Association News
NCUA Won't Launch Corporate Prepay Plan | Wednesday, 03 August 2011

The proposed prepayment program for corporate credit union stabilization assessments failed to attract the required $500 million in pledges that the National Credit Union Administration (NCUA) set as the requirement to launch the plan. However, the agency's chairman said the board is open to reconsidering the issue in 2012.  Read More.

OFAC Adds Six Names To Lists | Wednesday, 03 August 2011

The Office of Foreign Assets Control has added six names to its list of individuals whose property and interests in property are blocked.  The names were added pursuant to Executive Order 13224.  Get the names from the Federal Register Announcement Here.

CUNA Urges IRS To Consider Options To Reduce Compliance Burden | Tuesday, 02 August 2011

CUNA has urged the Internal Revenue Service to consider a number of options for reducing credit unions' compliance burden under IRS Form 990.  State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes.

The IRS requires Form 990 filers to disclose the names and compensation of certain key employees such as directors, their 20 highest compensated non-executive employees, any independent contractors that work for the firm, and former high ranking or key employees. However, the reporting thresholds for these positions differ somewhat from position to position.  Read More

Consumer Financial Protection Bureau To Release Combined Form | Monday, 01 August 2011

The third draft of the Consumer Financial Protection Bureau's (CFPB) combined form for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures will be released next week, the CFPB said last Thursday.

The combined form is required under the Dodd-Frank Act and is intended to reduce mortgage lender regulatory burden and make mortgage disclosures less confusing to consumers. The CFPB has released and collected comment on two separate drafts of a simplified mortgage disclosure form. The agency said it has received more than 18,000 comments since the first draft of the combined form was released in May.  Read More

TODAY Is NCUA Prepayment Participation Deadline | Friday, 29 July 2011

Credit unions that wish to take part in the National Credit Union Administration's voluntary Corporate Stabilization Fund assessment prepayment plan must notify the agency of their intent by the end of the day. Read More...

NCUA Amends Rules To Conform To the FCU Act | Thursday, 28 July 2011

NCUA is amending its rules to conform to the amendments made in the Federal Credit Union Act (FCU Act) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which became effective Wednesday, July 27th.

The interim final rule adds remittance transfers, as now defined under the Electronic Fund Transfer Act (EFTA), as an example of money transfer instruments Federal credit unions (FCUs) may provide to persons within their fields of membership.  Read More

NCUA Proposes to Amend CUSO Regulations | Wednesday, 27 July 2011

NCUA is proposing to amend its credit union service organization (CUSO) regulation to address certain safety and soundness concerns.

The proposal will expand the requirements of the CUSO regulation that applies to federally insured state-chartered credit unions (FISCUs) and will include investment limits for FISCUs that are ``less than adequately capitalized'' and requirements related to accounting and reporting by CUSOs owned by FISCUs.  Read  More

NCUA Amends Rules To Conform To the FCU Act | Wednesday, 27 July 2011

NCUA is amending its rules to conform to the amendments made in the Federal Credit Union Act (FCU Act) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which became effective Wednesday, July 27th.

The interim final rule adds remittance transfers, as now defined under the Electronic Fund Transfer Act (EFTA), as an example of money transfer instruments Federal credit unions (FCUs) may provide to persons within their fields of membership.  Read More

FTC Rescinds Guidance on FCRA Rules | Tuesday, 26 July 2011

Today,  the Federal Trade Commission published in the Federal Register a notice of rescission of its commentary and interpretive rulings to its rules under the Fair Credit Reporting Act.  The Commission stated that the rescission was based primarily upon the fact that the commentary was “stale” and, in some cases, even in conflict with current law.  The FTC’s rule making and enforcement authority for the FCRA was transferred to the Consumer Financial Protection Bureau (CFPB) on July 21, 2011.  It will now be up to the CFPB to issue guidance and interpretations on the rules, and credit unions should no longer rely upon guidance previously issued by the Commission.  The Association will let credit unions know when the CFPB issues any such guidance or interpretation.

Rule Change Means More Risk | Monday, 25 July 2011

MADISON, Wis. (7/25/11)--A provision of the Dodd-Frank financial reform law that took effect Thursday will double the amount of money financial institutions make available to customers after they deposit a check. That could create more risk for financial institutions, including credit unions, the Credit Union National Association (CUNA) said in USA TODAY Thursday. Read More...

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