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.
CUNA continued its efforts for clarifications, including asking for credit card guidance, on the changes to the Military Lending Act Thursday. Many changes became effective last October, and credit card provisions will take effect Oct. 3.
A magistrate judge in the Wendy’s data breach lawsuit has recommended denying the restaurant chain’s motion to dismiss, according to an interim ruling. CUNA urged the court to reject the motion to dismiss in a brief filed in September.
Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the CFPB Wednesday in response to a request for information. Of particular concern is liability associated with unauthorized transactions or data breaches.
Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the CFPB under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.
Atlanta-based Arby’s restaurants has acknowledged a data breach involving approximately a number of its corporate-owned locations, reports Krebs On Security. The breach is estimated to have occurred between Oct. 25, 2016, and Jan. 19.
Federal Reserve Chair Janet Yellen testified before Congress this week, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.
Credit union leaders continue to highlight the movement’s pro-consumer attributes in the pages of local publications, most recently in Massachusetts, Michigan and Florida. The pieces reinforce the work of CUNA’s Campaign for Common-Sense Regulation.
Sen. Mike Rounds (R-S.D.) introduced a CUNA-backed regulatory relief bill Tuesday that would require regulators to take risk into account when promulgating regulations. The TAILOR Act (S. 366) would reduce regulatory burden for financial institutions with lower risk profiles.
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.