Written by Steve Van Beek
There has been a flurry of activity related to the Senate's action or inaction on a number of bills that would impact credit unions. I'll give a brief update of a couple of those that impact compliance.
- ATM Fix Bill. This bill would remove the requirement for posting the ATM fee disclosure on the ATM itself. It looks like this one is getting closer to being passed by the Senate. For more on the underlying requirements, check out this April blog post (the House version was passed in July).
- CFPB Privilege Bill. This bill would ensure that information passed by financial institutions to the CFPB during an examination (or other event - such as a CID) remain confidential and were not available to third-parties. Other regulators - including NCUA - are already covered by this type of law. However, the CFPB was not added to the list of regulators during Dodd-Frank. Perhaps more evidence that Dodd-Frank wasn't fully considered? Someone get a crane so that we can reach the top of that mountain of evidence.
- TAG/NIBTA - Unlimited Share Insurance. This issue is still being discussed. We blogged on this on Friday and it is still a wait and see type situation. Your credit union will need to take action no matter how this turns out - so be sure you follow this one.
- Annual Privacy Notices. There is also a bill that would remove the requirement to send annual privacy policies to members if: (1) you do not share nonpublic personal information with nonaffiliates; and (2) your privacy policy has not change since your last mailing. We'll have a more detailed blog post on this issue in the future, so stay tuned.
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Credit Union Trends Report. NAFCU has a new members-only report from our Research division that you might want to pass along to some of your colleagues. NAFCU's Credit Union Trends Report is a quarterly summary of the latest trends among federal credit unions. The report is designed as a benchmarking tool to help credit unions compare themselves to their peers and remain competitive in the marketplace.
The report breaks the numbers down by Region as well as Asset Size. You can take a look here.
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GPS Fixes. Yesterday, we sent an email to users of the 2012 GPS so that they could download a new PDF with the fixed links. If you didn't receive your email (which went to those bought the 2012 GPS or attended NAFCU's 2012 Regulatory Compliance School) or have other concerns, please send me an email.
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Heads-Up: We'll be offering a "Buy the 2012, Get the 2013 Free" promotion for the NAFCU GPS at the beginning of 2013. If you've been looking into buying the GPS - that would be the perfect time as you'd get immediate access to the 2012 GPS and you'd also receive the Updated 2013 when it is available (mid-March).
Additionally, the 2013 GPS will be given to all attendees at NAFCU's 2013 Regulatory Compliance School.
Reminder: All of NAFCU's events (including webcasts) are open to everyone! You do not have to be a NAFCU member credit union to attend. In fact, you don't even need to work at a credit union. Everyone is welcome.
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