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- Banks’ fee ploy ‘smoke and mirrors’ (October 31, 2011) Topics: Daily News
Reports Friday trumpeted the news that J.P. Morgan Chase and other large banks such as Citigroup have decided not to assess a fee for debit-card purchases, but some observers expect banks to get more creative in how they incorporate new fees as time goes on.
- Becker urges Geithner to include MBL cap lift in jobs plan (October 31, 2011) Topics: Daily News
NAFCU President Fred Becker on Friday urged Treasury Secretary Tim Geithner to redouble efforts in support of the Small Business Lending Enhancement Act of 2011 and incorporate the bill into the administration’s job creation plan.
- Birmingham Financial FCU in conservatorship (October 31, 2011) Topics: Daily News
NCUA on Friday assumed control of Birmingham Financial FCU of Birmingham, Ala., and announced plans to continue the credit union’s services and operations at America’s First FCU, also in Birmingham.
- FinCEN rep to update CUs on BSA (October 31, 2011) Topics: Daily News
Credit unions can still register for NAFCU’s Nov. 2 Bank Secrecy Act webcast featuring Jeffrey Pratt, deputy assistance director for the Financial Crimes Enforcement Network.
- NAFCU helps celebrate cooperatives (October 31, 2011) Topics: Daily News
NAFCU President Fred Becker is encouraging credit unions nationwide to use today’s kick-off of the 2012 International Year of the Cooperative at the United Nations headquarters in New York as an opportunity to draw even more attention to credit unions and highlight their cooperative nature.
- VACORP, Mid-Atlantic to vote on merger (October 31, 2011) Topics: Daily News
Members of VACORP FCU and Mid-Atlantic Corporate FCU are set to vote Nov. 15 on a proposed merger that will leave Mid-Atlantic Corporate as the continuing institution, the two announced last week.
- 3Q GDP data help stave off recession fears (October 28, 2011) Topics: Data/Economic Indicators, Daily News
The government’s first estimate of third-quarter economic growth shows the recovery regaining some momentum, but NAFCU Chief Economist Tun Wai cautions that plenty of downside risk remains.
- CDRLF final rule aimed at eased process (October 28, 2011) Topics: Daily News
NCUA issued a final rule yesterday that updates the process for credit unions applying for loans and technical assistance grants from the Community Development Revolving Loan Fund – a move supported by NAFCU that the agency says will add more clarity and flexibility to the overall process.
- Hunt details top regulatory challenges for CUs (October 28, 2011) Topics: Daily News
NAFCU's Carrie Hunt was in Orlando, Fla., Thursday providing participants of this year's Regulatory Compliance Seminar an overview of some of today's hot-button issues for the credit union industry.
- MBL bill surpasses 100 cosponsors (October 28, 2011) Topics: Daily News
House Ways and Means Ranking Member Sander Levin, D-Mich., and Rep. Donald Payne, D-N.J., pushed support for a credit union member business lending cap lift past the 100-cosponsor mark by signing on Wednesday to H.R. 1418.
- NCUA says union deal won’t impact budget (October 28, 2011) Topics: Daily News
A three-year collective bargaining agreement that NCUA and the National Treasury Employees Union will sign next Tuesday will freeze pay for 2012 while increasing benefits, an arrangement that NCUA says will have no impact on the agency’s budget.
- NCUSIF steady at 1.31% (October 28, 2011) Topics: Daily News
The National Credit Union Share Insurance Fund ended September with an equity ratio of 1.31 percent of insured shares, NCUA’s chief financial officer said Thursday.
- Reg D exempt level, low-reserve tranche up (October 28, 2011) Topics: Daily News
Some institutions may see less Reg D reserving in 2012 under changes announced Wednesday by the Federal Reserve Board.
- Treasury urged to press for TARP repayments (October 28, 2011) Topics: Daily News
A new report is recommending that Treasury develop a plan to help roughly 400 community banks repay nearly $2 billion combined in Troubled Assets Relief Program loans.
- 100 lawmakers on H.R. 1418 (October 27, 2011) Topics: Daily News
The House version of a bill to facilitate more credit union member business lending has a total of 100 House members signed on with the addition Tuesday of seven cosponsors – an impressive gain, and one that NAFCU is urging its members to build upon.
- Grinnell urges SBA improvements, member business lending cap lift (October 27, 2011) Topics: Daily News
NAFCU witness Gary Grinnell yesterday told lawmakers that improvements in the Small Business Administration’s 7(a) loan program and an increase in the 12.25-percent-of-assets member business lending cap would pave the way for more credit union lending to capital-starved small businesses.
- More on CUs, NAFCU in wake of bank fees (October 27, 2011) Topics: Daily News
Dan Rather Reports posted a video late Tuesday focusing on consumers’ pique at rising bank fees as other reports continued the buzz generated by NAFCU’s communications efforts to promote credit unions.
- NAFCU welcomes HCA FCU (October 27, 2011) Topics: Daily News
NAFCU is continuing to grow its membership, and one of the newest recruits is HCA FCU of Gainesville, Fla.
- NCUA Board to act on CDRLF rule today (October 27, 2011) Topics: Daily News
Final action to revise NCUA’s Community Development Revolving Loan Fund regulation is up for action in today’s open NCUA Board meeting, which will also include the latest financials for the National Credit Union Share Insurance Fund.
- September’s new-home sales surge ‘small step’ (October 27, 2011) Topics: Data/Economic Indicators, Daily News
September’s new-home sales data were stronger than expected, but the numbers do not change NAFCU’s view that demand will likely remain below potential for some time.
- Backstory: NAFCU works the media (October 26, 2011) Topics: Daily News
Monday night’s ABC World News spot focusing on fee-weary bank customers’ move to credit unions was the crowning touch to weeks of efforts on the part of NAFCU’s communications team to promote the cooperatives as the answer for convenience and great service.
- Berger urges MBL cap lift ahead of jobs mark-up (October 26, 2011) Topics: Daily News
H.R. 1418, the Small Business Lending Enhancement Act, would go far in allowing credit unions to help small businesses in their communities “create the jobs America needs,” Dan Berger, NAFCU’s executive vice president of government affairs, told lawmakers Tuesday.
- Hyland says work on TDR guidance ongoing (October 26, 2011) Topics: Daily News
NCUA staff are working to develop revised regulatory reporting guidance for credit unions on troubled debt restructurings, NCUA Board Member Gigi Hyland told an accounting industry conference this week.
- NAFCU: CUs could up SBA’s impact (October 26, 2011) Topics: Daily News
The Small Business Administration’s loan programs are an important resource for credit unions in serving members' business-loan needs, but easing some of the red tape could go a long way toward encouraging greater use, NAFCU witness Gary Grinnell of Corning FCU will tell a House committee hearing today.
- NCUA, NTEU deal freezes pay, ups benefits (October 26, 2011) Topics: Daily News
NCUA on Tuesday confirmed trade reports that the agency and the National Treasury Employees Union were close to signing a new contract that will freeze pay for the agency’s unionized staff while increasing benefits.
- 84 failed banks so far, FDIC says (October 25, 2011) Topics: Daily News
The FDIC announced four more bank closures Friday, which brings this year’s total to 84 and will mean another $358.8 million in cost to the Deposit Insurance Fund.
- CFPB continues testing of mortgage form (October 25, 2011) Topics: Daily News
New drafts of a combined mortgage disclosure form are being tested in New Mexico, but anyone who is interested can weigh in on that form now via the Consumer Financial Protection Bureau’s website.
- CUs score on ABC World News (October 25, 2011) Topics: Daily News
The bank-fee backlash made national news last night during ABC World News, which included NAFCU, credit unions and a credit union member in its report on the shift of consumer sentiment and dollars from banks to member-owned credit unions.
- FFIEC revises household data calculations (October 25, 2011) Topics: Daily News
Two changes were announced recently in the way the Federal Financial Institutions Examination Council will review and calculate household data in connection with Home Mortgage Disclosure Act activity reports from mortgage lenders.
- FHFA foreclosure prevention program expanded (October 25, 2011) Topics: Daily News, Housing, Mortgage
The Obama administration announced Monday it is making a number of changes to its Home Affordable Refinance Program to help more struggling homeowners avoid foreclosure.
- NAFCU set to testify on SBA programs (October 25, 2011) Topics: Daily News
Gary Grinnell, president and CEO of Corning FCU in Corning, N.Y., will represent NAFCU in tomorrow’s House Small Business Committee hearing on the Small Business Administration’s loan programs.
- Hearing Wednesday looks at SBA programs (October 24, 2011) Topics: Daily News
The House Small Business Committee is looking at Small Business Administration financing programs during a hearing Wednesday featuring SBA Administrator Karen Mills.
- Kutchey to be NCUA deputy executive director (October 24, 2011) Topics: Daily News
John Kutchey, deputy director for NCUA’s Examination and Insurance
Office, has been tapped to become the agency’s next deputy executive
director and CEO, the agency announced Thursday.
- León-Decker picked for NCUA Board (October 24, 2011) Topics: Daily News
NAFCU President Fred Becker last week phoned in congratulations to Carla León-Decker, president and CEO of D.C. FCU, who was nominated by the president Thursday for an NCUA Board term lasting to Aug. 2, 2017.
- Measure would restore higher conforming limits (October 24, 2011) Topics: Daily News
An extension of higher conforming mortgage loan limits, which was pressed by NAFCU before those limits reverted last month to 2008 levels, cleared the Senate Thursday on a vote of 60-38 and was included in a spending package awaiting further action.
- NAFCU keeps CUs in spotlight (October 24, 2011) Topics: Daily News
NAFCU on Friday publicized the benefits of credit union membership,
and media outlets such as the Boston Globe’s website, the New York Daily
News and Yahoo! Finance jumped at the chance to tell their readerships
why bank-weary consumers should join credit unions.
- NCUA prepares examiners for Bank Transfer Day (October 24, 2011)
Credit unions seeing a spike in deposits around Nov. 5 due to Bank Transfer Day may, for a time, get some relief from prompt corrective action measures by using the alternative averaging method for calculating net worth, NCUA examiners and staff were told by the agency’s central office Friday.
- Surveys: Consumers would move to avoid fees (October 24, 2011) Topics: Daily News
About three in 10 consumers in a recent survey by The Research Intelligence Group said they would leave their banks if they were charged fees for debit-card use, and a survey by CreditCards.com drew a similar response from nearly four-fifths of debit card users responding.
- Tools help promote the ‘CU advantage’ (October 24, 2011) Topics: Daily News
NAFCU has a number of free resources credit unions can begin using now to market the “credit union advantage” well past the Nov. 5 Bank Transfer Day being trumpeted in response to consumers’ ire over rising bank fees.
- CDRLF final rule, NCUSIF report slated (October 21, 2011) Topics: Daily News
A NAFCU-supported proposal to revise and update NCUA’s rules for the Community Development Revolving Loan Fund is slated for action next week by the NCUA Board, which will also hear the latest results for the National Credit Union Share Insurance Fund.
- Housing recovery running on fumes, data show (October 21, 2011) Topics: Daily News
September’s existing-home sales decline shows a housing recovery stuck
in neutral, and little change in momentum is expected over the coming
months, said NAFCU Chief Economist Tun Wai.
- Hubert Humphrey III at CFPB seniors office (October 21, 2011) Topics: Daily News
Hubert Humphrey III, a former senator, state attorney general and the
son of the deceased Vice President Hubert Humphrey Jr., is now assistant
director of the Consumer Financial Protection Bureau Office of Older
Americans, the CFPB announced Wednesday.
- NAFCU backs 30-year mortgage, sees federal role (October 21, 2011) Topics: Daily News
Any housing finance reform effort must preserve widespread access to the 30-year, fixed-rate mortgage to ensure the best interests of consumers and the housing market, and that requires a continued federal role in housing finance, NAFCU witness John Fenton told lawmakers Thursday.
- NAFCU members in the news on bank fees (October 21, 2011) Topics: Daily News
At least three NAFCU member credit unions have drawn media interest over the past two days as news publications – including The New York Times, The Charlotte Observer and more – continue to follow developments regarding big-bank fees.
- NCUA writes on OCP; NAFCU vigilant (October 21, 2011) Topics: Daily News
NCUA yesterday published Letter 11-CU-17 to provide a basic overview of its Office of Consumer Protection and its process for handling consumer complaints, but NAFCU is continuing to press the agency to ensure that process does not increase reputation risk for credit unions.
- Super committee sets third hearing for Oct. 26 (October 21, 2011) Topics: Daily News
The Joint Select Committee on Deficit Reduction will hold its third public meeting on Oct. 26, and Congressional Budget Office Director Douglas Elmendorf is slated to testify.
- CPI data show price surges were temporary (October 20, 2011) Topics: Data/Economic Indicators, Daily News
September’s negligible uptick in consumer prices seems to bear out the Federal Reserve’s expectation that price increases earlier this year won’t last, NAFCU Chief Economist Tun Wai said Wednesday.
- Full privatization may end 30-year mortgage, Fenton will testify (October 20, 2011) Topics: Daily News
The 30-year, fixed-rate mortgage could become a thing of the past if the federal government no longer has a significant role in housing finance, NAFCU witness John Fenton, president and CEO of Affinity FCU, will tell the Senate Banking Committee this morning.
- NAFCU at SBA on CFPB role (October 20, 2011) Topics: Daily News
The Small Business Administration’s Office of Advocacy hosted a roundtable Tuesday with representatives of NAFCU and other financial trades to discuss the Dodd-Frank Act’s impact on small entities, including credit unions.
- NAFCU webcast touts best use of staff assessments (October 20, 2011) Topics: Daily News
Effective employee assessments can save credit unions time and money by helping ensure the right people are hired and promoted, Malinda Lowery, senior consultant at Human Capital Solutions Group, told NAFCU webcast participants Wednesday.
- PBS highlights CULookup.com, NAFCU (October 20, 2011) Topics: Daily News
NAFCU’s communications team has been working overtime to draw notice to credit unions as consumers continue to balk at new bank fees, and that work yielded one picture worth 1,000 words Tuesday on PBS’ "Nightly Business Report."
- Regulators slate fair lending webinar (October 20, 2011) Topics: Daily News
NCUA and the Consumer Financial Protection Bureau are among the federal agencies set to participate in a free online webinar Nov. 2, “Fair Lending Issues and Hot Topics.”
- CUs get continued press attention amid reaction to rising bank fees (October 19, 2011)
A new Associated Press report focusing on what consumers should consider in moving from a bank to a credit union looks to Consumers Union, which is suggesting that consumers leave big banks if they won’t scrap plans to charge fees for debit card use.
- NAFCU to Hill on housing finance reform (October 19, 2011) Topics: Daily News
NAFCU member representative John Fenton, president and CEO of Affinity FCU in Basking Ridge, N.J., has joined the witness list for Thursday’s Senate Banking Committee hearing on housing finance reform.
- NAFCU webcast to update CUs on BSA (October 19, 2011) Topics: Daily News
Jeffrey Pratt, deputy assistant director for the Financial Crimes Enforcement Network, will update credit unions on the latest developments concerning the Bank Secrecy Act and detail how those changes will affect their institutions during NAFCU’s Nov. 2 webcast.
- NCUSIF, NCUA budget on webinar agenda (October 19, 2011) Topics: Daily News
NCUA Chairman Debbie Matz is set to host a free webinar Nov. 9 that will address corporate system resolution, the National Credit Union Share Insurance Fund, NCUA’s 2012 budget outlook, regulatory modernization and more, the agency said Tuesday.
- S.A.F.E. Act renewal period near (October 19, 2011) Topics: Daily News
Credit unions and others that were registered on the Nationwide Mortgage Licensing System and Registry on or before July 1 will have Nov. 1 through Dec. 31 of this year to renew their registration for 2012, but only institutions will have to pay a renewal fee.
- Support voiced for CU business lending (October 19, 2011) Topics: Daily News
Bill Saffo, mayor of Wilmington, N.C., has urged Reps. Shelley Moore Capito, R-W.Va., and Mike McIntyre, D-N.C., to help lead efforts to pass H.R. 1418, the credit union member business loan cap-lift bill.
- CUs testing business continuity plans (October 18, 2011) Topics: Daily News
Nearly one-third of credit unions that responded to NAFCU’s latest
Economic and CU Issues Monitor survey have used their business
continuity plans this year in response to tornadoes, hurricanes and other
natural disasters, and more than half of those avoided any interruption
in service to members.
- MBL bill cosponsor list rises to 91, NAFCU urges CU action this week (October 18, 2011) Topics: Daily News
NAFCU is urging credit unions to contact their House representatives this week in support of H.R. 1418, the Small Business Lending Enhancement Act, which has 91 cosponsors with the addition Friday of Reps. Steve Cohen, D-Tenn., and Todd Platts, R-Pa.
- NAFCU urges Senate panel on MBL (October 18, 2011) Topics: Daily News
NAFCU Executive Vice President of Government Affairs Dan Berger last night urged the Senate Small Business Committee to consider the bipartisan S. 509, the Small Business Lending Enhancement Act, as a way to help promote new jobs without taxpayer dollars.
- Republicans write super committee (October 18, 2011) Topics: Daily News
Republicans weighed in last week with the Joint Select Committee on Deficit Reduction, urging action on measures targeting regulatory burden and more as ways to help reduce the deficit over the next 10 years.
- 4 more insured banks closed (October 17, 2011) Topics: Daily News
The FDIC announced failures of four federally insured banks Friday, raising the total bank failures this year to 80 and posing an additional $221.7 million cost to the Deposit Insurance Fund.
- Final, proposed Q&A on flood insurance out (October 17, 2011) Topics: Daily News
NCUA and other federal financial institution regulators on Friday released final and proposed revisions to a federal flood insurance questions-and-answer guidance document that is out for a 45-day comment period.
- Jackson joins MBL cap lift cosponsors (October 17, 2011) Topics: Daily News
Rep. Jesse Jackson Jr., D-Ill., on Thursday became the 89th cosponsor of H.R. 1418, the Small Business Lending Enhancement Act, which would allow NCUA to approve a higher member business lending cap for eligible credit unions.
- Justice asked to investigate bank fees (October 17, 2011) Topics: Daily News
Five House Democrats last week asked the Justice Department to look into whether big banks have violated federal antitrust laws through the fee increases they have been rolling out in response to the debit interchange fee cap.
- Retail sales surprise on upside in September (October 17, 2011) Topics: Data/Economic Indicators, Daily News
Strong auto sales were a key factor in September’s unexpectedly robust retail sales increase, but NAFCU Chief Economist Tun Wai cautioned that the data are not necessarily a sign of things to come.
- Senate Banking to address 30-year mortgage (October 17, 2011) Topics: Daily News
The Senate Banking Committee holds a hearing Thursday on housing finance reform and continuation of the 30-year fixed mortgage.
- 2012 Marketing Awards program online (October 14, 2011) Topics: Daily News
NAFCU is accepting entries for its 2012 Marketing Awards Program, and
it's doing it online – providing association members a faster, more
streamlined process for submitting their most creative and effective
promotions to the competition.
- Berger, Thaler named top lobbyists again (October 14, 2011) Topics: Daily News
NAFCU’s Dan Berger and Brad Thaler have been recognized once again as two of the top lobbyists working on Capitol Hill, according to The Hill newspaper.
- CFPB exam, supervision guidance online (October 14, 2011) Topics: Daily News
Consumer Financial Protection Bureau supervision and examination guidance is online now and will be used in the bureau’s examination of all depository institutions offering consumer financial services.
- CULookup.com traffic soars (October 14, 2011) Topics: Daily News
Traffic to CULookup.com, NAFCU’s credit union locator site, continues to see growth in traffic, with a 350 percent increase in the two weeks since Bank of America and other banking giants announced plans to begin assessing debit-card and checking fees.
- CUs called to action on proposed repeal of Durbin amendment (October 14, 2011) Topics: Daily News
NAFCU President Fred Becker is calling on credit unions to contact their House representatives and urge them to cosponsor H.R. 3156, a bill introduced by Reps. Jason Chaffetz, R-Utah, and Bill Owens, D-N.Y., to repeal the debit interchange provisions of the Dodd-Frank Act.
- NAFCU presence felt as deficit talks progress (October 14, 2011) Topics: Daily News, Credit Union Tax Exemption
Today is the deadline for congressional committees to submit their recommendations to the deficit super committee on ways to find $1.2 trillion in savings, and NAFCU is continuing to ensure that credit unions have a voice in the process.
- Berger welcomes debit fee-cap repeal bill (October 13, 2011) Topics: Daily News
NAFCU’s Dan Berger on Wednesday thanked Reps. Jason Chaffetz, R-Utah, and Bill Owens, D-N.Y., for introducing H.R. 3156, a bill that would repeal the debit interchange provisions of the Dodd-Frank Act to “restore balance to the electronic payments system.”
- CUs, Matz: MBLs help jobs, cut risk (October 13, 2011) Topics: Daily News
NAFCU and other credit union representatives told lawmakers in a hearing Wednesday that a higher member business loan cap would allow credit unions to supply more capital to small businesses and lead to greater jobs growth – the economy’s single largest challenge right now.
- House clears SCRA revisions (October 13, 2011) Topics: Daily News
The House late Tuesday approved H.R. 1263, a bill that would revise the Servicemembers Civil Relief Act to protect the real and personal property interests of surviving spouses of service members who die while in the military.
- Input sought on NACHA settlement rules (October 13, 2011)
NAFCU members have until Nov. 1 to provide their input to the association’s official comment to NACHA regarding a proposed rule on expedited processing and settlement over the automated clearinghouse system.
- NAFCU voices CUs’ support for FHLBs (October 13, 2011) Topics: Daily News, Housing, Mortgage
Credit unions currently rely on the Federal Home Loan Banks for a number of important uses, and NAFCU on Wednesday urged Congress to be mindful that any housing reform effort it pursues does not disrupt this service.
- CUs’ consumer lending outpaces industry (October 12, 2011) Topics: Data/Economic Indicators, Daily News, Growth/Lending
The recent string of consecutive consumer credit increases came to a halt in August, but credit unions reported a stronger pace of consumer lending than overall financial institutions.
- Discounts end today for Oct. 19 webcast (October 12, 2011) Topics: Daily News
Today is the final day credit unions will receive registration discounts
for NAFCU’s Oct. 19 webcast, which will detail key elements of
effective employee assessment programs.
- FDIC sees $19 billion in losses in next 5 years (October 12, 2011) Topics: Daily News
FDIC on Tuesday said it anticipates the Deposit Insurance Fund, which protects banks, will see about $19 billion in costs from bank failures from 2011 through 2015 and that the fund should reach 1.15 percent of insured deposits in 2018.
- Fed proposes changes to reserve rules (October 12, 2011) Topics: Daily News
The Federal Reserve Board is seeking comments on a proposed simplification of Regulation D, which sets reserving requirements for depository institutions.
- Grinnell: MBL cap lift will grow jobs (October 12, 2011) Topics: Daily News
NAFCU witness Gary Grinnell today will urge lawmakers to lift the “job-killing” member business loan cap from 12.25 percent of assets to 27.5 percent, a move that could help spur more than $13 billion in new loans and create more than 140,000 new jobs in one year.
- Loan participation proposal anticipated soon (October 12, 2011) Topics: Daily News
NCUA’s board is expected to release a proposal to strengthen rules on loan participations this fall, according to NAFCU regulatory affairs staff.
- FDIC fund loss projections slated (October 11, 2011) Topics: Daily News
The FDIC Deposit Insurance Fund’s losses, income and restoration plan reserve ratios will be discussed in the agency board’s open meeting today at 10 a.m.
- Hearings this week on FHLBs, housing finance (October 11, 2011) Topics: Daily News
Oversight of the Federal Home Loan Bank System will be discussed Wednesday during a hearing of the House Financial Services Subcommittee on Oversight and Investigations, and one of the scheduled witnesses is urging against changes in FHLB membership and lending rules.
- Job data reinforce urgency for MBL cap lift (October 11, 2011) Topics: Data/Economic Indicators, Daily News, Member Business Lending
September’s anemic job numbers are another reminder why Congress should pass legislation that expands credit unions’ ability to make small-business loans, NAFCU Chief Economist Tun Wai said.
- MBL hearing slate includes NCUA, bankers (October 11, 2011) Topics: Daily News
Representatives from NCUA, a credit union share insurance company and
bankers’ associations will join NAFCU witness Gary Grinnell, president
and CEO of Corning CU, for tomorrow’s hearing on legislation to raise
the credit union member business lending cap.
- No debit, checking fees at this CU (October 11, 2011) Topics: Daily News
Bank of America’s new debit-card fee has generated big numbers in online traffic and new-account openings for NAFCU member Charlotte Metro CU, a development that made the evening news last week on WBTV.
- Biden: Banks not paying ‘fair share’ (October 7, 2011)
Vice President Biden on Thursday said big banks’ decision to assess new debit-card fees after enjoying a taxpayer bailout have broken the social contract, and people are frustrated.
- CFPB eyes HMDA changes in Dodd-Frank (October 7, 2011) Topics: Daily News
The Consumer Financial Protection Bureau will be working to provide better data, not just more of it, to lenders in carrying out Dodd-Frank Act mortgage data collection requirements, bureau staff said in a symposium Thursday attended by NAFCU Regulatory Affairs Counsel Dillon Shea.
- Cordray clears Senate Banking for CFPB (October 7, 2011) Topics: Daily News
The president’s nomination of former Ohio attorney general Richard Cordray cleared the Senate Banking Committee Thursday on a straight party-line vote of 12-10, but its chances of proceeding further remain uncertain.
- Geithner presses on mortgage servicing standards (October 7, 2011) Topics: Daily News
The Financial Stability Oversight Council is pressing for housing finance reforms that include establishment of national standards for the mortgage servicing market, Treasury Secretary Tim Geithner told lawmakers Thursday.
- Grinnell to testify on H.R. 1418 (October 7, 2011) Topics: Daily News
Gary Grinnell, president and CEO of Corning CU, will represent NAFCU in supporting a member business loan cap lift during a House Financial Institutions Subcommittee hearing Wednesday.
- Hunt urges NCUA 2nd look at credit ratings (October 7, 2011)
Removing all references to credit ratings from NCUA’s corporate credit union regulation would result in added regulatory burden for corporates as well as natural person credit unions, NAFCU’s Carrie Hunt said in an official comment Thursday.
- NAFCU members, we want your stories (October 7, 2011) Topics: Daily News
NAFCU wants to know just what moved its member credit unions to join, and to encourage response, it’s entering each institution replying by Oct. 28 in a drawing for one free registration to NAFCU’s 2012 Annual Conference & Exhibition in Nashville.
- NAFCU steps up pressure for MBL cap lift (October 7, 2011) Topics: Daily News, Member Business Lending, Small Business Administration, Business Lending
NAFCU pressed Congress and the Small Business Administration anew Thursday on the need for expanded credit union member business lending authority, a move that is even more urgent in light of banks' focus on new fees for consumers over lending to small businesses.
- Bank fees driving consumers to CUs (October 6, 2011) Topics: Daily News
Several credit unions have seen a rise in membership numbers following Bank of America’s announcement of a $5 monthly debit-card fee, with Navy FCU reporting a surge in new checking accounts over the weekend – an increase of 3,200.
- CFPB hopeful Cordray up for vote (October 6, 2011)
The Senate Banking Committee is set to vote today on the president’s nomination of Richard Cordray as the director of the Consumer Financial Protection Bureau, which is taking over the job of regulating consumer financial protections and the examination of institutions with more than $10 billion in assets.
- House MBL cap-lift bill support grows (October 6, 2011) Topics: Daily News
The number of cosponsors for a House credit union member business lending cap-lift bill is growing slowly but steadily, with yet two more House members signing onto the measure Tuesday.
- President urges cybersecurity awareness (October 6, 2011) Topics: Daily News
The president this week proclaimed October as National Cybersecurity Awareness Month and urged Americans to observe it with “activities, events and trainings that will enhance our national security and resilience,” and NAFCU offers a variety of tools to help credit unions do their part year-round.
- Webcast explains BSA, risk management (October 6, 2011) Topics: Daily News
NAFCU Chief Operating Officer Anthony Demangone detailed NCUA’s expectations for credit union boards regarding general risk management and provided an overview of the Bank Secrecy Act that would satisfy annual training requirements during yesterday’s NAFCU webcast.
- 2 join MBL cap-lift cosponsor list (October 5, 2011) Topics: Daily News
Reps. William Lacy Clay, D-Mo., and Steven Rothman, D-N.J., on Monday penned their names to the list of cosponsors for the NAFCU-backed H.R. 1418, legislation that would raise the credit union member business lending cap to 27.5 percent of assets.
- Bernanke: GSE reform unlikely to happen soon (October 5, 2011) Topics: The Economy, Daily News, Housing, Mortgage
Federal Reserve Chairman Ben Bernanke cautioned Congress Tuesday that any housing finance reform options should be considered carefully, noting that it would be difficult to put in place a viable alternative to Fannie Mae and Freddie Mac over the near term.
- Credit-card fees on merchants’ radar (October 5, 2011) Topics: Daily News
NAFCU is staying vigilant on the issue of interchange price-fixing, and that’s good, because retailers are already setting their sights on a new target in seeking to boost their bottom lines: They want price caps on credit-card interchange fees.
- Members’ input sought on BSA e-filing (October 5, 2011) Topics: Daily News
NAFCU is asking members to provide their input by Oct. 28 to the association’s official comment on a proposal rule that would require electronic filing for all Bank Secrecy Act reports.
- Stepping Stones FCU charter approved (October 5, 2011) Topics: Daily News
NCUA’s Office of Consumer Protection yesterday approved a charter for Stepping Stones FCU, a community-based credit union in Wilmington, Del., with a field of membership of about 72,700 people.
- Vehicle sales surge may be sign of things to come (October 5, 2011) Topics: Data/Economic Indicators, Daily News
September proved to be a surprisingly robust month for vehicle sales, and NAFCU believes the data bodes well for the fourth quarter and 2012.
- Bernanke to discuss economic outlook (October 4, 2011) Topics: Daily News
Federal Reserve Chairman Ben Bernanke is set to present an economic outlook today during a 10 a.m. hearing of the congressional Joint Economic Committee.
- Employee assessment on tap for webcast (October 4, 2011) Topics: Daily News
NAFCU’s Oct. 19 webcast will teach credit unions how to design effective employee assessment programs that will help maximize productivity, reduce turnover and assist in compliance with fair employment guidelines.
- Miller, Obama respond to BofA fee (October 4, 2011) Topics: Daily News
Consumers aren't the only ones unhappy with Bank of America's new fee for debit card users: The president and Rep. Brad Miller, D-N.C., are among those panning the change, and Miller wants to make it easier for account holders to change institutions.
- NCUA bidders’ meetings underway (October 4, 2011) Topics: Daily News
Parties that want to be involved in Wednesday’s bidders’ teleconference with NCUA regarding Western Bridge Corporate FCU have until noon today to submit completed confidentiality agreements to the agency.
- NCUA budget action 6 weeks away (October 4, 2011) Topics: Daily News
In about six weeks, the NCUA Board is expected to act on three items that have bottom-line impacts on federally insured credit unions: the agency’s operating budget, federal credit union operating fee scale and overhead transfer.
- Regulatory compliance deadlines loom (October 4, 2011) Topics: Daily News
Federally insured credit unions are facing a Jan. 1 mandatory deadline for complying with changes earlier this year to NCUA’s rules on the accuracy of advertising and notice of insured status.
- Hearings eye housing finance, MBL (October 3, 2011) Topics: Daily News
Congress resumes work this week with a full slate of hearings over the next two weeks, including credit unions’ member business lending authority, responses to the housing finance crisis and, among other things, the impact on the economy of the federal budget deficit.
- NAFCU asks fee-shocked consumers to consider credit unions (October 3, 2011) Topics: Daily News
With Bank of America and other large banks launching new fees in response to a debit interchange fee cap that took effect Saturday, NAFCU is redoubling efforts to inform consumers about the value of credit unions as a safe, convenient, lower-cost place to save and borrow.
- Net worth/equity ratio rule effective Oct. 31 (October 3, 2011) Topics: Daily News
NAFCU on Friday published a Final Regulation for its members on NCUA’s recent revisions to the definitions of net worth and equity ratio under this year’s amendments to the Federal Credit Union Act.
- Webcast supports annual BSA training (October 3, 2011) Topics: Daily News
Credit unions that register for Wednesday’s NAFCU webcast will be one
step closer to ensuring their volunteers and top-level staff receive
training on Bank Secrecy Act compliance and general risk management