Articles

Target Data Breach Settlement Announced by NJ Attorney General

TRENTON, N.J. – New Jersey Attorney General Christopher Porrino announced Wednesday that Target Corp. has agreed to pay New Jersey, 46 other states and the District of Columbia a total of more than $18 million to resolve a multi-state investigation into a data breach that compromised the payment card information of more than 41 million shoppers nationwide. 

in Legislative & Political News
Video Highlights National Journal Praise of CUNA/League System

WASHINGTON – A video released this week highlights the recognition of the CUNA/league system as one of the most powerful advocacy voices in the country. A National Journal survey released in December 2016 found the CUNA/league system ranked first among all financial services trade associations studied in terms of advocacy effectiveness and 6th among those across all industries.

in Legislative & Political News
Guadagno, Murphy Lead in Primary Races for Governor

GALLOWAY, N.J. – Republican Kim Guadagno and Democrat Phil Murphy both lead by double-digit%ages in the primary races to select their parties’ nominees for New Jersey governor according to a Stockton University Poll released yesterday.

in Legislative & Political News
Three Southern Credit Unions Collaborate for Fifth Reality Fair this Year

VINELAND, N.J. – Bay Atlantic FCU, Members 1st of NJ FCU, and Thunderbolt Area FCU teamed up once again to bring the hands-on financial literacy experience to students at The Wallace School in Vineland. This is the fifth Reality Fair the three collaborated on this school and the fifth Reality fair held at the middle school.

in Credit Union News
12 Credit Union Professionals Receive Free Management Development Training as a Value of NJCUL Membership

EWING, N.J. – CU professionals gathered at Credit Union of New Jersey (CUNJ) this week for 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 League News
McWatters Recommends HMDA, UDAAP Relief for CUs in Letter to CFPB

WASHINGTON – NCUA Acting Chair J. Mark McWatters wrote that a number of changes should be considered to Consumer Financial Protection Bureau (CFPB) rules and policy makings to provide regulatory relief for credit unions, particularly with respect to exemption authority, the Home Mortgage Disclosure Act (HMDA) and the Unfair, Deceptive and Abusive Acts or Practices (UDAAP) requirements of Dodd-Frank.

in Legislative & Political News
FY18 Budget Proposal Zeroes Funds, Makes Changes to CFPB

WASHINGTON – President Donald Trump’s proposed fiscal year 2018 budget, released Tuesday, zeroes out two crucial credit union funds: the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF). CUNA, the state leagues and credit unions successfully fought to restore fiscal year 2017 CDFI funding, and the CUNA/league system remains committed to seeing full funding in fiscal year 2018 and beyond.

in Legislative & Political News
Deepwater Industries FCU Decorates Float for Local Memorial Day Parade

DEEPWATER, N.J. – To support veterans, Deepwater Industries FCU decorated a float for its local Memorial Day Parade!

in Credit Union News
Golfers Enjoy a Day on the Greens at NJCUL’s 29th Annual Golf Tournament

MONROE TOWNSHIP, N.J. – Golfers from across the state came together at Forsgate Country Club Tuesday for a day on the greens at NJCUL’s 29th Annual Golf Tournament. Despite the clouds and scattered showers, golfers enjoyed a great day on the greens on the beautiful Banks Course.

in League News
Durbin Repeal to be Stripped from CHOICE Act

WASHINGTON -- House Republican leaders will drop language from the Financial CHOICE Act (H.R. 10) that would have eliminated a cap on debit card swipe fees, a major victory to retail lobbyists who have spent months working to kill the provision.

in Legislative & Political News
NJCUL’s 8th Annual Compliance Conference Helps CUs Navigate the Puzzling Landscape of Compliance

EAST WINDSOR, N.J. – On Friday, May 19th, the New Jersey Credit Union League hosted its 8th annual compliance conference. Under the theme of the conference, “Solving the Puzzle of Compliance”, the group heard from five speakers providing attendees best practices, tips, and practical solutions to help them identify the different parts of the puzzle called Compliance.

in League News
Compliance: Safe Harbors for Federal Benefit Garnishment

CUNA’s compliance staff was recently asked about a garnishment order for a member’s account that receives federal benefits. The credit union performed a 2-month account review, which determined the member did not have enough “unprotected funds” to honor the garnishment order, and the member contacted the credit union to request the order be paid in full using those funds.

Can the credit union do this?

in Compliance & Regulatory News
Young Savers Deposit $16.8M During CU Youth Month

The National Credit Union Youth Month’s savings challenge railed young members to deposit $16.8 million in their credit union accounts this April—double the amount deposited during the challenge last year.

in Industry News
Second CDFI Streamlined Certification Invitation Round Closes May 26

Federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by NCUA and the Community Development Financial Institutions Fund. The second round of NCUA’s program closes May 26.

in Compliance & Regulatory News
Reminder: May 25 Webinar Kicks Off CUNA Reg Burden Study

Credit unions interested in participating in CUNA’s updated regulatory burden study only have a few days left to register in time for an introductory Webinar scheduled for this Thursday at 2 p.m. (ET).

in Legislative & Political News
NCUA: Be Sure Your Cyber Defenses are Ready

ALEXANDRIA, Va. – In the wake of the “WannaCry” global ransomware attack, the National Credit Union Administration (NCUA) reminds federally insured credit unions to verify they have effective controls in place to prevent similar attacks.

in Compliance & Regulatory News
Upcoming Recess Opportunity to Continue Advocacy Momentum

CUNA is engaged with several activities on Capitol Hill this week, the last week both the House and Senate are in session before both chambers recess until June 5. CUNA Chief Advocacy Office Ryan Donovan urges credit unions to keep up the advocacy momentum over the recess, arranging credit unions visits, in-district meetings and other opportunities.

in Legislative & Political News
Two Weeks Out, Guadagno Leads in Matching Funds

TRENTON, N.J. – Lieutenant Governor Kim Guadagno’s (R) campaign for governor has received nearly $1.78 million in public matching funds and that total surpasses all the other candidates from both parties, according to the Election Law Enforcement Commission (ELEC).

in Legislative & Political News
Importance of CUs Never Greater, CUNA Tells Ways and Means Leaders

WASHINGTON – The importance of not-for-profit credit unions in the marketplace is as significant today as it has ever been, CUNA wrote to House Ways and Means Committee leadership last week.

in Legislative & Political News
Operation Pork Roll: Garden Savings Launches Quirky New Branding Campaign

PARSIPPANY, N.J. – Garden Savings Federal Credit Union, headquartered in Parsippany, New Jersey with branches in Dover, Newark and Maplewood, recently launched a quirky new branding campaign throughout Morris and Essex Counties in New Jersey.  The campaign, designed to increase overall brand awareness while casually marketing other products indirectly, strikes a chord that resounds to many New Jerseyans … food!  With ads ranging from pork roll, to late night diner stops, disco fries and Jersey tomatoes, Garden Savings opted for a look that was very different than many banking ads.

in Credit Union News
Northern Chapter Hears from NCUA, Holds Election of Officers

FAIRFIELD, N.J. – The Norther Chapter of Credit Unions held a meeting Tuesday night at Calandra's Mediterranean Grill in Fairfield where the chapter received an update from NCUA examiner Marcus Vander Wall. The Chapter also held elections for chapter officials during which Shirley A. McClinton-Watson of Newark Board of Education ECU was re-elected as Chapter President.

in Industry News
CPA David Schad to Serve on Bay Atlantic FCU Board

VINELAND – David Schad, Principle and Certified Public Accountant with Schad and Schad CPAs, was recently appointed to serve on the Board of Directors of the Bay Atlantic Federal Credit Union. 

in Credit Union News
Natalie Spangenberg Joins NJCUL Marketing Department as Marketing and Communications Specialist

HIGHTSTOWN, N.J. – Natalie Spangenberg has been hired as the New Jersey Credit Union League’s Marketing and Communications Specialist.

in League News
Two Former Veeps Backing Murphy for Governor

NASHVILLE, TN – Former Vice President Al Gore, a vocal environmental advocate who won the Nobel Prize in 2007, endorsed Phil Murphy for New Jersey governor this week.

in Legislative & Political News
Nominate a CU Rock Star

Each year,CUNA’s Credit Union Magazine recognizes the credit union movement’s Rock Stars: Those unique, innovative people who excel in their areas of expertise—and by doing so make our movement a better, more interesting place.

in Industry News
NCUA Accepting Community Development Grant Applications Beginning July 1

Approximately $2 Million Available; NCUA Hosting June 14 Webinar with Details

ALEXANDRIA, Va. – Low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications on July 1, the National Credit Union Administration announced.

in Industry News
Garden Savings FCU Honors Helen Rykowski for Her 33 Years of Service to the Credit Union

PARSIPANNY, N.J. – At a special retirement luncheon for long-time employee Helen Rykowski, Garden Savings FCU honored Rykowski with a Certificate of Appreciation for her 33 years of service to the credit union. 

in Credit Union News
Full 7(a) Funding, SBA Simplifications Backed

WASHINGTON – CUNA and the state leagues are supporting the Small Business Administration’s 7(a) loan program and advocating for the highest possible federal funding level, CUNA President/CEO Jim Nussle wrote to House Small Business Committee leadership Wednesday. The letter was sent for the record of the committee’s hearing reviewing the 7(a) loan program.

in Legislative & Political News
Gottheimer Introduces Bipartisan Bill to End Anti-LGBTQ Credit Discrimination

WASHINGTON – Congressman Josh Gottheimer (NJ-5), a member of the House Committee on Financial Services, introduced the Freedom from Discrimination in Credit Act (FDCA) of 2017 (H.R. 2498), a bipartisan bill to amend the Equal Credit Opportunity Act (ECOA) to prohibit credit discrimination based on sexual orientation and gender identity. Senator Patty Murray (D-WA) introduced the Senate version (S. 1143).

in Legislative & Political News
April 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the April 20, 2017, open meeting of the National Credit Union Administration (NCUA) Board is now available on the agency’s Web site.

in Compliance & Regulatory News
Sackett Elected to National CU Foundation Board

MADISON, Wis. – At its May 12, 2017 meeting, the National Credit Union Foundation (the Foundation) board of directors elected John Sackett, Board Treasurer of Royal Credit Union in Eau Claire, Wis., to the Foundation board. The CUNA Board of Directors recently designated Sackett, a CUNA Board Member, as a CUNA Board representative on the Foundation board.  

in Industry News
Home Depot Settlement Site Available, Claims Due by Sept. 14

A Web site is now available for credit unions wishing to make a claim to a portion of the Home Depot data breach settlement fund. Claims must be filed by Sept. 14.

in Industry News
Research 1166 FCU Staff Help Build House for Homeless Vet with Habitat for Humanity

DEPTFORD, N.J. – Marci Brozi and Ashlee Bush, staff members of Research 1166 FCU, recently joined a group over 50 female volunteers that assisted Habitat for Humanity, a SEG of the credit union, build a house for a homeless vet. 

in Credit Union News
May 25 Webinar Precursor to CUNA Reg Burden Study

Credit unions interested in participating in CUNA’s updated regulatory burden study are urged to register now, in time for an introductory webinar scheduled for next week.

in Compliance & Regulatory News
CUNA to Tout Benefits of CU Tax Status for Reform Hearing

WASHINGTON – CUNA will be closely engaged with a House Ways and Means Committee hearing this week on tax reform, and will submit a letter for the record. CUNA’s letter will urge Congress to retain and reaffirm the credit union tax status.

in Legislative & Political News
CUNA, Leagues Continue Durbin Repeal Push

WASHINGTON – CUNA and the state leagues have renewed the Call-to-Action to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act (H.R. 10) as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers.

in Legislative & Political News
CUNA Mutual Group Risk Alert: WannaCry Ransomware Spreads Quickly & Attacks Worldwide

One of the largest ransomware attacks of all time, WannaCry, has already infected more than 200,000 victims in 150 countries. This unprecedented attack, first identified late last week, is primarily targeting organizations as opposed to individuals. An initial ransom of $300 in bitcoin is demanded for the return of blocked files; however, the ransom goes up every few hours.

Click here for the full risk alert.

in Risk Alerts
1st Bergen FCU Hosting Annual Meeting on May 31st

HACKENSACK, N.J. – 1st Bergen FCU is encouraging members to “make you money bloom” at the credit union’s annual meeting on May 31st at its branch location at 93-95 Main Street in Hackensack. 

in Credit Union News
Bill Introduced to Allow Student Loan Debt to Be Discharged in Bankruptcy

WASHINGTON – U.S. Reps. John Katko (R-NY) and John Delaney (D-MD) have introduced legislation to allow people to discharge their student loan debt when they file bankruptcy.

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

Third CU Philosophy Program Held by National CU Foundation in 2017

MADISON, Wis. – Registration is now open for the September 2017 session of the Credit Union Development Education (DE) training, which takes place September 13-20, 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
A Look at the SCRA’s 6% Interest Rate Cap

The Servicemembers Civil Relief Act (SCRA) is designed to protect individuals on full-time active military duty who have been materially affected by their service. A recent CUNA CompBlog back-to-basics post examines one significant aspect of the SCRA: the 6% interest rate limit.

in Compliance & Regulatory News
NJCUL Submits Letter to Congressional Delegation on 1-4 Unit Exemption Bill

HIGHTSTOWN, N.J. – NJCUL has written to members of New Jersey’s congressional delegation to express support for the Credit Union Residential Loan Parity Act (S.836; H.R. 389).

in Legislative & Political News
CUNA Lays Out Principles for Secondary Mortgage Market

WASHINGTON – CUNA supports the creation of an efficient, effective, and fair secondary housing market with equal access to lenders of all sizes, CUNA wrote to Senate Banking Committee leadership Thursday. The letter was sent for the record of the committee’s hearing on the status of the housing finance system. Federal Housing Finance Agency Director Mel Watt was the sole witness at that hearing.

in Legislative & Political News
Bay Atlantic FCU Celebrates 77th Annual Meeting

VINELAND N.J. – Bay Atlantic FCU celebrated its 77th Annual meeting on May 10th. Guests, staff and volunteers enjoyed a delicious buffet and fellowship and welcomed a new Board member.

in Credit Union News
Q2 2017 Edition of Legislative Newsletter Sent to Lawmakers, Available to NJCUL Members for Download

HIGHTSTOWN, N.J. – The latest edition of NJCUL’s quarterly legislative newsletter, NJ Credit Union Digest, has been sent to New Jersey lawmakers and is now available on our Web site for our member credit unions to view.

in League News
World Council Supports Allowing CUs to Raise Alternative Capital

WASHINGTON – Authorizing credit unions to issue capital shares is fully consistent with congressional intent, credit union history, credit unions’ tax status and credit unions’ mutual structure, the World Council of Credit Unions wrote to NCUA Tuesday. The World Council submitted its letter in response to NCUA’s advance notice of proposed rulemaking (ANPR) on alternative capital.

in Legislative & Political News
Reps. King, Sherman Write NCUA to Support Alternative Capital for CUs

WASHINGTON – Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.) wrote to NCUA this week to support the ability of credit unions to allow supplemental capital for risk-based capital purposes. The legislators co-sponsored a bill that would make the necessary statutory changes to allow credit unions to accept supplemental capital.

in Legislative & Political News
CUs Urge Caution as CFPB Examines Small Biz Lending

WASHINGTON – The credit union perspective was highlighted during the Consumer Financial Protection Bureau’s (CFPB) field hearing Wednesday on small business lending. Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues, asked the bureau to proceed with caution when it comes to drafting a definition for small businesses and small business loans, and to limit data collection to the elements specifically required by the Dodd-Frank Act.

in Legislative & Political News
Obamacare Vote’s Potential Impact on NJ Congressional Delegation

WASHINGTON – The Cook Political Report has changed Rep. Tom MacArthur’s (R-3) district from “solid Republican” to “likely Republican” following his prominent role in passing the America Health Care Act (AHCA) in the U.S. House last week. 

in Legislative & Political News
Senator Menendez Circulating ‘Dear Colleague’ Letter on CDFI Funding

WASHINGTON – The CUNA/League system’s lobbying efforts and recent Call-to-Action on CDFI Funding were successful in securing $248 million in funding for the Community Development Financial Institutions (CDFI) Fund for fiscal year 2017. 

in Legislative & Political News
Federation Hosting Live Webinar Demo of FFIEC Risk Assessment Tool May 23rd

Join the National Federation of Community Development Credit Unions (Federation) on May 23rd for a live demo of the FFIEC Cybersecurity Assessment Tool, developed by the Federal Financial Institutions Examination Council (FFIEC) to help institutions identify their risks and determine their cybersecurity preparedness. 

in Compliance & Regulatory News
NJ DNA Group Gets an Update on Duties and Responsibilities of the Board and Ethics and Conflicts of Interest

EWING, N.J. – The League’s NJ Director and Volunteer Networking Alliance (NJ DNA) Group held a meeting Wednesday hosted by Credit Union of New Jersey (CUNJ). 

in League News
Deepwater Industries FCU ‘Paints the Town Purple’ for Cancer Awareness, Vote for its Branch Display!

DEEPWATER, N.J. – Deepwater Industries FCU is participating in its local Relay for Life event this year and helped "Paint the Town Purple" to help raise awareness for all of those impacted by cancer.

in Credit Union News
Murphy and Guadagno Maintain Leads, as Ciattarelli Gains

HAMDEN, CT – According to a Quinnipiac University poll released Friday Democrat Phil Murphy and Republican Lieutenant Governor Kim Guadagno both maintain sizable leads in the races for their respective party’s nomination for governor in the June 6 primary election.

in Legislative & Political News
Senate President Continues Push for Expanded Family Leave Law

TRENTON, N.J. – Senate President Steve Sweeney (D-3) and Senator Patrick Diegnan Jr. (D-18) held a roundtable discussion Monday on their effort to expand the state’s Paid Family Leave law. Sweeney and Diegnan are sponsors of legislation that 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. 

in Legislative & Political News
Save the Date: Miracle Jeans Day Set for September 13th

Mark your calendars for the next big thing in Children Miracle Network Hospital fundraising!

Miracle Jeans Day will be September 13 this year! Watch for more information about how you'll be able to wear jeans and help kids in September! 

in Industry News
CU Files Lawsuit in Chipotle Data Breach Suit

MANCHESTER, N.H. – Bellwether Community CU, Manchester, N.H., filed a complaint against Chipotle last week alleging injury after a security breach that occurred in March. According to the complaint, the breach compromised names, credit and debit card numbers, expiration dates, card verification values and other information.

in Legislative & Political News
FCRA Liability Reforms Supported

WASHINGTON – CUNA wrote Monday in support of the FCRA Liability Harmonization Act (H.R. 2359), legislation it believes would make frivolous Fair Credit Reporting Act (FCRA) litigation less likely while balancing consumer protections.

in Legislative & Political News
Housing Finance, Cybersecurity Hearings this Week

WASHINGTON – With only the Senate in session this week, CUNA is engaged in a number of Congressional hearings, including one that will examine the status of the housing finance system. 

in Legislative & Political News
Southern New Jersey CUs Team-Up for Kid-Friendly Food Drive

RIO GRANDE, N.J. – Credit unions in southern New Jersey have banded together to collect donations of Kid-Friendly Food.  

in Credit Union News
CUNA, California and Nevada League to Submit Testimony to CFPB Small Biz Field Hearing Wednesday

LOS ANGELES, CA – Credit unions will be represented in the upcoming Consumer Financial Protection Bureau (CFPB) field hearing on small business lending by Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues.

in Legislative & Political News
Savings Lead March Credit Union Growth, According to CUNA Monthly Stats

MADISON, Wis. – Credit union savings balances grew at a brisk pace in March, according to CUNA’s Monthly Credit Union Estimates. “Overall balances increased by 2.6% in the month—an astounding 31.2% annualized gain and the fastest monthly increase in five years,” said CUNA Senior Economist Mike Schenk. The March increase was a bit faster than February’s gain but the more recent month ended on a Friday so it reflects big payday deposits.

in Industry News
Collateral, LTV, Guarantees in New MBL Rule

ALEXANDRIA, Va. – NCUA’s member business lending (MBL) rule has been in effect for more than five months now, and credit unions are still working on implementing the rule’s changes.

in Compliance & Regulatory News
CUNA Weighs-In on NFIP Reauthorization

WASHINGTON – CUNA supports efforts to reauthorize the National Flood Insurance Program (NFIP) later this year, President/CEO Jim Nussle wrote to Senate Banking Committee leadership Thursday. The letter was sent for the record of a hearing on the NFIP conducted by the Senate Banking Committee.

in Legislative & Political News
Princeton FCU Breaks Ground on New Branch

PRINCETON, N.J. – Princeton FCU announced the start of construction of a new state-of-the-art branch located at 774 Alexander Road in Princeton, N.J. 

in Credit Union News
NCUA Settles Two MBS Suits, Recoveries Hit $5.1 Billion

ALEXANDRIA, Va. – NCUA announced two large legal recoveries this week from claims relating to mortgage-backed securities: $445 million from UBS and $400 million from Credit Suisse. The recoveries stem from claims arising from losses related to purchases of securities by corporate credit unions.

in Compliance & Regulatory News
Funding Bill with CU Priorities Heads to President, CDFI Funding Increased

WASHINGTON –The Senate voted 79-18 yesterday to pass a $1.1 trillion bill that funds the federal government through Sept. 30. The House approved the measure Wednesday by a 309-118 vote. 

in Legislative & Political News
Comedian Joe Piscopo Ends Speculation, Endorses Guadagno

PARAMUS, N.J. – Former Saturday Night Live comedian and radio talk-show host Joe Piscopo ended speculation Wednesday about a possible gubernatorial run and endorsed Lieutenant Governor Kim Guadagno.

in Legislative & Political News
CHOICE Act Passes Committee with Durbin Repeal, Advocacy Offensive Continues

WASHINGTON – The House Financial Services Committee voted 34-26 Thursday in favor of House Financial Services Committee Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act. The Dodd-Frank Act replacement bill contains a number of regulatory relief provisions that would benefit credit unions, but several concerning items as well.

in Legislative & Political News
Southern Credit Unions Collaborate to Bring Financial Literacy Experience to Millville Memorial High School, Reality Fair Highlighted on SNJToday

MILLVILLE, N.J. – Bay Atlantic FCU, Members 1st of NJ FCU, and Thunderbolt Area FCU teamed up once again to bring the hands-on financial literacy experience to students at Millville Memorial High School.

in Credit Union News
CUNA, Leagues Urge CUs to Share Reg. Burden Costs for Updated Study

WASHINGTON – CUNA and the state leagues are seeking credit unions to participate in a relaunch of its regulatory burden study to provide 2017 data on the costs of regulations.

in Compliance & Regulatory News
CUNA Mutual Group Risk Alert: Counterfeit Checks

Several credit unions recently reported that counterfeit cashier's checks or corporate checks that closely resemble the credit union's authentic checks have been presented for payment at financial institutions in connection with scams.  The counterfeit checks often have slight alterations in check color, check stock, logo, or location of key credit union check branding elements. In many cases, the Routing & Transit Number (RTN) and MICR information is accurate.

Click here for the full alert. 

in Risk Alerts
CUNA Backs CLEARR Act with Mortgage Lending Reg. Relief

WASHINGTON – CUNA wrote in support of a bill Monday containing several regulatory relief provisions related to mortgage lending. The Community Lending Enhancement and Regulatory Relief (CLEARR) Act of 2017 (H.R. 2133) was introduced by Rep. Blaine Luetkemeyer (R-Mo.), chair of the House Financial Services subcommittee on financial institutions and consumer credit.

in Legislative & Political News
Credit Union of New Jersey Named Among NJBIZ’s 2017 Best Places to Work in New Jersey

EWING, N.J. – Credit Union of New Jersey has been named one of the 2017 Best Places to Work in New Jersey in the small/medium category by NJBIZ. This survey and awards program identifies, recognizes and honors the top places of employment in New Jersey that benefit the state's economy, workforce and businesses. 

in Credit Union News
NJCFE Hosts Free ‘Teacher Exchange’ for Financial Educators and Credit Unions at the League Office

HIGHTSTOWN, N.J. – The New Jersey Coalition for Financial Education (NJCFE) hosted a free “Teacher Exchange” Tuesday for those teaching personal finance and financial literacy, including credit unions that offer these educational programs to members and potential members. 

in Industry News
Gubernatorial Debates Kick-Off May 9

TRENTON, N.J. – The first gubernatorial debate in each party will take place on May 9—the Republicans at 6:30 p.m., the Democrats at 8:00 p.m.

in Legislative & Political News
Bill Preserves, Increases CDFI Funding

WASHINGTON – The House and Senate will vote on a newly released spending package to fund government operations through Sept. 30, 2017. The bill contains several CUNA-backed provisions, including a large increase in funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund.

in Legislative & Political News
CU Priorities Present in Funding Bill, Report Language

WASHINGTON – The Consolidated Appropriations Act for Fiscal Year 2017 contains a number of items of interest to credit unions, in addition to full Community Development Institutions (CDFI) funding. CUNA wrote to House and Senate leadership Monday, urging them to support the bill.

in Legislative & Political News
CUNA, Leagues Hone In on Durbin Repeal in CHOICE Act, Call-to-Action Continues

WASHINGTON – The House Financial Services Committee has begun marking up Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act (H.R. 10). CUNA sent a letter to the committee during a hearing on the bill last week, outlining positive aspects, concerns and additional suggestions, and will submit a letter for the markup. The NJCUL has sent letters communicating support for repeal of the Durbin amendment to the two committee members from NJ, Reps Tom MacArthur (R-3) and Josh Gottheimer (D-5), as well as the rest of the Garden State’s delegation in the U.S. House. 

in Legislative & Political News
Congressional Appropriators Unveil $248 Million Recommendation for CDFI Fund in 2017

Largest Appropriation in Fund History

NEW YORK – This week, Congress unveiled the 2017 Omnibus Appropriations text, after passing a five-day Continuing Resolution for 2017 last week. The House Rules Committee will consider and vote on the appropriations legislation, after which it will be passed to the Senate for consideration ahead of the May 5th Continuing Resolution deadline.

in Legislative & Political News
CUNA Mutual Group Risk Alert: Crime Gangs Target Off-Site ATMs

 A surge of burglaries of off-site automated teller machines (ATMs) - those not connected to a credit union branch - have resulted in large amounts of currency being recently stolen. The ATM burglaries appear to be the result of crime gangs targeting the less secure, off-site machines.

Click here to read the full alert. 

in Risk Alerts
Willingboro Students Experience Second Reality Fair

WILLINGBORO, N.J. – The New Jersey Credit Union Financial reality Fair program made its second stop at Willingboro on Tuesday, reaching about 75 students during the event sponsored by ABCO FCU. 

in Credit Union News
Joseph Riccardo Appointed President/CEO of Member Support Services, LLC

Joseph Riccardo has been appointed as the President/CEO of Member Support Services, LLC—a Credit Union Service Organization owned by three New Jersey-based credit unions. 

in Credit Union News
Deepwater FCU Helps Kids ‘Give a Hoot About Savings’ During Credit Union Youth Month

DEEPWATER, N.J. – Deepwater FCU celebrated both Credit Union Youth Month and Financial Literacy Month in April. This year’s theme was “Give a Hoot About Savings,” chosen by credit union staff nationwide. The credit union gave kids an owl to color and then placed it on the tree branches of a display. The credit union also gave out owl bags to the kids who opened up a Kids Club account with a few goodies inside.

in Credit Union News
Comments on Alternative Capital Proposal Due May 9

ALEXANDRIA, Va. – The NCUA Board is considering changes to the existing secondary capital regulation and whether to authorize federally insured credit unions to issue supplemental capital instruments that would only count toward a credit union’s risk-based net worth requirement. Comments on the advance notice of proposed rulemaking are due May 9.

in Compliance & Regulatory News
Congress Funds Government for One Week, CUNA Pushes for CDFI

WASHINGTON – Congress has passed a bill to extend government funding through May 5, keeping the government open for one week while it tries to pass a long-term measure. CUNA is continuing its advocacy efforts for full funding of the Community Development Institutions (CDFI) Fund in appropriations legislation during the next week.

in Legislative & Political News
NCUA Issues Updated Guidance on Compliance Risk Indicators

ALEXANDRIA, Va. – NCUA has recently provided its examiners with guidance on the updated list of compliance risk indicators that are part of NCUA’s Risk-focused Examination Program. The updated list of indicators does not impose any new or higher supervisory expectations for credit unions.

in Compliance & Regulatory News
CUNA, Trades Write in Support of House, Senate PACE Bills

WASHINGTON – CUNA joined with nearly 30 other trade organizations to write in support of House and Senate bills that would require Property Assessed Clean Energy (PACE) lenders to make consumer disclosures to potential borrowers about the impact these loans could have on the marketability of their homes.

in Legislative & Political News
CUNA, Foundation to Host Financial Literacy Exhibit on Capitol Hill

WASHINGTON – CUNA will join forces with the National Credit Union Foundation today for Financial Literacy Day on Capitol Hill, an event sponsored by the Foundation. Representatives of CUNA and the Foundation will be on-hand this afternoon in the Rayburn House Office Building.

in Industry News
CFPB Sues Online Lenders Over Debt Collection

WASHINGTON – The CFPB has filed suit against four online lenders for allegedly collecting debts they were not legally owed. The CFPB said the action fell under the Dodd-Frank Act's prohibition against unfair, deceptive or abusive acts and practices (UDAAP) and that the companies violated the Truth in Lending Act. 

in Compliance & Regulatory News
CHOICE Act Hearing Continues Today, Durbin Amendment Call-to-Action Issued

WASHINGTON – The House Financial Services Committee will conduct a second day of hearings on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act, after a hearing was conducted Wednesday. During Wednesday’s hearing, ranking member Rep. Maxine Waters (D-Calif.) announced that committee Democrats submitted a letter requesting the second hearing.

in Legislative & Political News
CUNA Follows Up Treasury Meeting with Reg. Relief Recommendations

WASHINGTON – CUNA President/CEO Jim Nussle wrote to Treasury Secretary Steven Mnuchin Thursday, thanking him for conducting a roundtable discussion with credit unions earlier this month, and providing additional information about how regulations can be more manageable for credit unions. Treasury conducted the roundtable to gather information as it prepares a paper in response to President Donald Trump’s executive order on core financial regulation principles issued in February.

in Legislative & Political News
Durbin Amendment Repeal Call-to-Action Launched, Email Congress Today!

WASHINGTON – The introduction of the CHOICE Act by House Financial Services Committee Chairman Hensarling included a provision for repeal of the Durbin Amendment and its price controls. CUNA and the state leagues support this repeal as the Durbin Amendment price controls have been harming credit unions and their members since its passage.

in Legislative & Political News
NCUA, CDFI Fund to Host a Conference Call for Low-Income CUs Interested in Becoming a CDFI

ALEXANDRIA, VA – NCUA announced that it will hold a conference call on May 9 at 2 p.m. for credit unions that have questions about the Community Development Financial Institutions Fund (CDFI) certification application or process.

in Compliance & Regulatory News
CFPB Fines Servicemember Auto Lender $1.25M for Order Violation

WASHINGTON – The CFPB issued another fine against Security National Automotive Acceptance Company, an auto lender that specializes in loan made to servicemembers, requiring them to pay an additional $1.25 million for violating the bureau's 2015 consent order. 

in Compliance & Regulatory News
Dodd-Frank Exemption Bill Introduced in Senate, Would Affect FIs Under $10B

WASHINGTON – Sen. John N. Kennedy (R-La.) introduced a bill this week to exempt credit unions and community banks with less than $10 billion in assets from the Dodd-Frank Act. While CUNA believes there are some positive aspects to the bill, there are also concerning provisions.

in Legislative & Political News
Tax Reform Summary Released, CUNA Continues Advocacy

WASHINGTON – Treasury Secretary Steven Mnuchin released a broad outline of President Donald Trump’s tax reform agenda, and while details are currently sparse, CUNA has engaged and will continue to engage with policymakers and staff. In addition to advocacy efforts in Washington, CUNA is working with its league partners to defend the credit union tax status at the state level.

in Legislative & Political News
McWatters: CUs Have Until Next April 1 to Comply With Prepaids Rule

 NCUA Acting Chairman J. Mark McWatters told federally-insured credit unions in a letter that compliance with the CFPB's prepaid accounts rule will begin on April 1, 2018, in light of the bureau's recent delay of the rule's effective compliance date.

in Compliance & Regulatory News
HFSC Members Champion Reg Relief in CHOICE Act Hearing

WASHINGTON – Members of the House Financial Services Committee (HFSC) expressed many questions about the one-size-fits-all regulatory climate under the Dodd-Frank Act, as well as the effect on consumers and community financial institutions Wednesday during a hearing on the Financial CHOICE Act. Details on the Financial CHOICE Act were made public last week by Rep. Jeb Hensarling (R-Texas), the committee chair, and contains some positive and negative provisions for credit unions.

in Legislative & Political News
Fraud Alert: Members Romanced Into Providing Login Credentials and Money

Romance and dating scams continue to victimize credit union members nationwide. Fraudsters ultimately convince them to provide account login credentials. These scammers then login to the account and use ACH debits or enroll for mobile remote deposit capture to deposit fraudulent checks. The members subsequently transfer the funds to the scammer before the ACH debits or checks are returned. Read the full alert here. 

in Compliance & Regulatory News
CFPB 'Snapshot' Report Reviews Student Loan Complaints

Student loan borrowers continue to complain about poor information from and sloppy practices by servicers, according to the CFPB's monthly consumer "snapshot" report issued recently. As of April 1, the bureau has handled about 44,400 student loan complaints from consumers. 

in Compliance & Regulatory News
Availability of Oral Disclosures Under the DoD's MLA Rule

The MLA requires a statement of the MAPR and a clear description of the covered borrower’s payment obligation to be provided to the covered borrower orally. Creditors may satisfy this requirement by providing the information to the covered borrow in person at a face-to-face meeting or through a toll-free telephone number. 

in Compliance & Regulatory News
CUNA Backs FATCA Repeal Bill, Hearing Scheduled Wed.

WASHINGTON – CUNA joined the World Council of Credit Unions this week in supporting legislation that would repeal the Foreign Account Tax Compliance Act (FATCA). The organizations wrote to Sen. Rand Paul (R-Ky.) and Rep. Mark Meadows (R-N.C.), who sponsored the bills, S. 869 and H.R. 2054.

in Legislative & Political News
CUNA Offers Additional Relief Provisions in CHOICE Act Comments

WASHINGTON – CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday. The letter was sent in advance of Wednesday’s hearing on Chair Jeb Hensarling’s (R-Texas) CHOICE Act.

in Legislative & Political News
CUNA Prepped For Comments On Tomorrow’s CHOICE Act Hearing

WASHINGTON -- In addition to working to advance its priorities with government-funding legislation, CUNA will be engaged with a number of congressional hearings this week, including the first discussion of Rep. Jeb Hensarling’s (R-Texas) financial regulatory relief bill. A discussion draft of Hensarling’s CHOICE Act has been circulated, and CUNA will weigh in on the bill for the hearing’s record.

in Legislative & Political News
CUNA pushes for CDFI funding, CFPB exemption language

As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for Community Development Financial Institutions (CDFIs) and the Consumer Financial Protection Bureau’s (CFPB) exemption authority. Funding for the government is set to expire Friday at midnight.

in Legislative & Political News
Trade Associations Back Consumer Protections in PACE Loans

Twenty-eight trade associations lodged strong support for legislation that would bring financing for Property Assessed Clean Energy (PACE) loans under the same Truth in Lending Act consumer protections required of other mortgage products. The "Protecting Americans from Credit Entanglements Act of 2017" (S. 838/H.R. 1958) would require federal TILA-rooted requirements and considerations for PACE loans – including the CFPB's ability-to-repay and qualified mortgage rules, among other standards. PACE loans enable mortgage borrowers to finance environmentally friendly home upgrades, such as solar panels and energy efficient appliances.

in Compliance & Regulatory News
CUNA Supports CFPB Extension of Ex Parte Deadline

WASHINGTON -- CUNA appreciates the announcement from the Consumer Financial Protection Bureau (CFPB) this week that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings. The new policy gives outside parties 10 business days to submit a documentation of a presentation, via written copy or summary, up from 3 days in the original policy.

in Legislative & Political News
Court Denies CFPB Subpoena in For-Profit College Probe

The U.S. Court of Appeals for the District of Columbia Circuit on Friday upheld a lower court decision to deny the CFPB's attempt to subpoena information from the Accrediting Council for Independent Colleges and Schools, an organization that accredits for-profit colleges. The bureau's subpoena is the latest in a pattern of interest on the bureau's part in the for-profit college industry.

in Compliance & Regulatory News
Phase 2 of Same-Day ACH Coming Sept. 15

The second phase of same day automated clearing house (ACH) roll-out has a Sept. 15th effective date, and NACHA- The Electronic Payments Association has released a list of recommended action items to be performed before that date. All financial institutions must be prepared to receive same-day ACH debits by Sept. 15th, even if not originating them. NACHA emphasizes that “even those not planning to use same-day processing for ACH debits should take reasonable care to prevent unintentional same-day ACH debits." Other action items include:

in Compliance & Regulatory News