Proposed FOM rule change heads Nov. Top 10 in News Now

December 2, 2015

MADISON, Wis. (12/2/15)--An article in which CUNA President/CEO Jim Nussle said field-of-membership (FOM) rule changes proposed by the National Credit Union Administration (NCUA) will provide greater choice for consumers and greater flexibility for credit unions to serve their communities was the most-read News Now article in November.

Also making the Top 10 were three articles covering the CUNA/National Association of State Credit Union Supervisors (NASCUS) Bank Secrecy Act (BSA) Conference, held in Fort Lauderdale, Fla.

The Top 10 articles for the month:

10. For ex-banker, switch to CUs couldn’t come soon enough.

HAMPDEN, Maine (11/6/15)--Bankers calling credit unions “the dark side.” Is that rich or what? But when Marcel Blais, after 35 years of working in the banking industry, told colleagues he was taking a position with Maine Savings FCU, Hampden, Maine, that’s exactly what they said.

9. BSA Conference: FinCEN says enforcement designed to educate, not just punish

FORT LAUDERDALE, Fla. (11/17/15)--More than 10,000 individuals from federal, state and local agencies conduct more than 30,000 BSA searches per day, according to attorney David Reed.

8. Compliance: What are the BSA/AML red flags for CUs?

WASHINGTON (11/23/15)--Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.

7. FOM improvements: How far will they go?

ALEXANDRIA, Va. (11/19/15)--A FOM proposal is on the agenda for the NCUA open meeting this morning. All eyes will be on how far the NCUA will be willing to explore possible modernization of the rules that govern who can join which credit union.

6. BSA Conference: Trafficking survivor hails compliance staff ‘crime fighters'

FORT LAUDERDALE, Fla. (11/18/15)--Hard up for money in her native Hungary, Timea Nagy decided in 1998 to take a job offer in Canada that seemed like a great deal. But that deal quickly turned into a nightmare as upon arrival Nagy was forced into sex slavery for 3 1/2 months before she escaped.

5. Bank threats on FOM rules will galvanize CUs: CUNA

WASHINGTON (11/30/15)--CUNA Chief Advocacy Officer Ryan Donovan says a banker's threat to sue reinforces the need for credit unions to have a strong united voice in support of a proposal by the NCUA to modernize rules that control who can join which credit unions.

4. CUNA: Hensarling amendment would remove barriers for CUs

WASHINGTON (11/5/15)--An amendment from Rep. Jeb Hensarling (R-Texas) to the highway funding bill would help remove a number of regulatory barriers for credit unions, CUNA told U.S. House leadership Wednesday.

3. FOM rules to be taken up by NCUA Nov. 19

ALEXANDRIA, Va. (11/12/15)--A FOM proposed rule will be taken up at the National Credit Union Administration’s Nov. 19 meeting, as requested by CUNA. FOM reform is a top issue for CUNA, and CUNA has urged the agency to refrain from imposing any FOM restrictions beyond what is required in the Federal Credit Union Act.

2. BSA Conference: Exploring benefits, pitfalls of remote deposit capture

FORT LAUDERDALE, Fla. (11/17/15)--While remote deposit capture has changed the way many consumers can deposit checks, it comes with a number of risks for credit unions and other financial institutions. John Curtis, senior vice president of education and training for the Western Payments Alliance spoke about the evolution of remote deposit capture at the CUNA/NASCUS BSA Conference Monday.

1. FOM proposal would do much to help consumer access to CUs

ALEXANDRIA, Va. (11/20/15)--CUNA President/CEO Jim Nussle said Thursday that the FOM rule changes proposed by the NCUA at its open board meeting will provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities.