Credit Unions

News & Analysis as of

UK Financial Regulatory Developments - February #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

Senator Brown Requests Funding for Dodd-Frank Small Dollar Loan Programs

On January 6, U.S. Senator Sherrod Brown, who serves on the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to President Obama requesting that the FY 2017 budget proposal prioritize funding for programs...more

GAO Publishes Report Regarding the Impact of Dodd-Frank Regulations on Community Banks, Credit Unions, and Systemically Important...

On December 30, the United States Government Accountability Office (GAO) released its fifth report mandated by Section 1573(a) of the Department of Defense and Full-Year Continuing Appropriations Act of 2011 (Act), which...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

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

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