Advocacy News
NCUA Removes CUSO Registry Requirement From Call Reports
The move is part of Chair Metsger’s Continual Quality Improvement effort, and begins with the Sept. 30 reporting cycle.
Anthem
CO-OP Announces $53.3 Million Shareholder Patronage, Highest Dividend Ever Recorded by a CUSO
Co-Op Passes Along Benefit of Sale of Ensenta Stock to Shareholding Credit Unions
Compliance Center: NCUA Releases Regulatory Alert on IOLTAs and CUSO Registry Will Open in February
NCUA provides updated guidance on enhanced share insurance coverage for IOLTA and other similar escrow accounts; your question answered about safe deposit boxes and BSA compliance, plus this week’s legal briefs.
Compliance Center: NCUA Releases Exam Priorities for 2016
The National Credit Union Administration recently released a letter highlighting their supervisory priorities for 2016; plus your question on IRS forms answered, and this week’s legal briefs.
CO-OP Becomes First CUSO to Earn Visa Apple Pay Designation
CO-OP is a Visa “Engaged Issuer-Processor” for Apple Pay; active with Visa and MasterCard in enrolling credit unions.
CU Direct to Pay 3-Percent Dividend to Shareholders; Autoland Earnings Beat Forecasts
CU Direct announces that will pay a 3-percent cash dividend to its 102 credit union shareholders — the ninth consecutive year that it has paid a dividend. Autoland, Inc. reports increased earnings for the third straight year; gross margin, vehicle sales and the CUSO’s auto-loan-to-sale-retention rate all increased, the company says.
A Closer Look: NCUA Finalizes New CUSO Registration and Reporting
Brian Witt, an attorney with the law firm Farleigh Wada Witt, says credit union losses from CUSO operations are infrequent, but it’s the magnitude of recent CUSO losses that led to increased regulation and the NCUA’s final CUSO rule.
NCUA Releases Final Rule on Federally Insured Credit Union CUSOs
The National Credit Union Administration (NCUA) released its final rule addressing CUSO supervision during its board meeting in Washington, D.C., last week.
Autoland Earnings 76% Ahead of Forecast
The experience that Autoland provides for consumers, along with attractive leasing programs and vehicle prices, have returned revenue 76% ahead of forecasted earnings. That means the Strategic Link partner will be able to continue offering value to credit unions, auto dealerships, and main street consumers.
NCUA Cancels Third Open Meeting, Delays CUSO Final Rule
The NCUA vote scheduled for today on the proposed rule requiring all CUSOs to submit financial reports to the NCUA has been cancelled, likely moving to next month a possible decision.
Northwest Credit Union Association Urges NCUA to Withdraw CUSO Proposal
The NWCUA called on the NCUA to withdraw its recently-proposed rule, which would grant the NCUA unprecedented access to CUSOs, stating that the proposal would give the NCUA powers beyond congressional intent and would unfairly put credit unions’ NCUSIF coverage at risk.
Senate Holds CFPB Hearing on Cordray Nomination
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 NWCUA’s response to the NCUA’s CUSO proposal.
Compliance Update: NCUA says CUSO Can Act as a Landlord
The NCUA stated that a CUSO is permitted to act as a landlord, provided the majority of the property is leased to credit unions and members of affiliated credit unions.
Credit Union Views Sought on CUSO Reporting Plan
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.