Resources for Compliance
Listed below are events, tools, and resources to help Compliance Officers.
Expanding in size and strengthening yet again, violent Hurricane Florence is on a beeline toward the East Coast as an “extremely dangerous” Category 4 hurricane. Catastrophic flooding and destructive winds are becoming very likely in the eastern Carolinas north of Charleston, where hurricane warnings were issued late Tuesday. Be prepared - download Business Continuity and Disaster Recovery Planning, a white paper from CUNA Mutual which outlines procedures and guidelines your credit union could follow in developing its own business continuity plan.
Next week, the National Credit Union Administration will pay dividends for more than 5,700 institutions eligible for the $735.7 million Share Insurance distribution, the agency announced. Statements will be mailed to dividend recipients this week, indicating the amounts they will receive. An institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2017 will be eligible for a pro rata distribution.
The Association and Liberty Bay Credit Union hosted a Credit Union Coffee event featuring Massachusetts Congressman Stephen Lynch at their Hingham office. The meeting provided an opportunity to receive up to date information on congressional activities and to advance the Association’s local advocacy priorities, including CU Senior Safeguard, data breaches and the housing finance marketplace.
At least three variations of counterfeit cashier’s checks using the routing number (111904419) of National United, a bank in Gatesville, Texas, are being presented nationwide in connection with various online employment opportunity scams, the Office of the Comptroller of the Currency (OCC) warned in an alert issued Thursday.
Chicago-based Alliant Credit Union was named in a class-action suit filed last week in federal court last week related to overdraft fees. The complaint alleges Alliant charged overdraft or NSF fees when members’ accounts had enough money in them to cover the transactions, violated federal law by misrepresenting its opt-in clause for overdraft protection and violated the Electronic Funds Transfer Act (Reg E), among other grievances.
The National Credit Union Administration Board met for its scheduled September meeting yesterday. Agenda items included the issuance of a proposed rule on appraisals and the quarterly update on the Share Insurance Fund.
The Association continues to be actively engaged in combating frivolous lawsuits and demand letters faced by member credit unions concerning website accessibility standards under Title III of the Americans with Disabilities Act (“ADA”). Most recently, a request for assistance in obtaining clarity from the U.S. Department of Justice (“DOJ”) relative to the ADA issue was sent to local Attorneys General based upon a national endeavor underway. Engagement with the DOJ was urged to reinvigorate the regulatory process. To assist and emphasize the importance to local credit unions, the Association advocated directly to the Attorneys General in Delaware, Massachusetts, New Hampshire, New Jersey, and Rhode Island to join this effort.
The Association has submitted comments to the National Credit Union Administration in response to its proposed supplemental rule on Risk-Based Capital (RBC). Responses to the Association’s risk-based capital survey provided the basis for comments to the agency.
The Association has submitted comments to the National Credit Union Administration in response to its Notice of Proposed Rulemaking on Payday Alternative Loans. Responses to the Association’s payday alternative loans survey provided the basis for comments to the agency.
The Massachusetts Division of Banks and Loan Agencies held a public hearing yesterday on proposed amendments to 209 CMR 50:00: Parity with Federal Credit Unions. The Association was present at the hearing to testify on the proposed changes to the parity regulation.
The video recording of the Aug. 2, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s website.
The Bureau of Consumer Financial Protection (BCFP) has issued a final rule to implement the December 2015 legislative amendments to the Gramm-Leach-Bliley Act (GLBA).
Local roundtable discussions with the Federal Bureau of Consumer Financial Protection begin TODAY at 1:00 pm in Colchester, VT. The Bureau is travelling to New England for a dialogue with credit unions and seeks to obtain direct comments from the industry. These meetings provide convenient opportunities for credit union leaders to discuss issues of concern and to have questions answered and/or concerns addressed.
A series of local roundtable discussions with the Federal Bureau of Consumer Financial Protection began yesterday in Colchester, VT. The meetings, continuing through August 23, are hosted by the Bureau with the support of the Cooperative Credit Union Association and the Association of Vermont Credit Unions. Members of both associations are invited to attend one of the meetings at the most convenient location.
Association President/CEO Paul Gentile invites member credit unions to join him for a local roundtable discussion with the Federal Bureau of Consumer Financial Protection. Amongst the jurisdiction of the Bureau is the authority to write consumer financial protection regulations and issue guidance that affects credit unions and the financial services industry.
The Bureau is travelling to New England for a dialogue with credit unions and seeks to obtain direct comments from the industry. These meetings provide convenient opportunities for credit union leaders to discuss issues of concern and to have questions answered and/or concerns addressed.
In a sign that the Bureau for Consumer Protection (BCFP, Agency) may be preparing to reorganize its credit union advisory council, the agency has posted a charter calling for a much smaller group of credit union employees to be appointed to the group than in the past.
Cheryl Lawson, EVP-Compliance Review, John M. Floyd & Associates provides some steps credit unions can take to maintain confidence that their overdraft solution is actually working in the best interest of their account holders.
The presence of strong Board leadership creates a sustainable advantage for a credit union. However, in the absence of Board leadership, a credit union will likely suffer financially, and ultimately hurt its members. Finding the right balance between Board and management leadership is essential to creating sustainable culture, reducing risk, and providing value to members. This year’s 2018 Annual Meeting and Convention, at Mohegan Sun in Uncasville, Connecticut offers credit union directors and boards the tools they need to ensure their credit unions thrive.
Brian Branch- President & CEO World Council of Credit Unions Among Speakers at Puerto Rico Credit Unions and Loan Participation Meeting
The Cooperative Credit Union Association (CCUA), in partnership with The World Council of Credit Unions (WOCCU), will present a program to assist credit union leaders in Puerto Rico understand and utilize loan participations to generate income and rebuild reserves on August 27 .
The CFPB is looking for about 40 organizations that are interested in using the Bureau's toolkit, "Your Money, Your Goals," and related materials to help build the financial well-being of the people they serve.
The Bureau of Consumer Financial Protection has posted its Spring 2018 Regulatory Agenda. There is no longer a mention of rulemaking for overdrafts.
The Bureau of Consumer Financial Protection (“BCFP”) visited Navigant Credit Union, Smithfield, Rhode Island, yesterday for a roundtable discussion with local credit union officials. Over 20 credit union leaders representing nine credit unions located in Massachusetts and Rhode Island participated and concluded the fourth in a series of outreach meetings in rural areas.
This season, CCUA's Better Values - Better Banking consumer awareness campaign aims to create a chorus of credit union voices echoing the value CU Senior Safeguard brings to the fight against elder financial abuse. And, CCUA wants to ensure that our members have the opportunity to include their voice in that symphony!
Cannabis Control Commission Execs on Tap to Shed Light on Cannabis Banking in Massachusetts at 2018 Annual Meeting & Convention
Projecting an economic impact of $35 billion in 2018 and $70 billion in 2021, both medical and recreational cannabis legalization presents a unique situation for the majority of states across America. Because legalization causes a dichotomy between federal and state laws, cash is in excess creating a dangerous, unbanked situation for credit union members and the communities credit unions serve. Navigating these issues can be a risk to credit unions. Plan now to attend the Cannabis Control Commission Update on October 11 during the CCUA’s 2018 Annual Meeting & Convention at Mohegan Sun in Uncasville, Connecticut.
On Monday, August 27, over 20 credit unions professionals representing credit unions, or ‘cooperativas’ in Puerto Rico met near CCUA headquarters in Marlborough to discuss specific issues of importance to credit unions and the credit union system in Puerto Rico.
Before making your way to Mohegan Sun and the CCUA’s upcoming Annual Meeting & Convention in five weeks, be sure to download the newest app designed to provide you with information on a wide assortment of activities, agenda, speakers, and trade show exhibitors. It's a must for anyone planning to navigate the upcoming convention and trade show.
Cooperative Credit Union Association announces their Fall 2018 Network Meeting schedule.
Cooperative Credit Union Association announces their Fall 2018 Network Meeting schedule. Join your peers for our Network meetings where participants can connect with members from other credit unions to share and exchange ideas, challenges and best practices concerning related issues. The network will open the discussion to pressing concerns and is a great opportunity to network with your fellow functional experts.
The Consumer Financial Protection Bureau has issued a rule to execute and clarify the requirements of a certain section of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which amended the Home Mortgage Disclosure Act.
CO-OP Financial Services has launched COOPER Fraud Analyzer, its advanced data-driven fraud mitigation tool, into pilot testing with four participating credit unions in the CO-OP Shared Branch network.