Association News
NCUA Activates Disaster Relief Policy after Colorado Flooding | Tuesday, 17 September 2013

Share Deposits Remain Protected up to $250,000; Agency Works to Ensure Access to Needed Financial Services for Credit Union Members

ALEXANDRIA, Va. (Sept. 14, 2013) – In the wake of the flooding in Colorado, the National Credit Union Administration has activated its disaster relief policy to help protect consumers and ensure the continuity of credit union services in affected areas.

Share deposits at federally insured credit unions remain protected up to $250,000 by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund is backed by the full faith and credit of the U.S. Government.

As part of the response to the flooding, NCUA examiners are surveying credit unions operating in affected areas. Some credit unions and branches in locations affected by the flooding may have curtailed hours or services. Credit union members in these areas should contact their credit unions or check their websites for the latest information.
Read the full Press Release from NCUA
CUNA Survey Investigates Impact Of CFPB 2014 Mortgage Rules | Tuesday, 17 September 2013
The Credit Union National Association has just launched a survey of its members that will aid the trade group in assessing the full impact of new Consumer Financial Protection Bureau mortgage rules slated to take effect in January 2014.
 
In January of this year, the CFPB released a slew of final mortgage rules, many of which are scheduled to go into effect with the new year. 2014. The CFPB regulations address mortgage servicing, mortgage loan originator compensation, high-risk-mortgage appraisals, ability-to-repay requirements, escrow accounts and "high-cost" mortgages. Read More
Regulators Ramping Up Fair Lending Enforcement | Friday, 13 September 2013
The NCUA and Consumer Financial Protection Bureau have placed more emphasis on Fair Lending laws and Home Mortgage Disclosure Act data collection in 2013, and credit unions can expect additional rules and exams in 2014.

Some are also anticipating the anti-discrimination reporting and compliance could be expanded to apply to auto financing, business loans and credit cards, which could change the way credit unions lend to members. 
NEW: NCUA Approves Final Version Of Fixed Asset Reg Changes | Thursday, 12 September 2013
The National Credit Union Administration approved a final version of fixed-asset regulation changes.

The changes include plain language revisions, new definitions and rewordings that impact the current fixed-assets rule, Section 701.36. That rule allows federal credit unions to purchase, hold and dispose of property necessary or incidental to their operations. These fixed assets include office buildings, branch facilities, furniture, computer hardware and software, and ATMs.

The amendments do not make any substantive changes to regulatory requirements. Rather, they are intended to clarify the rule by improving its organization, structure, and "ease of use."

The Credit Union National Association has spoken in support of these proposed fixed-asset rule changes.  Read More
Weather Update - Compliance School Denver | Thursday, 12 September 2013
For attendees of the Denver Compliance School today, Septmeber 12, 2013, there are flash flood advisories in surrounding areas of the city.  Class will take place, however, if you are in an affected area please be safe and do not feel required to be on the roads to attend class.  Local media has updates on road closures and advisories.  You may contact Shay Jacobs at 720-479-3280 or Nicole Bruewitz at 720-479-3275 with quesions.
Complimentary Webinar: Money Facts: The New $100 Bill | Tuesday, 20 August 2013
For only the fourth time in the history of US currency, there will be a new $100 bill debuting on October 8, 2013.  The bill is designed to make it easier to authenticate, but harder to duplicate.  This free webinar: Money Facts: The New $100 Bill will cover the new security features and everything the frontline needs to know about the new $100 bill.  This informative session is designed for every staff member in the financial institution.  All affiliated members of Mountain West Credit Union Association are eligible to receive the webinar at no charge.  The webinar is available in an On-demand format so you can access the training at your convenience.  Click here for more details.

Comments On NCUA E-filing Proposal Sought By CUNA | Wednesday, 31 July 2013
Credit unions can discuss whether they support the National Credit Union Administration's proposed e-filing regulation, and can detail any unintended consequences the proposed rule could create for them, in a new Credit Union National Association comment call.

Credit unions that currently file their reports manually can also address whether the regulation will create undue hardship for them.  Read More

CUNA Comment Call
CUNA: Derivatives Proposal, As Is, a Missed Opportunity For CUs | Wednesday, 31 July 2013
In a second comment letter on the National Credit Union Administration's derivatives proposal, the Credit Union National Association noted that the agency's plan, if left unchanged, would impose excessive requirements and high costs on participating credit unions, resulting in "a lost opportunity for credit unions to reduce risk in a similar manner allowed for banks.

"This would place credit unions and the credit union system at a distinct disadvantage. Moreover, it would deprive credit unions of an important tool to manage [interest rate risk (IRR)] and thereby contain costs for the National Credit Union Share Insurance Fund," CUNA Deputy General Counsel Mary Dunn wrote.  Read More
Signature Children’s Hospital Sponsorship for Credit Unions | Friday, 26 July 2013
The Mountain West Credit Union Foundation board has voted to make credit unions the signature sponsor for a new Children’s Miracle Network (CMN) fundraising event – the Miracle Marathon.  This exciting partnership is made possible through a donation to Children’s Hospital Colorado from the Foundation on behalf of credit unions.  A special thanks goes out to CO-OP Financial Services who increased our credit unions’ impact on the local community by matching the Foundation’s donation.  The Miracle Marathon is a new Children’s Miracle Network promotion that is being rolled out in only 5 markets including Denver – with our credit unions getting in on the ground floor as the signature sponsor.  Starting on October 1st and wrapping up on October 27th, this 27 day virtual fundraising campaign invites participants run or walk (or achieve forward motion) one mile per day at their own leisure for a total of 27.2 miles – that’s a 26.2 mile marathon plus going an extra mile for kids.  Throughout October, CMN Hospitals will send participants challenges and motivational messages with the goal of building an interactive, online community.

Credit Unions in Colorado will be promoted as the events signature sponsor through a radio campaign on Alice 105.9 and KOSI 101 that starts mid-September and runs through October.  This campaign includes over 80 radio spots along with on-air sponsorship mentions and includes web, email, and social media segments.  Credit unions will be receiving more information on how they can participate over the next few weeks and will be contacted by Colorado Children’s Hospital Foundation about this exciting event.  There is no additional donation required to participate in this campaign.  A specially designed promotional kit will be made available that will help interested credit unions garner member and employee participation.  Look for an informational webinar announcement, in early September, designed to kick off this new exciting event.  For more information now, contact Dan Santangelo at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

The CU Scoop Weekly Update is out! 
News from the Mountain West Credit Union Association's Government Affiars Team 


Visit cunews.mwcua.com for an archive of posts!
 
     
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