Compliance News

FASB Votes to Delay CECL Adoption for Small Companies to 2023

October 17, 2019

The Financial Accounting Standards Board voted unanimously to delay the adoption of the current expected credit losses standard for small companies.

Community Reinvestment Act Program for Massachusetts Credit Unions

October 17, 2019

The Association is hosting a special event, Community Reinvestment, Fair Lending and Beyond: A Practioner’s Guide.

Registration Open for IRAs - A to Z

October 16, 2019

This intermediate-level training will take you through establishing IRAs, to funding options and moving assets, to distributions and beneficiary options.

CBA Hosts PFML Call and Presentation on Oct. 17

October 10, 2019

Comprehensive Benefit Administrators, an Alera Group Company, is hosting a conference call and presentation on your responsibilities under the Massachusetts Paid Family and Medical Leave (PFML) Law on October 17th at 11:00 am. 

Fall Network Sessions Open for Registration

October 10, 2019

Network meetings are an excellent opportunity for functional experts within a credit union to meet with other professionals specifically in their area of responsibility. Network events are open to all CCUA affiliated credit union employees.

Small CUs, Banks See Double the Lending Fraud of Larger FIs, Analysis Finds

October 09, 2019

A new study has found lending fraud financially hits smaller banks, credit unions and digital lenders at twice the rate of larger competitors.

New Attack Convinces Receiver to Retrieve Junk or Quarantined Emails

October 09, 2019

New York City-based cloud security platform provider Avanan discovered a new attack so convincing, users are pulling phishing emails out of the junk folder or asking IT to unquarantine them.

NCUA Extends Deadline to Qualify for Streamlined CDFI Application to Nov. 30

October 08, 2019

Agency Reminds Credit Unions to be Aware of Changes to Certification Rules

Complimentary Real Estate and Mortgage Webinar Hosted by the Division of Banks

October 07, 2019

Topics to be covered include mortgage and homeownership trends, credit needs and ability to repay, financial restraints impacting the region, and community partnerships and resources. 

CFPB Announces Advisory Committee Members

October 04, 2019

Consumer Financial Protection Bureau Director Kathleen L. Kraninger has announced the appointment of members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These experts advise Bureau leadership on a broad range of consumer financial issues and emerging market trends. 

Fed Amends Regulations A and D

October 04, 2019

The Federal Reserve Board has published final rules with amendments to adjust the interest rates for primary and secondary credit from the Reserve Banks (Regulation A) and the interest paid by the Reserve Banks on required and excess reserve account balances (Regulation D).

Association Urges Clarification on NCUA’s ‘Second Chance’ Initiative

October 03, 2019

Under the proposal, credit unions would no longer be required to submit applications to the agency to employ people who have bounced checks for a moderate amount or have been convicted of  “small dollar simple theft, false identification, simple drug possession, and isolated minor offenses committed by covered persons as young adults.”

NCUA Hosting Diversity, Equity, & Inclusion Summit Nov. 6

October 03, 2019

The National Credit Union Administration is inviting credit unions to its first annual Credit Union Diversity, Equity, and Inclusion Summit on Wednesday, Nov. 6, in Alexandria.

REAL ID Enforcement Reminder

October 03, 2019

The REAL ID-compliant licenses and enhanced state-issued IDs will have slight differences from their unenhanced versions. CU staff should become familiar with the changes. 

McLean Thanks Lawmakers for Support of SAFE Act

October 02, 2019

McLean thanked the Congressional delegation members for their support, noting their support of the bill “recognizes the important role credit unions play in building financial security and community safety. Credit unions are grateful that you support their commitment to offer high quality, affordable services to all our members.”

Kraninger’s Stance on CFPB Constitutionality Puts Rules in Limbo

October 02, 2019

By declaring that the Consumer Financial Protection Bureau is unconstitutional, CFPB Director Kathy Kraninger has potentially opened a floodgate of litigation against the agency.

NCUA: Cybersecurity Awareness Month a Reminder about Staying Safe Online

October 02, 2019

During National Cybersecurity Awareness Month, the National Credit Union Administration is reminding credit union industry stakeholders to remain vigilant.

MA DoB Files Proposed Amendments on CU Parity Regulation

September 30, 2019

The Massachusetts Division of Banks and Loan Agencies has filed proposed amendments with the House Clerk of the Legislature on its parity regulation, 209 CMR 50:00: Parity with Federal Credit Unions. The purpose of 209 CMR 50.00 is to implement M.G.L. c. 171, s. 6A, which authorizes the Commissioner of Banks to promulgate regulations to grant state-chartered credit unions certain expanded powers in parity with federally-chartered credit unions. 

Matt Purvis - the Experience Expert - Wil Show You How to Animate Your CU at CCUA’s Annual Meeting & Convention

September 30, 2019

Animation Systems™—Translating Values into Indelible Experiences, presented on Thursday, October 17, promises to show you how to animate your credit union to maximize organizational health, stand-out in hyper-competitive markets and drive consumer passion and growth.

Agencies Issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements

September 30, 2019

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.

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