jtemplate.ru - free templates joomla

The Department of the Treasury’s Office of Foreign Assets Control (‘‘OFAC’’) has published additional identifying information associated with the four entities listed in the Annex to Executive Order 13581 of July 24, 2011, ‘‘Blocking Property of Transnational Criminal Organizations.’’  Read More.

Draft National Flood Insurance Plan (NFIP) reforms could have the unintended effect of driving some small mortgage lenders, including credit unions, out of the mortgage business, the Credit Union National Association (CUNA) and related trade groups have warned.

At issue is Section 111 of an NFIP reform discussion draft, which would require all mortgage lenders to escrow for NFIP premiums. Current law only requires lenders that escrow for taxes and insurance to also escrow for NFIP premiums.  Read More.

Credit unions that participate in federal government programs, such as holding Treasury tax-and-loan accounts or acting as issuing or paying agents for U.S. savings bonds, are considered federal contractors under the Department of Labor’s nondiscrimination and affirmative action rules.  But, is federal share insurance issued by the NCUSIF considered a federal contract as well?

Whether you get a “yes” or “no” answer to this question will depend on who you ask: NCUA will tell you that the long-standing answer to this question is no.  Federal share insurance is not a federal contract triggering affirmative action obligations.  But, if you ask the Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP), the answer is yes.  So, what’s a federally insured credit union to do?  Read more at CUNA's Compliance Blog.

As Richard Cordray prepares for his Sept. 6 nomination hearing before the Senate Banking Committee, CUNA President/CEO Bill Cheney urged the candidate for Consumer Financial Protection Bureau director to "consider ways in which the Bureau can help minimize regulatory requirements for credit unions and other financial institutions." Read More...

MasterCard's plans for a two-tiered debit interchange fee rate structure, how that rate structure will impact credit unions, and the anticipated time table for implementation will be covered during an Aug. 17 Credit Union National Association (CUNA) audio conference call.

The hour-long call will be free for CUNA members and is scheduled to begin at 2 p.m. ET. A Q&A session will follow the prepared portion of the presentation. CUNA members will be able to register for the call beginning later today.  Read More.

In coordination with Wednesday's designation of the Commercial Bank of Syria for its provision of financial services to entities previously sanctioned by the United States for their proliferation activities, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory today to alert U.S. financial institutions of information on the Commercial Bank of Syria's continued involvement in illicit financial activities.  Read More.

Another rash of lawsuits continue to be filed against financial institutions for failing to properly disclose ATM fees. CUNA Mutual Group reminds credit unions simple preventative steps can help them avoid costly fines and legal fees.  Read More...

The National Credit Union Administration filed suit today in California against New York firm Goldman Sachs & Co. alleging violations of federal and state securities laws, as well as misrepresentations in the sale of securities to now-failed U.S. Central and Western Corporate federal credit unions. Read More...

The U.S. Department of the Treasury’s Office of Foreign Assets Control (‘‘OFAC’’) has published the names of seven individuals and nine entities whose property and interests in property have been unblocked pursuant to Executive Order 12978 of October 21, 1995, Blocking Assets and Prohibiting Transactions With Significant Narcotics Traffickers.  See the names in the Federal Register Here.

Last Friday, Standard & Poor's rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations).  Read More