Credit Unions

News & Analysis as of

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

Barclays and Wachovia Settle with NCUA

On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union Administration Board (NCUA), as liquidating...more

Illinois to Host Cyber Risk and Security Conferences; CSBS to Co-host

On October 14, the Illinois Division of Banking announced that it would host two Cyber Risk and Security Conferences on November 9 and November 16. With the growing number of threats to financial data systems, cyber and data...more

Get Ready, Get Set: Same-Day ACH Service Mandatory in 2016

Why it matters - Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions...more

UK Financial Conduct Authority Issues Final Rules Concerning Whistleblowers

On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

Regulators consult on regulatory references

PRA and FCA are consulting on regulatory references. The proposals, which take into account the recommendations of the Fair and Effective Markets Review, propose new rules for regulatory references for candidates applying...more

U.S. House Financial Services Committee Pass Several Financial Regulatory Bills Seeking Regulatory Relief and Stronger Consumer...

On September 30, the U.S. House Financial Services Committee approved five pieces of legislation aimed at strengthening consumer protection, providing regulatory relief to publicly traded companies, and seeking expanded...more

CFPB’s Credit Union Advisory Council to meet on October 8

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for October 8, 2015 at the CFPB’s offices in Washington, DC. The agenda indicates that the “Council will discuss consumer challenges in payments.”...more

Credit Card Fraud: EMV compliance and shift of liability as of October 1

As of October 1, 2015, all major credit card companies in the United States (including, Visa, MasterCard, Discover and American Express) will impose a liability shift for counterfeit presentation of payment cards. In the...more

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

PSR confirms payments strategy forum members

PSR has confirmed the members of the payment strategy forum. It includes advocates for consumers, retailers, businesses, government and representatives of payment services firms, credit unions, e-money firms and high street...more

CFPB announces new appointments to advisory groups

The CFPB announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board will serve three-year terms and...more

Banking Trade Associations Urge Senate Leaders to Pass Regulatory Relief Legislation for Community Institutions

On September 8, four trade associations representing 14,000 financial institutions – the American Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more

Federal Reserve Bank of Boston’s Payment Strategies Team Provides Snapshot of Mobile Banking Landscape

On August 17, the Federal Reserve Bank of Boston published a report that outlines the results of a 2014 survey intended to capture “a point-in-time snapshot of mobile banking and payments at [financial institutions]” across...more

PRA publishes credit unions’ Annual Assessment letter

PRA has published the 2015 Annual Assessment letters to directors of Category Five Credit Unions, which are not assessed individually but rather as part of their peer group. PRA has sent different letters for each of the...more

Credit Union for Marijuana Industry Sues NCUA, Fed for Master Account

Why it matters - One Colorado credit union is taking matters into its own hands after the Federal Reserve Bank of Kansas City (FRB-KC) and the National Credit Union Association (NCUA) rejected the institution's...more

Target and Visa reach $67M settlement

Visa, Inc. announced on August 18th that it has reached a settlement with Target for $67 million to reimburse Visa for costs associated with the Target data breach in late 2013, including issuing millions of new cards to...more

DOJ Charges Operators of Unregistered Bitcoin Exchange with Failure to File SARs on Bitcoin Sales to Victims of Ransomeware

Why it matters - The AML compliance community is still wrestling to understand the full implications of an indictment filed against two men who allegedly operated a Bitcoin exchange that had not been registered as a...more

DOJ Announces Charges Against Two Florida Men for Operating Underground Bitcoin Exchange

On July 21, U.S. Attorney for the Southern District of New York Preet Bharara, along with the Assistant Director-in-Charge of the New York Field Office of the FBI and the Special Agent-in-Charge of the New York Field Office...more

Defense Department Dramatically Expands Scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

Judge Scheindlin Denies Motion to Dismiss NCUA Claims

On July 20, 2015, Judge Scheindlin of United States District Court for the Southern District of New York denied HSBC Bank USA, NA’s (“HSBC”) motion to dismiss claims brought by the National Credit Union Administration...more

CFPB issues financial guides for new immigrants

The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.” According to the CFPB, each guide...more

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