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Federal benefits payments will be made only by direct deposit or the Direct Express debit MasterCard after March 1, and the Credit Union National Association has answered one key credit union compliance question ahead of this deadline.

CUNA Senior Vice President for Compliance Kathy Thompson in a recent CUNA Comp Blog post reminded credit unions that federal benefits recipients with the Direct Express MasterCard will be able to make no-fee cash withdrawals from any bank or credit union through a teller where the institution displays the MasterCard acceptance mark.

Therefore, Thompson said, credit unions that display the MasterCard acceptance mark will be required to provide cash to Direct Express cardholders, with no fee attached, whether the cardholder is a member or not. "If your credit union has an agreement with MasterCard that requires you to honor these cards, that trumps any field of membership issue," she said.

CUNA has recommended that any credit union with an agreement with MasterCard read its agreement to ascertain the credit union's contractual responsibilities in honoring the Direct Express debit card. MasterCard representatives can also help address any compliance concerns, Thompson noted.
New regulations that will require lenders offering higher-priced mortgages to use licensed or certified appraisers are the subject of a Credit Union National Association final rule analysis.  Read More
The Treasury Department's Office of Foreign Assets Control (``OFAC'') published on OFAC's list of Specially Designated Nationals and Blocked Persons (``SDN List'') the names of five entities, whose property and interests in property are blocked pursuant to Executive Order 13382 of June 28, 2005, ``Blocking Property of Weapons of Mass destruction Proliferators and Their Supporters.'' The designations by the Director of OFAC, pursuant to Executive Order 13382, were effective on July 18, 2012.  Read more.
Credit unions looking for analysis of the many new mortgage regulations unleashed by the Consumer Financial Protection Bureau this month can turn to a final rule analysis just issued by the Credit Union National Association, which features a chart listing the rules and their key components in a new chart.  Read More
New Consumer Financial Protection Bureau rules that require mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates are broken down in a new Credit Union National Association final rule analysis.

The appraisal rule, issued under Regulation B, implements changes to the Equal Credit Opportunity Act (ECOA) that were made under was required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Read More
Federal Reserve monetary policymakers voted Wednesday to continue their policy of purchasing bonds and Treasuries and tying the near-zero federal target fund interest rate to unemployment. That means credit unions should not expect any quick relief from low rates, said Credit Union National Association Chief Economist Bill Hampel.  Read More
The Consumer Financial Protection Bureau announced Tuesday that it is delaying the effective date of its international remittance transfer rule that was set to go into effect Feb. 7. A new effective date will be announced later this year, the bureau said in a blog post.  Read More
The U.S. Government Accountability Office recommended that federal financial regulators more fully incorporate comprehensive cost-benefit analyses into their Dodd-Frank Act rulemakings in a recent report on federal regulators' efforts to analyze and coordinate Dodd-Frank Act rules. Read More
President Barack Obama Thursday afternoon signed a bill (H.R. 4367) into law that revises Regulation E to require that ATM fee disclosures only need to be presented on an ATM's screen. The new law eliminates a duplicative provision that required a physical notice also be posted on the ATM machine, a requirement that has created legal and financial issues for some credit unions and other financial institutions.  Read More

You've probably heard some of the buzz about NeighborBench recently - but have you seen our compliance platform for yourself yet? We invite you to join us for our last live webinar demonstration of 2012 to see why our unique solution is going viral in the credit union community.

Date: Wednesday, December 12, 2012

Time: 2:00 PM - 3:00PM EDT

NeighborBench's innovative solution leverages the latest in secure cloud-based technology to connect credit unions with experienced professionals - zeroing in on the areas that need to be addressed to help your credit union remain compliant.

Join us to learn:

- How to use the latest tools to remain current with new compliance regulations

- How to significantly reduce the costs associated with ongoing compliance

- How to more efficiently prepare for regulatory exams

- How to decrease the compliance burden on your staff resources

Register now by clicking the link below:


After registering you will receive a confirmation email containing information about joining the Webinar.

For questions or more information, please visit our website,www.neighborbench.com or contact us at 888-97-BENCH or This email address is being protected from spambots. You need JavaScript enabled to view it. .