Regulatory & Compliance

The $3.5 billion Kinecta Federal Credit Union of Manhattan Beach, Calif., has become the first credit union user of a risk management and compliance software solution from Wolters Kluwer Financial Services of Minneapolis, the company said.

New York credit unions won fresh support this week from a favorable State Senate budget resolution and a new endorsement by Mayor Michael Bloomberg and the New York City Council.

Gift cards sold on or after Aug. 22 must have at least five years until they expire and card issuers can't charge fees for replacing an expired certificate or card or for refunding the remaining balance.

Provisions of a regulatory reform bill aimed at increasing disclosure requirements for financial institutions and other providers of wire transfer services violate the Uniform Commercial Code and could prevent credit unions from offering those services.

Low inflation and a sluggish economy are "likely to warrant exceptionally low levels of the federal funds rate for an extended period," Federal Reserve Chairman Ben S. Bernanke told the House Banking Committee today.

Ohio credit unions pressed their case with state lawmakers this week to pass an enabling bill on depositing public funds in CUs, an issue which continues to draw fierce opposition from the banking lobby.

Though credit unions aren't directly involved in the health care debate, due to some parliamentary maneuvering they are likely to lose the ability to offer certain student loans.

Washington State credit unions have scored a legislative victory in 2010 by winning the right to accept public funds starting in July of next year.