ACTION ALERT: Comment letters needed for IOTLAs

Back in December 2014, Pres. Obama signed H.R. 3468, the Credit Union Share Insurance Fund Parity Act, into law and it directed the NCUA to extend share insurance coverage to trust accounts, such as Interest on Lawyer Trust Accounts (IOTLAs), opened and managed by credit union members. In 2015, the NCUA implemented this legislation through […]

Congress asks NCUA to consider extended exam cycle

The League, CUNA, and state leagues are working to have their federal delegation sign a letter asking the NCUA to move to an 18-month exam cycle. Last year, the House unanimously passed H.R. 1553, the Small Bank Exam Cycle Reform Act, 411-0. This legislation amended the Federal Deposit Insurance Act (FDIA) to allow more small […]

NCUA could finalize MBL rule next week; FOM letters top 11,000

The League is hearing from NCUA sources that the NCUA board will vote to finalize changes to the member business lending (MBL) regulation at its February 18 meeting. The revisions to the current MBL rule were proposed and issued for comment at the board’s June meeting. At that time, the proposal would “provide federally insured […]

White House budget includes tax on big banks

The final budget proposal from the White House looks to add $4 trillion in new spending and pay for it by taxing the wealthy, oil companies, and big banks. The proposed budget includes a new fee “on the largest financial firms on the basis of their liabilities.” This was one of a number of taxes […]

Apple Pay expanding and growing

Apple added 30 financial institutions to its Apple Pay platform recently bringing the total of new financial institutions for 2016 to 81. Apple is signing on new retailers every month. Chick-fil-A restaurants, Au Bon Pain restaurants, and Crate & Barrel stores. The Square has also rolled out an Apple Pay Reader for $49 which will […]

League files comment on IOTAs in Florida

This past week, the League filed comment on an amendment to the Rules Regulating the Florida Bar that would allow credit unions as permissible custodians of attorney trust accounts. IOTAs, as they are known in Florida, are currently only allowed to be opened at banks because the NCUA would not insure these accounts previously. With […]