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  • NAFCU at RNC as Romney accepts nomination (August 31, 2012) Topics: Daily News, Key Legislative Issues
    Former Massachusetts Gov. Mitt Romney delivered his acceptance speech as the Republican nominee for president yesterday on the final day of the Republican National Convention in Tampa, Fla., and NAFCU continued its onsite work to draw attention to credit union issues.
  • NAFCU calls for targeted reverse mortgage reforms (August 31, 2012) Topics: Daily News, NAFCU Comment Letters
    The Consumer Financial Protection Bureau’s efforts to regulate reverse mortgages would be best served by targeting unscrupulous lenders rather than adding more compliance burdens to responsible lenders, NAFCU Regulatory Affairs Counsel Dillon Shea told the bureau Thursday.
  • NAFCU closing for Labor Day (August 31, 2012) Topics: Daily News
    NAFCU’s offices will close today at 1 p.m. and remain closed through Monday in observance of the Labor Day holiday.
  • NAFCU seeks member input on financial education (August 31, 2012) Topics: Daily News, Regulatory Alerts
    NAFCU has issued a Regulatory Alert to solicit feedback from members on the Consumer Financial Protection Bureau’s request for information about ways to improve financial education.
  • NCUA approves Lakota FCU charter (August 31, 2012) Topics: Daily News, NCUA
    Lakota FCU, a low-income designated, community credit union in South Dakota, has become the second federal credit union chartered this year by NCUA, the agency announced this week.
  • Neal confirmed for Caucus (August 31, 2012) Topics: Daily News, Key Legislative Issues
    House Ways and Means Committee Member Richard E. Neal, D-Mass., is the latest speaker confirmed for NAFCU’s 2012 Congressional Caucus, set for Sept. 11-14 in Washington.
  • New Compliance Monitor tackles open-end lending (August 31, 2012) Topics: Daily News, Compliance and Business Manuals, Compliance Issues
    NAFCU-member credit unions looking for an overview of NCUA’s revised guidance on multi-featured open-end lending, released in July, can find it in the September issue of NAFCU's Compliance Monitor.
  • 2Q GDP revised up, weakness remains (August 30, 2012) Topics: Data/Economic Indicators, Daily News
    The government’s newly revised second-quarter real gross domestic product data indicate that economic growth is still strong enough to keep the recovery going, but too weak to make much of a dent in the unemployment rate, said NAFCU Staff Economist Curt Long.
  • Fed now publishing unaudited quarterly reports (August 30, 2012) Topics: Daily News
    The Federal Reserve Board announced this week it is now publishing unaudited financial reports on a quarterly basis to provide more information about the central bank’s holdings.
  • NAFCU Board Member Schwartz profiled in CUTimes (August 30, 2012) Topics: Daily News
    NAFCU Board Director and Mission FCU CEO Debra Schwartz was profiled this week in the CUTimes publication’s “Women to Watch” series, a feature that spotlights “influential, forward-thinking women reshaping the future of the credit union community.”
  • NAFCU talks CUs with lawmakers at RNC (August 30, 2012) Topics: Daily News, Key Legislative Issues
    NAFCU’s advocacy efforts continued at the Republican National Convention in Tampa, Fla., Wednesday as NAFCU Board Member and CEO of Randolph Brooks FCU Randy Smith discussed credit union issues with three influential House chairmen.
  • NCUA activates disaster relief policy (August 30, 2012) Topics: Daily News, NCUA
    Credit unions affected by Hurricane Isaac should note that NCUA has activated its disaster relief policy and is reminding the public that share deposits at federally insured credit unions are backed by the U.S. government up to $250,000.
  • NCUA to host TDR webinar on Sept. 20 (August 30, 2012) Topics: Daily News, NCUA
    NCUA will host a free webinar Sept. 20 at 2:30 pm Eastern to help credit unions better understand its final rule on troubled debt restructurings that was approved in May and included changes sought by NAFCU.
  • FDIC: Bank profits hit $34.5 billion in 2Q (August 29, 2012) Topics: Data/Economic Indicators, Daily News, External Issues and Reports
    Federally insured banks and savings institutions reported second-quarter profits of $34.5 billion, up $5.9 billion from the second-quarter in 2011, according to the FDIC’s latest Quarterly Banking Profile.
  • Marisic touts Caucus on CUbroadcast (August 29, 2012) Topics: Daily News, Key Legislative Issues
    NAFCU Political Affairs Director Katherine Marisic, in an interview that aired Monday on CUbroadcast.com, urged credit unions to attend NAFCU’s Congressional Caucus in September to “help shape the issues” being discussed in Washington.
  • NACHA: 15.5 billion remittances processed monthly (August 29, 2012) Topics: Data/Economic Indicators, Daily News, External Issues and Reports
    A new study from NACHA shows that U.S. businesses process 15.5 billion remittances every month from domestic and international trading partners, with postal mail continuing to be the most common delivery channel.
  • NAFCU advocating as RNC ramps up (August 29, 2012) Topics: Daily News, Key Legislative Issues
    NAFCU participated Tuesday in the first full day of events and activities at the Republican National Convention in Tampa, Fla., with Ann Romney, wife of Republican presidential nominee Mitt Romney, and Gov. Chris Christie, N.J., among the day’s most prominent speakers.
  • NAFCU, others ask Fed to revise interchange fee (August 29, 2012) Topics: Daily News, Interchange
    NAFCU and seven other industry trades sent a joint letter to Federal Reserve Chairman Ben Bernanke Friday requesting that the Fed Board include additional costs in setting the interchange fee for card issuers.
  • Deadline nears on Monitor survey (August 28, 2012) Topics: Data/Economic Indicators, Federal Credit Union Trends, Daily News, Flash Report
    NAFCU members are encouraged to complete a survey on interchange and card-related issues for the September issue of the association’s Economic and CU Issues Monitor, slated for publication within the next three weeks.
  • Marisic offers advocacy tips in CUinsight (August 28, 2012) Topics: Daily News, Key Legislative Issues
    An Aug. 27 article on CUinsight.com by NAFCU Director of Political Affairs Katherine Marisic highlights four ways that credit unions can bolster the effectiveness of their advocacy efforts as the fall election season looms.
  • NAFCU engaged as RNC events commence (August 28, 2012) Topics: Daily News, Key Legislative Issues
    The Republican National Convention in Tampa, Fla., kicks in to high gear today following the postponement of Monday’s slate of activities due to an oncoming tropical storm, and NAFCU board and staff will be attending to draw attention to credit union issues.
  • NAFCU seeks members’ input on mortgage servicing (August 28, 2012) Topics: Daily News, Regulatory Alerts
    NAFCU has issued a Regulatory Alert to solicit comments from members about the Consumer Financial Protection Bureau’s proposed rule that would change current requirements for mortgage servicers.
  • NCUA posts new three-part video on economy (August 28, 2012) Topics: Data/Economic Indicators, Daily News, External Issues and Reports, NCUA
    A three-part video posted on YouTube last week by NCUA features the agency’s chief economist, John Worth, discussing the latest trends and developments affecting credit unions, including a look at the projected future Stabilization Fund assessments.
  • Report highlights drop in delinquencies (August 28, 2012) Topics: Daily News, External Issues and Reports
    Home, auto and credit card delinquency rates all declined by double-digit percentages from one year ago, according to a new report from credit-reporting agency Equifax.
  • Hunt talks reg burden at Aerospace Conference (August 27, 2012) Topics: Daily News, NCUA
    NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt discusses the current regulatory environment facing credit unions and NAFCU’s efforts to improve it in her address today at the Aerospace Conference in Boston.
  • NAFCU releases Q2 report on issues, trends (August 27, 2012) Topics: Daily News, Key Legislative Issues, NCUA
    NAFCU members can now download the association’s Q2 Industry Snapshot and Board Briefing, a report that has been improved and repackaged to provide a convenient, up-to-date overview of the latest legislative and regulatory activities impacting credit unions.
  • NAFCU urges use of CUs’ feedback (August 27, 2012) Topics: Daily News, NAFCU Comment Letters, NCUA
    NCUA was urged to translate the comments they heard from the credit union industry during the agency’s recently concluded “listening sessions” – particularly with respect to examination concerns – in a letter Friday from NAFCU President and CEO Fred Becker to agency Chairman Debbie Matz.
  • NCUA approves first new FCU charter this year (August 27, 2012) Topics: Daily News, NCUA
    Internet Archive FCU, a New Brunswick, N.J.-based low-income designated, community credit union, has become the first new federal credit union chartered in 2012, NCUA announced Friday.
  • NCUA issues bulletin on tropical storm in Gulf (August 27, 2012) Topics: Daily News, Insurance
    Credit unions in the Gulf region should note that NCUA has issued a bulletin about the possible impact of Tropical Storm Isaac.
  • Report says FHA-loan fraud down (August 27, 2012) Topics: Daily News
    A housing industry firm found that misrepresentations on mortgages backed by the Federal Housing Administration dropped 40 percent from 2010 to 2011, but analysts suggest recent changes at FHA could reverse that trend, according to HousingWire.
  • Briotta is NAFCU’s director of public relations (August 24, 2012) Topics: Daily News
    NAFCU’s Patricia Briotta has been promoted to director of public relations for the association.
  • CBO warns of second recession over ‘fiscal cliff’ (August 24, 2012) Topics: Daily News, External Issues and Reports
    The Congressional Budget Office released a report Wednesday concluding that the U.S. economy will revert back into a recession if Congress fails to avert a series of tax increases and budget cuts scheduled to go into effect in January.
  • Members’ input due soon on NCUA, CFPB regs (August 24, 2012) Topics: Daily News
    Member credit unions have until Aug. 31 to get their input to NAFCU on NCUA’s proposed rule on who can declare a credit union is in “troubled” condition.
  • New-home sales mark two-year high (August 24, 2012) Topics: Data/Economic Indicators, Daily News
    New-home sales rebounded in July, hitting a two-year high, but NAFCU believes the numbers are not necessarily a sign of things to come given the volatile marketplace and economic uncertainty.
  • SCRA mortgage protection extended (August 24, 2012) Topics: Daily News
    Post-service mortgage protections for military servicemembers are extended in measures signed into law earlier this month by President Obama.
  • 8 days to save on Reg Compliance Seminar (August 23, 2012) Topics: Daily News
    NAFCU Certified Compliance Officers and others who want a comprehensive look at the raft of new rules coming out of the Consumer Financial Protection Bureau and more will get it at this year’s NAFCU Regulatory Compliance Seminar, and discounts end Aug. 31.
  • Capito joins NAFCU Caucus slate (August 23, 2012) Topics: Daily News
    House Financial Services Subcommittee Chairman Shelley Moore Capito, R-W.Va., is the latest member of Congress to join the speaker slate for NAFCU’s Congressional Caucus next month in Washington.
  • Data underscore existing-home market vulnerability (August 23, 2012) Topics: Data/Economic Indicators, Daily News
    July’s existing-home sales gain fell short of expectations, reinforcing NAFCU’s view that the housing market remains vulnerable as the tepid recovery continues.
  • Fannie, Freddie align short sale programs (August 23, 2012) Topics: Daily News
    Fannie Mae and Freddie Mac issued new guidelines for a consolidated short sale program that, beginning Nov. 1, is expected to ease the short sale process for lenders, servicers and eligible borrowers.
  • Federal pay growth limited for 2013 (August 23, 2012) Topics: Daily News
    The president this week announced continued limits on the growth of federal civilian salaries for 2013 that are expected again to help limit the pace of salary increases at NCUA.
  • Webcast breaks down TDR rules for CUs (August 23, 2012) Topics: Daily News
    Credit unions participating in NAFCU’s webcast yesterday on troubled debt restructurings learned about the reasons for NCUA’s revised rule on TDRs and how such transactions are defined for regulatory and accounting purposes.
  • 2 weeks to press MBL in districts (August 22, 2012) Topics: Daily News
    Lawmakers are in their home districts for two more weeks – time that NAFCU wants credit unions to use seeking passage of S. 2231 and H.R. 1418, bills that would raise the credit union member business lending cap to free up capital for small businesses.
  • CFPB mortgage servicing exemption limited (August 22, 2012) Topics: Daily News
    Readers of NAFCU’s Compliance Blog learned Tuesday that the Consumer Financial Protection Bureau’s proposed rule for mortgage servicers includes an exemption that, on close inspection, is narrower than it appears to be at first glance.
  • CUinsight: Caucus timed for advocacy (August 22, 2012) Topics: Daily News, Key Legislative Issues
    NAFCU’s 2012 Congressional Caucus next month will come at a “crucial time,” CUinsight contributor Mike Lawson says in an Aug. 21 article pointing to this key opportunity to advocate for credit union issues just ahead of the fall elections.
  • Half of cell phone users to mobile bank by 2013 (August 22, 2012) Topics: Data/Economic Indicators, Federal Credit Union Trends, Daily News
    An article highlighting the growing acceptance of mobile banking notes that the expectation is for nearly half of all cellphone users to bank on their phones by 2013.
  • Loan workout rules detailed today (August 22, 2012) Topics: Daily News
    Credit unions will get an overview of the things they need to do to comply with NCUA’s revised rule on loan workouts and troubled debt restructurings today during NAFCU’s webcast, “Comply with the NCUA Troubled Debt Restructuring Rule."
  • SBA targets disaster preparedness (August 22, 2012) Topics: Daily News
    September is National Preparedness Month, and the Small Business Administration is doing its part by offering a series of four webinars that credit unions and their small-business members may want to tap for insight on effective disaster preparedness.
  • Breland joins NAFCU board of directors (August 21, 2012) Topics: Daily News
    NAFCU announced Monday that it has named Martin Breland, president and CEO of Tower FCU, as Region II director on the NAFCU board of directors.
  • CU witness talks reg burden at field hearing (August 21, 2012) Topics: Daily News, Financial Services Committee
    Peoples FCU President and CEO Tom Brewer told a House subcommittee Monday at a field hearing that the litany of new regulatory requirements has become “a considerable financial burden” that takes away resources from providing member service.
  • Monitor offers mixed critique of examiners (August 21, 2012) Topics: Daily News, Flash Report, NCUA, Exams
    The August edition of NAFCU’s Economic and CU Monitor contains mixed results about examinations at credit unions, with many respondents expressing frustration over a lack of clarity in the exam process.
  • NAFCU touts CU efforts to protect elders (August 21, 2012) Topics: Daily News, NAFCU Comment Letters
    Credit unions are “trailblazers” in the financial education field, and as such, offer a wealth of tools and services to prevent elders and others from financial fraud and abuse, NAFCU Regulatory Counsel Tessema Tefferi told the Consumer Financial Protection Bureau Monday.
  • Shasky Calvery to head FinCEN (August 21, 2012) Topics: Data/Economic Indicators
    The Treasury Department said Monday that Jennifer Shasky Calvery will become the new director of the Financial Crimes Enforcement Network.
  • Aug. 22 webcast highlights TDR rule (August 20, 2012) Topics: Daily News, Final Regulations, NCUA, Compliance Issues
    NAFCU will hold a webcast Wednesday highlighting credit unions’ accounting and reporting requirements under NCUA’s final rule on troubled debt restructuring.
  • CFPB unveils mortgage origination, comp proposals (August 20, 2012) Topics: Daily News, Key Regulatory Issues
    The Consumer Financial Protection Bureau is seeking comments on new proposals released Friday that would expand on and clarify existing requirements related to mortgage loan originations and compensation.
  • Discount ends soon for Reg Compliance Seminar (August 20, 2012) Topics: Daily News, Compliance Issues, Certification/Training
    Credit union professionals have until Aug. 31 to save $100 on registration for NAFCU’s 2012 Regulatory Compliance Seminar, to be held Oct. 23-26 in Seattle.
  • Study: CUs closing convenience gap via mobile banking (August 20, 2012) Topics: Data/Economic Indicators, Daily News
    A new study released last week shows that online and mobile banking has helped credit unions narrow the convenience gap with banks.
  • Treasury modifies Fannie, Freddie wind-down agreements (August 20, 2012) Topics: Daily News, Housing
    The Treasury Department announced Friday it has amended the terms of its preferred stock purchase agreements with Fannie Mae and Freddie Mac and is now requiring the two companies to speed up the wind-down process of their holdings.
  • Field hearing eyes reg impact on jobs (August 17, 2012) Topics: Daily News, Financial Services Committee
    Credit unions in the West Virginia region should take note of a special field hearing Monday aimed at garnering feedback from local financial institutions about how the current regulatory environment is affecting their ability to spur job creation.
  • Lawmakers call for CFPB to delay remittance rule (August 17, 2012) Topics: Daily News, Financial Services Committee, Key Regulatory Issues
    At the urging of NAFCU and other financial services trades, a bipartisan group of House lawmakers sent a letter Thursday to the Consumer Financial Protection Bureau requesting that the implementation of the final rule on remittances be delayed.
  • NAFCU expands Sept. 5 mortgage proposal webcast (August 17, 2012) Topics: Daily News
    NAFCU has expanded the scope of its planned Sept. 5 webcast focusing on the Consumer Financial Protection Bureau’s numerous changes to the mortgage lending process.
  • NAFCU seeks clarification on CFTC proposal (August 17, 2012) Topics: Daily News, NAFCU Comment Letters
    NAFCU told the Commodity Futures Trading Commission Thursday that a proposed rule exempting cooperatives from swap clearing requirements could be improved if an explicit exemption was included for all credit unions, regardless of their asset size.
  • NCUA weighs in on multi-featured loans (August 17, 2012) Topics: Daily News, NCUA
    NCUA has concluded in a legal opinion that it is permissible for a federal credit union to offer a multi-featured lending plan that utilizes one umbrella loan agreement for multiple subaccounts with open-end and closed-end credit features.
  • Survey: CU members more optimistic on economy (August 17, 2012) Topics: Data/Economic Indicators, Daily News
    Credit union members, on average, are more positive about the state of the economy than non-credit union members, according to Discover’s latest U.S. Spending Monitor survey.
  • CPI report gives Fed room to act if needed (August 16, 2012) Topics: Data/Economic Indicators, Daily News
    July marked the fourth consecutive month that the overall consumer price index has not increased, and that gives the Federal Reserve the flexibility to do more to spur the economic recovery if it chooses to, NAFCU Staff Economist Curt Long said Wednesday.
  • CU supporter Royce confirmed for Caucus (August 16, 2012) Topics: Daily News, Key Legislative Issues
    Rep. Ed Royce, R-Calif., chief sponsor of the House member business loan cap-lift bill and a senior member of the House Financial Services Committee, is scheduled to speak Friday, Sept. 14 at NAFCU’s Congressional Caucus in Washington.
  • NAFCU offers CFPB input on mortgage proposals (August 16, 2012) Topics: Daily News, Key Regulatory Issues
    Senior NAFCU staff met with Consumer Financial Protection Bureau representatives Wednesday to continue discussing proposals that would combine mortgage disclosures and expand the number of loans subject to the Home Ownership and Equity Protection Act.
  • NCUA awards $1.4 million to small CUs (August 16, 2012) Topics: Daily News
    NCUA announced Wednesday that it has awarded $1.4 million in technical assistance grants to more than 100 small credit unions after receiving the highest total funding request in program history.
  • Proposed rule issued on high-risk mortgage loans (August 16, 2012) Topics: Daily News, Key Regulatory Issues
    An interagency proposed rule released Wednesday would impose new requirements for credit unions that issue higher-risk mortgage loans, such as providing a free copy of the appraisal to borrowers.
  • Webcast highlights cyber security tips (August 16, 2012) Topics: Daily News, Key Regulatory Issues
    Credit unions must have strong, well-defined policies in place for addressing cyber threats, and those policies must be applied to all vendors and business partners, computer security expert Randy Romes said in a NAFCU webcast Wednesday.
  • CU supporter Sherman joins Caucus slate (August 15, 2012) Topics: Daily News, Key Legislative Issues
    Credit union champion and House Financial Services Committee Member Brad Sherman, D-Calif., is the latest speaker confirmed for NAFCU’s Congressional Caucus in Washington this September.
  • NAFCU at CFPB to discuss TILA/RESPA (August 15, 2012) Topics: Daily News, Regulatory Alerts
    NAFCU Vice President of Regulatory Affairs Carrie Hunt and NAFCU Regulatory Affairs Counsel Dillon Shea will meet with the Consumer Financial Protection Bureau today to discuss proposed rule changes relating to credit union mortgage lending practices.
  • NCUA talks CLF, LICU eligibility in webinar (August 15, 2012) Topics: Daily News, NCUA
    NCUA held back-to-back webinars Tuesday to provide more information on issues relating to the Central Liquidity Facility, including the agency’s proposed rule on emergency liquidity, and the low-income credit union designation.
  • Retail sales picture uncertain despite uptick (August 15, 2012) Topics: Data/Economic Indicators, Daily News
    Retail sales rebounded in July with a surprising uptick, but NAFCU Chief Economist David Carrier cautioned that “it remains to be seen whether stronger consumer confidence will translate into sustained growth” in the months ahead.
  • Study shows bank fees continue to rise (August 15, 2012) Topics: Daily News
    A new study at MoneyRates.com confirms that bank customers are being hit with higher fees today than they were at the end of 2011, with banks increasing charges on everything from checking accounts to ATM usage.
  • Business-practice patent final rule published (August 14, 2012) Topics: Daily News
    The U.S. Patent and Trade Office’s final rule on business-practice patents will be published in the Federal Register today.
  • CFPB comment deadline on elder abuse nears (August 14, 2012) Topics: Daily News
    The Consumer Financial Protection Bureau is seeking information from the public on elder financial abuse and comments are due Monday, Aug. 20.
  • Federation names Mahon as new CEO (August 14, 2012) Topics: Daily News
    The National Federation of Community Development Credit Unions has announced that Cathie Mahon will begin serving as its new president and CEO effective Oct. 1.
  • NAFCU Aug. 15 webcast examines cyber threats (August 14, 2012) Topics: Daily News, NCUA, Online Security
    NAFCU is offering a webcast tomorrow that looks at how malware attacks and other cyber threats are evolving and what credit unions can do to better protect themselves.
  • NAFCU discusses QM rule with CFPB (August 14, 2012) Topics: Daily News, Key Regulatory Issues
    NAFCU Regulatory Affairs Counsel Dillon Shea and COMSTAR FCU President and CEO Vicki Johnston met Monday with Consumer Financial Protection Bureau officials to provide the association’s perspective on the agency’s qualified mortgage rulemaking proposal.
  • Small entities issue report on CFPB proposal (August 14, 2012) Topics: Daily News, Key Regulatory Issues
    The Consumer Financial Protection Bureau has posted to its website a report from a small-business review panel on the agency’s mortgage servicing proposal that reflects input from NAFCU and NAFCU member-credit unions.
  • CFPB proposes mortgage servicing rule changes (August 13, 2012) Topics: Daily News
    The Consumer Financial Protection Bureau is taking comments until Oct. 9 on proposed rules that would revise mortgage servicing requirements under the Truth in Lending Act and Real Estate Settlement Procedures Act.
  • January target for final mortgage servicing rules (August 13, 2012) Topics: Daily News, Key Regulatory Issues
    The Consumer Financial Protection Bureau’s proposed rules on mortgage servicing were written to reflect two “basic, common-sense standards – no surprises and no runarounds,” and are due to be finalized by January, CFPB Director Richard Cordray said in a press call Friday.
  • Low-income segment added to Tuesday webinar (August 13, 2012) Topics: Daily News, NCUA
    NCUA’s Aug. 14 webinar on the future of the Central Liquidity Facility and proposed rule on emergency liquidity sources is being expanded to include a segment on NCUA’s recently streamlined process for obtaining a low-income designation.
  • NAFCU asks for comments on ‘troubled condition’ proposal (August 13, 2012) Topics: Daily News
    NAFCU has issued a Regulatory Alert to elicit feedback from members on NCUA’s proposed rule that authorizes the agency to declare state chartered, federally insured credit unions to be in a “troubled condition.”
  • NAFCU launches web videos to tout Caucus (August 13, 2012) Topics: Daily News, Key Legislative Issues
    NAFCU has posted a four-part video series on its website highlighting the importance of political activism and how credit unions can participate in NAFCU’s 2012 Congressional Caucus, slated for Sept. 11-14 in Washington.
  • NAFCU offers free Compliance GPS preview (August 13, 2012) Topics: Daily News, Key Regulatory Issues, Compliance and Business Manuals
    Credit union compliance officers and other industry professionals can now view for free the updated 2012 NAFCU Credit Union Compliance GPS chapter on the Consumer Financial Protection Bureau in its entirety as well as the first 10 pages of the chapter on Regulation Z.
  • Bank fined over student debit-card program (August 10, 2012) Topics: Daily News
    FDIC announced settlements with Higher One Inc. of New Haven, Conn., and the Bancorp Bank, Wilmington, Del., for alleged unfair and deceptive practices in a student debit card account program, in violation of Section 5 of the Federal Trade Commission Act.
  • Compliance Blog tackles final rule on remittances (August 10, 2012) Topics: Daily News, Compliance Issues
    Credit union compliance officers looking for a convenient overview of the Consumer Financial Protection Bureau’s recently unveiled final rule on remittances are encouraged to view Thursday’s post on the NAFCU Compliance Blog.
  • NAFCU membership growth continues (August 10, 2012) Topics: Daily News, Join NAFCU
    NAFCU continues to see an influx of new members this year, with the American Broadcast Employees FCU of New York, N.Y., the latest credit union to join.
  • NCUA names director of risk management (August 10, 2012) Topics: Daily News, NCUA
    JeanMarie Komyathy will become NCUA’s director of risk management in the Office of Examination and Insurance effective Sept. 3, the agency announced Wednesday.
  • NCUA: Video teller OK for expansion (August 10, 2012) Topics: Daily News
    As advocated by NAFCU, NCUA has determined that a video teller machine, or virtual teller, qualifies as a service facility for purposes of satisfying NCUA chartering rules regarding select-group additions and underserved areas, as detailed in a legal opinion letter to the association released Thursday.
  • Some CUs ‘capped out’ on MBL (August 10, 2012) Topics: Daily News
    The constraining effect of the 12.25-percent-of-assets cap on credit unions' member business lending is becoming more apparent as credit unions, according to Biz2Credit, approved fewer small-business loan applications in July, the second consecutive month of decline in this area.
  • United Catholic CU liquidated (August 10, 2012) Topics: Daily News
    The tiny United Catholic CU of Temperance, Mich., was liquidated Thursday after state regulators determined it was operating in an unsafe, unsound manner and insolvent, NCUA reported.
  • Bernanke touts importance of financial education (August 9, 2012) Topics: Daily News
    The importance of readily available financial education, an issue that NAFCU and credit unions are passionate about, was touted in a speech Tuesday by Federal Reserve Chairman Ben Bernanke.
  • CDFI awards hit historic $186.9 million (August 9, 2012) Topics: Daily News
    The Community Development Financial Institutions Fund announced a total of $186.9 million in awards this year to 210 entities – including 26 credit unions – to support economic development in low-income communities.
  • Fannie 2Q net income $5.1 billion (August 9, 2012) Topics: Daily News
    Fannie Mae generated $5.1 billion in net income during the second quarter, bring total net income for the first half to $7.8 billion and ending June 30 with $2.8 billion in net worth.
  • NCUA exam focus shifts with trends (August 9, 2012) Topics: Daily News
    NCUA has credit unions on a 12-month examination cycle, but the “minimum scope” of these examinations this year and going into 2013 will focus on audits, credit unions learned in a NAFCU webcast held Wednesday with NCUA Examination and Insurance Director Larry Fazio.
  • Perlmutter a Caucus speaker; 2 win primaries (August 9, 2012) Topics: Daily News
    Rep. Ed Perlmutter, D-Colo., a member of the House Financial Services Committee, has joined the speaker slate for the NAFCU Congressional Caucus next month in Washington.
  • President to report on budget cuts (August 9, 2012) Topics: Daily News
    President Obama will report to Congress soon after Labor Day on the $109 billion in budget cuts that he will make under sequestration in January if Congress and the administration fail to agree on a set of their own – and these would likely affect military bases.
  • Waters urges longer transaction account guarantee (August 9, 2012) Topics: Daily News
    Three House members, including Congressional Caucus speaker Maxine Waters, D-Calif., included the parity sought by NAFCU in a request sent Wednesday to the Office of Management and Budget urging a two-year continuation of full protection of noninterest-bearing transaction accounts.
  • 1,003 CUs notified of low-income designation (August 8, 2012) Topics: Daily News
    NCUA yesterday said it has informed 1,003 credit unions they are eligible for the agency’s low-income designation, which makes them eligible to engage in unlimited member business lending and receive other benefits.
  • CFPB rule exempts 100 remittances (August 8, 2012) Topics: Daily News
    Credit unions that handle no more than 100 remittances in a year will have a safe harbor from new disclosure and other requirements under a Consumer Financial Protection Bureau final rule that takes effect Feb. 7.
  • Clyburn, Reed confirmed for Caucus (August 8, 2012) Topics: Data/Economic Indicators, Daily News
    The speaker lineup for NAFCU’s 2012 Congressional Caucus on Sept. 11-14 continues to expand, with House Assistant Democratic Leader James Clyburn, D-S.C., and Sen. Jack Reed, D-R.I., the latest lawmakers confirmed to appear.
  • Exams focus of 2 p.m. webcast (August 8, 2012) Topics: Daily News
    Credit unions will get helpful tips and guidance on how to make the most of their examination experience during a NAFCU webcast today with NCUA Examination and Insurance Director Larry Fazio.
  • IRR, usury cap and CLF explained in letters (August 8, 2012) Topics: Daily News
    NCUA issued three letters late Monday regarding the interest-rate risk regulation set to take effect Sept. 30, the extension of the 18 percent loan-rate cap and the impact on credit unions of U.S. Central’s planned redemption of Central Liquidity Facility stock this fall.
  • Student loans behind consumer credit uptick (August 8, 2012) Topics: Data/Economic Indicators, Daily News
    Federal student lending drove consumer credit up in June, and credit unions’ decline in their share of the market likely reflects the fact that they no longer offer those types of loans, NAFCU Staff Economist Curt Long noted.
  • 3 senators press for QM ‘safe harbor’ (August 7, 2012) Topics: Daily News
    Sens. Roy Blunt, R-Mo., Mark Begich, D-Alaska, and Jerry Moran, R-Kan., have written Consumer Financial Protection Bureau Director Richard Cordray to urge “clear standards” in the bureau’s rule on qualified mortgages and consumers’ ability to pay.
  • CUs called to action on ATM, MBL (August 7, 2012) Topics: Daily News
    NAFCU President and CEO Fred Becker is calling on credit unions to keep up the pressure on lawmakers over the next four weeks – Congress’ district work period – on legislation to remove the dual ATM fee disclosure requirement and to raise the credit union member business loan cap.
  • NAFCU urges bylaws working group (August 7, 2012) Topics: Daily News
    NAFCU on Monday urged NCUA to establish a working group or advisory committee of qualified industry participants to discuss an update of the Federal Credit Union Bylaws, which have had few revisions since 2006.
  • Note to CFPB: 2 sides to every story (August 7, 2012) Topics: Daily News
    A recent blog post by the Consumer Financial Protection Bureau about a consumer’s problem with a bank account is one-sided and opens the door to mistaken impressions about financial institutions, a point underscored on NAFCU’s Compliance Blog and the Bank Lawyer’s Blog.
  • WaPo article focuses on CU shared branches (August 7, 2012) Topics: Daily News
    Credit unions’ growing use of shared branches in the wake of Bank Transfer Day is the focus of an Aug. 5 Washington Post Capital Business article, which also quotes NAFCU President and CEO Fred Becker promoting the trend.
  • Bills would pare FSOC, Fed powers (August 6, 2012) Topics: Daily News
    Congress is out for the month, but lawmakers stayed in town long enough last week to introduce a raft of new bills, including two in the House and Senate that would eliminate the Financial Stability Oversight Council’s authority to designate “systemically important” nonbanks.
  • CFPB asks for ideas where to intervene (August 6, 2012) Topics: Daily News
    The Consumer Financial Protection Bureau has been filing amicus briefs in cases dealing with consumer financial services laws and is looking for new ideas of where to file more.
  • Durbin pans Visa/MasterCard settlement (August 6, 2012) Topics: Daily News
    Sen. Richard Durbin, D-Ill., filed a statement last week criticizing the Federal Reserve Board’s debit interchange rule as well as the recent $6 billion-plus settlement offered by Visa and MasterCard in a credit card fee antitrust suit from 2005.
  • Friday deadline in member video contest (August 6, 2012) Topics: Daily News
    NAFCU members have until 5 p.m. Eastern this Friday to enter NAFCU’s member-only video contest for a chance to win a flip video camera and free registration to NAFCU’s Congressional Caucus next month in Washington.
  • Jobs gains may be less than meet the eye (August 6, 2012) Topics: Data/Economic Indicators, Daily News
    Payroll growth appeared to be stronger than expected in July, but NAFCU believes the uptick may not paint an accurate picture of the employment situation.
  • Mortgage settlement PSA unveiled (August 6, 2012) Topics: Daily News
    The first public service announcement related to the national mortgage servicing settlement initiated last year was announced Friday by the Department of Housing and Urban Development and Iowa Attorney General Tom Miller.
  • Waters, Fryzel tout CUs at AACUC conference (August 6, 2012) Topics: Publications
    Rep. Maxine Waters, D-Calif., and NCUA Board Member Michael Fryzel touted credit unions’ work serving low-income and underserved communities and urged their continued growth during the annual conference of the African American Credit Union Coalition last week in Charleston, S.C.
  • ATM, cyber bills on hold for recess (August 3, 2012) Topics: Daily News
    The Senate adjourned last night without taking any decisive action on the NAFCU-backed ATM measure or the newer cyber security bill, leaving both measures on hold until Congress reconvenes after Labor Day.
  • Compliance team posts helps on CFPB (August 3, 2012) Topics: Daily News
    Credit union staff looking for a brief, concise overview of how their institutions could be affected by the actions of the Consumer Financial Protection Bureau are encouraged to visit the NAFCU Compliance Blog to see Thursday’s post on CFPB “main points” and regulatory authority.
  • Cornyn reminds of tax expenditures (August 3, 2012) Topics: Daily News
    Without targeting the credit union tax exemption or other specific provisions, Sen. John Cornyn, R-Texas, said during a mark-up of tax-cut extenders Thursday that he thinks there should be a “burden of proof” of need for current tax expenditures.
  • Ginnie Mae’s Tozer at NAFCU Caucus (August 3, 2012) Topics: Daily News
    Ted Tozer, president of Ginnie Mae, is the latest to join the speaker slate for NAFCU’s 2012 Congressional Caucus, a prime opportunity for credit union representatives to hear directly from lawmakers and regulators about issues affecting their operations and members.
  • Guinta added to House Financial Services (August 3, 2012) Topics: Daily News
    The House Financial Services Committee on Wednesday voted to approve Rep. Frank Guinta, R-N.H., as a member of the panel.
  • Input sought on emergency liquidity proposal (August 3, 2012) Topics: Daily News
    NAFCU is asking members to submit their input to the association’s official comment on NCUA’s proposed emergency liquidity rule by Sept. 7.
  • Vehicle sales pace belies tough economy (August 3, 2012) Topics: Data/Economic Indicators, Daily News
    July’s vehicle sales data provide yet more evidence that demand for vehicles remains solid despite a weak economy, NAFCU Staff Economist Curt Long said.
  • A M Community CU liquidated (August 2, 2012) Topics: Daily News
    The $121.8-million-in-assets A M Community CU of Kenosha, Wis., was liquidated Wednesday and its members, deposits, core facilities and consumer loans were purchased and assumed by TruStone Financial FCU of Plymouth, Minn., NCUA said.
  • Becker tells bankers MBL is about jobs (August 2, 2012) Topics: Daily News
    NAFCU President and CEO Fred Becker responded to a recent "BankThink" article by a banking trade CEO by reminding that credit unions’ bid for greater member business lending authority is less about bank profits and more about helping to grow jobs.
  • Cordray says TILA/RESPA forms under review (August 2, 2012) Topics: Daily News
    The Consumer Financial Protection Bureau is seeking input on issues raised by small entities, including credit unions, about proposed combined disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act, bureau Director Richard Cordray said during Wednesday’s House Small Business Committee hearing.
  • CUs beat banks on platinum card rates (August 2, 2012) Topics: Daily News
    Credit unions were found to offer the lowest rates on rewards-based and platinum credit cards in a recent analysis by SNL Financial, which reported the credit union card rates at nearly 200 basis points below rates at banks and thrifts as of March 31.
  • CUs talk exams, liquidity; NCUA sets webinar (August 2, 2012) Topics: Daily News
    NCUA’s listening session Tuesday in Denver drew continued discussion about the examination process as well as the agency’s proposal on access to emergency liquidity, which is also now slated for discussion in a free NCUA webinar Aug. 14.
  • FOMC stays course with rate range, policy (August 2, 2012) Topics: Data/Economic Indicators, Daily News
    The Federal Open Market Committee made no new policy announcements following the conclusion of its two-day meeting Wednesday, reiterating once again that it intends to keep the federal funds rate “exceptionally low” through the end of 2014.
  • Becker to Hill: CFPB's proposed mortgage regs need work (August 1, 2012) Topics: Daily News
    NAFCU President and CEO Fred Becker yesterday praised the Consumer Financial Protection Bureau’s efforts to gather stakeholders’ input on mortgage disclosure rules but told lawmakers the process and the proposed rules resulting from it need work.
  • Becker urges Senate to back cyber bill amendment (August 1, 2012) Topics: Daily News, Senate Banking Committee, Technology/Security
    The cyber security bill being debated in the Senate would be improved if it included a NAFCU-backed amendment requiring non-financial institutions to have the same type of data safeguard protections that credit unions have under Gramm-Leach-Bliley, NAFCU President and CEO Fred Becker told Senate leaders Tuesday.
  • Fazio says big-CU exams will be more robust (August 1, 2012) Topics: Daily News
    NCUA Director of Examination and Insurance Larry Fazio told NAFCU Today last week that examinations of natural person credit unions by the agency’s new Office of National Examinations and Supervision will be “more robust.”
  • FHFA, Treasury bump heads on principal reduction (August 1, 2012)
    As urged by NAFCU, the Federal Housing Finance Agency will not be adding any “principal reduction alternative” to the Home Affordable Mortgage Program run through Fannie Mae and Freddie Mac, FHFA Acting Director Ed DeMarco told lawmakers Tuesday.
  • FOMC statement out this afternoon (August 1, 2012) Topics: Daily News
    The Federal Open Market Committee concludes a two-day meeting today on monetary policy that should provide a look at whether the Fed has any near-term changes in store to stimulate economic growth.