MADISON, Wis. (4/4/16)--An article describing how the Consumer Financial Protection Bureau (CFPB) issued an interim final rule that broadens the availability of certain special provisions for credit unions and other small creditors in the Regulation Z qualified-mortgage and escrow rules was the most-read News Now article in March.
The new rule was strongly advocated by the Credit Union National Association in both the regulatory and legislative fronts.
The Top 10 stories for the month:
WASHINGTON (3/19/16)--The CUNA membership has overwhelmingly voted to modernize the association’s bylaws. This historic change creates a new, open membership model for CUNA and empowers the board of directors to maintain a fair dues formula and board structure as the credit union system evolves.
WASHINGTON (3/8/16)--CUNA’s groundbreaking regulatory burden study, as well as ancillary materials put together by CUNA, is now publicly available in its entirely. Conducted by Cornerstone Advisors, the study found that regulatory burden diverted $7.2 billion from services in 2014 alone.
WASHINGTON (3/17/16)—CUNA continues to be disappointed in CFPB Director Richard Cordray’s stance on the impact the bureau’s regulations are having on not-for-profit, member-directed credit unions, said Jim Nussle, president/CEO of CUNA.
WASHINGTON (3/22/16)--Legislation to raise the threshold for Home Mortgage Disclosure Act (HMDA) reporting requirements for small institutions, including many credit unions, has the full support of CUNA. Jim Nussle, CUNA president/CEO, wrote to Rep. Tom Emmer (R-Minn.) Monday in support of HMDA.
WASHINGTON (3/3/16)--The U.S. Court of Appeals for the Fifth Circuit has upheld a Texas state law, challenged by a group of merchants, that prohibits merchants from imposing a surcharge on a buyer who uses a credit card.
WASHINGTON (3/28/16)--The owner and compliance officer of Thriftway Food Mart were hit with a civil money penalty last week, stemming from “willful and repeated” violations of the Bank Secrecy Act (BSA). The compliance officer, Kustandy Rayyan, has admitted to the conduct and agreed to a $10,000 penalty, according to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
WASHINGTON (3/14/16)--A bipartisan group of 329 members of the U.S. House today sent a letter to CFPB Director Richard Cordray urging the bureau to use its rulemaking exemption authority to protect credit unions and other community-based financial institutions from provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
SAN FRANCISCO (3/11/16)--Merchants have filed a class action, antitrust lawsuit against major credit card companies and some of the nation's largest banks. It charges that the defendants "conspired to shift billions of dollars in liability" for fraudulent credit card transactions in the United States to merchants.
ALEXANDRIA, Va. (3/4/16)--The National Credit Union Administration (NCUA) this week released guidance on how to comply with changes to the Department of Defense’s Military Lending Act (MLA). The guidance, Complying With Recent Changes to the MLA Regulation, was issued as a regulatory alert (16-RA-04).
WASHINGTON (3/22/16)--The CFPB Tuesday issued an interim final rule--strongly advocated by CUNA in both the regulatory and legislative fronts--that broadens the availability of certain special provisions for credit unions and other small creditors in the Regulation Z qualified-mortgage and escrow rules.