A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
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The Federal Credit Union Act sets a 15 percent interest rate ceiling for federal credit unions but allows the NCUA Board to set a higher rate of interest for 18-month periods based on prevailing financial conditions.
If NCUA had not acted, the ceiling would have reverted to 15 percent, as required by the act, on March 11, 2014. Under the act, the NCUA Board is authorized to raise the ceiling to 21 percent.
However, increases of more than 15 percent may only occur if money market interest rates have risen in the past six months and disintermediation threatens the credit union system.
CONFERENCE CALL: CHANGES TO REG Z
updated 05/23/16 03:02 PM
OT Rules, Deposit Recon. Practices
Credit union professionals can join a conference call briefing on May 25 by the Consumer Financial Protection Bureau (CFPB) regarding changes to Regulation Z implementing the Helping Expand Lending Practices in Rural Communities Act (HELP Rural Communities Act) contained in the Fixing America’s Surface Transportation Act (Public Law 114-94).
FINCEN PUBLISHES FINAL CDD RULES
updated 05/17/16 08:02 AM
TILA-RESPA Citations Resources
The Financial Crimes Enforcement Network (FinCEN) has issued final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and credit unions, brokers or dealers in securities, mutual funds, and futures commission merchants.