Association News
Cheney Goes On National Radio Tour For MBL | Thursday, 16 August 2012
Cheney urges MBL-bill passage in multistate radio tour

WASHINGTON (8/16/12)--With members of Congress back in their home states this month, Credit Union National Association (CUNA) President/CEO Bill Cheney took to the airwaves in a series of radio interviews on why Congress should enact legislation to raise the cap on credit union member business lending (MBL)


Preparing Your Credit Union’s Health Care Reform Strategy: Effective January 1, 2013 | Thursday, 16 August 2012

We have added a new “hot topic” webinar on August 30th, “Preparing Your Credit Union’s Health Care Reform Strategy: Effective January 1, 2013.” The Health Care Reform legislation passed in March 2010 is over two years old. However, many questions still remain and the legislation’s impact on many businesses remains unknown. The recent U.S. Supreme Court ruling upholding this law indicates it would be prudent to plan now in order to be ready for many of the major provisions, which are effective January 1, 2013. This webinar will provide insights into this massive legislation and the changes since it was originally signed into law in 2010. The legislation impacts each business differently, so it is vital that financial institutions and management understand the key aspects and how they should be approached to ensure both compliance and efficiency for your credit union.

Visit Preparing Your Credit Union’s Health Care Reform Strategy: Effective January 1, 2013 to register or learn more about this upcoming program.

CUNA Seeks CU Reverse-Mortgage Comments | Wednesday, 15 August 2012
Reverse mortgages could soon come under Consumer Financial Protection Bureau regulation. Credit unions that offer reverse mortgages can provide their own comments on what drives their members to choose reverse mortgage products and how those members use reverse mortgage proceeds, in a new CUNA comment call.  Read More
CUNA Seeks CFPB clarity on Card Disclosure Change | Thursday, 09 August 2012
CUNA has sought guidance with the Consumer Financial Protection Bureau to clarify whether a seemingly minor change in credit card account opening disclosure forms would trigger a whole new requirement for a 45-day advance notice of change in terms.  Read More
As IRR Rule Approaches, NCUA Prepares Q&A Sheet | Wednesday, 08 August 2012

The NCUA has released a letter to credit unions and question-and-answer sheet regarding the new interest rate risk management rule, which takes effect Sept. 30, and posted it on the NCUA’s website.

The information includes the most commonly asked IRR questions the NCUA took away from four webinars on the topic, including responsibility for the creation, oversight and management of the required IRR written policy and program, measurement and monitoring requirements, internal controls, and what influence the IRR should have on management decisions.  Read More

Streamlined LICU Eligible To Help Credit Access: NCUA | Wednesday, 08 August 2012

The National Credit Union Administration sent letters Tuesday to nearly 1,000 credit unions indicating they are eligible for low-income designation. That designation brings benefits that include the ability to accept supplemental capital and an exemption from the small business lending cap under certain circumstances.  Read More
CFPB Exempts Certain Institutions From Remittance Transfer Rules | Tuesday, 07 August 2012
The CFPB announced that credit unions providing 100 or fewer international money transfers annually will be exempt from the Remittance Transfer Rule that will take effect February 7, 2013.  The rule’s onerous requirements likely would have forced many credit unions to stop providing these types of transfers to their members.  The CFPB also revised certain rules related to preauthorized remittance transfers in an effort to reduce the compliance burden on institutions that will have to comply with the rule. Read More
OFAC Publishes Names of Entities Unblocked | Tuesday, 07 August 2012
The Treasury Department's Office of Foreign Assets Control ("OFAC'') is unblocking and removing three entities from OFAC's list of Specially Designated Nationals and Blocked Persons ("SDN List''), whose property and interests in property were blocked pursuant to Executive Order 13382 of June 28, 2005, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.''  OFAC is also announced the unblocking and removal from the SDN List of seven vessels, which were property blocked pursuant to Executive Order 13382 of June 28, 2005.  Read More.
OFAC Lists Names of Blocked Individuals and Entities | Monday, 06 August 2012
The Treasury Department's Office of Foreign Assets Control ("OFAC'') is publishing the names of 10 individuals and nine entities whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act.  The designation by the Director of OFAC of the 10 individuals and nine entities identified in this notice pursuant to section 805(b) of the Kingpin Act is effective on
July 24, 2012.  Read More
July 31, 2012 Public Hearing on FinCEN's Advance Notice of Proposed Rulemaking | Tuesday, 31 July 2012

On July 9, 2012, FinCEN announced the first of an intended series of public hearings to continue gathering information on its Advance Notice of Proposed Rulemaking (ANPRM) on Customer Due Diligence (CDD) Requirements for Financial Institutions, published in the Federal Register on March 5, 2012. The original Notice for the hearing is available here; and the final agenda for the July 31 public hearing is available here.

For individuals interested in viewing the portion of the hearing that is available via webcast, the live webcast of the hearing is available HERE. Upon completion of the hearing, FinCEN will shortly thereafter make available the outlines of the testimonies given, as well as a general summary of the hearing.

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