NCUA to Seek Comments on Overhead Transfer Rate, Operating Fee in January
NCUA Chair Matz will call for a January vote to publish the methodologies for calculating the OTR and operating fee in the Federal Register, opening them for comment.
Anthem
Compliance Center: CUNA Mutual Group Risk Alert on Overdraft Fee Lawsuits
CMG warns bond policyholders on overdraft fee lawsuits, your questions answered on members
stopping payment on cashier’s checks, plus this week’s legal briefs.
Federal Reserve to Appeal Interchange Ruling
The Federal Reserve Board will appeal a district court ruling striking down interchange fee caps.
Compliance Question of the Week
Is a change in terms notice required to start charging non-members for check cashing?
Washington Legislative Week in Review: Revenue Forecast Predicts Unexpected Surplus
The March revenue forecast released last week by the Washington Legislature’s non-partisan Economic & Revenue Forecast Council projects the state to have $40 million more in revenue over the next two fiscal years than originally projected.
Why Credit Unions are Adding Webinars as Training Option
In today’s economy, maximizing training budgets and achieving more with less are critical issues for training managers. To address budget challenges, savvy managers are adding webinars as a training option, providing significant benefits for both the credit union and its employees.
MAP Introduces In-Branch Gift Card Displays
Cyndie Martini, president and CEO of Member Access Pacific (MAP), explains how in-branch gift card displays can enhance the member branch experience through MAP’s seamless, stress-free program.
CMG: Prepare for Misunderstandings About New Retirement Plan Fee Disclosures
Credit unions have 4 days left to provide detailed information about employee retirement plan fees. Is your HR Department ready for the questions?
Mortgage Loan Officer Renewal Issue Resolved
The National Mortgage Licensing System has resolved the issue of some Mortgage Loan Originators’ status showing as exempt, when they should have been eligible for renewal. The status for all Mortgage Loan Officers is now correct.
Interchange Fee Settlement Includes Plans to Temporarily Reduce Swipe Fees for Card Issuers
Visa, MasterCard and several big banks reached a $7.2 billion antitrust settlement with a large group of merchants regarding interchange fees. The settlement will cost Northwest credit unions between $2.5 and $3.5 million in fee income.
ATM Fee Disclosure Bill Unanimously Passes House
The U.S. House of Representatives voted unanimously yesterday in favor of legislation that would eliminate a burdensome regulation mandating that every ATM carry a physical placard notifying consumers of potential fees.
ATM Fee Placard Bill Unanimously Approved by House Committee, Headed for Vote
Legislation that would do away with the physical fee notice currently required on ATMs was unanimously approved by the House Financial Services Committee Wednesday morning and is expected to receive a floor vote in the House in July.
Federal Reserve Board Publishes Comparative Information on Average Debit Card Interchange Fees
The Federal Reserve Board published comparative information recently on the average debit card interchange fee that each payment card network charges acquirers and provides to debit card issuers. The board will publish this information annually.
Legal Briefs
Your weekly update on the regulatory landscape.
Two Michigan Credit Unions Settle ATM Lawsuits
Less than two weeks after North Coast Credit Union became the first Northwest credit union hit with an opportunistic lawsuit regarding ATM fee posts, two Michigan credit unions settled similar suits in federal court.
New Legislation Advancing to Combat ATM Fee Lawsuits
Just as North Coast Credit Union has become the latest target of an opportunistic class-action suit regarding ATM fee notices, legislation has been introduced in Congress that could help put an end to these frivolous and potentially costly lawsuits.
‘ATM Vigilante’ Files Suit Against North Coast Credit Union
An ATM customer who has sued 32 financial institutions in the past three years over fee disclosures has filed suit against North Coast Credit Union. While not uncommon throughout the country, the suit is the first of its kind in the Northwest.
Receive More for Less with CSCU Premium Enhancement Bundle
Strategic Link business partner Card Services for Credit Unions writes about how its Premium Enhancement Bundle can enrich credit unions’ card programs, allowing credit unions to spend less by adding more.