NCUA settles with Barclays, Wachovia

The NCUA announced an agreement with Barclay’s Capital and Wachovia to resolve claims related to purchases of faulty residential mortgage-backed securities by corporate credit unions that resulted in heavy losses. Through the agreement, Barclays will pay $325 million, while Wachovia will pay $53 million. The NCUA then puts those net proceeds toward reducing the Temporary […]

Financial services trades team up for cybersecurity push

Every U.S.Senator received a letter from 14 trade associations, including CUNA, asking for their support of S. 754, the Cybersecurity Information Sharing Act.  The letter, which was also sent to Senate leadership praising their efforts, asks senators to get the bill to the Senate floor and passed. The letter states that, “Today, the laws related […]

43 lawmakers send letter to CFPB on prepaid cards

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray received a letter from 43 members of Congress expressing concern for the bureau’s proposed rule for prepaid accounts. The letter contained signatures from four senators and 39 representatives including Rep. Dennis Ross (R-FL). The members of Congress wrote that prepaid cards are an effective way for consumers […]

LSCU’s Ross named CU Times’ Trailblazer 40 Below

LSCU Senior Vice President of Association Services and Governmental Affairs Jared Ross was chosen as a CU Times’ Trailblazer Below 40. The trade publication created the Trailblazer Below 40 program to recognize exceptional young credit union execs who are changing the direction of the credit union industry for the better. In his current role, Ross […]

House passes TRID legislation; moves to the Senate

In a vote that was much wider than expected, the U.S. House passed H.R. 3192, the Homebuyers Assistance Act. The bill was introduced after the CFPB’s new TILA-RESPA rules were introduced. The bill’s sponsors said their was a lack of anything more specific regarding a grace period or clear direction from the CFPB. The act […]

Stop and study bill sponsors send letter to NCUA

The three sponsors of HR 2769, the Risk-Based Capital Study Act, sent a letter to NCUA Chairman Debbie Matz outlining steps the regulator should implement concerning risk-based capital. Reps. Bill Posey (R-FL), Stephen Fincher (R-TN), and Denny Heck (D-WA) wrote that they “have an interest in ensuring stability of the financial system while preserving the […]