Regulatory & Compliance

RICHMOND, Va. -- A significant amount of time might have to pass before the Coalition for Credit Union Charter Options (CCUCO) gets the chance to appeal its recent court loss to NCUA.

ALEXANDRIA, Va. -- An advanced notice of proposed rulemaking (ANPR) is on the agenda for the Jan. 24 meeting of the NCUA Board, signaling that the agency may seek to tweak its rules both on CU to bank charter change and on insurance still further.

WASHINGTON -- Predictably Edward Yingling, CEO of the ABA, decried First Community Credit Union's litigation against the IRS and argued instead that the CU and all state chartered CUs should pay taxes on income the IRS has deemed unrelated to their core missions.

In what has become a familiar exercise, NAFCU has once again written to the NCUA Board, urging that the agency keep the 18% ceiling on credit union interest rates.

The use of debit cards for government payments is nothing new, but the government's use of prepaid cards took a giant step into the mainstream when the U.S. Government announced it would put millions of Social Security payments on prepaid cards instead of checks.

Building on what it describes as a strong 2007, the Small Business Administration said more reforms will come in 2008.

The Federal Reserve Board named 10 new members to its Consumer Advisory Council for three-year terms and designated a new chair and vice chair of the CAC for 2008.

Gateway Metro Credit Union, a state-charted credit union since 1935, has made the switch to a federal charter.