Federal Legislative Week in Review

Thank you to everyone who sent emails in response to the two Action Alerts we sent out in the last two weeks.  We had a good response but have more work to do, and must strike while the iron is hot.

NWCUA Expands Compliance Services

Keeping the promise of expanding and enriching Association resources, the Northwest Credit Union Association now has three full-time professionals dedicated to serving the regulatory affairs needs of our members.

NCUA: Some CU Volunteer Costs Can Be Reimbursed

According to the NCUA, some Volunteer costs associated with service can be reimbursed, however there are limitations, particularly in Washington State.

War and Regulation: David Curtis Covers his Bases with a Sword and Pencil

Nursing a few bruises isn’t unusual for Northwest Credit Union Association Regulatory Analyst David Curtis. But despite his day-to-day quest to answer compliance questions from Northwest credit unions, this is not where his battle scars originate.

Industry Continues to Press for Change on New Regulations

With credit unions and banks aligned in their efforts to convince regulators and lawmakers to delay implementation of restrictions
on debit card interchange fees, the Federal Reserve Board has stated that any attempt to amend or delay the controversial rule is out of its hands and must start with Congress.

The Fed Providing Free Webcast on Loan Originator Compensation

The mandatory compliance date for the loan originator compensation rules is April 1, 2011.  The rules are designed to protect mortgage borrowers from unfair or abusive lending practices that can arise from certain loan originator compensation practices.

Compliance Question of the Week

What is a Social Security Representative Payee Account and how do I set one up?

NWCUA Federal Legislative Week in Review

The latest news about NWCUA efforts in Washington D.C.

New NCUA Office Means Compliance Change for Federal Credit Unions

The NCUA’s new Office of Consumer Protection became effective on february 1. In addition to its obvious consumer protection role, one division of the new office will be responsible for consumer compliance policy, program and rulemaking, fair lending examinations, financial literacy programs and more.

Federal Legislative Update: Larsen to co-sponsor House Interchange Legislation

Congressman Rick Larsen (D-WA) agreed to co-sponsor H.R. 1081, the Consumers Payment System Protection Act, which would delay implementation of the proposed interchange rule for one year while the impact is studied.

Social Security Administration to Change How Social Security Numbers are Assigned

In a move called ‘randomization’ the Social Security Administration will change the way Social Security Numbers are issued.

Robust Technology is the Key to Maintaining a Compliant Overdraft Program

As regulators put the finishing touches on rules affecting overdraft programs, credit unions are looking for assurances that their existing program will pass examiner scrutiny, while continuing to provide a much-needed boost to their bottom line and a valuable service to their members.

Credit Unions Urge Congress to Stop, Study, Start Over on Interchange

Credit unions today urged Congress to halt the progress of the Federal Reserve’s interchange proposal and study the impact that interchange changes would have on financial institutions and consumers alike before the interchange rulemaking process can continue.

NWCUA’s Prize Linked Savings Bill Passes Washington Senate

The Northwest Credit Union Association’s Prize Linked Saving bill on Wednesday passed a Senate floor vote 46-2. The legislation will now move to the House State Government & Tribal Affairs Committee, a body that has already heard and passed a companion measure to the legislation