Mountain West News
Multiple Overdraft Lawsuits Filed vs. CUs, Banks |
Much like the multiple lawsuits that attacked fee disclosures or lack of them at ATMs of credit unions and banks the past two years, a new wave of multiple, duplicative lawsuits has begun, this time targeting banks' and credit unions' overdraft policies and processes.  Read More
Regulators Issue Military Mortgage Guidance |
Credit unions must ensure that they inform their members who are in the military and receive Permanent Change of Station orders of all their loan modification options and don't do any deceptive practices.  Read More
Survey on Compliance Costs Shouldn't Add To Them |
The Consumer Financial Protection Bureau should "fully understand and minimize the potential implementation and ongoing compliance costs and unintended consequences on credit unions from its potential new regulations,'' CUNA wrote in a letter to the agency. CUNA Regulatory Counsel Dennis Tsang recommended that the agency "develop limited, targeted questions'' when the bureau begins collecting information about compliance costs and other effects of regulations. Read More
Mayors Join Broad Coalition of MBL Support |

The United States Conference of Mayors has encouraged members of the U.S. Senate to support "efforts to strengthen small businesses and local economies" by voting in favor of the Credit Union Small Business Jobs Act (S. 2231), which would increase the credit union member business lending (MBL) cap.

S. 2231, which could come up for a Senate vote at any time, would increase the MBL cap to 27.5% of assets. The Credit Union National Association (CUNA) has estimated that lifting the MBL cap to 27.5% of assets, from 12.25%,  would create 140,000 jobs and inject $13 billion in new funds into the economy during the first year after enactment. Both benefits come at no cost to taxpayers. S. 2231 currently has 22 Senate co-sponsors.  Read More

CUSO Rule is Focus of NCUA June 21st Board Meeting Agenda |
Proposed credit union service organization regulatory changes drew a substantial number of comments from credit unions when they were released last year, and a final version of the CUSO changes will be the lone item on the agenda when the National Credit Union Administration holds its open board meeting on June 21. Read More
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