The National Credit Union Administration board has adopted the final rule to give federal credit unions limited authority to use derivatives to mitigate interest rate risk. Also in today’s Anthem: Legal Briefs and the Question of the Week: What happens to a guardianship when the incapacitated person passes?
The NCUA is proposing allowing well-managed credit unions to purchase limited amounts of simple derivatives. Our Compliance team takes a deep dive into what is known so far about the proposed rule.
If our member gave someone his credit card number to make an online purchase and that person takes the number and purchases several other times against the Visa, what is the credit unions liability? Would we have to refund the member for the purchases that were made with the Visa, or would the member need to take action against the person who made the transactions against their account?
The FTC issued a press release updating its 10-year review schedule, announcing that it would not review four rules previously scheduled for review in 2012. The release also clarified the rules whose authority would be transferred to the CFPB.
The White House will install Richard Cordray as director of the CFPB after Congress failed to act on Cordray’s nomination, a move that NWCUA CEO John Annaloro described as “awakening a new beast” on the regulatory front.
The Consumer Financial Protection Bureau recently released a manual to aid the agencyâ€™s examiners as they oversee financial services firms.
The Senate Banking Committee held its first hearing on the nomination of Richard Corday as CFPB director, marking another much-talked-about step in a process that has already been controversial. Also outlined is the NWCUAâ€™s response to the NCUAâ€™s CUSO proposal.
The National Credit Union Administration is proposing a controversial requirement that credit union service organizations (CUSOs) file their financial statements to the agency. Credit union professionals with concerns about the proposal have until September 26 to file comment letters.
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.
In a Letter to Federal Credit Unions, the National Credit Union Administration said an FCU’s board can, with some limitations, delegate to its CEO the authority to hire, fire, and compensate subordinate employees, including other management personnel.
Paper ballots on the merger of the Washington Credit Union League and the Credit Union Association of Oregon will arrive in delegates’ mailboxes Thursday, Oct. 21.
Recent news of your colleagues and the credit union movement.