NACHA, the Electronic Payments Association, amended its Operating Rules to require Originating Depository Financial Institutions (ODFIs) to identify and register their Third-Party Sender members. However, even credit unions that do not conduct third-party origination are still required to register and acknowledge that in a statement to NACHA. These changes become effective on Sept. 29, 2017, […]
According to a new survey by TimeTrade, “The State of Credit Unions 2017,” in-branch transactions are still popular among CU members, despite an overall shift by the public to online financial transactions. In the survey of 2,000 consumers, 46 percent of respondents visited a credit union branch once a month or more, with another 25 […]
Last week the LSCU & LEVERAGE board of directors held its annual strategic planning retreat on Amelia Island, Florida. In addition to our planning process, we also held our third quarter board meetings. I wanted to share highlights from the planning session. Our retreat was facilitated by Mollie Bell, CUNA’s Chief Engagement & Transformation Officer. Mike Schenk, […]
The Office of Financial Regulation today issued a proclamation providing guidance to Florida’s financial institutions in areas where impacts of Tropical Storm Nate are forecasted. Click Proclamation OFR. For additional details, click OFR Issues Guidance in Preparation for Tropical Storm Nate.
An interim rule by the Consumer Financial Protection Bureau (CFPB) gives mortgage servicers more flexibility to communicate about foreclosure prevention options with borrowers who have requested a cease in communication.Another CFPB rule provides clarity about when to provide periodic statements to consumers in connection with their bankruptcy case. “Today’s action should make it easier for […]
This week, CUNA and outside counsel discussed credit unions’ legal rights in the wake of the Equifax data breach, including participation in class action lawsuits, with more than 500 credit unions. CUNA announced it will file a lawsuit against Equifax as a result of the breach. First announced last month, the Equifax data breach occurred […]