Northwest Credit Unions Offer Strong Response to TCPA Ruling

Citing unintended negative consequences, credit unions are engaging their regional and national advocacy system to work with regulators towards a solution.

Compliance Question of the Week

Do we stop collecting payments on loans for a service member who is now on active duty?

Compliance Question of the Week

What do we do if a member says he is filing bankruptcy and we just received a garnishment?

The Treasury Issued Amendments to the Garnishment of Federal Benefit Payments Rule

New amendments to the Garnishments of Federal Benefits Payments Rule take effect June 28. This week’s compliance report explains new definitions and credit union responsibilities.

Oregon Regulator Issues Final Cease-and-Desist Order Against Western Sky Financial

Oregon regulators have cracked down on Western Sky, a South Dakota-based company which advertised its loan program in an aggressive broadcast campaign. The company allegedly practiced without a proper license and charged interest rates as high as 342 percent.

President Obama Issues Cybersecurity Executive Order

President Obama signed an executive order Tuesday aimed at improving information-sharing about cyber threats between the government and industry and at establishing a risk framework and best practices for businesses.

Rivermark Continues Sweet Fundraising Tradition Through ‘Dough for Doernbecher’

Through its annual Dough for Doernbecher initiative, Rivermark Community Credit Union and its partners raise funds for Portland’s Doernbecher Children’s Hospital by making, packaging and selling cookie dough for holiday treats. The deadline to join the cause and place an order is Thursday, Nov. 29.

Robert Siravo Fined $600,000, Banned from Federally Insured Credit Union Employment

WesCorp’s former CEO has been slapped with a prohibition order and a $600,000 fine by the National Credit Union Administration. The move closes another chapter in the corporate failure saga that cost credit unions billions and called into question the regulator’s oversight during the collapse.

Forums Provide a Balanced Perspective on Policies and Procedures of Consumer-Friendly Overdraft Programs

Strategic Link strategic partner John M. Floyd & Associates how its work with the CFPB on overdraft practices has revealed a pattern regarding the use of overdraft protection and how account holders are affected by different practices.

Review Policies for Re-ordering Debit Transactions

CUNA Mutual Group’s Brad Mundine explains the importance of reviewing overdraft policies given the multi-million-dollar settlements paid by big banks for related class-action lawsuits in recent years.

The Effects of Overdraft Fee Regulations: One Year Later

John M. Floyd, Chairman and CEO of John M. Floyd & Associates, analyzes the impact of the Reg E opt-in requirement on overdraft fees for electronic transactions and stresses the importance of a compliant overdraft protection program with strong management oversight.

NCUA Addresses Garnishment of Accounts with Federal Benefits

The NCUA has offered guidance to help credit unions comply with a joint interim final rule that addresses garnishment of accounts that include federal benefits payments.

Compliance Question of the Week

Is a garnishment order written by an attorney subject to the new rules regarding protecting Federal Benefits Payments from garnishment?

Treasury Says New Garnishment Rule Applies Only To Court Orders

CUs must review accounts for Federal Benefit Funds only upon receipt of a garnishment order, but there is some confusion in the rule’s definitions.