Regulatory & Compliance

The Ohio Credit Union League is looking to form a year-end partnership with its Georgia counterpart to provide on-site compliance specialists operating on more formalized monthly contracts.

The federal court verdict in favor of Community First Credit Union on UBIT represents substantial authority that credit life and disability insurance are exempt from the tax, according to an advisory opinion by attorneys for the UBIT Steering Committee.

Credit unions with assets of over $10 billion shouldn't have to contribute to the fund aimed at bailing out financial institutions deemed too big to fail, CUNA and NAFCU wrote the chairman of the House Financial Services Committee.

WASHINGTON -- House Financial Services Committee Chairman Barney Frank (D-Mass.) said today he opposed giving credit unions additional carve outs on the Consumer Financial Protection Agency and the Systemic Resolution Fund.

A CUNA representative drew the House Financial Services Committee a stark picture of the difficulties many consumers would face if the Committee moved forward with proposed changes to laws regulating overdraft protection.

A NAFCU representative told a hearing of the House Financial Services Committee that limiting overdraft fees to one a month per account would not be workable since credit unions and their members are not the only parties to an overdraft.