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Monday, January 26, 2015
NCUA: Late Filing Penalties Continue To Decline
ALEXANDRIA, Va. — NCUA will collect $12,820 in penalties from credit unions that filed late Call Reports in Q3 2014, the regulator said in a statement released Thursday.
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With dueling legal opinions on NCUA's authority to implement a multi-tiered risk-based capital rule, the regulator could be facing a lawsuit. more »
Credit union system stakeholders responded strongly to the risk-based capital rule NCUA's Board proposed in January 2014. The agency received more than 2,000 comment letters, and Chairman Matz and staff heard more comments at a series of listening sessions last spring and summer. more »
The Consumer Financial Protection Bureau has finalized tweaks to a mortgage disclosure rule set to take effect later this year. more »
NCUA needs to work harder to prove its legal authority to issue a risk-based capital rule, to show that the rule is really needed and to make it the least intrusive and best possible for the credit unions they regulate and insure. more »
Industry stakeholders are hunkering down to go through NCUA's revised proposed rule on risk-based capital, but at first blush, response has been largely positive, even though the two primary CU trade groups still believe the rule simply isn't necessary, revised or not. more »
Under pressure from Congress and credit unions, the NCUA significantly dialed back its proposal to institute risk-based capital requirements, raising the threshold of which institutions must comply and softening other provisions. more »
The Consumer Financial Protection Bureau said Wednesday that it was seeking comment on a so-called "safe student account scorecard" that colleges could use to see how financial institutions structure the fees, features and "sales tactics" of financial products to students before forming a partnership. more »
A federal agency's plan to tighten membership rules for Federal Home Loan banks would hurt community banks and credit unions — and could endanger the financial system, according to a broad array of stakeholders, including state regulators, lawmakers and institutions. more »
The Consumer Financial Protection Bureau is considering releasing a tool that would show schools exactly how much financial institutions will charge borrowers for providing certain account services on campus. more »
NCUA has announced that Consumer Financial Protection Bureau Director Richard Cordray will take part in a town hall webinar with NCUA Chair Debbie Matz on Tuesday, Feb. 10 at 3:00 p.m. more »
Regulators want banks to police MSBs for illicit activity, but they do not view all such businesses as high-risk, said David Cohen, Treasury's top AML official. more »
The Consumer Financial Protection Bureau is launching a toolkit on Tuesday that will help consumers shop for a mortgage by finding the best rates in their area based on data the agency gathers from lenders. more »
An unrelenting barrage of new credit union rules and regulations have jacked up the cost of doing business, forced hundreds of small CUs to merge or close and compelled many others to devote precious time and money to dealing with the seemingly endless blitz of overwhelming bureaucratic paperwork from Washington. more »
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