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Most CUs Exempted from Expedited CARD Act Measure

By Claude R. Marx

Credit card issuers with fewer than 2 million credit cards in circulation-including most credit unions-won't have to comply with the CARD Act earlier than planned, as a result of an amendment approved by the House Financial Services Committee.

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House Panel Approves CFPA Measure

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Virtual Town Hall Produces New Questions

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Regulatory & Compliance Stories

October 21, 2009

Number of Troubled Credit Unions Grows

As a result of the sluggish economy, 5.13% of all insured shares are in credit unions with CAMEL 4 or 5 ratings and there are 326 credit unions with such ratings, NCUA CFO Mary Ann Woodson told the NCUA Board today.

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October 20, 2009

Corrected: Under CFPA, National Banks Must Comply With State Laws, FCUs Unclear

National banks would have to comply with state consumer laws unless they get an exemption from their federal regulator, as a result of an amendment approved yesterday by the House Financial Services Committee.

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October 19, 2009

House Panel to Consider Measure to Expedite Implementation of CARD Act

The House Financial Services Committee on Thursday is scheduled to discuss and mark up legislation that would speed up implementation of the CARD Act and have provisions take effect on Dec. 1, rather than next Feb. 22.

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October 19, 2009

California League Blasts NCUA Examiners

The NCUA's announcement that it is writing a supervisory letter for examiners, advising them on how to evaluate credit union key measures in light of the poor economy, may be in response to a complaint from a major trade group.

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October 18, 2009

CUs Gird for Legislative Fight on Public Deposits

The legislative battle in Ohio over credit unions receiving public funds is heating up this month with a House bill introduced last Friday drawing fire from the banking lobby.

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October 18, 2009

Panel to Resume Consideration of Consumer Panel Legislation Tomorrow

The House Financial Services Committee could deal with the question of whether the proposed Consumer Financial Protection Agency will be able to preempt state consumer laws when it resumes the markup of legislation tomorrow.

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October 18, 2009

Dodd Introduces Overdraft Measure

Credit unions and banks would have to gain a member's or customer's permission before enrolling them in an overdraft protection program and could only charge fees once a month or six times per year in legislation introduced today.

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