A flood of members joined credit unions because of Bank Transfer Day five years ago. Where are they now? How have their financial lives improved? Share their stories for the anniversary.
Examining gun trusts and transferring Title II firearms. Also, question on Cashier’s Checks and Legal Briefs.
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.
Get the breakdown of the NCUA’s data encryption guidance; your question answered about HOA dues on TILA/RESPA forms; plus this week’s legal briefs.
Bank Transfer Day founder joins Wauna; Rivermark makes dough for Doernbecher; NW Plus collects holiday food; and Northwest Community completes Fred Meyer merger.
The Consumer Financial Protection Bureau has released a proposed rule that would extend a temporary provision that allows credit unions to use estimates for certain fees on remittance transfer pricing disclosures. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Which logo do I use: Equal Housing Opportunity, or Equal Housing Lender?”
Most financial institutions have plans in place to deal with the end of Microsoft’s support for Windows XP on April 9. But thousands of members will still be accessing online banking and other services with suddenly vulnerable machines, and that could have serious consequences. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “In a Uniform Transfer to Minor Account (UTMA), when can the minor have access to the funds? At age 18, 21 or 25?”
Your weekly update on the regulatory landscape.
The Consumer Financial Protection Bureau is launching a nationwide multimedia campaign to inform consumers who send money internationally about new protections they have under the Remittance Transfer Rules. The campaign includes a free webinar on Nov. 14.
The Consumer Financial Protection Bureau has published its Examination Procedures for Remittance Transfers, which go into effect on Oct. 28. The CFPB only has direct examination oversight for financial institutions with more than $10 Billion in assets, but other regulators may look to these procedures when performing their own examinations.
The regulatory alert reminds credit unions of recent major changes to the Consumer Financial Protection Bureau’s remittance transfer rule, and also serves to remind credit unions of the Oct. 28, 2013, compliance date.
The 2013 Spectrum Marketing Awards program will honor the most remarkable credit union marketing and public relations efforts of the past 18 months. The awards will be presented at a dinner event during the Marketers’ Conference in Portland in May.
The CFPB is seeking comment on four proposed changes to the Remittance Transfer Rule, all of which are considered beneficial to financial institutions that will continue offering remittance transfer services.
The CFPB agreed last week to delay implementation of the international remittance transfer rule and to address certain concerning elements, but the Federal Home Loan Bank of New York has already indicated that it will stop processing international wire transfers at year’s end.
More than just member growth, Bank Transfer Day has led to a more favorable overall landscape for credit unions, including a surge in attention from and progress with legislators and policymakers.
Whether they are developing innovative methods to serve members, promoting new products and services, or simply making it easier to join, Northwest credit unions continue to find creative ways to leverage the increased public awareness and the lessons learned in the year since Bank Transfer Day.
For Kristen Christian, the year since she founded Bank Transfer Day has been a whirlwind, but she remains committed to the day’s original goal. “I’ve been so proud to see credit unions share the unique implementations of the ‘people helping people’ mission,” she said.
The height of last year’s Bank Transfer Season had many credit unions scrambling to keep up with demand from consumers wanting to switch from a big bank to a local credit union. A new program from BancVue called Kasasa has made it easier for consumers to switch while helping smaller institutions match the scale of the national banks.