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Credit Union Daily News
 
Maine CU lends a helping paw
Town & Country FCU, South Portland, Maine, now offers pet loans. Town & Country FCU announced that their loan department is accepting loan applications to cover expenses accrued from medical procedures, emergencies, or vet visits for its members' four-legged companions.

CUNA launches ‘Stop the Data Breaches’ MAP campaign
CUNA launched its latest MAP campaign Thursday, calling on credit unions to make Congress aware that there cannot be data privacy without data security. There will be a free webinar on the campaign August 23 at 11 a.m. (ET).

CECL delay to 2023 proposed, comments due Sept. 16
FASB has issued its proposal on giving certain entities, including credit unions, additional time to implement the current expected credit loss (CECL) standard, delaying implementation as it applies to credit unions to January 2023.

Mont. CUs raise more than $3K for visual, hearing impaired
Montana’s Giant Springs Chapter of Credit Unions hosted their annual Garage Sale for Good August 10 where they raised nearly $3,500 for the Montana School for the Deaf and Blind and the Lions Clubs of Montana Low Vision Reader Project.

DE program looks to CUs’ future through reflections, experiences
While some have referred to the DE program as “the best kept secret in credit unions,” National Credit Union Foundation Director of DE and Cooperative Culture Chad Helminak says it shouldn’t be, speaking to CUBroadcast recently.

NCUA, NASCUS pledge coordination between state, federal regulators
NCUA Chairman Rodney Hood and NASCUS Chairman John Kolhoff signed a Document of Cooperation Wednesday pledging continued coordination between state and federal regulators within the credit union dual chartering system.

Compliance: DOD updates MLA website for checking status
The Department of Defense has finalized changes to its Military Lending Act website, used to check a servicemember’s active duty status. Financial institutions must create an account in order to determine the active duty status of a borrower.

NW CUs meet with Congress, NCUA during Congressional recess
Northwest credit union leaders welcomed an opportunity to meet in Olympia last week with NCUA board member Todd Harper, in a meeting facilitated and attended by Rep. Denny Heck, (D-Wash.). WSECU hosted the event.

MCUEs: June CU membership growth doubles from May
Year-over-year membership growth hit 3.51% in June, and second-quarter loan growth (1.76%) exceeded first-quarter growth (0.43%).

CFPB announces updates TILA fees, thresholds for 2020
The CFPB has announced adjusted threshold amounts for several provisions in Regulation Z, which implements the Truth in Lending Act. The CFPB is required to calculate the dollar amounts for several provisions in Regulation Z annually.

FHFA to make CUNA-requested question removal to URLA
The FHFA has directed Fannie Mae and Freddie Mac to make specific modifications to the Uniform Residential Loan Application, including removal of a question CUNA feels could have raised legal and compliance issues.

87 earn CCUE designation at 2019 CUNA Management School
Eighty-seven graduates of CUNA Management School, held July 14-24 in Madison, earned their CCUE designations after completing a three-year executive education program, exams, projects and an oral presentation.

Compliance: CFPB issues updated TRID rule FAQs
The Consumer Financial Protection Bureau released an updated frequently asked questions document on its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule. The document was previously updated in May.

LSCU’s La Pine: CUs purchasing banks is a ‘win-win’
It’s a win for consumers, their communities and their financial institution in the few scenarios when a credit union purchases a bank, League of Southeastern Credit Unions President/CEO Patrick La Pine wrote this week.

World Council delivers financial services to over 250K Colombians
After exceeding initial expectations nine months ahead of schedule, the World Council of Credit Unions concluded its Financial Inclusion Project at the Border with Venezuela in August—reaching 253,055 rural, low-income Colombians with financial services.

CUNA, Leagues urge rejection of expansion to DOD exemption
CUNA and credit union leagues from around the country wrote to House and Senate Armed Services Committee leadership Thursday to express concern over a provision in the Senate-passed version of the NDAA for fiscal year 2020.

CUNA, Ohio League attend arguments in appellate-level ADA case
CUNA, along with the Ohio Credit Union League, attended Thursday’s arguments before a three-judge panel of the U.S. Court of Appeals for the Sixth Circuit in Cincinnati, in support of two Michigan-based credit unions hit with frivolous lawsuits.

NCUA launches digital tool to help with chartering process
NCUA is encouraging groups seeking to organize credit unions to take advantage of the agency’s new Chartering Proof of Concept tool, an automated system that will help credit union organizers understand the process and prepare a charter application.

CUNA’s Morris: Share, inspire others with CU difference
Self-proclaimed “credit union geek” and CUNA Engagement Consultant Christopher Morris opined on the importance of engagement, social media, awareness and more during a recent interview with CUltivate.

CUs can help ‘a new generation’ on path to prosperity
An story on the benefits of credit unions has been picked up of publications around the country, highlighting ways credit unions can “help a new generation of adults" see prosperity and featuring thoughts from CUNA Chief Economist Mike Schenk.

Fed announces development of new real time payment service
The Federal Reserve announced this week that Federal Reserve Banks will develop a new round-the-clock real time payment and settlement service, called FedNow, to support faster payments in the U.S.

Compliance: NCUA issues email compromise fraud risk alert
NCUA issued a risk alert this week describing business email compromise fraud schemes, which also consists of information on reporting to law enforcement and how report and recover from business email compromise fraud.

Sen. Collins talks data security with Maine League, Synergent
The Maine Credit Union League and Synergent welcomed U.S. Senator Susan Collins (R-Maine) to its Westbrook headquarters on Tuesday for a briefing on data security. The meeting provided an overview ways Maine’s credit unions protect member data.

NYCUA hosts young CU professionals for two-day conference
The 2019 New York Credit Union Association’s Young Professionals Conference featured young credit union professionals and volunteers networking and hearing insightful speakers at the Brook-Lea Country Club in Rochester.

Resources help CUs maintain advocacy momentum in August
The House and Senate have both officially adjourned for August and CUNA has prepared a document outlining the numerous ways credit unions can engage with policymakers and continue advocacy momentum.

Donovan: CUs support ‘proportionality’ in rulemakings
CUNA Chief Advocacy Officer Ryan Donovan talked about CUNA’s advocacy work with the World Council of Credit Unions on CUBroadcast, appearing from last week’s World Credit Union Conference in the Bahamas.

Compliance: FinCEN statement on risk-focused BSA/AML supervision
Federal financial regulators have issued a statement on risk-focused BSA/AML supervision intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations.

CFPB extends debt collection comment deadline to Sept. 18
The CFPB has extended the comment period for its proposal on debt collection to Sept. 18, past the original deadline of Aug. 19, to allow “interested persons more time to consider and submit their comments.”

CUNA backs FTC proposal, calls for data security standard
CUNA supports the FTC's proposed changes to its Safeguards Rule, which requires financial institutions to develop, implement and maintain a comprehensive security system to protect consumer information and is being reviewed in the wake of recent data breaches.

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