.
  • CUNA joined dozens of organizations Thursday to call on Congressional leaders to support House and Senate bills to forgive Paycheck Protection Program loans under $150,000. The letter cites analysis showing an effective cost of $2,000-$4,000 for each business that applies for forgiveness.
  • An engaging new format is now available for HR credit union professionals and experts to connect and focus on the current trends and best practices shaping people management in this tumultuous year. The CUNA HR & Organizational Development Council Virtual Conference Collection will be held on Oct. 8 and 14.
  • CFPB announces latest CUAC members

    The CFPB released the names of the latest Credit Union Advisory Council members Wednesday, and as in previous iterations of the CUAC all members come from CUNA-affiliated credit unions. The CUAC advises and consults with the CFPB on consumer financial issues related to credit unions.
  • More than six months into the COVID-19 crisis, the credit union industry continues to face new issues, CUNA wrote to NCUA Chairman Rodney Hood Wednesday reiterating several specific concerns it is hearing from credit unions and members, and including policy recommendations.
  • The Consumer Financial Protection Bureau announced its first Tech Sprint to reduce regulatory burden and improve consumer understanding of financial services.
  • Scammers take advantage of people during stressful times. Protect yourself and loved ones by learning the warning signs of disaster-related scams and sharing new CFPB placemats and related handouts.
  • Research by Bureau experts supports and often impacts Bureau policy. Under the new procedures the Bureau will subject important research to external peer review. Peer review by outside experts ensures the quality and credibility of technical and scientific research.
  • Do you know or work with someone who doesn’t typically file taxes? They may be eligible for Economic Impact Payments (EIP). Help those you serve claim their money with a new guide and resources from the CFPB.
  • Consumers who are of limited English proficiency face unique challenges in learning about and accessing financial services. Watch our webinar to learn how CFPB is working to make our resources accessible to everyone.
  • Aquellos consumidores con limitado manejo del inglés enfrentan retos únicos para conocer y acceder a servicios financieros. Mire nuestro webinar para que sepa cómo el CFPB está trabajando para lograr que sus recursos sean accesibles para todos.
  • This fall, wherever you are and however you teach, these activities and tools can help build financial skills in children and young adults.
  • Americans who don’t file taxes because of their income level are still eligible to receive Economic Impact Payments for themselves and their dependents. Learn what you need to do to receive your payment.
  • This blog highlights Military Consumer Protection Month and the year-round Military Consumer Campaign. It also encourages members of the military community to learn more about the organizations, resources and consumer laws that protect them 365 days a year.