Regulatory & Compliance

The NCUA has sent a 6-page letter to credit unions explaining the rationale behind last week's approval by the NCUA Board to levy a 13.4 basis points assessment for the Temporary Corporate Credit Union Stabilization Fund.

The Federal Reserve would still have the power to regulate interchange fees though credit unions and banks with assets of $10 billion or less would be exempt and retailers would be expressly forbidden from discriminating among card types.

NAFCU President/CEO Fred Becker said he and his organization are "greatly disappointed," by the House's proposal on interchange fees that keeps most of the language in the Senate-passed amendment.

CUNA contends that proposed federal rules requiring credit unions and banks to perform an extensive account review when it receives a garnishment order would be burdensome while NAFCU just wants credit unions to have more time to conduct the review.

Eight states ripped by the recent round of severe storms will get a reprieve from the IRS on 401(k) and other related deadlines.

Federal government employment shifting, rather than eliminating subpar employees, can have a strong impact on credit union regulation.