The current regulatory regime makes BSA/AML compliance daunting for community financial institutions like credit unions, Faith Anderson of American Airlines FCU told a House Financial Services subcommittee on behalf of CUNA Wednesday.
CUNA President/CEO Jim Nussle said CUNA would push to remove language placing NCUA under the appropriations process from the House FSGG appropriations bill, and called for engagement to restore the CDFI Fund and CDRLF, which saw cuts.
CUNA and 2 other organizations jointly filed an amicus brief Wednesday in defense of NCUA's revised field-of-membership rule. The brief supports NCUA's cross-motion for summary judgement against the suit brought by the American Bankers Association.
The CFPB will conduct an assessment of its Ability-to-Repay/Qualified Mortgage rule, it announced last week. CUNA appreciates the re-evaluation of the regulation, which it believes has led to increased regulatory burdens for credit unions.
The Currency Transaction Report available on the Bank Secrecy Act e-filing system will be updated in August, FinCEN announced last week. These changes are defined in a Federal Register notice published by FinCEN in February.
The ABA filed a motion for summary judgment Friday in its suit against NCUA and its revised FOM rule. CUNA supports the NCUA's position in the lawsuit, and will likely file an amicus brief in the case.
Credit unions around the country continued their commitment to Children’s Miracle Network Hospitals in recent weeks through the Credit Unions for Kids’ Change a Child’s Life coin collection campaign and other methods.
CUNA’s Washington, D.C. and Madison, Wis. offices will be closed Monday in observance of Memorial Day. There will not be a CUNA News daily e-mail Monday, but CUNA News will resume its normal coverage Tuesday.
The NCUA board approved three proposed rules for comment at Thursday’s board meeting, rules concerning appeals, the Supervisory Review Committee and voluntary mergers. The meeting also featured a quarterly update on the Temporary Corporate Credit Union Stabilization Fund.
CUNA President/CEO Jim Nussle said he is disappointed with the removal of Durbin amendment repeal language from the Financial CHOICE Act, but pledged that CUNA, the leagues, and credit unions will continue the offensive for regulatory relief.
CUNA released a video this week highlighting the recognition of the CUNA/league system as one of the most powerful advocacy voices in the country, first among all financial services trade associations studied in terms of advocacy effectiveness.
NCUA Chair J. Mark McWatters wrote that a number of changes should be considered to CFPB rules and policymakings, to provide regulatory relief for credit unions, particularly with respect to exemption authority, HMDA and UDAAP requirements of Dodd-Frank.