Credit Unions

News & Analysis as of

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

CFPB announces new appointments to advisory groups

The CFPB has announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. In January 2016, the CFPB published a...more

CFPB Credit Union Advisory Council to meet Sept. 1

The CFPB has published a notice in the Federal Register announcing that a meeting of its Credit Union Advisory Council (CUAC) will be held on September 1, 2016. The notice indicates that the CUAC will discuss youth financial...more

Home Depot Challenges Banks’ Standing to Recover Losses Related to Data Breaches

In the aftermath of major data breaches at deep-pocketed retailers and other businesses, there is typically no shortage of litigants who move quickly to seek compensation from the business at which the breach occurred. But...more

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and...more

NCUA Proposes Rule Easing Credit Union Commercial Property Occupancy Rule

The Public Comment period closed yesterday on the National Credit Union Administration’s (NCUA) proposed Rule amending its regulation governing federal credit union (FCU) property occupancy requirements. Presently, a FCU must...more

Bank Regulators Revive Restrictions on Incentive-Based Compensation

Financial regulators have proposed new rules limiting the incentive pay of employees and other service providers at financial institutions. The Dodd-Frank Act of 2010 prohibits incentive compensation that encourages...more

UK Financial Regulatory Developments - May 2016 #3

FCA extends COBS 13 and 14 modification by consent - FCA has published a revised direction to extend the modification by consent of its Conduct of Business Sourcebook (COBS) in relation to pension schemes. The...more

CFPB to hold May 25 webinar for banks on elder financial exploitation

The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation. The webinar will highlight the CFPB’s...more

Not Just the C-Suite: Regulators Issue Broad New Proposed Rule on Banker Compensation

In a joint release, Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Federal Housing Finance Agency; National Credit Union...more

Ontario Minister of Finance Accepts Recommendations to Amend Credit Union Legislation

Ontario’s Minister of Finance recently announced that the Ontario government will accept the 15 recommendations set out in a legislative review report (Report) to amend Ontario’s credit union legislation, The Credit Unions...more

CFPB Credit Union Advisory Council to meet on March 24

The CFPB will hold a meeting of its Credit Union Advisory Council on March 24, 2016 in Washington, D.C. According to the meeting agenda, one session will be a discussion of the CFPB’s strategic outlook and the other session...more

CFPB Confirms Credit Unions Will Remain Subject to Regulations

On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks regarding CFPB regulation of credit unions to the Credit Union National Association. The crux of Director...more

Director Cordray reveals no change in CFPB’s approach to payday loans

In remarks earlier this week to the National Credit Union Association, Director Cordray discussed the proposals the CFPB is considering for small dollar loans. In March 2015, in anticipation of convening a SBREFA panel, the...more

UK Financial Regulatory Developments - February 2016 #1

FMLC issues addendum to legal uncertainty for CCPs paper - FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have issued an addendum to their comment paper on issues of legal uncertainty relating to...more

Community Banks Face Ever-Increasing Compliance Burden As a Result of Dodd-Frank Rules

According to a “Dodd-Frank Regulations Impacts on Community Banks, Credit Unions and Systematically Important Institutions” report recently released by the Government Accountability Office (GAO), community banks continue to...more

U.S. District Court Says No to Marijuana Industry Credit Union in Colorado

Financial institutions fear providing banking services to the cannabis industry for numerous reasons: potential criminal liability, loss of federal insurance, asset seizure, loan collateral vulnerability, civil lawsuits, the...more

PRA updates credit unions forms and guidance

PRA has updated the forms and guidance for credit unions to use when submitting quarterly and annual returns. ...more

GAO Report Addresses Impact of Dodd-Frank on Community Banks, Credit Unions and Systemically Important Institutions

The Government Accountability Office, or GAO, has released an annual report required by the Dodd-Frank Act. GAO interviewed community banks, credit unions, and industry associations. Those interviewed cited an increase in...more

PRA updates on credit unions’ use of third parties

PRA has updated its webpage on PRA’s supervision of credit unions by clarifying its expectations for credit unions using third parties for internal audit services. PRA takes the view that, where appropriate, the use of third...more

Ballard Spahr Represents Credit Unions in Amicus Brief Challenging FCC TCPA Order

In the case of ACA International v. Federal Communications Commission and United States of America, Ballard Spahr LLP represented the Credit Union National Association (CUNA) in filing a joint amici brief with the American...more

Financial Services & Products Advisory: NCUA Proposes Comprehensive Revisions to Field of Membership Rules

On November 19, 2015, the National Credit Union Administration (NCUA) board unanimously approved a proposed rule that would revise the federal credit union (FCU) field-of-membership (FOM) rules. The proposed updates to the...more

PRA publishes occasional consultation

PRA’s latest occasional consultation paper proposes miscellaneous and minor amendments to PRA rules and supervisory statements. It proposes changes to: - rulebook parts relevant to the Society of Lloyd’s, with a response...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Looking Back: Delaware's Comprehensive Unclaimed Property Program Reform

The recent reforms have not impacted the power and authority of the Office of the State Bank Commissioner to examine Delaware financial institutions for compliance with the escheat laws, but the shortened look-back period...more

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