To turn around recession-related increases in repossessions, CUs have beefed up their loan-assessment processes, initiated faster action on collection procedures, and worked diligently to help members avoid repossessions.
Although NCUA’s final rule on corporate credit unions eliminates some onerous provisions from previous versions, it limits retail credit unions’ choices and increases the need for financial scrutiny. And with fewer corporates left, some credit unions are looking outside the credit union movement for services.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
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.
The 2017 CUNA GAC kicks off Feb. 26, registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.