Compliance News
Compliance Center: CFPB’s Navy Federal Credit Union Consent Order
Insight into the CFPB order for improper debt collection, along with your Compliance question answered, and legal briefs from the federal landscape.
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Regulatory Call to Action: NCUA’s FOM Proposal Comment Deadline is February 8
Credit unions are being called to action in support of NCUA’s field of membership (FOM) proposal by the February 8 deadline. The bank lobby has piled on anti credit union rhetoric to deny consumers access to affordable financial services.
Regulatory Call to Action: NCUA’s FOM Proposal Comment Deadline is February 8
Credit unions are being called to action in support of NCUA’s field of membership (FOM) proposal by the February 8 deadline. The bank lobby has piled on anti credit union rhetoric to deny consumers access to affordable financial services.
Online Tool to Communicate Credit Union Compliance Concerns Rolled Out
An online tool to help credit unions take concerns directly to state and federal regulators has been rolled out by the California and Nevada Credit Union Leagues.
Matz Confident NCUA Will Produce a “Sensible” RBC Rule
With the last of the NCUA’s three listening sessions complete, the regulator moves into the next phase of finalizing the risk-based capital rule.
Northwest Credit Unions Urged to Continue Feedback to NCUA
The NCUA’s Listening Session later this month in Los Angeles gives credit union leaders a face-to-face opportunity to weigh-in on the agency’s proposed Risk-Based Capital Rule.
Keesee Urges Nation’s Small Credit Unions to Comment on Risk-Based Capital Proposal
NWCUA Board Chair Debie Keesee is urging the nation’s small credit unions to add their voices to the debate over the NCUA’s Risk-Based Capital proposal, saying that “if adopted as proposed, it will have significant negative impact on the movement, including small credit unions like yours.” Keesee, president and CEO of Spokane Media Federal Credit Union, wrote the letter on behalf of CUNA’s Small Credit Union Committee, which she chairs.
Pre-Written Letters Make Political Advocacy Easy for Pacific Crest Federal Credit Union’s Members
Credit unions across the country are still being urged to use email, Twitter, and Facebook to tell Congress, “Don’t Tax My CU!” But how can they enlist the help of members who don’t have Internet access or are leery of new technology?
Tax Advocacy Spotlight: Spokane Credit Unions Get 7,000 Responses
Spokane members delivered an over-the-top response to an invitation to write love letters about their credit unions. Over 7,000 people embraced the idea, so Spokane credit union leaders will share the love with Congress in a series of meetings beginning this week.
New Round of IRS Tax Exemption Automatic Revocation Letters May be Starting
Like zombies in a B-movie that just won’t go away, Northwest credit unions are once again finding letters on their doorsteps informing them that their tax exemption is on the IRS’ list for automatic revocation.
FTC Warns Mortgage Advertisers: Ads May Violate Federal Law
After reviewing hundreds of mortgage advertisements, the FTC sent warning letters to 20 real estate agents, home builders and lead generators urging them to review their ads for compliance with Regulation N.
Credit Unions Still Receiving IRS Threats to Tax Status
Credit unions that receive a letter from the IRS notifying them of a possible revocation of their tax-exempt status should not ignore the letter—even though it may have been sent erroneously.
Compliance Question of the Week
Is a will naming someone as the executor of the estate enough to allow access to the deceased member’s account?
NWCUA Calls for ‘Immediate Participation’ from All Northwest Credit Unions as Senate Moves Toward MBL Vote
With the U.S. Senate primed to vote on credit union MBL legislation as soon as April 16, the NWCUA is developing an “all-in” strategy that depends on immediate participation from each Northwest credit union.
Legal Briefs
Your update on the regulatory landscape.
NCUA Provides Guidance on How to Write a Comment Letter
Good comment letters should state your position clearly, have strong research, explore the consequences of a rule, and suggest alternatives. Member credit unions can also turn to the Association staff for help.