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.
A settlement in the case stemming from a 2014 data breach at Home Depot is likely to be proposed very soon. The settlement is not public yet, and will be subject to approval by the class representatives.
CUNA wrote in support of the House version of the Taking Account of Institutions with Low Operation Risk (TAILOR) Act Thursday, which would reduce regulatory burden for financial institutions with lower risk profiles.
The Defense Credit Union Council has released a publication developed to help educate servicemembers about the changes to the military retirement system. On Jan. 1, 2018, the new Blended Retirement System comes into full effect.
The 2017 CUNA GAC will wrap Wednesday with a half-day of sessions, and then hundreds of credit union leaders will head to Capitol Hill to speak to their elected officials. Wednesday’s speakers include a number of elected officials.
The Consumer Compliance Rating System is an interagency framework developed by the Federal Financial Institutions Examinations Council member agencies for evaluating an institution’s ability to manage consumer compliance risk and to prevent harm to consumers.
CUNA counsel has provided updates for data breaches at Kmart and MAPCO. While CUNA is not involved as a plaintiff in these cases, some credit unions are among the institutions engaged in the litigation or may have potential claims.
The NCUA board voted Thursday to extend the current 18% maximum loan interest rate for most loans made by federal credit unions. The 18% cap would have expired March 10, but is now in place through Sept. 10, 2018.
With the launch of CUNA’s Campaign for Common-Sense Regulation earlier this year, CUNA hosted a webinar highlighting how CUNA’s Member Activation Program fits. MAP is designed to activate members to call on lawmakers to support the industry’s priorities.
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.