August 2013 NCUA Report Released; Illinois Follows Suit with ATM Fee Disclosure Requirements; NAFCU’s 2013 Compliance GPS Updated; NAFCU Office Closures
Written by JiJi Bahhur, Regulatory Compliance Counsel
August 2013 NCUA Report.Â Earlier this week, the NCUA released its August 2013 NCUA Report.Â There are several featured articles, but IÃ¢ÂÂd like to bring attention to the Region II Report: Understanding Member Business Loan Waivers (Report).Â
Member business loan (MBL) waivers were addressed in NCUA Letter to Credit Unions 13-CU-02.Â The purpose was to clarify the waiver process under Part 723 of the NCUA Rules and Regulations. Â However, even with the guidance, the subject remains confusing and has resulted in a number of frequently asked questions (FAQs).Â In this Report, NCUA provides the FAQs that it receives on MBL waivers.Â The combination of 13-CU-02 and these FAQs can assist credit unions with proper management of their MBL programs.
ATM Fee Disclosures. Â You may recall that the federal requirement for an Ã¢ÂÂon the machineÃ¢ÂÂ fee notice for ATMs was removed in late 2012 when President Obama signed the ATM Fee Disclosure Bill (the CFPB officially amended Reg E in March). However, there are still state laws that could require this "on the machine" notice. New York was one of those states until August 1, when Governor Andrew Cuomo signed legislation to remove the requirement from New York law.Â And, Illinois Governor Pat Quinn signed legislation to remove the Ã¢ÂÂon the machineÃ¢ÂÂ requirement Ã¢ÂÂ effective on August 16 Ã¢ÂÂ from Illinois law.
NAFCUÃ¢ÂÂs 2013 Credit Union Compliance GPSÂ has been updated to include recent regulatory changes.Â What is this GPS, you ask?Â It is a compliance officerÃ¢ÂÂs dream!Â NAFCUÃ¢ÂÂs GPS is a must-have, electronic resource for all credit union compliance officers and staff. It explains complex regulatory language in plain English and covers everything from the basic anatomy of a federal credit union to specifics of the NCUA, CFPB, and important credit union regulations including Regulation E, BSA and much more.Â For more information and a sneak-peek into the GPS, click here.
Programming Note. Â NAFCUÃ¢ÂÂs offices will close today at noon and remain closed Monday for the long holiday weekend.Â WeÃ¢ÂÂll be back to blogging next Wednesday!Â Have a great weekend!