Credit Union Industry News & Updates

The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.

WHAT’S GOING ON AT CREDIT UNIONS?

Dependent Care and Board Member Expense Reimbursement

AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board is amending its regulations concerning the reimbursement of reasonable expenses for federal credit union (FCU) officials. The amendment revises the definition of compensation to exclude...

Preemption-Federal Credit Union Non-Interest Charges and Fees

SUPPLEMENTARY INFORMATION: I. Introduction A. Background Federal credit unions (FCUs) routinely rely on third parties for a range of products and services.[1] In particular, third parties are crucial to FCUs' provision of payment cards, which are vital and deeply...

Regulation for Federal Financial Assistance

SUPPLEMENTARY INFORMATION: I. Executive Summary The Office of Management and Budget (OMB) proposes to revise several parts of the OMB Guidance for Federal Financial Assistance located in title 2 of the Code of Federal Regulations (CFR), subtitle A, to improve and...

‘Bankers as Buyers’: FIs in Better Shape Than in Many Years

U.S. financial institutions entered 2018 in better financial shape than in many years. This upturn provides great opportunity for growth and future innovation for banks and credit unions across the country. That is one of the viewpoints presented by William Mills...

U.S. Consumer Sentiment Tops Estimates on Jobs & Income

U.S. consumer sentiment exceeded analyst estimates in January as the outlook for jobs and household income improved, University of Michigan survey data showed Friday. Highlights of Michigan Sentiment (January, final) Sentiment index inched down to 95.7 (est. 95) from...

Dems Demand Answers From Mulvaney on New Payday Lending Policy

Congress Democrats are charging that CFPB Acting Mick Mulvaney is reversing years of diligent policymaking to control payday lenders—and they allege that action could be tied to campaign contributions he received as a Republican House member. In a letter to...

Federal Judge Sentences Former CEO to Prison for Fraud

After more than a year of delays, a federal judge on Wednesday sentenced former Valor Federal Credit Union President/CEO Sean Jelen to more than five years and eight months in federal prison for bank fraud and attempted bank fraud. Before the 35-year-old Jelen of...

Has Sexual Harassment Mania Gone Too Far?

People just can’t seem to stop talking about sexual harassment. And all this talk doesn’t seem to be helping to reduce the number of reported incidents. Each news story about the latest man to be accused of sexual misconduct against a woman in the...

NCUA Bans Four Former Credit Union Employees

Four former credit union employees, including a manager and a long-time teller and administrative assistant were banned Wednesday by the NCUA from participating in the affairs of any federally insured financial institution. Catherine Linton, former manager of the $4.1...