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U.S. House Passes Privacy Notification Act

Dec
12
U.S. House Passes Privacy Notification Act

The U.S. House of Representatives passed H.R. 5817, the Eliminate Privacy Notice Confusion Act, by a voice vote on December 12.  Currently, financial institutions are required to give annual privacy notices each year, even if their privacy policies have not changed. 

This legislation, sponsored by U.S. Rep. Blaine Luetkemeyer (R-District 9) would require credit unions and other financial institutions to provide information to their members ONLY if they have changed any policy or practice related to the privacy of the member. 

Posted By Amy McLard read more

ATM Bill Passes U.S. Senate

Dec
12
ATM Bill Passes U.S. Senate

The ATM disclosure bill, H.R. 4367, was approved by unanimous consent by the U.S. Senate on December 11.  The bill was unanimously passed by the U.S. House in July.  It now goes to President Obama to sign and make law.

Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) sponsored the bill, which eliminates the requirement that credit unions and other financial institutions place a physical disclosure on ATMs.  The bill preserves consumer notification of any potential fees associated with an ATM transaction through an electronic disclosure.

Posted By Amy McLard read more

Reminder: Federal Benefit Payments are Transitioning to Electronic Only

Dec
11
Reminder: Federal Benefit Payments are Transitioning to Electronic Only

Federal benefit payments (e.g., payments from the Social Security Administration and Veterans Affairs) will transition entirely from paper to electronic form as of March 1, 2013.  Federal benefit payments will be delivered electronically to recipients either by direct deposit via ACH or transfer to a Direct Express Debit MasterCard card, which is administered by Comerica Bank.

Posted By Sharon Bahr read more

FinCEN Summaries of Public Roundtables

Dec
11
FinCEN Summaries of Public Roundtables

The Financial Crimes Enforcement Network (FinCEN) has released summaries of its public roundtable meetings held in Los Angeles, New York City, and Chicago regarding the agency’s advance notice of proposed rulemaking (ANPR) on customer due diligence (CDD) requirements that would apply to financial institutions, including credit unions.

Posted By Sharon Bahr read more

Financial Services Sector Coordinating Council Discusses Cyber-Security

Dec
11
Financial Services Sector Coordinating Council Discusses Cyber-Security

Last week, Credit Union National Association (CUNA) staff attended the Financial Services Sector Coordinating Council (FSSCC) all-day meeting to discuss coordination efforts between federal government entities and the financial services sector on critical infrastructure, cyber-security, and crisis management.  Senior staff from the Department of Homeland Security, Treasury, and other government entities discussed current critical infrastructure initiatives and their ongoing

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NCUA Final Rule on Alternatives to the Use of Credit Ratings

Dec
10
NCUA Final Rule on Alternatives to the Use of Credit Ratings

As noted in the Credit Union National Association's (CUNA) summary of the National Credit Union Administration (NCUA) Board meeting on December 6, the Board approved a final rule on alternatives to credit ratings to assess creditworthiness that will apply to federal natural person and corporate credit unions, effective 180 days after publication in the Federal Register; this rule change was required under the Dod

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New CUNA Examination Survey

Dec
10
New CUNA Examination Survey

The Credit Union National Association (CUNA) has developed a new survey to allow credit unions to provide CUNA and the state leagues with feedback on their most recent examination by the National Credit Union Administration (NCUA) and/or their state regulator.  The survey was emailed to all CUNA/league affiliated credit unions, except those in NCUA's Region 2, on Thursday, December 6.  Credit unions in Region 2 have already participated in

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State-By-State Quarterly Financial Report Available

Dec
10
State-By-State Quarterly Financial Report Available

The National Credit Union Administration (NCUA) has issued its “Quarterly U.S.

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MCUA Urges FHFA to Ensure Credit Unions Have Access to Secondary Mortgage Market

Dec
10
MCUA Urges FHFA to Ensure Credit Unions Have Access to Secondary Mortgage Market

On December 3, the Missouri Credit Union Association (MCUA) filed a comment letter with the Federal Housing Finance Agency (FHFA) regarding an agency white paper entitled “Building a New Infrastructure for the Secondary Mortgage Market.”  As the FHFA moves forw

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Bank TAG Vote Scheduled for December 10 - Credit Unions Urged to Act

Dec
06
Bank TAG Vote Scheduled for December 10 - Credit Unions Urged to Act

Credit unions from Missouri took part in National Hike the Hill on November 27-28 to urge members of Congress to take action on member business lending legislation.  At the time, combining MBL with other legislation – including the banks’ Transaction Account Guarantee Program (TAG) – was an option shared with U.S. Senators. 

Posted By Amy McLard read more

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