Regulatory & Compliance

The industry's fervent interchange blitz to kill the Durbin amendment continued to build momentum Wednesday with CUNA projecting its membership will have conducted 100,000 electronic and verbal contacts with lawmakers by day's end.

A line of credit from a credit union to a mortgage company is a member business loan because the company assigns liens to family dwellings to secure the line of credit, NCUA Associate General Counsel Sheila Albin wrote in a legal opinion.

Despite support from the federal government, Hudson Valley FCU lost the battle in a New York State trial court over whether it or its members have to pay a mortgage-recording tax.

The NCUA proposal to more restrictions on member business loans, investing in fixed assets,

The NCUA should spell out its procedures for finding potential assisted merger partners in a proposed rule and also be more forthcoming about the agency's role in ensuring a merger's success.

The $1.4 billion Summit Credit Union of Madison, Wis. said last week it has received member and regulatory approval to merge the $68 million State Central CU of Milwaukee effective June 30.