The Department of Justice has ended Operation Choke Point, an initiative designed to combat fraud but concerning to CUNA and credit unions due to potential restrictions in access to financial services.
The need for regulatory relief--and credit unions’ continued ability to provide local-based financial services to their communities--were the focus of a meeting with Sen. Jon Tester (D-Mont.) and advocates from 4 Montana credit unions on Thursday.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.
Virtual lending to millennials will be critical to the future success and sustainability of credit unions, but it’s important to be cognizant of the growing risks posed by expanding online channels and take steps to mitigate them, CUNA Mutual Group’s Jim Bullard told a Discovery Conference audience Thursday.
NCUA Wednesday released a package of possible regulatory reforms and urged credit union stakeholders to read and comment. According to the agency, the reforms were recommended by an internal NCUA task force.
A new credit union service organization has been formed by CULedger, a credit union industry initiative developing applications of distributed ledger, or blockchain, technology. Credit unions will have a majority ownership in the new CUSO.
Credit unions that are part of CUNA’s Member Activation Program, and those who want to learn more about MAP, are invited to a free webinar Aug. 22 for an update on CUNA’s Campaign for Common-Sense Regulation.
Scott Woods, president/CEO of South Carolina FCU, North Charleston, S.C., was elected Monday to the open Class C CUNA board of directors position to a term running through the 2019 CUNA general meeting.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.