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Comments on Stabilization Fund Closure Due Sept. 5

in Legislative & Political News
Murphy Taps Former Assembly Speaker as Running Mate, Guadagno Woodcliff Lake Mayor

in Legislative & Political News
Garden Savings Raises Over $16,000 for Local Charities at 7th Annual Golf Outing

in Credit Union News
NCUA to Host Webinar on New Learning Management Service

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NJ CU Financial Reality Fair Program Recognized by National Youth Involvement Board for Most Students Reached by a Team

in Industry News
CU-backed Resolution Repealing Arbitration Rule Passes House

in Legislative & Political News
Guadagno Expected to Name Woodcliff Lake Mayor as Running Mate

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Jersey Shore Federal Credit Union Announces Scholarship Winners

in Credit Union News
NCUA Board Re-Schedules September Meetings

in Compliance & Regulatory News
World Council Board Takes Office

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NJCUL’s ELT Op-Ed Sent to NJ Papers, Picked Up by Cape May County Herald

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Fed Task Force Releases 2nd Part of Faster Payments Report

in Legislative & Political News
Arbitration Repeal Resolution Backed, Engaged with Hearings

WASHINGTON -- CUNA is closely following a joint resolution that would repeal the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, and is engaged with a number of other activities on Capitol Hill this week. CUNA, which has expressed concerns with the rule since it was originally proposed, sent a letter Monday with other organizations supporting the resolution.

in Legislative & Political News
Murphy Expected to Name Former Assembly Speaker as Running Mate

TRENTON, N.J. – Political Web sites and NJ Advanced Media are reporting this morning that Democratic gubernatorial nominee Phil Murphy will announce that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor.

in Legislative & Political News
NJCUL Hosts Another FREE Compliance Webinar Regulatory Update: BSA Awareness

HIGHTSTOWN, N.J. – On Friday, NJCUL’s Shared Compliance Manager, Donna Pancoast, CUCE, BSACS, hosted a FREE regulatory update webinar entitled “Bank Secrecy Act Awareness”, which is now archived and available for member credit unions.

in Compliance & Regulatory News
CUNA Pushes DOL to Provide CU Clarifications to Fiduciary Rule

WASHINGTON -- CUNA urged the Department of Labor (DOL) Thursday to provide further clarification that credit unions are not the target of its fiduciary rule, and to provide any necessary carve-outs to ensure credit unions’ ability to provide information about consumer-friendly products is not impacted.

in Legislative & Political News
New HMDA Filer Resources Available

WASHINGTON --The Consumer Financial Protection Bureau (CFPB) released several new resources relating to Home Mortgage Disclosure Act (HMDA) implementation. Intended for institutions, including credit unions, that report HMDA data, the bureau has updated the preview of its “HMDA Platform” system, an online-only system designed to guide filers through the process.

in Legislative & Political News
NCUA Schedules Webinar on Proposed Stabilization Fund Closure Plan

ALEXANDRIA, Va. -- NCUA will host a free webinar on August 9 at 2 p.m. to explain the proposed plan to close the Stabilization Fund. The Stabilization Fund is the basis used to determine the normal operating level, the proposed process for making the April 2018 distribution, and to address questions from credit union stakeholders as well as assist them in preparing comments on the proposals for agency review.

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Governor Issues Vetoes on Paid Family Leave Expansion and Salary History Prohibition

TRENTON, N.J. – Governor Christie acted on dozens of bills Friday including two bills of interest to credit unions, the expansion of benefits available under the state’s Paid Family Leave Act (A-4927), and another which would prohibit employers from asking a job applicant about their salary history (A-3480). He issued an Absolute Veto (AV) on the salary history bill and a Conditional Veto (CV) on the expansion of Paid Family Leave benefits.

in Legislative & Political News
NJCUL’s ELT Op-Ed Sent to NJ Papers, Picked Up by the Cherry Hill Courier Post and Cape May County Herald

HIGHTSTOWN, N.J. – NJCUL President/CEO David Frankil recently penned an op-ed on New Jersey’s need for electronic lien and titling (ELT) legislation, especially in the wake of a recent auto lending scheme here in the Garden State that netted “well over half a million dollars” – and could’ve been avoided with electronic filing. The op-ed piece has been picked up by the Cherry Hill Courier Post and Cape May County Herald.

in League News
CU Housing Reform Principles Outlined for Senate Banking Committee

WASHINGTON -- CUNA witness Tim Mislansky stressed to the Senate Banking Committee yesterday the need for credit union access to a functioning, well-regulated secondary mortgage market and a system that will accommodate member demand for long-term fixed-rate mortgage products. Mislansky testified before the committee as part of a hearing examining housing finance reform.

in Legislative & Political News
NJCUL Congratulates LeDu on League InfoSight CEO Appointment

League InfoSight, a collaborative effort of credit union leagues, including PCUA, announced that Glory LeDu was appointed as CEO by the board of directors. She will be responsible for continuing to deliver collaborative and effective regulatory compliance solutions to credit unions directly through league/association partners.

in Industry News
Use of Congressional Review Act to Repeal CFPB Arbitration Rule Supported, Rep. MacArthur a Co-Sponsor

WASHINGTON -- CUNA and the state leagues support the efforts of lawmakers on a resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) arbitration rule that would prohibit financial service providers from using pre-dispute resolution agreements to block class action lawsuits. Introduced yesterday, H.J. Res 111 uses Congressional Review Act authority to repeal the rule and prevent the CFPB from issuing any similar rule relating to arbitration.

in Legislative & Political News
XCEL FCU Board Elects New Leadership; Phyllis H. Ford to Serve as CU’s First Chairwoman

BLOOMFIELD, N.J. – The Board of Directors of XCEL Federal Credit Union has announced a change in leadership. At XCEL’s annual meeting held in June, the Board of Directors elected Phyllis H. Ford as the new Chairwoman. Ms. Ford has served on the Board since 2008 and was previously Vice Chair. Elevated to the Vice Chair vacancy will be Suzanne Taylor.

in Credit Union News
NCUA Board Proposes Closing Stabilization Fund and Providing a Distribution in 2018

ALEXANDRIA, Va. – The NCUA board Thursday unanimously approved a request for comment on a proposed plan to close the Temporary Corporate Credit Union Stabilization Fund this year, 4 years ahead of schedule. The proposed plan would provide credit unions with a National Credit Union Share Insurance Fund distribution in 2018, estimated to be between $600 million and $800 million.

in Compliance & Regulatory News
NCUA Announces Plans to Restructure: Regional Offices Will Consolidate; Staffing Will be Reorganized

ALEXANDRIA, Va. — Greater efficiency, responsiveness, and cost-effectiveness are goals of a long-range agency restructuring plan the National Credit Union Administration Board announced today.

in Compliance & Regulatory News
Senate Bill to Codify CFPB’s CU Advisory Council Introduced

WASHINGTON – Legislation that would codify the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) was introduced in the U.S. Senate yesterday. The council advises the bureau on regulating financial products and services, including how its actions affect credit unions.

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Senator Booker Asks 13 Banks for Information on Overdraft Practices

WASHINGTON -- U.S. Senator Cory Booker (D-NJ) pressed more than a dozen bank CEOs Monday on their overdraft programs, requesting more information on their current practices to encourage participation in overdraft protection.

in Legislative & Political News
Access to Viable Secondary Mortgage Market is Essential, CU Witness to Tell Senate Banking Committee

WASHINGTON -- It is critical credit unions are able to continue to meet their members’ mortgage needs, a CUNA witness will tell the Senate Banking Committee today in a hearing on housing reform. Tim Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, will testify on behalf of CUNA.

in Legislative & Political News
National CU Foundation’s Development Education (DE) Program Celebrates 35 Years

Madison, Wis. – Nearly a hundred certified Credit Union Development Educators (CUDEs) gathered in Tampa, Fla. recently to celebrate the 35th anniversary of the Credit Union Development Education (DE) Program. The popular philosophy training program from the National Credit Union Foundation (the Foundation) started in 1982 and continues to educate credit union professionals from around the world every year.

in Industry News
June 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the June 23, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website.

in Compliance & Regulatory News
South Jersey Federal Credit Union Promotes Two Employees

DEPTFORD TWP., N.J. – South Jersey Federal Credit Union (SJFCU) announced the promotions of Camille Gadsden and Joccola Thomas.

in Credit Union News
9 CU Professionals Receive Free Management Development Training at Greater Alliance FCU Through League’s Rutgers Training Grant

PARAMUS, N.J. - Credit union professionals gathered at Greater Alliance FCU in Paramus on Tuesday and Wednesday for free management development training. This “Becoming a Better Manager” training is available to NJCUL member credit unions through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey secured by the League earlier this year.

in League News
Appropriations Bill Report Strongly Backs International CU Support

WASHINGTON -- The state and foreign operations appropriations bill for fiscal year 2018 contains support for credit unions on the international level in its report language. CUNA and the World Council of Credit Unions wrote to House and Senate appropriators to push for international credit support last month, and the included language is stronger than language recommended by CUNA and the World Council.

in Legislative & Political News
Immigration Services Releases New Form I-9, Employment Eligibility Verification

The U.S Citizenship and Immigration Services (USCIS) agency has released a new version of its Form I-9, Employment Eligibility Verification. The form is required for all new hires and needs to be kept on filing according to existing storage and retention rules.

in Legislative & Political News
11 CU Professionals from Three CUs Pass Complete First Round of Financial Counselor Training

HIGHTSTOWN, N.J. – Credit union professionals from Credit Union of New Jersey, First Atlantic FCU, Local 1233 FCU, and NJCUL completed Part 1 of Financial Counselor Training (FiCEP) offered here in New Jersey through a partnership between NJCUL, the National Credit Union Foundation, and CUNA.

in League News
22 CU Professionals Receive Free Management Development Training at NJCUL Through League’s Rutgers Training Grant

HIGHTSTOWN, N.J. - Credit union professionals gathered at the NJCUL Education Center Tuesday for free management training and are currently participating in day two of the training today. This “Becoming a Better Manager” training is available to NJCUL member credit unions through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey secured by the League earlier this year.

in League News
CUNA: Congress Should Retain and Reaffirm CU Tax Status

CUNA urged Congress to retain and reaffirm the credit union tax status, and outlined the importance of not-for-profit financial cooperatives in a letter sent to the Senate Finance Committee Monday. The letter was sent in response to a committee request for comments and proposals as it continues its work on tax reform.

in Legislative & Political News
CUNA Engaged with Senate Witness Testimony, Tax Reform Hearing

WASHINGTON – A CUNA witness talking housing reform before the Senate Banking Committee and a hearing on tax reform are among several events CUNA is engaged with on Capitol Hill this week. On Thursday, the Senate Banking Committee will conduct a hearing titled “House Finance Reform: Maintaining Access for Small Lenders,” starting at 10 a.m. (ET).

in Legislative & Political News
Call for Nominations for the NJCUL Board of Directors Going on Now; Deadline for Nominations is August 25

It is once again time to elect those who will represent credit unions from across the state as members of the New Jersey Credit Union League (NJCUL) Board of Directors. Pursuant to the NJCUL Board of Directors Nomination and Election Rules, we are issuing a call for nominations. All directors elected during this balloting will serve immediately following the annual meeting or election runoff closes. The Election Committee of the NJCUL Board will review and validate the nominations and ensure that the Nomination and Election Rules are followed by all candidates.

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Trades Seek More Info on CFPB Debt Collection Survey

WASHINGTON -- CUNA has sent a joint letter with the American Bankers Association and the Consumers Bankers Association to the Consumer Financial Protection Bureau (CFPB) seeking additional information about a CFPB debt collection survey.

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Increased HELOC Reporting Threshold Proposed

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) has issued a proposal that would increase the reporting threshold on home-equity lines of credit (HELOC) for credit unions and banks.

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Fiduciary Rule Delay Urged in House Letter

WASHINGTON –CUNA forwarded a letter Thursday to members of the House subcommittee on capital markets, securities, and investments supporting more analysis of the Department of Labor (DOL) fiduciary rule.

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Senate Banking Hearing on Housing Finance Reform Next Week, CUs to Testify

WASHINGTON -- Representatives from two CUNA-member credit unions will testify during a July 20 hearing on housing finance reform hosted by the U.S. Senate Banking Committee.

in Legislative & Political News
Concerns Shared in Letter on FSGG Appropriations Act, Wins and Concerns with Final Committee Bill

WASHINGTON – Before yesterday’s mark up, CUNA wrote a letter Thursday to members of the House Appropriations Committee outlining credit union considerations with the Financial Services and General Government (FSGG) Appropriations Act.

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Q3 2017 Edition of Legislative Newsletter Sent to Lawmakers

The latest edition of NJCUL’s quarterly newsletter, NJ Credit Union Digest, has been sent to New Jersey lawmakers and other government officials and policymakers, and is now available on our Web site for our member credit unions to view.

in League News
House Appropriations to Markup Financial Services Appropriations Bill

WASHINGTON -- The House Appropriations Committee will markup the FY2018 Financial Services Appropriations bill today.

in Legislative & Political News
CUNA in American Banker: Communities, Not Purpose, Have Changed

WASHINGTON -- A recent article in American Banker got it wrong when it questioned the National Credit Union Administration’s actions to modernize credit union field-of-membership rules, wrote Jim Nussle, CUNA president/CEO, in response to that column Tuesday.

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CUNA, Trades Reiterate Support for CFPB Commission in FSGG Letter

WASHINGTON -- CUNA is among the more than two dozen trade groups expressing support for changing the governance structure of the Consumer Financial Protection Bureau (CFPB) to a five-person bipartisan commission.

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Additional Resources Have Been Posted to the CFPB’s Home Mortgage Disclosure Act (HMDA) Resources for HMDA Filers Web Page

The Resources for HMDA Filers Web page of the Consumer Financial Protection Bureau’s site has been updated with additional resources. Modifications have been made to the Technology Preview, Filing Instructions Guide for data collected in 2017, Filing Instructions Guide for data collected in or after 2018, and Frequently Asked Questions (FAQs).

These materials are also accessible from the FFIEC website.

in Compliance & Regulatory News
CU Leader Points Out Regulatory Constraints at HFSC Subcommittee Hearing

WASHINGTON -- America’s credit unions were fully represented at a House Financial Services subcommittee hearing Wednesday, as Rick Nichols, president/CEO of River Region CU, Jefferson City, Mo., testified on behalf of the Heartland Credit Union Association to discuss the need for regulatory relief for credit unions.

in Legislative & Political News
Appreciation Expressed for HELOC Threshold Change Proposal

WASHINGTON -- CUNA on Tuesday expressed appreciation to the Consumer Financial Protection Bureau (CFPB) for its proposal to reconsider the home equity line of credit (HELOC) reporting threshold.

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CU CEO to Testify at Today’s HFSC Subcommittee Hearing, Markup

WASHINGTON -- Rick Nichols, president/CEO of River Region CU, Jefferson City, Mo., will testify on behalf of the Heartland Credit Union Association before a House subcommittee today. He will address regulatory relief proposals for community financial institutions before the House Financial Services subcommittee on financial institutions and consumer credit.

in Legislative & Political News
Still Time to Register for This Afternoon’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

in Legislative & Political News
CUNA Comments on Arbitration Rule’s Application to CUs

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) finalized its rule on arbitration Monday, and CUNA is currently analyzing the nearly 800-page final rule. CUNA had urged the bureau to exempt credit unions from the rule, saying it is inappropriate for member-owned financial cooperatives.

in Legislative & Political News
RESPA Assessment Should Focus on Costs, Benefits

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) should focus on the cost and benefit of its Real Estate Settlement Procedures Act (RESPA) servicing rule, CUNA wrote to the bureau. CUNA’s letter came in response to the CFPB’s request for information (RFI) involving its assessment of the 2013 final rule.

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CFPB Pledges to Increase HELOC Threshold to 500, Proposal within Two Weeks

WASHINGTON -- CUNA saw a victory Monday with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray's pledge that the bureau would issue a proposal in the coming weeks to raise the home equity line of credit (HELOC) reporting threshold. In a letter sent to several senators, Cordray cited increasing concerns from credit unions and other community financial institutions about the reporting burden.

in Legislative & Political News
Still Time to Register for Tomorrow’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

in Legislative & Political News
PowerComment is Moving!

PowerComment, the easy to use online tool that allows you to comment on new or proposed regulation, is moving from CUNA, returning to the California and Nevada Credit Union Leagues.  Never fear, you will still be able to use PowerComment, however, you will no longer have to use your CUNA login. However, you will be required to create a new PowerComment login. As always, feel free to contact NJCUL’s VP of Compliance and Regulatory Affairs, Nicola Foggie, first for help navigating the latest in proposed regulations or changes to state and federal laws, as well as help in writing and submitting a comment letter at nfoggie@njcul.org or call 1-800-792-8861, ext. 112.  Commenting on new or changed regulation is the best way to allow your voice to be heard! 

in Compliance & Regulatory News
CFPB Finalizes TRID Updates, Revisions, Clarifications

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) Friday finalized updates to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule. CUNA supports a number of revisions, which are intended to formalize guidance in the rule, and provide greater clarity.

in Legislative & Political News
Still Time to Register for Wednesday’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

in Legislative & Political News
2017 International Credit Union Day® Theme Announced: Dreams Thrive Here

MADISON, Wis. – World Council of Credit Unions (WOCCU) announced the 2017 International Credit Union (ICU) Day® theme — "Dreams Thrive Here" — celebrating the spirit of the global credit union movement. ICU Day is celebrated annually on the third Thursday of October and will take place this year on October 19.

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Stars and Stripes Piece Supports CUNA-Backed MLA Changes

WASHINGTON -- An opinion piece appearing this week in Stars and Stripes credits CUNA and other organizations for pushing for improvements to Military Lending Act (MLA) regulations, saying the changes implemented in 2015 could make it harder for servicemembers to obtain financial services. CUNA has engaged with the Department of Defense (DOD) consistently since the MLA changes were finalized, most recently asking the department to issue an interim MLA rule to fix the issues.

in Legislative & Political News
CUNA Thanks McWatters for CFPB Exemption Push

WASHINGTON -- NCUA Chair J. Mark McWatters asked Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to exempt credit unions with assets of more than $10 billion from the bureau’s examination and supervision authority. CUNA President/CEO Jim Nussle praised McWatters for his comments.

in Legislative & Political News
Title Fraud Ring Indictments Highlight Need for ELT

TRENTON, N.J. – NJ Attorney General Christopher Porrino recently announced the indictment of five individuals on various first-degree charges for a scheme in which they financed car purchases and then resold the vehicles after fraudulently removing liens. The five were indicted by a state grand jury on charges of conspiracy, money laundering, identity theft, theft by deception, tampering with public records, and forgery.

in Legislative & Political News
Still Time to Register for Wednesday’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

in Legislative & Political News
You’re Invited to Rutgers University’s 5th Annual Training Showcase

NEW BRUNSWICK, N.J. – You are invited to Rutgers University’s 5th Annual Training Showcase. Come preview the exciting new options Rutgers Workforce Development Unit has to offer.

in Industry News
United Teletech Financial FCU Awards College Scholarships to Two Young Members

TINTON FALS, N.J. – United Teletech Financial FCU recently awarded two deserving young members with college scholarships.

in Credit Union News
NCUA Chairman McWatters Asks CFPB Director Cordray to Exempt Largest Credit Unions from CFPB’s Examination and Enforcement Authority

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ALEXANDRIA, Va. – National Credit Union Administration Chairman J. Mark McWatters wrote Consumer Financial Protection Bureau Director Richard Cordray to request CFPB provide a conditional exemption for credit unions with assets of more than $10 billion from its examination and enforcement authority.

in Compliance & Regulatory News
ULEND Empowers Your Lenders...Conveniently and Affordably

ULEND Academy is a hands-on, customized learning experience that helps lenders go from transactional to consultative, meeting members’ full financial needs and NJCUL is bringing it to New Jersey at a location near you. Read why Eileen Crean, president/CEO of Members 1st of NJ FCU is sending members of her team: “Just last year our credit union spent more than $3k, between registration, hotel and meals, to train one of our staffers at a lending school in Syracuse, NY. With the ULEND Academy offered at $595 per person for two days of training, it is really affordable. So much so, we are sending four staffers and are still saving money! All of my colleagues should take advantage of the ULEND Academy offered by CUNA Mutual Group through NJCUL.”​

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CUNA Will Review, Comment on DOL Overtime Rule RFI

WASHINGTON -- The Department of Labor has sent a request for information (RFI) to the Office of Management and Budget concerning the overtime rule that was finalized in 2016. CUNA has previously shared concerns with the rule, which is the subject of a nationwide injunction delaying implementation in late 2016 by a federal judge in Texas.

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Gubernatorial Candidates Qualify for Matching Funds

TRENTON, N.J. – Gubernatorial nominees Democrat Phil Murphy and Republican Kim Guadagno have raised enough in individual campaign contributions to qualify for public matching funds, according to their campaigns.

in Legislative & Political News
Five NJ CUs Partner Up to Collect Food Items for Local Community Through Kid-Friendly Food Drive

Five credit unions in southern New Jersey have joined together to collect donations of Kid-Friendly Food. When the school year ends, some children no longer have access to nutritious food. To combat this problem in their communities, a kid-friendly food drive started May 1 through July 31.

in Credit Union News
Make Your Financial Education Count! Deadline for Reporting to NYIB is FRIDAY, July 7th!

Is your credit union out in the schools, youth agencies and communities spreading financial education? Do you hold financial workshops that involve kids and/or young adults (through age 22)? The League encourages you to report your presentations on the National Youth Involvement Board Web site www.nyib.org by this year’s deadline: Friday, July 7th.

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CUNA Hosting Webinar to Examine Oct. 3 MLA Credit Card Expansion

CUNA will host a special webinar, “Military Lending Act Part Two: New Credit Card Rules Effective Date Oct. 3, 2017,” on July 13 at 11 a.m. (CT). The webinar will analyze the impact of the Oct. 3 expansion of the Military Lending Act (MLA), which will add credit cards to the list of loan products governed by the regulation.

in Compliance & Regulatory News
Local Reading, PA Newspaper Highlights Visions FCU CEO Ty Muse’s Life Journey

READING, PA – “The life journey of Tyrone Muse, CEO of Visions Federal Credit Union, proves that mentors make all the difference during a person's teen years,” says an article in the Reading Eagle’s Business Weekly section.

in Credit Union News
Combating Elder Financial Abuse with ‘Age Friendly’ Products and Services: Federal Reserve Newsletter Emphasizes FIs’ Role

WASHINGTON – The Federal Reserve’s first Consumer Compliance Outlook newsletter of 2017 was released recently, and emphasized the need for financial institutions to take a role in combating elder financial abuse. According to a report by the Consumer Financial Protection Bureau (CFPB), the estimated annual losses from elder financial abuse currently range from $2.9 billion to $36.48 billion.

in Legislative & Political News
Bay Atlantic FCU Awards Two Young Members with $1,000 College Scholarships

VINELAND, N.J. – Bay Atlantic FCU recently awarded two of its young members with college scholarships. Cameron Picconi and Haley Elias were both given checks for $1,000 for the 2017/2018 school year.

in Credit Union News
State Government Reopened After Budget Deal

TRENTON, N.J. – Three days after the constitutional deadline and following a day of intense negotiations inside the State House, Governor Chris Christie early Tuesday morning signed into law a $34.7 billion state budget ending a government shutdown that threatened to keep parks across New Jersey closed for the July 4th holiday. All state agencies including the Department of Banking and Insurance have resumed normal operations.

in Legislative & Political News
Political & Legislative Update Webinar Set for July 12, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

in Legislative & Political News
State Government Shutdown includes Department of Banking & Insurance

TRENTON, N.J. – New Jersey lawmakers failed to pass a budget before the state’s constitutional deadline on Friday and Governor Christie issued an Executive Order 228 shutting down all non-essential state government operations and services including the Department of Banking and Insurance. Specific agency by agency details are available here.

in Legislative & Political News
CDFI and CDRLF Cuts Approved by Subcommittee, Calls to Action Continue

WASHINGTON -- The House Appropriations financial services and general government subcommittee passed its appropriations bill for fiscal year 2018 Thursday evening by voice vote. The bill contains some regulatory relief for credit unions, but also a number of provisions of serious concern.

in Legislative & Political News
Registration Open for November Development Education (DE) Training

http://buylevitraonlinegeneric.today buy levitra online Fourth Philosophy Program held by Foundation in 2017

MADISON, Wis. – Registration is now open for the November 2017 session of the Credit Union Development Education (DE) training, which takes place November 1 - 8, 2017 in Madison, Wis. Attendees of the National Credit Union Foundation’s (the Foundation) six-day total immersion experience will learn critical lessons in cooperative principles, credit union philosophy and international development issues while incorporating challenges credit unions face today.

in Industry News
TCPA Decision is Step in Right Direction, CUNA Says

WASHINGTON -- The 2nd Circuit Court of Appeals handed down a decision last week that is good news for credit unions regarding the Telephone Consumer Protection Act (TCPA). The court held that the TCPA does not allow consumers to revoke consent to receive automatic or pre-recorded cell phone calls if consent was previously given as part of a binding contract.

in Legislative & Political News
15 CU Professionals Receive Free Management Development Training at United Teletech Through NJCUL’s Rutgers Training Grant

TINTON FALLS, N.J. – United Teletech staff members recently received free management training, which is available to NJCUL-member credit unions through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey secured by the League earlier this year.

in Credit Union News
Nussle Calls for CU Engagement to Restore CDFI Fund, CDRLF

WASHINGTON -- CUNA President/CEO Jim Nussle said CUNA would push to remove language placing NCUA under the appropriations process from the House financial services and general government (FSGG) appropriations bill released Wednesday.

in Legislative & Political News
CUNA Witness Testifies on BSA/AML Relief Before House Subcommittee

WASHINGTON -- The current regulatory regime makes Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance daunting for community financial institutions like credit unions, a CUNA witness told a House subcommittee Wednesday. Faith Anderson, senior vice president and general counsel of American Airlines FCU, Fort Worth, Texas, addressed the credit union perspective on behalf of CUNA on BSA/AML compliance Wednesday before the House Financial Services subcommittee on financial institutions and consumer credit.

in Legislative & Political News
CUNA Files Brief in Support of NCUA in FOM Suit

WASHINGTON -- CUNA and two other organizations jointly filed an amicus, or friend of the court, brief Wednesday in defense of NCUA's revised field-of-membership (FOM) rule. The brief supports NCUA's cross-motion for summary judgement, and was filed with the U.S. District Court where the American Bankers Association (ABA) brought suit against the FOM rule.

in Legislative & Political News
Bitcoin Exchange Operator Sentenced

NEW YORK – A Florida man was sentenced on Tuesday to 5 1/2 years in prison after being found guilty of operating an illegal bitcoin exchange suspected of laundering money for hackers and linked to a data breach.

in Industry News
Advanced Financial FCU Receives Community Charter Expansion Approval

NEW PROVIDENCE, N.J. — Advanced Financial FCU recently announced it has received approval of its community charter expansion application by the National Credit Union Administration (NCUA).

in Credit Union News
Southern Chapter Holds Election of Officers, Coordinator from CHOP Introduced

VINELAND, N.J. – The Southern Chapter of Credit Unions held a meeting Wednesday at the Hampton Inn in Vineland. The meeting covered various topics, including the election of chapter officials.

in Industry News
CFPB Files Complaints Against Two Credit Repair Companies

WASHINGTON – The CFPB filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. The Bureau alleges that the companies not only charged illegal advance fees for credit repair services, but also misrepresented their ability to repair consumers’ credit scores.

in Compliance & Regulatory News
CUNA Offers CFPB Regulatory Relief Changes in Meeting w/ SBA

WASHINGTON – CUNA staff attended a roundtable discussion Monday hosted by the Small Business Administration’s (SBA) Office of Advocacy to discuss needed changes to Consumer Financial Protection Bureau (CFPB) rules. During the meeting, CUNA offered several credit union-specific suggestions for modifications to CFPB rules and potential rules.

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CUNA Joins Trades to Request Full CDFI Funding in FY18

WASHINGTON – CUNA joined with several financial trade organizations Tuesday to request that House and Senate appropriators fund the Treasury’s Community Development Financial Institutions (CDFI) Fund at $250 million for fiscal year 2018. The fund, which gives awards and other grants to certified CDFIs, was eliminated in the administration’s proposed fiscal year 2018 budget.

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CFPB Releases State-Level Snapshot of Consumer Complaints

cipla viagra reviews Report Provides National and State-by-State Overviews of the Complaints Submitted to the Bureau

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans. The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB’s complaint process. Overall, the Bureau has received over 1,218,600 complaints as of June 1, 2017.

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Princeton FCU Awards $1,000 Scholarships to Two Young Members

PRINCETON, N.J. – Princeton Federal Credit Union recently awarded two scholarships, each worth $1,000, to two deserving young members: Manus Kreike-Martin and Christopher Walton.

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McWatters Named NCUA Chairman

ALEXANDRIA, Va. – President Donald J. Trump has designated Acting National Credit Union Administration (NCUA) Board Chairman J. Mark McWatters as the tenth Chairman of the NCUA Board, effective June 23.

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CUNA Witness to Testify on BSA/AML Compliance before Senate Banking Committee

WASHINGTON -- A witness will testify on behalf of CUNA before a House subcommittee this week on compliance with the Bank Secrecy Act, and other compliance issues. Faith Anderson, senior vice president and general counsel of American Airlines FCU, Fort Worth, Texas, will speak before the House Financial Services subcommittee on financial institutions and consumer credit Wednesday.

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Salary History Ban Gets Final Legislative Approval, Heads to Governor

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process received final legislative approval yesterday. The measure now heads to the Governor Christie.

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Expanded Paid Family Leave Gets Final Legislative Approval, Heads to Governor

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act passed the state Senate yesterday 22-15. The legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold. Following partisan line votes in both legislative chambers, the measure now heads to the Governor Christie.

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Second Call to Action Launched in as Many Weeks, Now for CDFI Funding

HIGHTSTOWN, N.J. – The NJCUL launched a second Call to Action in as many weeks on another congressional appropriations issue, funding for the Community Development Financial Institution (CDFI) Fund. Both Treasury’s CDFI Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF) were eliminated in the budget proposal the White House sent to Congress. A Call to Action on CDRLF funding was launched last week.

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Deepwater Industries FCU Gives Away Two Scholarships to Young Members

DEEPWATER, N.J. – Deepwater Industries FCU recently gave away two scholarships in the amount of $1,000 to two deserving young members.

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CUNA, Trades Urge Appropriators to Create CFPB Commission

CUNA joined other trade groups this week in expressing strong support for language supporting a Consumer Financial Protection Bureau (CFPB) commission to be included in fiscal year 2018 appropriations legislation. Specifically, the organizations asked for a Senate-confirmed, 5-person commission to lead the bureau, and the language to be included in financial services and general government (FSGG) appropriation language.

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NCUA June Meeting Summary

NCUA's agenda for the June meeting consisted of three final rules, a proposed rule, a request for comment, and a board briefing.

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NCUA Issues Legal Opinion Pertaining to a Federal Credit Union's Authority to Issue and Sell Securities

In a recently released opinion letter, NCUA opined that a federal credit union can issue and sell securities as long as it meets the three-pronged test detailed in 721.2 of NCUA's regulations that covers items considered incidental powers even though the activity is not considered preapproved under 721.3.

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Join the League and Unite With Your Community at National Night Out!

National Night Out, taking place August 1st, 2017, unites law enforcement and neighbors to create a true sense of community. Keeping with the credit union philosophy of "People Helping People", the League will be participating this year in the festivities in its local community of East Windsor.

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CUNA Analysis of FHLB Change Starting July 5

With privately insured credit unions that meet certain requirements eligible to join the Federal Home Loan Bank (FHLB) program starting July 5, CUNA has developed a final rule analysis with an overview of new requirements.

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CUNA Analysis of FHLB Change Starting July 5

With privately insured credit unions that meet certain requirements eligible to join the Federal Home Loan Bank (FHLB) program starting July 5, CUNA has developed a final rule analysis with an overview of new requirements. The FHLB program serves as a low-cost source of liquidity for financial institutions.

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Salary History Ban Vote Postponed, Final Legislative Approval Set for Monday

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine a salary offer at any stage in the hiring process, originally scheduled for a Senate floor vote on Thursday, is now set for final legislative consideration on Monday.

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OTR Methodology, Corporate CU Proposal on NCUA Agenda Today

ALEXANDRIA, Va. -- The NCUA board will vote Friday on whether to issue a request for comment on its Overhead Transfer Rate (OTR) methodology, among other items on the agenda for its monthly board meeting. The meeting was postponed due to NCUA Acting Chair J. Mark McWatters’ Thursday appearance before the Senate Banking Committee.

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