Regulatory & Compliance

NCUA Chairman Michael E. Fryzel and NASCUS Chairman George Reynolds are both scheduled to discuss their views on how best to structure the regulation of financial services during a hearing next Thursday being held by the Senate Banking Committee.

The NCUA plans to issue rules on overdraft protection to align its rules with those of the Federal Reserve and other financial regulators at its meeting next Thursday.

Saying that expanding the Community Reinvestment Act to include credit unions will expand housing opportunities, Rep. Eddie Bernice Johnson (D-Texas) today introduced a bill that would do that.

In light of the current economic crisis, both CUNA and NAFCU today urged lawmakers to consider changing how financial institutions do some of their accounting.

Raising the cap on member business loans would result in credit unions "straying further from their traditional mission of serving consumers," American Bankers Association President Edward L. Yingling wrote to Sen. Charles Schumer (D-N.Y.)

The $410 billion bill funding the government through September passed the Senate last night, with a provision allowing the Central Liquidity Facility to keep its lending ceiling at $41.5 billion.

The Wisconsin Division of Banking Tuesday called the abrupt closing of Central States Mortgage Co., the Milwaukee CUSO, discomforting and "extremely unusual" for an operation its size.

The $247 million Picatinny Federal Credit Union is continuing to take the legal lead among credit unions victimized by vendor U.S. Mortage Corp. and its credit union division, CU National Mortgage.