CUNA hopes NCUA works to implement the recommendations released this week in a report from FFIEC agencies, part of a review of the agencies’ rules. The NCUA was not required to participate, but did so voluntarily.
The World Council of Credit Unions asked the Financial Action Task Force this week for clearer guidance on AML/CFT rules in order to reduce regulatory burdens. The FATF is the global standard setting body for AML/CFT rules.
The Financial Services Information Sharing and Analysis Center has named Heather McCalman its credit union council manager. CUNA, a member of FS-ISAC, has urged the security-minded organization to increase services for credit unions.
The Federal Open Market Committee decided Wednesday to raise the federal funds interest rate range to 0.75% to 1%. CUNA Senior Economist Perc Pineda says the action was expected, and CUNA anticipates similar actions later this year.
The NCUA filed a response to the lawsuit against its final field-of-membership rule brought by the American Bankers Association. CUNA is tracking the lawsuit, and plans to support the NCUA in its defense of the rule.
The CFPB published its proposed delay of its prepaid accounts rulemaking Wednesday in the Federal Register shifting the implementation date to April 1 a request CUNA made when commenting on the proposed prepaid rule.
The Senate and House are both in session this week, and while most of their schedules will consist of non-financial services legislation in the House and nominations in the Senate, CUNA will be closely monitoring several hearings.
CUNA’s compliance staff continued its closer look into the NCUA’s guidance on its member business lending rule with a CompBlog entry last week on collateral and security requirements for commercial loans.
CUNA urged the FCC to reject a petition seeking adoption of a rule that would change the definition of “prior express consent” regarding the TCPA, because it fails to prove the FCC has exceeded its authority.
CUNA joined other trade organizations Friday in filing an amicus brief in a court case that questions the CFPB’s structure. The brief focuses on the non-constitutional issues in the case and applauds the court for its previous RESPA ruling.
A court has granted preliminary approval of a settlement in the Home Depot data breach proposed earlier this week. The court has established an Aug. 14 deadline to make claims, but methods for claims are not yet in place.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.