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L-R: Rita Fillingane, VP of Research and Collaboration for the California and Nevada Credit Union Leagues; Lucy Ito, EVP and COO of the Leagues; Ed Chow, Western Regional Director for the Consumer Financial Protection Bureau (CFPB); and Sharon Lindeman, VP of Regulatory Advocacy for the Leagues

CFPB's ED CHOW ENGAGES WITH CUs
updated 11/04/13 03:41 PM
Breakout Session at AMC
Consumer Financial Protection Bureau (CFPB) Western Regional Director Ed Chow addressed credit union professionals during a breakout session at the California and Nevada Credit Union Leagues' 2013 Annual Meeting and Convention (AMC), acknowledging that credit unions did not cause the financial crisis, do not pose much risk, and that federal and state regulators do a good job overseeing the industry.

Chow reviewed the agency’s mission, the types of entities it supervises, including four credit unions with more $10 billion in assets, and touched on solving abusive practices against members of the military and their families, students, and senior citizens.

He discussed remittance transfer rules that went into effect last week, as well as the Ability-to-Repay/Qualified Mortgage rules that are effective this coming January 2014, saying that the amendments to these rules are examples of how the CFPB listens and tries to correct any unintended consequences.

Attending were credit union CEOs and other executives and compliance professionals, including Lucy Ito, EVP and COO of the Leagues; Sharon Lindeman, vice president of regulatory advocacy for the Leagues; and Rita Fillingane, vice president of research and collaboration for the Leagues.

Lindeman commented during the session, saying that credit unions are struggling to comply with the CFPB's Ability-to-Repay/Qualified Mortgage rules. She said several credit unions are dependent on vendors that may not be ready in time. "Will the CFPB consider a delay in the effective date?" she asked.

Chow said CFPB Director Richard Cordray has gone on record saying the rules will not be delayed.

Regarding what's in the pipeline from the CFPB, Chow mentioned the long-awaited Truth-In-Lending/Real Estate Settlement Procedures Act (TILA/RESPA) combined disclosures, and that credit unions can expect a new proposal by the end of the year, with an effective date in 2015. He also mentioned upcoming proposed rules regarding Home Mortgage Disclosure Act (HMDA) data collection. The agency has also completed research and is still studying other issues, such as reverse mortgages, and payday and deposit advance loans.

Lindeman asked if the CFPB has exercised its authority to "ride along" on National Credit Union Administration (NCUA) examinations. Chow said "no," primarily due to the fact that credit unions did not cause the financial crisis, pose little risk, and are well-regulated.

Click here to view all stories, photos, and video from the Annual Meeting and Convention and Chapter Forum/Reception!

 
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ANNUAL FED WEBINAR ON REGS, GUIDANCE updated 11/21/14 10:32 AM
Also, FinCEN Issues Advisories
Senior staff at the Federal Reserve will host an annual webinar to provide a recap of recent regulatory changes and highlight various inter-agency guidance. The webinar will also discuss current hot topics in the financial services industry and give a glimpse of future regulatory changes.

DIANA DYKSTRA RECEIVES 'EAGLE AWARD' updated 11/20/14 10:41 AM
Outstanding Record of Achievement
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, was presented with the American Association of Credit Union Leagues’ highest honor—the Eagle Award—this week during AACUL’s winter meeting in Hawaii.

LEAGUE SURVEY EXTENDED TO NOV. 21 updated 11/19/14 10:57 AM
Overdraft and Courtesy Pay
The deadline for the California and Nevada Credit Union Leagues’ survey to obtain information about credit unions’ overdraft and courtesy-pay programs has been extended to Nov. 21.

CUs RECEIVE UNRIVALED SURVEY SCORE updated 11/18/14 11:10 AM
Ranked First in 'Customer Satisfaction'
Credit unions are ranked first in customer satisfaction, significantly outpacing all other financial services, according to findings released Tuesday by the American Customer Satisfaction Index (ACSI).