Reg. relief, compliance trends in demand: News Now Top 20 in '15

December 28, 2015

MADISON, Wis. (12/28/15)--News Now readers followed closely the compliance challenges credit unions faced in 2015, but the most-read story was the successful passage of CUNA-supported regulatory relief provisions in a bill signed by President Barack Obama Dec. 4.

The legislation “contains the most significant regulatory relief measures for credit unions that we’ve seen pass Congress in nearly a decade,” said CUNA President/CEO Jim Nussle. “This is a huge victory for credit unions and the over 100 million credit union members CUNA represents.”

The provisions--which modernize privacy notification requirements, allow privately insured credit unions to join the Federal Home Loan Bank (FHLB) program and direct the Consumer Financial Protection Bureau (CFPB) to establish a process for determining whether an area should be designated “rural”--were included in the Fixing America’s Surface Transportation (FAST) Act.

Readers also were drawn to articles about other CFPB actions, including its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule and Home Mortgage Disclosure Act (HMDA) rule.

Also trending was the National Credit Union Administration’s (NCUA) approval of its second risk-based capital (RBC) proposal.

The top 20 News Now articles for 2015 are:

20. CUNA/NASCUS cybersecurity event to feature live hack, Secret Service expert

WASHINGTON (7/6/15)--Credit unions hoping to get a firsthand--but safe--look at how a hacker might attempt to breach their systems can get just that at an upcoming symposium hosted by CUNA and National Association of State Credit Union Supervisors.

19. CUNA announces Community CU of the Year winners

MADISON, Wis. (8/26/15)--CUNA announced this week the winners of the 2015 Community Credit Union of the Year Award, an honor that recognizes credit unions that have performed exemplary work related to community involvement.

18. More than 60 named plaintiffs in Home Depot class action suit

ATLANTA (5/28/15)--A consolidated class action complaint in the lawsuit against Home Depot was filed Wednesday in the U.S. District Court for the Northern District of Georgia and now includes more than 60 named plaintiffs, including CUNA.

17. CFPB rules build hurdles for CUs' member service: CUNA to Congress

WASHINGTON (9/29/15)--Despite promises to “level the playing field,” the impact of nearly every CFPB rule to date has made it more difficult and expensive for credit unions to serve their members. That’s what CUNA wrote to U.S. House Financial Services Committee leadership Monday a comprehensive, 18-page letter sent in advance of CFPB Director Richard Cordray’s semi-annual appearance before the committee this morning.

16. NCUA agrees to $378M in 2 RMBS settlements

ALEXANDRIA, Va. (10/19/15 UPDATED 2:45 ET)--The NCUA reached settlement agreements today totaling $378 million with Barclay’s Capital and Wachovia. The settlements come from the agency’s ongoing litigation with sellers of faulty residential mortgage-backed securities, which caused the failure of corporate credit unions.

15. CUNA describes TCPA impact on CUs to NCUA

WASHINGTON (8/5/15)--CUNA is concerned about a recent Federal Communications Commission ruling and wrote to the NCUA this week expressing concerns about how the order will impact the ability of credit unions to communicate with their members.

14. CUNA announces reduced dues for 2016

WASHINGTON (9/23/15 UPDATED 1 p.m. ET)--CUNA President/CEO Jim Nussle announced Wednesday that CUNA will reduce member dues in 2016. In a special edition of The Nussle Report, Nussle highlighted recommendations he made to CUNA’s board which CUNA will be taking action to implement as soon as possible.

13.  Compliance: New series looks at new HMDA reporting burdens

WASHINGTON (10/19/15)--Fresh off the release of the final HMDA rule last week by the CFPB, CUNA’s compliance gurus offer a look at what the increased reporting burdens mean for credit unions.

12. House to vote on TRID delay bill next week

WASHINGTON (10/1/15)--The U.S. House will vote next week on a bill that will delay the implementation of the CFPB’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016. The bill concerns the CFPB’s TRID rule, which is effective starting Oct. 3.

11. High court rules 2nd mortgages can't be voided in bankruptcy

WASHINGTON (6/2/15)--Homeowners cannot void a second mortgage using bankruptcy protection, the Supreme Court ruled Monday. The case, Bank of America v. Caulkett, concerns two Florida homeowners with second mortgages voided during Chapter 7 bankruptcy proceedings.

10. TRID closing disclosure fact sheet released by CFPB

WASHINGTON (6/5/15)--The CFPB released a new fact sheet clarifying the impact of a requirement in its new mortgage disclosure rule.

9. CUNA: CFPB increases reg. burden with HMDA rule

WASHINGTON (10/15/15 UPDATED 1:24 p.m. ET)--The CFPB announced today it will finalize its HMDA rule. CUNA has long advocated for credit unions to be exempt from the requirements, saying they would add yet another layer of expense and regulatory burden.

8. Matz clarifies to Nussle intention of her CU remarks

WASHINGTON (7/24/15 UPDATED 1:05 p.m. ET)--NCUA Chair Debbie Matz sent clarification Friday on comments during hearing that seemed to indicate a lack of faith in credit union leadership. Matz said she did not intend her comments to come across that way, and apologized.

7. The wait is over: Fed hikes rates

WASHINGTON (12/16/15 UPDATED 1:22 p.m. ET)--The last time the Federal Reserve hiked interest rates, the United States was still two years away from watching the economy crumble under its feet. Nearly a decade later, the Fed has finally decided to begin reining in its gracious monetary policy stance, and today announced it would raise rates by a quarter point. “Finally,” said CUNA Chief Economist Bill Hampel. “We can all get back to work now and quit speculating on when rates will eventually rise.” 

6. Visa to contact CUs re: $67M settlement with Target over 2013 breach

MINNEAPOLIS (8/19/15)--Target Corp. has reached an agreement with Visa to reimburse card issuers up to $67 million for costs related to a massive 2013 data breach experienced by the retailer (The Wall Street Journal Aug. 18). Visa told CUNA Tuesday that it will be in contact with credit unions in the coming days if they are eligible for part of the settlement.

5. TRID violations found in 90% of reviewed mortgages: Moody’s

WASHINGTON (12/14/15)--A review of recent mortgage loans for TRID compliance showed violations in more than 90% of loans, according to a report from Moody’s published last week.

4. Compliance: Who needs to be EMV-compliant by Oct. 1?

WASHINGTON (9/2/15)--Credit card issuers--and, yes, that means credit unions, too--and retailers have less than a month to embrace the global security standard developed by Europay, MasterCard, and Visa (EMV) before they start playing a game of liability hot-potato.

3. NCUA approves risk-based capital rule

ALEXANDRIA, Va. (10/15/15, 12:35 p.m. ET)--The NCUA voted 2 to 1 in favor of the agency’s risk-based capital proposal (RBC2), making it final more than 20 months after it was first proposed. Board member J. Mark McWatters expressed a number of concerns with the rule prior to voting against it.

2. FOM proposal intends to help consumer access to CUs

ALEXANDRIA, Va. (11/19/15, UPDATED 11:42 a.m. ET)--The NCUA just voted to put out for comment its proposal to modernize credit union field-of-membership rules.

1. Obama signs 3 CU reg. relief provisions into law

WASHINGTON (12/7/15)--Three key credit union regulatory relief provisions were signed into law Friday by President Barack Obama. The provisions were passed as part of the FAST Act, which is a five-year, $305 billion highway funding package.