Rogue Credit Union President & CEO Gene Pelham Gives Rural Oregon a Voice on the Fed

A recent appointment to a Federal Reserve advisory council gives this busy CEO yet another chance to represent and support Northwest credit unions and their members.

Federal Reserve Board Responds to Merchants’ Claims in Interchange Suit

The Federal Reserve Board filed a response Friday in a federal court in Washington, D.C., to merchants’ arguments for summary judgment in their lawsuit challenging the board’s debit card interchange fees rule mandated by the Dodd-Frank Act.

Fed Approves Revised Swipe Fee Plan

After months of waiting and hard fought legislative and regulatory battles, yesterday the Fed revised plan moves from a flat 12 cent cap to a 21 cent fee with some add-ons.

CUs Must Prepare for Rising Interest Rates, says Berkeley Professor

It’s a central banker’s worst nightmare: The economy is stagnating with a weak labor market, yet inflationary pressures are building. How should CUs prepare?

NWCUA to Fed: Changes Make Escrow Accounts Impossible

The Association submitted a comment letter urging the agency to think about the rule’s effect on credit unions and specialized lenders.

CUNA Concerned by NCUA Interchange Letter to Fed

At the urging of Senator Durbin, NCUA surveyed “direct costs and income” related to credit union debit card transactions, but the agency did not take into account labor, equipment, and other costs.

Fed Invites Comment on Two Bankruptcy-Related Studies That It Will Conduct

The Fed is seeking public comment on how to address the specific issues that it is required to study, as well as any research or empirical data that it should take into account.

Fed Clarifies Portions of New TILA Rules

The clarifications relate to the Fed’s final rule and are intended to help card issuers understand their compliance obligations under changes to Regulation Z.

Fed Increases Jumbo Mortgage Escrow Threshold

While the Fed increased the APR threshold, CUNA notes that credit unions have the option to continue to follow the lower threshold that applied prior to the change.

Impact of Fed Plan to Purchase Treasury Bonds on Defined Benefit Plans

The plan to buy more Treasury bonds announced by the Federal Reserve on November 3 could increase pressure on credit union’s defined benefits plan in the form of lower funding ratios, larger pension expense.

2011 HMDA Requirements Outlined by NCUA

The National Credit Union Administration in its Regulatory Alert No. 11-RA-02 is reminding credit unions that engage in residential mortgage lending of their 2011 reporting obligations under the Home Mortgage Disclosure Act.

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.

Barrick Calls First Fed Meeting Productive

Advantis Credit Union President & CEO Ron Barrick recently attended his first meeting as the only credit union representative on a special advisory panel of the Federal Reserve. The meeting was held at the Federal Reserve offices in San Francisco and had a clear focus on the regional economy and job creation.

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.