News

Compliance News

  • CUNA announced four keynote speakers for the 2020 CUNA GAC: Political strategist Stephanie Cutter, political analyst Nicole Wallace, photographer Platon and David Plouffe, campaign strategist for President Barack Obama.
  • Travis Credit Union held the 14th annual Financial Education Forum at Diablo Valley College, providing youth who have experienced financial barriers to post-secondary education with information on financial aid.
  • Increasing the residential appraisal threshold will reduce regulatory burden for credit unions, resulting in both transaction cost and time savings for credit unions and their members, CUNA wrote NCUA Thursday.
  • The NCUA board issued a proposed rule on credit union combination transactions and subordinated debt Thursday, as well as approving of the agency’s 2020 Annual Performance Plan and discussing the federal credit union loan interest rate ceiling.
  • NCUA selling its portfolio of taxi medallion loans is not an appropriate step at this time, CUNA, Leagues wrote NCUA, as it may harm not only the credit unions holding taxi medallion loans but ultimately all federally insured credit unions due to the effect on the NCUSIF.
  • Solarity CU has created a relief program meant to provide assistance for those who lost their jobs due to the abrupt closure of Astria Regional Medical Center which created potential hardships for hundreds of local healthcare workers and their families.
  • The CFPB should explore several revisions and additions to its remittance rule, CUNA wrote in response to a proposed rule making several changes to the remittance rule, including raising the threshold to 500 remittance transfers per year.
  • Ongoing compliance costs from the TRID rule continue to affect credit union lending, CUNA wrote to the CFPB as it assesses the rule as required by statute. CUNA found TRID rule compliance expenditures cost credit unions $563 million in 2018 alone.
  • CUNA’s 2019 Year in Review is now available, recapping the year in finalized rules and amendments that affect credit unions. CUNA’s 2019 Year in Review Checklist will be released on CUNA’s CompBlog in the coming days.
  • The recent trend of credit unions purchasing banks is something that advances the communities lawmakers’ constituents live, work, and thrive in, CUNA Chief Advocacy Officer Ryan Donovan says in a recent video on credit unions purchasing banks.
  • CUNA is encouraging credit unions to submit their comments on the CFPB proposal to raise the safe harbor thresholds for its remittance rule by the Jan. 21 deadline. Stakeholders can use CUNA’s Grassroots Action Center to submit comments.
  • The NCUA board will consider proposals on subordinated debt and credit union combination transactions, among other items, at its Jan. 23 meeting. This is the board’s first meeting of 2020, and it will be livestreamed on NCUA.gov starting at 10 a.m. (ET).
  • NCUA Board Member Todd Harper visited credit unions in Raleigh, N.C. Thursday in which participants shared information about their credit unions and stories about how they address the unique needs of their members, sometimes in creative ways.
  • Credit union purchases of banks offer substantial benefits to all parties involved, CUNA and the MWCUA wrote this week to the Colorado Banking Board in support of Elevations CU plan to purchase and assume Cache Bank & Trust.
  • CUNA announced Thursday the CUNA/League system will spend a record-setting $7 million in the 2020 election cycle. CULAC, CUNA's PAC, will report a fundraising total of $2.8 million for 2019, a CULAC record.
  • Redwood Credit Union is proud to announce its celebration of 70 years of service to members. Originally formed by seven County of Sonoma employees, it now has 19 locations throughout the North Bay and San Francisco.
  • The Financial Accounting Standards Board’s CECL standard will have a significant impact not only on covered financial institutions but also consumers and the broader economy, CUNA wrote to a House subcommittee Wednesday.
  • Credit unions look forward to working with Congress to strengthen the partnership between credit unions, members and their communities, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday.
  • The Maine Credit Union League appeared on Portland’s WMTW this week to discuss elder financial abuse and how credit unions can be on the front lines when combating this threat.
  • CUNA wrote House leadership this week in support of two bills that are expected to be considered on the House floor in the coming days, the Expanding Opportunities for Minority Depository Institutions Act and the Cybersecurity and Financial System Resilience Act.
  • Turks and Caicos Islands Government has joined World Council of Credit Unions as an associate member to initiate the development and introduction of credit unions to its people and allowing access to World Council's best practices.
  • CUNA Marketing & Business Council announced the keynote speaker lineup for the 27th annual CUNA Marketing & Business Development Council Conference, including BOOMCHICKAPOP Founder Angie Bastian.
  • The House is expected to consider two bills supported by CUNA this week, and CUNA will also engage on a hearing on cannabis business and FASB, which is the entity issuing the current expected credit loss (CECL) standard.
  • The victories won by CUNA, Leagues and credit unions in 2019 pave the way for 2020, says CUNA Chief Advocacy Officer Ryan Donovan, adding that credit unions will look to highlight the credit union difference in 115 million American lives to policymakers.
  • CUNA compliance staff has been getting numerous questions regarding the new IRA requirements resulting from the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, and has answers for 5 common questions.
  • These advisory committees provide us with information about emerging trends and practices in the consumer financial marketplace. Apply today to become a member.
  • CUNA offices in Washington, D.C. and Madison, Wis. will be closed Monday, Jan. 20 in observance of Dr. Martin Luther King Day. There will be no Daily Jan. 20. The Daily will resume Tuesday, Jan. 21. 
  • In the wake of the recent earthquakes in Puerto Rico, NCUA will be ready to assist the seven federally insured credit unions there with maintaining or restoring operations, if necessary, with urgent needs grants and information.
  • NCUA’s first letter to credit unions examines recent changes to laws and regulations applicable to credit unions, and notes that the agency’s examination program has been updated to reflect these changes.
  • The savings summit was held to help people learn about innovative savings initiatives and discover opportunities to make it easier for people to save.
  • NCUA sent a letter to credit unions this week describing the agency’s supervisory priorities for 2020, which include BSA/AML, consumer protection, credit risk, CECL, cybersecurity, liquidity risk and LIBOR cessation planning.
  • NCUA provided an update on its modernization efforts in a letter to credit unions, including making NCUA Connect available to all credit unions and state regulators this year and releasing the MERIT exam platform in the second half of 2020.
  • The CFPB is publishing the 2019 College Credit Card Report and releasing updated data the public can access and examine.
  • 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.
  • 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.
  • Learn more about your prepaid account and how to shop for prepaid cards. Explore the CFPB’s database of prepaid account agreements.
  • The CFPB Ombudsman’s Office shares its FY2019 Annual Report.
  • 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.