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THE CFPB: A BIGGER PICTURE
updated 04/09/13 09:40 AM
CU Digest Gives Broad Perspective
"We're trying to walk the walk, not just talk the talk," Richard Cordray said. The acute tone in his voice during a February webinar with credit union executives uncovered a resolute yet delicate side as the Consumer Financial Protection Bureau (CFPB) director answered a score of questions coming his way.

Financial fraud, payday lending, overdraft rules, the bureau’s examination strategy, mortgage servicing, international remittances, auto loans—the inquiries didn’t stop there, and they seemed to cover the gamut of what any credit union CEO across America might’ve been contemplating at the time.

“The traditional credit union lending model is a responsible model, and it deserves to be treated differently under our rules than other types of lending,” Cordray added. His limited response may have sufficed the curiosity of some, while only whetting the appetite of others.

Click here to read the entire cover story within the April/May 2013 edition of Credit Union Digest on Pages 12-15!

Also included in this edition of CU Digest:

  • Elko FCU in Leader 2 Leader—Page 5
  • Innovation: A New Path for Compliance—Pages 6-7
  • GAC: CUs Impress Lawmakers on Hill—Page 8
  • Housing: Just Right, or Too Hot?—Page 16
  • Indemnification Clauses Are Important—Page 19

                           
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LEADERS ENGAGE WITH STATE LAWMAKERS updated 04/15/14 09:44 AM
Card Security a Hot Topic
Credit union professionals and volunteers took a stand for their members in Sacramento from April 7-8 during the California Credit Union League’s 2014 Government Relations Rally (GRR)—an event that attracted more than 75 attendees and helped build relationships with state legislators.

CO-OP ANNOUNCES SHAREHOLDER DIVIDEND updated 04/14/14 01:37 PM
Patronage Pool of $30.5 Million
CO-OP Financial Services has announced a shareholder dividend pool of $30.5 million for 2013—a 17 percent increase from 2012. Since becoming a credit union-owned cooperative in 1996, CO-OP’s total shareholder patronage has been $284.8 million.

DBO REPS ADDRESS 'CUOLI' INVESTMENTS updated 04/14/14 01:05 PM
State CU Update Given
California Department of Business Oversight (DBO) Commissioner Jan Owen and Deputy Commissioner of Credit Unions Erick Orellana gave attendees an overview of the department during the California Credit Union League’s 2014 Government Relations Rally (GRR) last week in Sacramento and welcomed questions from attendees.

CONGRESSMEN CONCERNED OVER RBC RULES updated 04/09/14 01:18 PM
Questions Arise During Hearing
Reps. Ed Royce, R-CA, and Brad Sherman, D-CA, questioned National Credit Union Administration (NCUA) General Counsel Mike McKenna on the effectiveness of the NCUA's proposed risk-based capital rule during a House Financial Services Committee hearing last week.