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.
With both the Senate and House in session this week, CUNA will be tracking several hearings in both chambers. Those hearings include two appearances by Federal Reserve Chair Janet Yellen, who will make her semiannual testimony.
As both America Saves Week and Military Saves Week approach, credit unions have the opportunity to apply for the America Saves Designation of Savings Excellence. This year’s week is Feb. 27 to March 4.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.
CUNA President/CEO Jim Nussle highlighted the need for relief in a letter to the editor published in USA Today Sunday, noting that credit unions deliver roughly $10 billion in savings to more than 100 million members each year.
The DOL is expected to delay implementation of its fiduciary rule, and sent notice to the OMB Thursday that it will likely delay the implementation of the rule for 180 days after the original effective date of April 10.
CUNA published a white paper Thursday examining 3 policy decisions the NCUA will need to make concerning the wind-down of the agency’s Corporate Resolution Program, and will analyze the issues over the coming months.
State Employees CU, Raleigh, N.C. will join the Carolinas Credit Union League, it announced this week. The $33 billion asset credit union re-affiliated with CUNA last year, and is now fully engaged with the CUNA/league system.
CUNA’s Project Zip Code has matched its 90 millionth CU member to their congressional district, a major milestone for one of CUNA’s signature programs. Project Zip Code matches data to congressional and state legislative districts, as well as counties.
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.