MADISON, Wis. (5/6/15)--An article about the National Credit Union Administration (NCUA) board’s approval of a rule to limit credit unions' use of associational common bonds to add to fields of membership (FOM) was the most-read News Now article in April.
Aspects of the final rule, which the NCUA voted 2-1 in favor of April 30, were met with strong opposition by CUNA when it was first proposed last year, and the NCUA made changes to its final version that address some of CUNA's recommendations. For instance, before its final vote, the board added five categories of association that will automatically qualify for NCUA approval as a common bond.
The Top 10 stories for the month included:
CHARLOTTE (4/1/15)--A recent Washington Post article outlined a disturbing trend in financial services: Firms that charge exorbitant fees to repair a struggling consumer's credit history when free and low-cost alternatives are available.?
MADISON, Wis. (4/15/15)--CUNA has agreed to join credit unions and other financial institutions nationwide as a plaintiff in a class action lawsuit against The Home Depot following the merchant's massive data breach in September 2014.
WASHINGTON (4/13/15)--You know reason has left the house when banking trade associations oppose a state relief measure, one which would certainly help some of their members, solely to block credit unions from having the same relief. CUNA President/CEO Jim Nussle said Friday that it is "hard to believe" bankers in New York would shoot their members in the foot by giving into a "knee-jerk reaction" against credit unions.
WASHINGTON (4/15/15)--The Wall Street Journal has reported that MasterCard is about to announce a settlement in its case against Target to recover costs card issuers suffered due to a massive data breach of the retailer's systems.
MADISON, Wis. (4/9/15)--Common narratives from the banking industry about credit unions fall "woefully short of facts," writes Mike Schenk, CUNA vice president of economics and statistics, in this month's Credit Union Magazine. In the article, Schenk counters claims that credit unions harm community banks, calling it "plain hogwash."
WASHINGTON (4/8/15)--This week, the NCUA released a National Credit Union Share Insurance Fund (NCUSIF) Improvements White Paper suggesting changes to the operation and structure of the NCUSIF.
WASHINGTON (4/17/15)--CUNA is reminding credit unions of an impending deadline for deciding whether to become a party to a class action suit against Home Depot.
WASHINGTON (4/6/15)--A retailer trade association request to delay new credit and debit card security features that would protect consumer data has led CUNA to increase its push for strict data breach legislation that would protect consumers and financial institutions.
WASHINGTON (4/29/15)--Although the Consumer Financial Protection Bureau (CFPB) is not expected to take up consumer protection policy issues associated with overdraft programs until later this year, the bureau has taken action against a large Alabama-based bank for violating federal rules prohibiting charging overdraft fees to consumers who have not opted in to overdraft protection programs.
ALEXANDRIA, Va. (4/30/15)--The NCUA this morning voted 2-1 to approve a rule to limit credit unions' use of associational common bonds to add to fields of membership.