Compliance Question of the Week

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

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.

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.

CUNA Regulatory Advocacy Report

It is less and less clear whether the Fed will issue the final rule on the rate setting debit interchange provisions by April 21, even though the law requires that (absent a delay) the provisions are set to take effect July 21.

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.

NWCUA Federal Legislative Week in Review

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

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

Washington Legislative Week in Review

House Bill 1327 is expected receive a hearing before the Senate Financial Institutions, Housing & Insurance Committee after some intense lobbying.The bill allows public entities to deposit public funds into federally chartered credit unions and increases the amount that may be deposited to the maximum level of NCUSIF insurance.

Opening a business account for medical marijuana operation?

Both Oregon and Washington States have statutes that legalize medical marijuana, and special interest groups and activists have plans to file initiatives and legislation to expand the legality of marijuana. So, what are the rules for providing services?

Interchange Legislation Could be Introduced This Week

Credit unions are calling on Congress to stop, study and start over on planned interchange fee regulations, and legislation that would do just that could be introduced later this week.

Washington Legislative Week in Review

House Bill 1327 passed the House on Saturday, February 26 by a vote of 85-12 with 1 excused. It is now expected that the bill will be referred to the Senate Financial Institutions, Housing & Insurance Committee where Association staff will work to get it scheduled for a hearing.

Compliance Question of the Week

When does the Dodd-Frank Act provision that changes the amount of next-day available funds to $200 go into effect?

A Solution to the Proposed Caps on Interchange Fees

Recent reports indicate that as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, the Federal Reserve is proposing rules that would lower interchange fees on debit card transactions to 12 cents per transaction.