January

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  • 23 win NAFCU marketing awards (January 31, 2013) Topics: Daily News
    Twenty-three winners in NAFCU’s 2013 Marketing Awards Competition were announced Wednesday and will be honored in conjunction with the association’s Strategic Growth Conference, slated March 12-14 in New Orleans.
  • Becker seeks more CU remittance relief (January 31, 2013) Topics: Daily News
    The CFPB’s proposal on international remittances shows an effort to ease credit unions’ burden but would not stop remittances from becoming too costly for providers or make them less confusing for consumers, NAFCU President and CEO Fred Becker told the CFPB Wednesday.
  • Discount today on every NAFCU conference (January 31, 2013) Topics: Daily News
    A special January discount on all 2013 NAFCU conferences and seminars expires tonight, so credit unions will save substantially by getting their registrations in now.
  • FOMC minutes will draw scrutiny, Long says (January 31, 2013) Topics: Daily News
    NAFCU Staff Economist Curt Long said the minutes from this week’s two-day Federal Open Market Committee, which concluded yesterday and signaled no new policy actions, “will be highly scrutinized for indications of the committee’s policy directions over the course of the year.”
  • Galante says FHA changes ahead (January 31, 2013) Topics: Daily News
    Federal Housing Administration Commissioner Carol Galante on Wednesday announced a series of changes ahead aimed at improving FHA’s risk management and the strength of the Mutual Mortgage Insurance Fund.
  • Input needed on ability-to-repay exemptions (January 31, 2013) Topics: Daily News
    NAFCU is looking to members for input, tomorrow and Feb. 5, on the CFPB’s requests for comments on credit card rules, trial disclosures and the final ability-to-repay mortgage rule that takes effect next Jan. 10.
  • NAFCU sees positive signs in 4Q GDP report (January 31, 2013) Topics: Daily News
    NAFCU Staff Economist Curt Long said the government’s initial fourth-quarter GDP report contains “a number of positives” about the state of the economy, including continued growth in residential investment and consumer spending.
  • NAFCU working Hill on housing reform (January 31, 2013) Topics: Daily News
    NAFCU lobbyists are staying close to key players in this year’s housing reform debate, which begins in earnest soon in a planned series of House Financial Services Committee hearings.
  • Becker briefs Tower on tax, CFPB (January 30, 2013) Topics: Daily News
    NAFCU President and CEO Fred Becker briefed the board of Tower FCU via Skype Tuesday on developments in Congress, including “fiscal cliff” discussions and NAFCU’s ongoing efforts to prevent credit unions’ federal tax exemption from becoming a target.
  • FCU operating fee invoices out in March (January 30, 2013) Topics: Daily News
    Federal credit unions that had more than $1 million in assets last Dec. 31 can expect to receive invoices for their 2013 operating fees in March, NCUA says in Letter to Federal Credit Unions 13-FCU-01.
  • NAFCU lobbying for data security ahead of executive order (January 30, 2013) Topics: Daily News
    NAFCU is staying close to lawmakers as House and Senate leaders debate the issue of cyber security in the wake of several high-profile data breaches and in anticipation of a presidential executive order addressing it.
  • Reid: Debt ceiling vote this week (January 30, 2013) Topics: Daily News
    Senate Majority Leader Harry Reid, D-Nev., said Tuesday that a House-passed bill to suspend the federal debt ceiling until mid-May will be taken up by the Senate before week’s end.
  • Unlimited webcast subscription offer ends soon (January 30, 2013) Topics: Daily News
    NAFCU’s offer of discounted pricing for its 2013 webcasts, including the eight just added to the schedule to address CFPB mortgage reform, ends tomorrow.
  • Arrowhead, AEA faring better (January 29, 2013) Topics: Daily News
    NCUA has announced positive financial results for the conserved Arrowhead Central CU and AEA FCU and noted hopes of releasing AEA from conservatorship this year.
  • CUs urged to highlight merchant surcharges (January 29, 2013) Topics: Daily News
    NAFCU Director of Regulatory Compliance Steve Van Beek is urging credit unions to educate members about potential credit card surcharges now that merchants are permitted to impose such fees under a class action settlement.
  • FOMC to meet, no policy changes expected (January 29, 2013) Topics: Daily News
    NAFCU economists believe it is unlikely any major policy shifts will be announced by the Federal Open Market Committee following a two-day meeting that concludes Wednesday, its first policy setting session for 2013.
  • Hensarling calls for CFPB changes (January 29, 2013) Topics: Daily News
    House Financial Services Chairman Jeb Hensarling, R-Texas, called anew Friday for establishment of a bipartisan commission at the CFPB in light of a federal appeals court ruling calling some of the president’s agency appointments unconstitutional.
  • More time to send credit card agreements urged (January 29, 2013) Topics: Daily News
    NAFCU Executive Vice President of Government Affairs Dan Berger on Monday asked the CFPB for improvements in the bureau’s process for collecting credit card agreements.
  • NACHA guidance addresses mobile payments (January 29, 2013) Topics: Daily News
    A NACHA council last week issued guidelines for the use of the quick response code, a type of bar code, in consumer bill payments and is inviting financial institutions and others to participate in an “early adopter” test.
  • NCUA has $9.5 million for low-income CUs (January 29, 2013) Topics: Daily News
    NCUA is making $9.5 million in loans available this year to low-income-designate credit unions through the Community Development Revolving Loan, the agency announced.
  • Senate clears Hurricane Sandy relief (January 29, 2013) Topics: Daily News
    The Senate on Monday passed H.R. 152, which calls for $50.5 billion in aid related to Hurricane Sandy to fund emergency food assistance, construction, flood and storm damage assessments and more.
  • Annual sales of new homes reach milestone (January 28, 2013) Topics: Daily News
    New-home sales slowed in December on a monthly basis, but overall sales for 2012 marked the strongest showing since 2009 and the first annual gain since 2005.
  • Appeals court: Recess appointments invalid (January 28, 2013) Topics: Daily News
    A federal appeals court opined last week that the president’s 2012 recess appointments to the National Labor Relations Board violated the Constitution, a ruling that may fuel the hopes of opponents of Richard Cordray’s similar appointment as CFPB director.
  • IRS explains exclusion for some HAMP aid (January 28, 2013) Topics: Daily News
    “Investor incentive payments” made by the federal government’s Home Affordable Mortgage Program are not generally taxable to borrowers participating in HAMP’s Principal Reduction Alternative, the IRS said in guidance released last week.
  • NAFCU backs FinCEN BSA proposal (January 28, 2013) Topics: Daily News
    NAFCU supports the Financial Crimes Enforcement Network’s proposal  to amend the definitions of "funds transfer" and "transmittal of funds" under Bank Secrecy Act regulations because it would lead to greater consistency in the regulatory process, NAFCU’s Tessema Tefferi wrote Friday.
  • NAFCU’s Briotta touts America Saves (January 28, 2013) Topics: Daily News
    Credit unions can encourage their members to build wealth by participating in America Saves Week, Feb. 25-March 3, NAFCU Director of Public Relations Patty Briotta said in a CUinsight.com article Friday.
  • Thaler urges CUs to heed Napolitano on cyber attacks (January 28, 2013) Topics: Daily News
    NAFCU Vice President of Legislative Affairs Brad Thaler is urging credit unions to take seriously Homeland Security Secretary Janet Napolitano’s warning that a cyber attack on the scale of 9/11 could impact the U.S. very soon.
  • 2 conserved CUs improving (January 25, 2013) Topics: Daily News
    Keys FCU and Texans CU, two institutions currently under NCUA conservatorship, have logged improved financials over the past year.
  • Becker reflects on NAFCU tenure, CU industry (January 25, 2013) Topics: Daily News
    Reflecting on his time as NAFCU President and CEO, Fred Becker told CUBroadcast’s Mike Lawson that the association has evolved over the years into “the premiere trade association” of the credit union industry, and that credit unions have come out of the Great Recession “very well positioned” competitively.
  • Camp drafts tax bill on financial products (January 25, 2013) Topics: Daily News
    House Ways and Means Chairman Dave Camp, R-Mich., released a draft bill Thursday on reform of the tax treatment of complex financial instruments, part of a larger effort to secure comprehensive corporate tax reform.
  • Coordination improves but slows Dodd-Frank rules (January 25, 2013) Topics: Daily News
    Financial regulators told the Government Accountability Office that they think coordination in their Dodd-Frank Act rulemakings has improved the quality of those rulemakings but has slowed the process to finalization – all in all not a bad thing, according to NAFCU’s Carrie Hunt.
  • Cordray nominated to 5-year term (January 25, 2013) Topics: Daily News
    President Obama on Thursday announced he was nominating CFPB Director Richard Cordray to a full, five-year term as the bureau's top official.
  • NCUA posts 2013 reg review list (January 25, 2013) Topics: Daily News
    NCUA plans to address rules on credit union service organizations, member business lending, fair credit reporting, share insurance and more as part of its review this year of one-third of its regulations, and comments will be taken until Aug. 5.
  • Remittance disclosure complexities examined (January 25, 2013) Topics: Daily News
    NAFCU webcast participants on Thursday learned about the proper policies and procedures that are needed to comply with the CFPB’s international remittance disclosure rules, including the necessary calculations for rate, fee and tax information and the timing of disclosures.
  • ATM speech output rule spawns new suits (January 24, 2013) Topics: Daily News
    The automated teller machine speech output requirement implemented last year under the Americans With Disabilities Act is being used in dozens of lawsuits being filed by two individuals against banks and credit unions in several states.
  • Berger: Use tax study to fend off bankers (January 24, 2013) Topics: Daily News
    Credit unions seeking tools to head off and repel banker attacks on the credit union tax exemption are encouraged to download and use the data from NAFCU’s landmark tax exemption study, association Executive Vice President of Government Affairs Dan Berger said Wednesday.
  • Capito panel to oversee mobile device issues (January 24, 2013) Topics: Daily News
    The House Financial Services Committee held its organizing meeting Wednesday, formally approving the subcommittee assignments announced Tuesday and clarifying the charge of the Subcommittee on Financial Institutions.
  • Cordray calls Becker on nomination (January 24, 2013) Topics: Daily News
    CFPB Director Richard Cordray reached out to NAFCU President and CEO Fred Becker by phone today, this time to let him know of a pending announcement by President Obama that he plans to nominate the CFPB leader to a full, five-year term.
  • Lew nomination in Senate Finance (January 24, 2013) Topics: Daily News
    The president’s nomination of Jack Lew to succeed Tim Geithner as Treasury secretary was received Tuesday by the Senate and awaits action by the Senate Finance Committee.
  • Matz says February meeting addresses ‘rural’ (January 24, 2013) Topics: Daily News
    NCUA‘s next board meeting will address the definition of “rural” district, NCUA Chairman Debbie Matz said during a 19-minute interview with CUBroadcast’s Mike Lawson.
  • Webinar outlines tips on serving low-income members (January 24, 2013) Topics: Daily News
    NCUA webinar participants on Wednesday learned key strategies about maximizing service to low-income credit union members, as well as an overview of benefits and potential risks associated with the low-income credit union designation.
  • Discounts for all in Jan. 24 remittance webcast (January 23, 2013) Topics: Daily News
    NAFCU has extended registration discounts for Thursday’s webcast on the CFPB’s remittance regulation to all participants.
  • FFIEC proposes social media guidance (January 23, 2013) Topics: Daily News
    Guidance on how credit unions, banks, savings associations and regulated nonbank entities should ensure their social media activities comply with federal consumer protection and compliance requirements was proposed for comment Tuesday by the Federal Financial Institutions Examination Council.
  • Hunt presses reg cost-benefit analysis (January 23, 2013) Topics: Daily News
    NAFCU’s Carrie Hunt, referring to a Government Accountability Office report issued Tuesday, said stakeholders are less concerned about how regulators respond to comments received on rules than the methods they use to ensure the benefits of those rules outweigh the costs of implementation.
  • Improving conditions lift existing-home sales (January 23, 2013) Topics: Daily News
    Record-low interest rates, high affordability, pent-up demand and an improving labor market all contributed to December’s 12.8 percent year-over-year increase in existing-home sales, noted NAFCU Research Assistant Doug Christman.
  • NAFCU backs FASB reporting exemption (January 23, 2013) Topics: Daily News
    NAFCU on Tuesday stated its support for a Financial Accounting Standards Board proposal to exempt credit unions and other nonpublic entities with assets of $100 million or more from a fair value disclosure requirement.
  • NAFCU-backed remittance delay set (January 23, 2013) Topics: Daily News
    As urged by NAFCU, the CFPB said Tuesday it is definitely going to delay implementation of its final international remittance regulation and said it will announce that date later this year.
  • Some shuffling of House Financial services posts (January 23, 2013) Topics: Daily News
    Three subcommittee chairmanships within the House Financial Services Committee are changing hands this year, in part to deal with the departures of Judy Biggert, R-Ill., and Ron Paul, R-Texas.
  • 2 final rules on appraisals out (January 22, 2013) Topics: Daily News
    Two final rules dealing with appraisals were released Friday – one from the CFPB that requires lenders to provide home loan applicants free copies of written appraisals, and another from an interagency group that sets new requirements for lenders that issue higher-risk mortgage loans.
  • CFPB heeds NAFCU on comp rule, concerns remain (January 22, 2013) Topics: Daily News
    As NAFCU advocated, the CFPB announced Friday that its final rule on mortgage loan originator compensation will not include the 0-0 alternative mortgage loan requirement.

  • Federal Reserve to expand payments survey (January 22, 2013) Topics: Daily News
    The Federal Reserve announced last week that it is expanding its triennial survey of the payment industry to capture more information about emerging trends.
  • Kucey, Becker help mark inaugural (January 22, 2013) Topics: Daily News
    The past weekend was a whirlwind of activity in the nation’s capital as President Obama took his oath of office to a second term, and NAFCU representatives helped mark the occasion by attending a number of inaugural events held Saturday through Monday.
  • Low-income CU, HMDA webinars this week (January 22, 2013) Topics: Daily News
    NCUA is hosting two free webinars this week – one Tuesday that looks at ways low-income-designated credit unions can improve service to low-income members, and another Thursday that examines Home Mortgage Disclosure Act reporting.
  • Prudential survey shows CUs win on trust (January 22, 2013) Topics: Daily News
    Findings from a new nationwide survey of employees provide yet more evidence that when it comes to the issue of trust, credit unions come out on top.
  • CFPB mortgage hearing draws CU reps (January 18, 2013) Topics: Daily News
    The CFPB’s hearing yesterday in Atlanta on the bureau’s final mortgage servicing rule drew participants from all sides of the mortgage process – including two NAFCU member credit unions.
  • CFPB, NAFCU to talk financial empowerment (January 18, 2013) Topics: Daily News
    NAFCU President and CEO Fred Becker, Executive Vice President of Government Affairs Dan Berger, General Counsel and Vice President of Regulatory Affairs Carrie Hunt, and Regulatory Affairs Counsel P.J. Hoffman are headed to the CFPB headquarters today to meet with Cliff Rosenthal and others about empowering low- and limited-income consumers.
  • FinCEN invites nominations for BSA group (January 18, 2013) Topics: Daily News
    Nominations of financial institution and trade group representatives for the Bank Secrecy Act Advisory Group are due Feb. 15, the Financial Crimes Enforcement Network announced.
  • Military Saves wraps up ’13 planning at NAFCU (January 18, 2013) Topics: Daily News
    NAFCU on Thursday hosted the final planning meeting for Military Saves Week, which takes place Feb. 25-March 2, and will focus on its continued push for credit union participation in the campaign.
  • Mortgage insurance still Box 4 of 1098 (January 18, 2013) Topics: Daily News
    Credit unions reporting mortgage insurance premiums paid by their members should still report that information in Box 4 of Form 1098 for tax year 2012.
  • NAFCU reps at Inaugural events (January 18, 2013) Topics: Daily News
    NAFCU Board Secretary Jeanne Kucey will be in the nation’s capital representing the association at several events for the inauguration of President Barack Obama to his second term in the White House oval office.
  • NAFCU reviewing mortgage servicing reg (January 18, 2013) Topics: Daily News
    The CFPB’s final rule on mortgage servicing includes, as urged by NAFCU, a higher servicer exemption threshold than was proposed to ensure relief for small credit unions, but whether the final threshold is high enough remains to be seen.
  • NAFCU sees continued membership growth (January 18, 2013) Topics: Daily News
    NAFCU has been adding new members at a steady clip in recent months, one of the most recent being Peninsula Community FCU of Shelton, Wash.
  • $50.7 billion in Sandy aid cleared (January 17, 2013) Topics: Daily News
    A $50.7 billion Hurricane Sandy relief measure was cleared last Tuesday by the House to fund emergency food assistance, construction, flood and storm damage assessments and more.
  • Cordray: 5,000-transaction exemption in final mortgage servicing rule (January 17, 2013) Topics: Daily News
    CFPB Director Richard Cordray, in a phone call with NAFCU President and CEO Fred Becker, last night indicated the final mortgage servicing rule slated for release today will provide an exemption for entities servicing 5,000 or fewer transactions.
  • Fed, OCC cite JPMorgan for BSA deficiencies (January 17, 2013) Topics: Daily News
    JPMorgan Chase is required to repair deficiencies in its Bank Secrecy Act/anti-money laundering compliance program over the next few months under consent cease-and-desist orders published this week by the Federal Reserve Board and Office of the Comptroller of the Currency.
  • NAFCU sees little change coming in inflation (January 17, 2013) Topics: Daily News
    NAFCU expects 2012’s moderate pace of inflation to largely continue in 2013, giving the Federal Reserve ample room to extend its asset purchases and low-interest-rate policies, NAFCU Research Assistant Doug Christman said.
  • Report: Rising prices, investors aid housing (January 17, 2013) Topics: Daily News
    A Jan. 15 report in Bloomberg/Business Week notes that rising home values, coupled with a decrease in the number of underwater borrowers, is spurring the housing recovery and could bode well for the market in 2013.
  • Webcast helps prep CUs on vendor management (January 17, 2013) Topics: Daily News
    Credit unions learned about how they can avoid legal and regulatory headaches when working through third-party vendors during NAFCU’s webcast Wednesday, “Managing Credit Union Vendor Due Diligence.”
  • Autos, holiday shopping drive retail sales (January 16, 2013) Topics: Daily News
    Strong auto sales and higher-than-expected holiday sales were key factors behind December’s 0.5 percent retail sales increase, noted NAFCU Research Associate Doug Christman.
  • CFPB delay on remittances backed (January 16, 2013) Topics: Daily News
    NAFCU and six other trade organizations stated their support for a delay in the CFPB’s final rule on international remittances in a letter sent jointly to the bureau Tuesday.
  • CU exemption untouched by new Ross bill (January 16, 2013) Topics: Daily News
    As NAFCU advocated, the credit union tax exemption is not affected by a revised deficit reduction bill introduced Monday night by Rep. Dennis Ross, R-Fla.
  • Monitor: Remittance exemption ineffective (January 16, 2013) Topics: Daily News
    Half of all respondents surveyed for the latest NAFCU Economic & CU Monitor survey will not be protected by the CFPB’s exemption from its international remittance rule, a finding that supports NAFCU’s view that the current threshold is too low.
  • NAFCU input reflected in higher-risk mortgage rule (January 16, 2013) Topics: Daily News
    Several NAFCU recommendations are addressed in an interagency final rule on higher-priced mortgages that is making the rounds of federal regulators for sign-off, but NAFCU still has some concerns.
  • QM/ability to repay detailed in NAFCU Final Reg (January 16, 2013) Topics: Daily News
    The provisions of the CFPB’s final mortgage rule on borrowers’ ability to repay are detailed in a NAFCU Final Regulation posted online Tuesday.
  • Ways and Means subcommittee chairs named (January 16, 2013) Topics: Daily News
    Rep. Pat Tiberi, R-Ohio, continues his role as chairman of the House Ways and Means Subcommittee on Select Revenue Measures, full committee Chairman Dave Camp, R-Mich., said in an announcement Tuesday.
  • 6 open seats in NAFCU Board elections (January 15, 2013) Topics: Daily News
    Six of the 11 seats on the NAFCU Board – three at-large and the Regions II, IV and V seats – are open in the 2013 board elections, with two of the incumbents poised to step down.
  • Becker urges more time, exemption under CFPB remittance rule (January 15, 2013) Topics: Daily News
    NAFCU President Fred Becker said the association strongly supports the CFPB’s proposal to delay implementation of its international remittance rule but said it does not believe the delay will “constructively or completely solve” problems created for credit unions.
  • Berger urges further study on buy-back policies (January 15, 2013) Topics: Daily News
    NAFCU’s Dan Berger on Monday cautioned Federal Housing Finance Agency Acting Director Ed DeMarco that imposing mortgage loan buy-back policies would lead to a secondary mortgage market with fewer products and less competition from credit unions and other small lenders.
  • FASB proposes new credit impairment model (January 15, 2013) Topics: Daily News
    NAFCU is analyzing a Financial Accounting Standards Board proposal that would replace current impairment models, which focus on incurred credit events, to one that factors in potential credit risk for its impact on credit unions.
  • More CFPB mortgage rules out this week (January 15, 2013) Topics: Daily News
    NAFCU anticipates at least two more final mortgage regulations – one on mortgage servicing, the other on mortgage loan originator compensation – coming from the CFPB this week.
  • QM exemption possible for CUs under $2 billion (January 15, 2013) Topics: Daily News
    Whether or not a credit union would qualify for the “small institution” exemption from the CFPB’s final mortgage rule on ability to repay would, under a current proposal, depend on institution asset size, the number of loans originated and whether those loans are held in portfolio.
  • Becker says gear up for more rules (January 14, 2013) Topics: Daily News
    NAFCU President and CEO Fred Becker says the pace of new regulations, which translate into new burdens for credit unions, will reach “epic” proportions in 2013 and offers tips on how to manage these in a recent column in Credit Union Journal.
  • Cordray talks mortgages Jan. 17 (January 14, 2013) Topics: Daily News
    The CFPB holds its second field hearing on its mortgage reform rulemakings Jan. 17 at the Rialto Center for the Arts at Georgia State University in Atlanta.
  • House back to take up disaster bills (January 14, 2013) Topics: Daily News
    The House reconvenes today to take up action on additional relief measures for those affected by Hurricane Sandy.
  • Input needed by Friday on remittance rule (January 14, 2013) Topics: Daily News
    NAFCU is looking for input from its members by Jan. 18 on the CFPB’s proposed revisions to its international remittance regulation.
  • NCUA has funding for CUs working together (January 14, 2013) Topics: Daily News
    NCUA last week invited proposals for collaborative projects involving low-income credit unions and said grants of up to $50,000 are available for those resulting in long-term savings to a credit union.
  • Webinar Jan. 23 on low-income CU issues (January 14, 2013) Topics: Daily News
    NCUA is hosting a free webinar Jan. 23 on ways low-income-designated credit unions can improve and increase their service to low-income members.
  • ‘Higher-priced’ mortgage rule draws concerns (January 11, 2013) Topics: Daily News
    The NCUA Board received a briefing Thursday on an interagency “higher-priced” mortgage rule that NAFCU has concerns with, and the board also approved five items impacting credit unions, including a final rule to amend the definition of “troubled condition.”
  • Go Direct seeks help promoting e-payment switch (January 11, 2013) Topics: Daily News
    The Treasury Department’s Go Direct campaign is touting the fact that January is Go Direct month, and it’s encouraging financial institutions’ to promote the switch from paper checks to direct deposit.
  • Hunt warns against tying up credit (January 11, 2013) Topics: Daily News
    NAFCU hopes the CFPB will keep striving to ensure its rules, including mortgage rules, help rather than hinder credit unions’ efforts to lend to consumers, association General Counsel and Vice President of Regulatory Affairs Carrie Hunt said during the CFPB’s hearing Thursday in Baltimore.
  • NAFCU: ‘Small’ CU level still too low (January 11, 2013) Topics: Daily News
    A final rule approved Thursday by the NCUA Board revises the definition of a “small” credit union from $10 million in assets to $50 million for regulatory relief purposes, falling short of the CFPB’s $175 million threshold urged by NAFCU.
  • Obama nominates Lew for Treasury (January 11, 2013) Topics: Daily News
    President Obama made official his choice of Jack Lew to succeed Tim Geithner as Treasury secretary.
  • Proposal defines QM exemptions (January 11, 2013) Topics: Daily News
    The CFPB issued a set of proposed revisions to the final mortgage rule it issued Thursday on a consumer’s ability to repay, including for mortgages issued and held in portfolio by small credit unions and banks loans extended by certified community development financial institutions.
  • QM top debt-to-income ratio at 43% (January 11, 2013) Topics: Daily News
    The CFPB on Thursday published its final ability-to-repay mortgage rule as well as a set of proposed amendments that, among other things, defines what is a “qualified mortgage” specifically for small credit unions and community banks.
  • ‘Small’ CU, ‘low-income’ designation slated (January 10, 2013) Topics: Daily News
    The NCUA Board is slated to take final action today on several key items, including what is a “small” credit union for regulatory relief purposes and an extension of the acceptance deadline for the agency’s low-income designation.
  • Becker presses NCUA to freeze pay (January 10, 2013) Topics: Daily News
    NAFCU President and CEO Fred Becker pressed NCUA Chairman Debbie Matz anew Wednesday to better manage the agency’s budget, specifically urging the adoption of an employee pay freeze for 2013 and reduced assessment levels for credit unions.
  • Jack Lew Obama’s pick for Treasury (January 10, 2013) Topics: Daily News
    White House Chief of Staff Jack Lew is President Obama’s choice of successor to Tim Geithner as Treasury secretary, reports said Wednesday.
  • Kapur details digital marketing in webcast (January 10, 2013) Topics: Daily News
    Credit unions participating in NAFCU’s webcast yesterday on digital marketing learned how to make the most of social and mobile channels from Sundeep Kapur, NCR’s integrated media strategist and a speaker for NAFCU’s upcoming Strategic Growth Conference.
  • Matz featured in LEADERS magazine (January 10, 2013) Topics: Daily News
    NCUA Board Chairman Debbie Matz discusses her thoughts on the state of the credit union industry and other topics in the latest issue of LEADERS magazine, a quarterly publication that features interviews with leaders in government, business, academia and other areas.
  • NAFCU reps at CFPB mortgage policy hearing (January 10, 2013) Topics: Daily News
    NAFCU’s Carrie Hunt and Tessema Tefferi are headed to Baltimore this morning for a CFPB field hearing on mortgage policy that kicks off at 11 a.m. at Westminster Hall.
  • NAFCU says ‘small’ CU revision still too low (January 10, 2013) Topics: Daily News
    The NCUA Board this morning approved several final rules that impact credit unions – including one that revises the definition of a “small” credit union for regulatory relief purposes – and was briefed on an interagency "higher-priced" mortgage rule about which NAFCU has several concerns.
  • QM safe harbor set; concerns remain (January 10, 2013) Topics: Daily News
    A NAFCU-recommended safe harbor for credit unions that issue mortgages according to a new "qualified mortgage" standard is included in the final ability-to-repay rule issued today by the CFPB.
  • ‘Qualified mortgage’ rule out soon (January 9, 2013) Topics: Daily News
    The CFPB is expected to release a final rule this week that will define “qualified mortgage” as it applies to a potential home buyer’s ability to repay a mortgage loan, and NAFCU is hoping the measure will include a safe harbor for lenders.
  • CFPB agenda: TILA/RESPA reg in September (January 9, 2013) Topics: Daily News
    The CFPB is expected to issue its final rule on combined Truth in Lending Act and Real Estate Settlement Procedures Act disclosures in September, according to the CFPB semiannual regulatory agenda released Tuesday.
  • CU consumer credit outpaces banks again (January 9, 2013) Topics: Daily News
    November was the second consecutive month that consumer credit grew faster at credit unions than at banks and finance companies, according to Federal Reserve data released Tuesday.
  • CULookup calculations top 2 million (January 9, 2013) Topics: Daily News
    Consumers carried out more than 2 million calculations using CULookup’s online financial calculators at CULookup.com itself and on credit union websites in 2012, 22 percent more than in 2011, reported NAFCU Services Corporation.
  • Input sought on remittances, CARD Act (January 9, 2013) Topics: Daily News
    NAFCU is encouraging members to provide the association their views on the CFPB’s recent notices on international remittances and the Credit CARD Act as the association prepares its official comment letters on both issues.
  • IRS proposes rule for truncated TINs (January 9, 2013) Topics: Daily News
    The IRS is seeking comments on a proposal to allow filers of certain information returns to display just the last four digits of the taxpayer identification number in reports sent to IRS and taxpayers.
  • Regulatory Compliance School savings until Friday (January 9, 2013) Topics: Daily News
    Registration discounts are in effect through Friday on NAFCU's Regulatory Compliance School, where credit union staff will learn how to navigate the churning seas of regulatory compliance requirements.
  • 10 mortgage servicers to pay $8.5 billion (January 8, 2013) Topics: Daily News
    Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing reached an agreement to pay more than $8.5 billion in cash and other aid to help borrowers, the Federal Reserve announced Monday.
  • BofA sets $11.6 bllion settlement with Fannie (January 8, 2013) Topics: Daily News
    Bank of America reached an $11.6 billion settlement with Fannie Mae Monday over mortgage sold to the enterprise during the housing finance boom and it party to an $8.5 billion settlement announced the same day over wrongful foreclosure practices, Associated Press reported.
  • Hunt, Tefferi to attend CFPB field hearing (January 8, 2013) Topics: Daily News, CFPB
    The CFPB on Thursday will host the first of two planned field hearings this month on mortgage policy at 11 a.m. Eastern at Westminster Hall in Baltimore, and NAFCU’s Carrie Hunt and Tessema Tefferi will be attending.
  • Matz, Cordray in Feb. 5 town hall webinar (January 8, 2013) Topics: Daily News
    NCUA Chairman Debbie Matz will host a free town hall webinar with CFPB Director Richard Cordray at 3 p.m. Eastern on Feb. 5.
  • NAFCU President Fred Becker to retire end of July; Dan Berger selected as next CEO (January 8, 2013) Topics: Daily News
    Fred Becker, president and CEO of NAFCU, has indicated he will retire and Dan Berger, NAFCU executive vice president of government affairs, will take over as president and CEO on July 31, 2013, the NAFCU Board of Directors announced Monday.
  • NCUA details exam focus in 2013 (January 8, 2013) Topics: Daily News
    Examiners will be looking at credit unions’ capacity in the areas of technology, balance sheet management operational risk and their management of unique risks associated with unconventional products in the year ahead, NCUA says in its January newsletter.
  • President signs temporary hike for NFIP (January 8, 2013) Topics: Daily News
    The president on Sunday signed a temporary increase in the National Flood Insurance Program’s borrowing authority to help Hurricane Sandy victims.
  • Carrier: Continued modest jobs growth ahead (January 7, 2013) Topics: Daily News
    NAFCU Chief Economist David Carrier said December brought a continued slow, steady improvement in employment figures, which will continue to be helped by a recovering housing market, loosening of credit and better vehicle sales.
  • Demangone at MACUMA on CU execs’ concerns (January 7, 2013) Topics: Daily News
    NAFCU’s Anthony Demangone will talk about the challenges of today’s financial and political landscape and how credit union executives can better manage the attendant demands during an address tonight before the Metropolitan Area Credit Union Management Association.
  • Dodd-Frank law, housing reform in Congress’ view (January 7, 2013) Topics: Daily News
    Oversight of Dodd-Frank Act implementation, targeted changes to that law and continued efforts to craft a housing finance reform package are expected to be key concerns for the 113th Congress, and NAFCU will be close to the action on these, which are among the association’s top priorities for 2013.
  • NCUA files new suit over $2.2 billion in MBS (January 7, 2013) Topics: Daily News
    NCUA last week filed suit against J.P. Morgan Securities and others over securities law violations in the sale of $2.2 billion in mortgage-backed securities to three now-defunct corporate credit unions.
  • Tefferi backs ability-to-repay card rule change (January 7, 2013) Topics: Daily News
    NAFCU’s Tessema Tefferi on Friday lodged strong support for a CFPB proposal to allow a card issuer to consider shared income when evaluating credit card applications, restoring stay-at-home spouses’ ability to obtain credit on their own.
  • Vehicles sales should stay strong into 2013 (January 7, 2013) Topics: Daily News
    Vehicle sales were strong last month – despite a slight dip from November – and are expected to remain strong amid pent-up demand and a strengthening economy, NAFCU economists said Friday.
  • Digital media, remittance webcasts ahead (January 4, 2013) Topics: Daily News, CFPB
    NAFCU is holding several webcasts over the next few weeks that will detail for credit unions how to make the most of mobile and digital marketing, managing third-party relationships and complying with CFPB’s international remittance transfer disclosure rules.
  • Military groups back continued CU exemption (January 4, 2013) Topics: Daily News
    The Military Coalition, a 5.5-million-member consortium of uniformed services and veterans associations, delivered a message of “unequivocal support” for credit unions and their federal tax exemption – NAFCU's top priority – in letters delivered Thursday to leaders of the House, Senate and congressional tax-writing committees.
  • NAFCU, lawmakers talk CU issues (January 4, 2013) Topics: Daily News
    Sen. Elizabeth Warren, D-Mass., Rep. Dennis Ross, R-Fla., and Sen. Jon Tester, D-Mont., were among the dozens of lawmakers visited by NAFCU President and CEO Fred Becker and the association’s lobbying team Thursday, the first day of the 113th Congress.
  • NCUA set to act on ‘small CU,’ appraisals, more (January 4, 2013) Topics: Daily News
    The NCUA Board’s Jan. 10 open meeting agenda includes final action on what is a “small” credit union for regulatory relief purposes, a briefing on an interagency rule affecting higher-priced mortgages, the agency’s low-income designation and more.
  • New document answers NCUA budget questions (January 4, 2013) Topics: Daily News
    NCUA has reorganized the information presented over several documents on its 2013 operating budget into a single, five-page questions-and-answers document that addresses reasons for the agency’s recent budget hikes, how the budget compares with industry assets and more.
  • Obama signs fiscal cliff, defense measures (January 4, 2013) Topics: Daily News
    President Obama this week signed the fiscal cliff package and this year’s defense authorization measure, which includes revisions to the Military Lending Act and affects some credit union lending to military servicemembers.
  • 113th Congress opens today (January 3, 2013) Topics: Daily News
    Capitol Hill is abuzz with the arrival of new and returning lawmakers today – this is swearing-in day for the members of the 113th Congress – and NAFCU’s president and lobbyists are there to welcome them and represent member credit unions.
  • CFPB rule defines when a rule is ‘issued’ (January 3, 2013) Topics: Daily News
    A recent final rule from the CFPB says its final rules are considered “issued” on the earlier of the rules’ posting on the bureau’s website or publication in the Federal Register.
  • Fiscal cliff deal no end to CU concerns (January 3, 2013) Topics: Daily News
    The fiscal cliff deal approved by the House and Senate Tuesday consisted largely of tax cuts, but House Ways and Means Chairman Dave Camp, R-Mich., said during floor debate that reform of the federal tax code remains on the committee agenda in the 113th Congress.
  • NCUA webinar Jan. 24 on HMDA reporting (January 3, 2013) Topics: Daily News
    Representatives from NCUA’s Office of Consumer Protection and the Federal Reserve Board will discuss how to ensure timely, accurate reporting under the Home Mortgage Disclosure Act during a free Jan. 24 webinar hosted by the credit union regulator.
  • New-home sales up in November (January 3, 2013) Topics: Daily News
    New-home sales reached their highest in two years in November but remained too low to be considered a sign of a healthy housing market, NAFCU economists said Wednesday.
  • Taylor is NAFCU Region IV director (January 3, 2013) Topics: Daily News
    NAFCU has named Rod Taylor, president and CEO of Barksdale FCU, to its board as Region IV director.
  • Congress clears ‘cliff’ deal, more work ahead (January 2, 2013) Topics: Daily News
    The 112th Congress passed a bipartisan compromise Tuesday that allows some increase in personal income taxes and delays across-the-board federal spending cuts for two months.
  • CUs touted in NAFCU New Year's tips (January 2, 2013) Topics: Daily News
    NAFCU ushered in the new year with a set of six tips, circulated to major media outlets, on how consumers can successfully manage their finances by working with credit unions and planning ahead to meet their financial needs.
  • Defense authorization awaits president (January 2, 2013) Topics: Daily News
    NAFCU’s advocacy efforts on H.R. 4310, the National Defense Authorization Act, were successful in keeping out a provision that would have required the Defense Department to broaden the scope of Military Lending Act rules beyond predatory products.
  • Digital edition of Jan/Feb TFCU now available (January 2, 2013) Topics: Daily News, Bi-monthly Magazine
    The digital edition of the January/February issue of The Federal Credit Union magazine, NAFCU’s bimonthly publication, is now available to view on NAFCU’s website.
  • FTC report too early to show debit fee cap impact (January 2, 2013) Topics: Daily News
    A Federal Trade Commission report on the agency’s role in Dodd-Frank Act implementation and monitoring offers no new findings on the impact of the debit interchange fee cap on credit unions and small banks exempt from the cap.
  • HMDA exemption up, remittance reg delayed (January 2, 2013) Topics: Daily News
    The CFPB has raised the asset-size threshold for lenders exempt from Home Mortgage Disclosure Act reporting and proposed a delay in its international remittance rule, according to notices published in the Dec. 31 Federal Register.
  • NAFCU sets top priorities for 2013 (January 2, 2013) Topics: Daily News
    NAFCU is greeting the new year and all its challenges with a set of top legislative and regulatory priorities aimed at further enhancing credit unions’ ability to thrive and meet the needs of their 94 million member-owners.
  • Senate confirms Galante for top FHA post (January 2, 2013) Topics: Daily News
    Carol Galante was confirmed as commissioner of the Federal Housing Administration in one of the Senate’s final votes of 2012.