Compliance & Regulatory News

The NCUA Appeals Right to Define “local community” in Recent Court Case

According to CU Times magazine, the National Credit Union Administration (NCUA) Board “reasonably exercised” its power to define “local community,” and a federal judge should not have ruled otherwise, the agency said in documents filed in a federal appeals court last Thursday.

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NCUA, Six state regulators launch pilot program

The National Credit Union Administration (NCUA) announced last week that it and six state credit union regulators will launch an alternating examination pilot program for a select group of federally-insured, state-chartered credit unions. According to the agency, the program is based on its 2016 Exam Flexibility Initiative report, and will run for one full alternating cycle of approximately three years.

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NCUA Board Lowers Share Insurance Fund Normal Operating Level to 1.38 Percent

Agency Will Return to Three-Year Rolling Regulation Reviews in 2019

ALEXANDRIA, Va. – The National Credit Union Administration Board held its eleventh open meeting of 2018 at the agency’s headquarters this week and unanimously approved three items: lowering the normal operating level of the National Credit Union Share Insurance Fund to 1.38 percent from 1.39 percent, posting the final report of the agency’s Regulatory Reform Task Force in the Federal Register, following a briefing by the Office of the General Counsel, and a final rule making technical amendments to agency regulations to correct minor drafting errors and rescind certain unnecessary provisions.

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FCC Approves Creation of CU-Backed Reassigned Numbers Database

The Federal Communications Commission (FCC) approved a Report and Order Wednesday to create a reassigned numbers database to combat unwanted robocalls. CUNA and the state leagues have pushed for such a database as part of their ongoing advocacy to resolve issues related to the Telephone Consumer Protection Act (TCPA).

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BCFP Launches New HMDA Platform

The Bureau of Consumer Financial Protection (BCFP) has released a new beta version of the Home Mortgage Disclosure Act (HMDA) platform for data collected in 2018.

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NLRB Further Extends Time for Submitting Comments on Proposed Joint-Employer Rule-making

WASHINGTON — The National Labor Relations Board (NLRB) is extending the time for submitting comments regarding its proposed rule-making to address its joint-employer standard for an additional 30 days. The submission window is currently open and interested parties may now file comments on or before Monday, January 14, 2019. Comments replying to the comments submitted during the initial comment period must be received by the Board on or before January 22, 2019.

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NCUA Files FOM Appeal Brief

The National Credit Union Administration (NCUA) yesterday filed its brief for the appeal of the U.S. Court of Appeals for the D.C. Circuit decision in the American Bankers Association (ABA) lawsuit that challenged the agency's Field of Membership (FOM) rule. The lower court upheld two challenged portions of NCUA's FOM rule and struck down two provisions in the lawsuit filed against the agency.

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NCUA Board to Hear Regulatory Reform Final Report Dec. 13

The National Credit Union Administration (NCUA) board will hear recommendations from the agency’s Regulatory Reform Task Force at its Dec. 13 meeting. Scheduled for 10 a.m. the meeting is the board’s final of 2018 and will be streamed live at NCUA.gov.

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Pending Regulatory Comment Calls

The IRS has published 83 FR 56763 in a recent Federal Register proposed amendments to the regulations relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of plans that contain cash or deferred arrangements or provide for employee or matching contributions. Comments and requests for a public hearing must be received by January 14, 2019.

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BCFP Issues 2019 Regulations Z and M Dollar Thresholds

The Bureau of Consumer Financial Protection (BCFP), along with the Federal Reserve Board, updated the dollar thresholds in Regulation Z (Truth in Lending or TILA) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2019. The Dodd-Frank Act requires these thresholds be adjusted annually based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

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NCUA Releases Q3 2018 Credit Union System Performance Data

ALEXANDRIA, Va. – Data on the financial performance of federally-insured credit unions for the quarter ending Sept. 30, 2018, are now available from the National Credit Union Administration (NCUA).

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Interagency Regulators Encourage BSA Innovation

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currancy (OCC) have issued a joint statement to encourage banks and credit unions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations.

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AI and Financial Records Access on Today’s BCFP Advisory Councils Agenda

The Bureau of Consumer Financial Protection’s (BCFP) advisory councils, including the Credit Union Advisory Council (CUAC), will hold a public meeting today from 1:00-3:45 p.m. to discuss artificial intelligence (AI) in consumer financial services and consumer access to financial records.

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Several Concerns in NCUA’s Appraisals Proposal Noted

CUNA generally supports the National Credit Union Administration (NCUA)’s proposed rule on real estate appraisals; however, it recommended several substantive changes in potentially problematic areas in its comment letter submitted Monday.

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CUNA Talks CU Jobs, Rule-makings with DOL

CUNA met with the Department of Labor (DOL) Monday to discuss several credit union related issues. In addition to discussions on DOL rule-makings, CUNA provided the agency with data estimating the credit union sector supports nearly 900,000 jobs nationally.

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U.S. Department of the Treasury’s FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance

WASHINGTON— As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats. 

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Faster Payments Webinar Recording Available

CUNA members can register for free to access a recording of Wednesday's webinar on the Federal Reserve’s development of faster payments. The webinar was designed to answer member questions and solicit feedback for CUNA’s comments. The recording will be posted within the next 48 hours, and it features a discussion of faster payments as CUNA prepares its comments for the Fed, due Dec. 14.

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BCFP’s Office of Cost Benefit Analysis Consistent with CUNA Recommendations

The Bureau of Consumer Financial Protection (BCFP) seeks an individual to lead a new Office of Cost Benefit Analysis, according to a notice posted Monday. CUNA and the state leagues have repeatedly called on the BCFP to conduct more comprehensive cost-benefit research and analysis in connection with its rule-makings and supervisory activities. It was among the numerous recommendations contained in the regulatory relief white paper CUNA submitted to the BCFP this past summer.

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NCUA Issues Fourth Quarter Newsletter

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) released the fourth quarter edition of its online newsletter.

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NJ lawmakers unveil legislation legalizing marijuana

TRENTON, N.J. – New Jersey lawmakers on Wednesday unveiled their latest proposal to legalize recreational marijuana for people 21 and over, according to the Associated Press. A joint Democrat-led Assembly and Senate committee is expected to discuss the measures Monday.

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NCUA Announces 2019 Board Meeting Schedule

The National Credit Union Administration (NCUA) board has announced its meeting schedule for 2019. The open board meetings are generally held at 10 a.m. at the agency’s Alexandria, Va. headquarters, and video is live streamed on NCUA.gov.

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Next BCFP CUAC Meeting Scheduled for Dec. 6

The Bureau of Consumer Financial Protection (BCFP) will host its next Credit Union Advisory Council (CUAC) meeting Dec. 6, according to a notice published Wednesday in the Federal Register. According to the Bureau, it will be conducted via conference call, and members will receive the agenda when they RSVP.

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Reassigned Numbers Database on FCC Dec. 12 Agenda

The Federal Communications Commission’s (FCC) December 12 agenda includes a vote to issue a rulemaking to create a single, comprehensive reassigned numbers database to aid in the elimination of illegal robocalls.

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CUNA to Host Webinar on Fed Faster Payments Nov. 28

CUNA will conduct a webinar on the Federal Reserve’s development of faster payments, designed to answer member questions and solicit feedback for CUNA’s comments. Registration is currently open for the free, members-only webinar, scheduled for noon on Wednesday, Nov. 28.  

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October 2018 NCUA Budget Briefing and Board Meeting Videos Available

ALEXANDRIA, Va. – The video recordings of the National Credit Union Administration (NCUA)’s Oct. 17, 2018, public budget briefing and Oct. 18, 2018, open Board meeting are now available on the agency’s Web site.

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Fed Offering Webinar on Settlement Service Proposal

The Federal Reserve is offering a webinar Monday on its recent proposal to develop a 24/7/365 real-time gross settlement (RTGS) service to facilitate interbank settlement of faster payments.

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Happy holidays! Shopping tips from the Federal Trade Commission

The gift-giving season is just around the corner, and the gift-buying season starts, oh, any minute now. The Federal Trade Commission (FTC) has an early gift for you — tips to help you shop wisely and protect your personal information.

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CECL Delay Made Official by FASB

The Financial Accounting Standards Board (FASB) has officially issued an update to its current expected credit losses (CECL) standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.

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NCUA Board Approves 2019-2020 Budgets

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its 10th open meeting of 2018 at the agency’s headquarters today and unanimously approved two items.

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Summary of NCUA's November 15 Open Board Meeting

At Thursday's meeting, the National Credit Union Administration (NCUA) Board was briefed on the status of the Share Insurance Fund; approved the 2019-2020 budgets; and issued a proposed rule on fidelity bonds.

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CUNA Mutual Group Free Webinar on Emerging Risks December 5th

Join CUNA Mutual Group on Wednesday, December 5th at 2:00 p.m. for a free webinar on Emerging Risks. Register today for an exclusive and interactive discussion with CUNA Mutual Group’s Senior Risk & Compliance Consultants.

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Faster Payments Council Launches

The U.S. Faster Payments Council (FPC), which will coordinate the remaining implementation work identified by the Federal Reserve's task forces to modernize the U.S. payment system, launched Tuesday.

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NCUA Encourages CUs to Conduct Voluntary Credit Union Diversity Self-Assessment

ALEXANDRIA, Va. - The National Credit Union Administration (NCUA) sent a Letter to Credit Unions (18-CU-05) that explains that federally-insured credit unions, especially those with 100 or more employees, are encouraged to conduct and submit the annual Voluntary Credit Union Diversity Self-Assessment to the NCUA’s Office of Minority and Women Inclusion before December 31, 2018. The NCUA encourages credit unions to use the self-assessment as a source of diversity best practices and as a tool to assess and guide diversity efforts.

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CU Priorities for BCFP Raised at SBA Roundtable

CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection (BCFP) rule-making agenda, which was released last month.

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CUNA Attends Fed Faster Payments Town Hall

CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of the Federal Reserve’s series of town halls on the topic. The Fed is currently seeking comments on potential actions it can take to support interbank settlement of faster payments through Dec. 14.

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NCUA to vote on operating budget, bonds proposal Nov. 15

The National Credit Union Administration (NCUA) board will vote on the agency’s 2019-2020 budget at its Nov. 15 meeting, according to the agenda released Thursday. CUNA presented last month at NCUA’s budget briefing, and submitted written comments on the proposed budget as well.

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Judge Orders Stay of BCFP’s Payday Rule Implementation Date

A judge in the U.S. District Court for the Western District of Texas ordered a stay Tuesday of the implementation date of the Bureau of Consumer Financial Protection’s (BCFP) short-term, small-dollar lending rule. The rule is scheduled to go into effect in August 2019, but the bureau said Oct. 26 that it intends to issue a proposed rule in January.

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Reminder: Comments on NCUA's Appraisal Rule Due December 3rd

The NCUA board issued a proposed rule in September that would amend the agency’s regulation requiring real estate appraisals for certain transactions. Comments on the proposal ware due December 3rd. 

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FFIEC Reminds Financial Institutions to Review OFAC Requirements

Members of the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement alerting all financial institutions including credit unions to the potential impacts recent actions taken by the Treasury Department's Office of Foreign Asset Control (OFAC) under its Cyber-Related Sanctions Program may have on risk-management programs.

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FASB to Address Additional CECL Concerns

During a Financial Accounting Standards Board's (FASB) Transition Resource Group for Credit Losses meeting Thursday, FASB staff indicated it would spend additional time working on certain operational challenges associated with the current expected credit loss (CECL) standard.

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BCFP Updates HMDA Compliance Guide with S. 2155 Changes

The Bureau of Consumer Financial Protection (BCFP) has updated its small entity compliance guide for the Home Mortgage Disclosure Act (HMDA) to reflect changes in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and the Bureau’s August interpretive rule.

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Due diligence for members that privately own ATMs

Privately-owned ATMs are typically found in convenience stores, bars, restaurants, grocery stores, or check cashing establishments. Fees and surcharges for withdrawals, coupled with additional business generated by customer access to an ATM, make the operation of a privately-owned ATM profitable. As a result, more credit unions are being approached to open accounts for the owners of these ATMs.

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BCFP Clarifies How to Take HMDA Partial Exemptions in Light of S.2155 Final Rule

Earlier this month, CUNA hosted a webinar in conjunction with the Bureau of Consumer Financial Protection (BCFP) on HMDA implementation, which focused on the more technical and operational aspects of the new HMDA rule following the August 30, 2018 final rule implementing the S.2155 changes.

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NCUA Awards $2M in Grants to 203 Low-income CUs

The National Credit Union Administration (NCUA) awarded $2 million in grants to 203 low-income credit unions, funding from the agency’s Community Development Revolving Loan Fund (CDRLF). CUNA and the state leagues strongly support full funding for the CDRLF and successfully fought to restore funding when the fund was zeroed out for fiscal year 2018 by the Trump administration.

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CUNA On-hand for Opening Arguments in Landmark ADA Case

CUNA staff attended opening arguments in Griffin v. DOL FCU Tuesday, an appellate-level case involving alleged noncompliance with the Americans with Disabilities Act (ADA).

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BCFP Updates Home Mortgage Disclosure Act Small Entity Compliance Guide

The Bureau of Consumer Financial Protection (BCFP) has updated the Home Mortgage Disclosure Small Entity Compliance Guide to reflect amendments made by Section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act and the 2018 interpretive and procedural rule.

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RDC Litigation Webinar Recording Now Available

CUNA members can now access a free recording of a webinar outlining the latest development in patent litigation brought against several credit unions involving remote deposit capture (RDC) technology. The live version of the webinar hit capacity with 1,000 credit unions registering to attend.

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CUNA Sets Free Webinar on RDC Litigation for Oct. 30

CUNA will conduct a webinar Tuesday to discuss letter received by certain credit unions from law firms calling for negotiation of a patent licensing deal for remote deposit capture (RDC). Registration is open for the webinar, which is scheduled for Oct. 30 from 3:30 to 5 p.m.

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Court Sets FOM Lawsuit Appeal Dates, NCUA Brief Due Dec. 5

The D.C. Circuit Court of Appeals has set a briefing schedule for the appeal of the field-of-membership lawsuit brought against the National Credit Union Administration (NCUA) by the American Bankers Association (ABA). CUNA fully supports NCUA in its appeal and plans to submit an amicus brief in the appellate litigation.

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BCFP Announces Coming Changes to Payday Lending Rule

The Bureau of Consumer Financial Protection (BCFP) expects to issue proposed rules in January reconsidering its short-term, small-dollar lending rule, it announced Friday. The Bureau stated it will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules, but it currently plans to propose revisiting only the ability-to-repay provisions, not the payments provisions.

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CUNA Recognizes NCUA Budget Improvements, Urges Continued Work

CUNA submitted additional written comments to the National Credit Union Administration (NCUA) Friday on the agency’s proposed 2019 operating budget. CUNA’s letter follows up CUNA Senior Economist Mike Schenk’s presentation to the board at its budget briefing earlier this month.

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Credit Union Journal: McWatters to credit unions: Not NCUA’s job to ‘hold your hand’

This week the Credit Union Journal reported on National Credit Union Administration (NCUA) Chairman Mark McWatters’ remarks as he fired back at claims from a former board member that the agency’s requests for third-party cybersecurity vendor oversight are merely duplicating work already being done by other regulators. McWatters’ remarks came during a Q&A session following remarks directed at community development credit union professionals attending the Inclusiv conference in Clearwater, Fla.

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NCUA to Host HMDA and Consumer Compliance Update Webinar

ALEXANDRIA, Va. – Credit unions can learn more about recent changes to the Home Mortgage Disclosure Act (HMDA) and other federal consumer financial protection laws and regulations during a Nov. 14 webinar hosted by the National Credit Union Administration (NCUA).

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CUNA Highlights League, CU Autodialer Suggestions to FCC

CUNA highlighted several credit unions and leagues emphasizing the critical importance of a narrow definition of an automated telephone dialing system (ATDS) in its reply comments to a Federal Communications Commission (FCC) petition Thursday. CUNA filed its original comments last week in response to the petition, which was issued by the FCC in light of a decision by the Ninth Circuit Court.

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CECL Delay Approved by FASB

The Financial Services Accounting Board (FASB) approved Wednesday several CUNA/league backed changes to its current expected credit losses (CECL) standard. CUNA and the state leagues pressed FASB to extend the implementation date for credit unions, and the board proposed the change earlier this year.

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FFIEC Launches New BSA/AML InfoBase Site

The Federal Financial Institutions Examination Council (FFIEC) launched a redesigned Bank Secrecy Act/Anti-Money Laundering (BSA/AML) InfoBase Web site last week, aimed at sharing financial institution examination procedure information with examiners, financial institutions, the public and other stakeholders.

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Final RBC Rule on NCUA’s Thursday Meeting Agenda

The National Credit Union Administration (NCUA) board will vote on finalizing changes to its risk-based capital at its Thursday meeting, according to the agenda released by the agency Thursday. CUNA supports the proposal, but has expressed numerous concerns about the agency’s RBC approach in general.

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Risk-Based Capital Rule to Become Effective in 2020; Asset Threshold Raised

Board Proposes Simplifying Bylaws, Adding Clearer Guidance

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its ninth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items.

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NCUA Holds Budget Briefing

Yesterday, the National Credit Union Administration (NCUA) Board held its budget briefing for it's 2019-2020 proposed budget.

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Trump Administration Releases Fall 2018 Regulatory Relief Agenda

The Trump administration Wednesday released its fall 2018 agenda for regulatory and deregulatory actions. Over the past two years, federal agencies have issued 176 deregulatory actions that have contributed to some $33 billion regulatory compliance savings.

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Donovan Thanks NCUA for RBC Work, Says Additional Work Needed

The National Credit Union Administration (NCUA) board deserves thanks for its work on risk-based capital, but more work is needed, CUNA Chief Advocacy Officer Ryan Donovan wrote in Credit Union Times Tuesday. The board is scheduled to vote on the final RBC rule at its Thursday meeting.

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CUNA to Present at Wednesday’s NCUA Budget Briefing

CUNA Chief Economist Mike Schenk will present at the National Credit Union Administration (NCUA)’s budget briefing Wednesday at NCUA’s Alexandria headquarters. The briefing is scheduled to start at 10:00 a.m. and will be streamed live at NCUA.gov.

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UDAAP Clarity is Coming, Mulvaney Tells Mortgage Bankers

Bureau of Consumer Financial Protection (BCFP) Acting Director Mick Mulvaney said the Bureau is working on a rulemaking to better clarify its definition of unfair, deceptive or abusive acts or practices (UDAAP).

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Federal Trade Commission Makes Consumer Complaint Data More Accessible

The Federal Trade Commission (FTC) hears from millions of consumers each year about fraud, identity theft, and other problems, allowing us to warn other consumers about scams they should watch out for, while also providing the agency with an important source of information to support our enforcement actions.

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CUNA Schedules Free Webinar on RDC Litigation for Oct. 30

CUNA will conduct a webinar Oct. 30 to discuss a letter received by certain credit unions from law firms calling for negotiation of a patent licensing deal for remote deposit capture (RDC).

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Reminder: NCUA Budget Briefing Scheduled for Tomorrow

Briefing to be Livestreamed; Public Comment Period Open Until Oct. 26

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) will hold its 2019-2020 budget briefing on Wednesday, Oct. 17, at 10 a.m. Eastern in its Central Office boardroom.

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BCFP’s TDP Proposal Backed, Improvements Offered

CUNA and the state leagues generally support the Bureau of Consumer Financial Protection (BCFP)’s policy to encourage Trial Disclosure Programs (TDP) but recommends any Bureau-approved programs be narrow in scope and not excessively deviate from traditional disclosure standards.

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CUNA, BCFP Present HMDA Partial Exemption Info, Resources

CUNA hosted a webinar Wednesday with Bureau of Consumer Financial Protection (BCFP) staff on changes to Home Mortgage Disclosure Act (HMDA) reporting requirements. A recording of the webinar is available for free to CUNA members, and will be available shortly.

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It’s National Cybersecurity Awareness Month

October is spooky enough with its ghouls and goblins. National Cybersecurity Awareness Month is here to remind us how to stay safe and secure from real (and maybe even scarier) threats – malware and scammers.

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NCUA Webinar Will Discuss Using a Narrative for Community Charter Applications

ALEXANDRIA, Va. – Credit unions can get valuable information about using a “well-defined local community” field-of-membership narrative for community charter applications on an Oct. 24 webinar hosted by the National Credit Union Administration (NCUA).

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FOM Narrative Approach, NCUA Offers Guidance

The National Credit Union Administration (NCUA) released a letter to federal credit unions (18-FCU-02) Tuesday that provides guidance on how credit unions can use a written narrative to establish a well-defined local community. The narrative approach falls under the NCUA's second field-of-membership (FOM) rule, which became effective Sept. 1.

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Reg Agencies Address Benefits of BSA Collaboration; NJCUL Provides Members Affordable BSA Training for Staff and Boards

The Treasury’s Financial Crimes Enforcement Network (FinCEN) joined federal financial regulators, including the National Credit Union Administration (NCUA), last week to issue a joint statement on sharing Bank Secrecy Act (BSA) resources. The statement addresses the benefits of financial institutions entering into collaborative arrangements to help manage their BSA and anti-money laundering (AML) obligations more efficiently and effectively.

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10 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2018

ALEXANDRIA, Va. – 10 federally-insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2018 have agreed to penalties totaling $4,133, the National Credit Union Administration (NCUA) announced.

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CUNA’s Nussle, Schenk Talk CU Regulatory Climate at CEI

CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer for Policy Analysis Mike Schenk addressed the state of credit unions and opportunities for the future Thursday at the Competitive Enterprise Institute (CEI). Nussle and Scheck discussed the need for regulatory relief, credit union history, the Community Reinvestment Act and other topics.

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FinCEN and Federal Regulators Issue CIP Exemption Order

FinCEN, the National Credit Union Administration (NCUA) and the federal banking regulators jointly issued an exemption from the Customer Identification Program (CIP) requirements for certain property and casualty finance contracts provided by financial institutions to small businesses (referred to as premium finance loans or premium finance lending).

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Reg. CC Rule Includes Presumption of Alteration

The Federal Reserve has published a final rule amending subpart C of Regulation CC (Availability of Funds and Collection of Checks) to address check alteration disputes when the paper check is unavailable for inspection.

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Federal Regulators, FinCEN Issue CIP Exemption Order
ALEXANDRIA, Va. – The NCUA jointly issued an exemption for the Customer Identification Program requirements, Section 748.2 of the NCUA’s Rules and Regulations, for certain property and casualty finance contracts provided by credit unions to small businesses. Credit unions must still comply with all other regulatory requirements of the Bank Secrecy Act including the requirement to file suspicious activity reports as applicable.
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New High Intensity Drug Trafficking Areas Designated, New Jersey Among Those Named

 The White House’s James Carroll, Deputy Director of the Office of National Drug Control Policy, announced the designation of 10 new areas across Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, and West Virginia as High Intensity Drug Trafficking Areas (HIDTAs). Credit unions should beware that with increase in drug traffic within a geographic area comes an increase in attempts to flow illicit monies through financial institutions.

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Appeals Court Decision Complicates “Autodialer” Issue

A Ninth Circuit U.S. Court of Appeals decision last week expanded the definition of an "autodialer," keeping it in line with the definition adopted by the Federal Communications Commission (FCC) in a series of rulings from 2003 to 2015, which was invalidated in March.

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LEIs Could Have Value, Shouldn’t be Mandatory, World Council Says

While World Council of Credit Unions does not support a requirement for credit unions to obtain “Legal Entity Identifiers” (LEIs) it sees some potential value in encouraging increased use of this system, the World Council wrote to the Financial Stability Board (FSB).

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CUNA Updates MLA Card Fee Spreadsheet

CUNA has updated its Military Lending Act (MLA) credit card fee comparison spreadsheet for the third quarter, updated as of September 2018. The updated resource can be found in the CUNA Compliance Community’s “Compliance Resources” tab, and under the “Resources” tab in CUNA’s MLA e-Guide.

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CUNA Commends NCUA Proposal to Amend Appraisal Requirements

The National Credit Union Administration (NCUA) board issued a proposed rule that would amend the agency’s regulation requiring real estate appraisals for certain transactions.

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Proposed Rule Would Change Appraisal Requirement Threshold, Exempt Some Transactions

Share Insurance Fund Posts $32.5 Million in Net Income in Second Quarter

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its eighth open meeting of 2018 at the agency’s headquarters yesterday and unanimously approved two items.

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Pending Regulatory Comment Calls

CUNA plans to comment on the following pending regulatory proposals. For comment letters to have the greatest impact, consider whether and how these proposals would affect your credit union and contact the CUNA staff listed below for each proposal with your feedback. Also, feel free to contact the CUNA staff listed if you would like more information on how to send your own letter. 

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CUNA Reiterates Push for QA2 Withdrawal in Letter to DOD

CUNA continued its push for Military Lending Act (MLA) clarity for credit unions Thursday with a letter to the Department of Defense (DoD). CUNA’s letter continues its call for the withdrawal of Question and Answer 2 (QA2) from DoD’s guidance on the MLA.

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Appraisals Proposal Tops NCUA’s Agenda Today

The National Credit Union Administration (NCUA) is poised to issue a proposed rule on real estate appraisals at its regular monthly Board meeting today. The agency's real estate appraisals rule was included on its spring rule-making agenda released in May.

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CUNA Backs Senate GUIDE Compliance Act for Guidance Clarity

CUNA wrote in support of a Senate bill designed to standardize regulatory guidance Tuesday, thanking Sen. Orrin Hatch (R-UT) for introducing the Give Useful Information to Define Effective (GUIDE) Compliance Act (S. 3443). A House version of the bill (H.R. 5534) passed the House Financial Services Committee last week.

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Proposed Paid Sick Leave Regulations Issued; Free NJCUL Webinar on NJ Employers Requirements this Friday

Under legislation signed into law by Gov. Phil Murphy in May (A1827, now P.L. 2018, c.10), effective October 29, 2018 most private sector employers will be required to provide at least 40 hours of paid sick leave in a 12-month period to every New Jersey employee for their own diagnosis, treatment, or preventative care, or, for that of a family member.

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CECL Changes Backed, FASB Asked to Keep Eye on Future Relief

CUNA recognized the improvements proposed by the Financial Accounting Standards Board (FASB) in its current expected credit losses (CECL) standard, CUNA wrote to the board Monday. CUNA’s comment letter was sent in response to a FASB proposal that would make several CUNA-backed changes to the standard, a proposal that CUNA understands was at least in part due to a May letter from CUNA raising concerns.

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CECL is Coming, Is Your CU Ready?

CECL is coming and credit unions need to prepare now in order to gather and validate the historical data needed to comply by the due date. While the details are changing, even now (see CUNA Advocacy Update article titled "FASB Makes Clarifying Changes to CECL"), CECL is not going away.

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Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Florence on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

in Compliance & Regulatory News