Regulatory & Compliance

Preemption of state laws and exempting more credit unions from examination by the new consumer regulator are key priorities of the credit union trade associations as a Senate panel begins marking up regulatory restructuring this afternoon.

If California lawmakers don't settle their differences before April 15, homeowners who received mortgage modifications or lost their home to short sale or foreclosure, will see their 2009 tax bills increase exponentially.

Around 26 credit unions have applied for funds under the Treasury Department's Community Development Capital Initiative, according to NCUA officials participating in a Web event about the program today.

The Texas Credit Union League warned against complacency in Bank Secrecy Act and Office of Foreign Assets Control compliance following a $160 million money laundering judgment against the old Wachovia Bank, now part of Wells Fargo.

Federal credit unions can add a floor rate to variable rate home equity loans if the original agreement disclosed that such an addition is possible, according to an NCUA legal opinion.

Two state leagues, Texas and California, have taken to a little Capitol Hill bank bashing this week over business lending in anticipation of stepped up American Bankers Association opposition to pending CUNA bills.