Compliance News

Scheduled on Capitol Hill This Week: HFSC Hearing on FASB CECL Standards; FCC on Robocalls

December 11, 2018

Both the House and Senate are in session this week and will potentially be eyeing additional tax reform before the legislature closes out the year. The tax bill was expected to surface in discussions several weeks ago but encountered delays because of member attendance problem according to a spokesperson for the Credit Union National Association. Trade groups have called on lawmakers to provide parity for the industry in any further tax legislation.


NCUA Board December Open Meeting THURSDAY

December 11, 2018

The National Credit Union Administration Board December open meeting is Thursday, Dec. 13, beginning at 10 a.m. Eastern. The meeting, like all NCUA open board meetings, will be available on livestream from the agency’s website.


Massachusetts Registry of Motor Vehicles to Mandate Electronic Lien and Title Program (ELT)

December 11, 2018

The Massachusetts Registry of Motor Vehicles is opening a dialogue to discuss mandating the ELT Program in Massachusetts as they are expected to proceed with an ELT mandate in the very near future. Joyce Mover, ELT Program Manager is interested in meeting with any Massachusetts Credit Union regarding any concerns and welcomes your feedback regarding the mandate.


CCUA Interactive Webinar on NCUA’s Proposed Bylaw Changes TOMORROW- Still time to register

December 11, 2018

Join the Association as we explore and develop proposed changes to NCUA’s Federal Credit Union Bylaws.


Association Advocacy Looks Back at 2018… And Ahead to 2019 - Episode 12 of CU Marketplace Experience Podcast on the Air

December 10, 2018

In episode twelve of The Credit Union Marketplace Experience Podcast series, the Association’s Vice President, Advocacy, Katherine Butler, provides a review of 2018 advocacy events and achievements, and a look ahead to the “hot topics” for advocacy in 2019.


Ask the Right Questions about AI

December 10, 2018

As of 2018, nearly one in five US residents has access to a smart speaker or voice-activated device. Credit unions are not far behind in using AI (Artificial Intelligence)–based technology to improve their day-to-day operations. In fact, many credit unions already are.


Trump’s Pick to Lead CFPB Wins Senate Approval

December 07, 2018

The Senate voted 50-to-49 Thursday to confirm Kathy Kraninger, a little-known Office and Management Budget official, as the consumer watchdog’s permanent director. She will succeed her boss, White House Budget Director Mick Mulvaney, who has been leading the CFPB part-time for more than a year.


Could Cost $300M to Change CFPB to BCFP -CUs would foot part of cost

December 07, 2018

Formally changing the name of the former Consumer Financial Protection Bureau (CFPB) to the Bureau of Consumer Financial Protection (BCFP) could cost as much as $300 million for businesses the agency regulates, according to one new analysis.


NCUA Releases Q3 2018 Credit Union System Performance Data

December 07, 2018

Data on the financial performance of federally insured credit unions for the quarter ending Sept. 30, 2018, is now available from the National Credit Union Administration.


Wipfli/Macpage Offers Year End Guide to Filing 1099

December 07, 2018

Our CU Connect partner Wipfli/Macpage has prepared a guide for financial institutions that might help answer some of your team’s questions when preparing 1099’s and other informational forms this year. 


Fed Releases Beige Book - Districts note economies expanding

December 07, 2018

The Board of Governors of the Federal Reserve System has released the December 5, 2018 issue of its Beige Book - a document that summarizes comments received from contacts outside the Federal Reserve System. This report, prepared at the Federal Reserve Bank of Philadelphia, is based on information collected on or before November 26, 2018 and is not a commentary on the views of Federal Reserve officials.


Registration Still Open for Dec. 14 FASB Webcast That Will Include CECL Discussion

December 07, 2018

Registration is still available for a Financial Accounting Standards Board (FASB) Dec. 14 webcast that will update private and not-for-profit organizations on the board's standard-setting agenda, including credit losses implementation.


Delaware DAG Joins Delaware Credit Unions to Promote CU Senior Safeguard -  Elder Financial Abuse Subject of Radio Interview

December 06, 2018

Regina ‘Gina’ Schoenberg, Deputy Attorney General, Consumer Protection Unit, Fraud Division and Chair of the Senior Protection Initiative for the State of Delaware, Department of Justice, joined Tyler Kuhn, Marketing  Manager, Dover Federal Credit Union, and Carole Langiu, Director of Communications & Governmental Affairs, CCUA, to discuss the problem of elder financial abuse in Delaware with Dan Gaffney, host of Delaware 105.9FM – NewsTalk Radio.


ICYMI: Important News from the Credit Union Webinar Network

December 05, 2018

CUWN has recently made some improvements to serve you better. Unfortunately, some changes may have caused you to miss important webinar announcements.


Credit Unions Could See Targeted Fix on Pot Banking Next Year - If Congress can come to agreement

December 05, 2018

With Republicans controlling the Senate and Democrats in charge of the House next term, observers aren’t expecting a lot of big, comprehensive banking packages like the regulatory relief bill signed into law earlier this year. But that doesn’t mean legislation can’t happen — if the industry keeps its eyes on narrow fixes. One measure to watch will be a legislative fix for banks and credit unions serving the legal marijuana industry.


National Day of Mourning for President George H. W. Bush; Federal Government Closure on Wednesday, December 5, 2018

December 04, 2018

As the Nation mourns the loss of President George H. W. Bush, President Trump has taken official action to allow Federal employees to join their fellow citizens in remembering our forty-first President of the United States. 


Merrily Gerrish Named Acting Mass. Banking Commissioner

December 04, 2018

Merrily Gerrish, the top lawyer at the Massachusetts Division of Banks, will serve as acting banking commissioner following Terence McGinnis’ resignation, according to an agency spokeswoman. General counsel at the DOB since joining the regulator in 2013, Gerrish serves as one of the DOB’s deputy commissioners.


VA Rulemaking Notice

December 04, 2018

The Department of Veterans Affairs has published an advance notice of rulemaking [83 FR 61573] to report that it intends to issue amendments to its regulation on VA-guaranteed or insured cash-out refinance loans required by section 309 of EGRRCPA as an interim-final rule, and will invite public comment on it when it is published.


‘Tis the Season… for Holiday Loans -  USA Today interviews CUNA’s Schenk on topic

December 04, 2018

CUNA Chief Economist Mike Schenk spoke with USA Today recently for an article about credit unions being among the financial institutions that offer “holiday loans” to members. Such loans generally come with fixed interest rate and installment repayment plans and range from between $500 and $5,000.


Marriott Hack Among Largest on Record

December 04, 2018

Marriott Hotels said its guest reservation system has been hacked and that the personal information of approximately 500-million guests has potentially been exposed. The compromised data for about 327-million of them included passport numbers, emails and mailing addresses, Marriott said. Some credit card details may also have been taken. The Marriott hack may rank only below Yahoo as one of the biggest of personal data, when 3 billion users were exposed to a 2013 security breach.


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