NCUA chair responds to letter on how CUs serve members, businesses

According to League sources, two GOP members of Congress, Rep. Jeff Flake and Rep. Blaine Luetkemeyer, wrote a letter to the NCUA in mid-October about policies affecting how credit unions may serve certain members and businesses. This relates directly to the “Operation Choke Point” controversy that involved the United States Department of Justice and FDIC-insured […]

CFPB releases final rule for Regulation E and Z impacting prepaid industry

According to League sources, on Oct. 5, the Consumer Financial Protection Bureau released a final rule for prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). The 1,700-page rule establishes broad consumer protections that impact all aspects of the prepaid industry.The rule, which generally becomes effective on […]

CUACG provides protection in wake of Wells Fargo scandal

Sen. Richard Shelby, R-AL, chairman of the Senate Banking Committee, decided Monday to hold committee hearings to determine from Wells Fargo how more than 2 million credit card and bank accounts were opened in the names of customers. Since 2011, Wells Fargo employees have set up credit cards without customers’ consent resulting in fines of […]

Military Lending Act: Get Ready to Comply

The Department of Defense (DOD) issued a final rule in July 2015 to amend the regulation that implements the Military Lending Act (MLA). Credit unions must comply with the rule for closed-end and open-end consumer credit other than credit card accounts by October 3, 2016. For credit cards, the mandatory compliance date is October 3, […]

NCUA points out highs in second quarter CU performance

According to a National Credit Union Administration report yesterday, the credit union system performed solidly in the second quarter with loans rising at a double-digit pace over the year with growth in every major category. New auto loans rose 15.6 percent, the fastest of all loan categories. Membership grew by 1.2 million for the quarter […]

NCUA strategic plan includes removing the calendar-year exam requirement

Yesterday, following a vote of 2-0, the NCUA board approved its 2017-2021 strategic plan and in doing so highlighted its commitment to reducing the regulatory burden on CUs and possibly extending the exam cycle for well-run CUs. The new plan includes removing the calendar-year exam requirement. In adopting the plan, the board removed two agency performance […]