NEWS, EVENTS, PUBLICATIONS & EMERGING ISSUES
SW&M ON EMERGING ISSUES
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July 30, 2010
NEW FINANCIAL REFORM ACT'S EFFECT ON INTERNET TRANSACTIONS FEES
• Many of our clients have been closely following the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Act”), which President Obama recently signed into law . . . read more...
July 6, 2010
“FILLING THE GAPS” IN SB 1137: THE MABRY CASE AND PROPOSED SB 1275
• The California state legislature’s passage of SB 1137 (“Foreclosure Reform Bill”) drastically altered the way mortgage lenders in California are required to interact with borrowers in the pre-foreclosure context. read more...
June 18, 2010
FEDERAL RESERVE BOARD ISSUES FINAL RULE ON CREDIT CARD PENALTY FEES AND REEVALUATION OF APR INCREASES
• The Fed has issued the third (and hopefully final) round of regulations affecting credit card accounts. read more...
June 4, 2010
FACT ACT POLICY – REMINDER REGARDING JULY 1, 2010 EFFECTIVE DATE
• The effective date for new FACT Act policy requirements is impending. Credit unions should ensure their policies comply with new guidelines. read more...
May 21, 2010
OFFICE OF THRIFT SUPERVISION HIGHLIGHTS IMPORTANCE OF INTERNAL CONTROLS
• OTS Guidance reminds institutions of the important of internal controls to prevent fraud, which controls are also vital to quality control and successful bond claims. read more...
May 7, 2010
NCUA PUBLISHES A LETTER OF UNDERSTANDING AND AGREEMENT
• On April 20, 2010, the NCUA published a Letter of Understanding and Agreement entered into approximately 10 months earlier. read more...
April 23, 2010
FEDERAL RESERVE ISSUES CLARIFICATIONS ON REGULATION E OVERDRAFT FINAL RULE
• On March 1, 2010, the Federal Reserve Board issued clarifications to the recent final rules amending Regulation E that prohibit financial institutions from charging overdraft fees for ATM and one-time debit transactions, unless the consumer “opts-in.” read more...
March 26, 2010
THE FED'S PROPOSED RULE ON ANOTHER ROUND OF REGULATION “Z” CREDIT CARD CHANGES
• The Fed issued proposed rules on March 15, 2010. read more...
March 26, 2010
PURCHASE AND ASSUMPTION AGREEMENTS - MANAGING RISK IN AN ACQUISITION
• SW&M has published two articles with CUES on Purchase and Assumption Agreements. read more...
March 10, 2010
AGGRESSIVE STEPS BY NCUA NECESSARY FOR CAPITAL REFORM
• Regulatory changes to PCA may offer capital relief without the need for legislative changes. read more...
February 26, 2010
HAZARDS OF WAGE & HOUR CLAIMS
• Credit unions should be wary of some unique challenges presented by wage and hour claims. read more...
February 11, 2010
NEGOTIATING THE BEST LEASE FOR YOUR CREDIT UNION
• Taking the simple step of fully analyzing your credit union’s distinctive requirements and including them in the lease will better insure that the functionality of the leased space will be satisfactory over the entire term of the lease. read more...
January 29, 2010
FED PLAYS “GOTCHA!” WITH NEW VARIABLE RATE CREDIT CARD RESTRICTIONS
• In a move that has raised concerns within the credit union industry, the January 12, 2009 Final rule amending Regulation ''Z'' introduces the notion for the first time that the use of a ''floor'' interest rate in connection with variable rate credit cards is inconsistent with the variable rate exception. read more...
January 14, 2010
REGULATION ''Z'' FINAL RULES REGARDING OPEN END LOANS
• As many of our clients are aware, on January 12, 2010, the Board of Governors of the Federal Reserve System (''Federal Reserve'') approved final rules (''Final Rules'') amending . . . read more...
December 30, 2009
''GOT LICENSING''
• Under the SAFE Act, employees of a federally insured credit union who act as residential mortgage originators must be registered through the Nationwide Mortgage Licensing System . . . read more...
December 18, 2009
WHAT DOES “AT-WILL EMPLOYMENT” REALLY MEAN?
• ''At-will employment” refers to the mutual right of employers and employees to sever their employment relationships at any time, with or without cause or advance notice . . . read more...
December 4, 2009
COMPLIANCE WITH REGULATION GG AND THE UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT OF 2006: WHAT YOUR CREDIT UNION NEEDS TO KNOW
• Credit unions must now adopt policies and procedures designed to identify and block unlawful internet gambling. read more...
November 23, 2009
PRESIDENT OBAMA SIGNS THE CREDIT CARD TECHNICAL CORRECTIONS ACT OF 2009
• On November 6, 2009, President Obama signed the Credit CARD Technical Corrections Act of 2009 (H.R. 3606) into law. read more...
October 30, 2009
OVERDRAFT PROTECTION COVERAGE
• Congress considering legislation that would retrict overdraft protection programs. read more...
October 23, 2009
THE NEWEST PLAYER IN EMPLOYMENT LAW? MEET GINA
• In May 2008, President Bush signed into law the Genetic Information Nondiscrimination Act. read more...
October 9, 2009
ELDER ABUSE REFRESHER
• Credit union officers and employees must report known or suspected incidents of elder or dependent adult financial abuse... read more...
September 25, 2009
PROTECTING YOUR CREDIT UNION’S TRADE SECRETS: AN EXERCISE IN PLANNING AHEAD
• Recent California Case Reaffirms Right of Employers to Seek Injunctions Against Former Employees Who Have Misappropriated Trade Secrets. read more...
September 11, 2009
FEDERAL RESERVE BOARD PROVIDES CLARIFICATION REGARDING REGULATION ''Z''
• The Board clarifies that ATM cash advance fees and foreign transaction fees are ''finance charges'' for purposes of Regulation ''Z.'' read more...
August 19, 2009
CREDIT CARD ACT OF 2009 AND PERIODIC STATEMENT DISCLOSURES FOR OPEN END LOANS
• Interim Final Rule provides a temporary solution for creditors struggling to update their systems to produce periodic statements by August 20, 2009 . . . read more...
August 14, 2009
REGULATORY EXAMINATIONS IN THE CURRENT CLIMATE
• The examination process for federally insured credit unions has become more rigorous, and in some cases more adversarial. read more...
August 7, 2009
CLASS ACTION LAWYERS TARGET CREDIT UNION DISCLOSURE OF ATM FEES ''ON OR AT'' ATM
• Recently, a number of class action lawsuits have been filed claiming inadequate disclosure of ATM fees. read more...
July 28, 2009
FANNIE MAE - RESTRICTION OR TERMINATION OF SELLER/SERVICER APPROVAL STATUS
• FNMA has signaled that it intends to now act upon Announcement 08-23 . . . read more...
June 26, 2009
REGULATION ''D'' AMENDMENTS – TRANSFERS FROM SAVINGS DEPOSITS
• The Board of Governors of the Federal Reserve System recently amended limits on certain ''convenient'' transfers from savings deposit accounts. read more...
June 3, 2009
CALIFORNIA SUPREME COURT DECIDES MILLER V. BANK OF AMERICA
• On June 1, 2009, the California Supreme Court ruled in favor of Bank of America in a case involving accounts with direct deposit of Social Security payments... read more...
May 19, 2009
CONDUCTING LAYOFFS? SOME THINGS TO KEEP IN MIND
• If your credit union is considering layoffs or a reduction in force (“RIF”), this is a brief look at of some of the legal issues to bear in mind... read more...
April 8, 2009
REMINDER! – COBRA NOTICES MUST BE ISSUED TO CERTAIN EMPLOYEES BY APRIL 18, 2009
• In February 2009, Congress made several important changes to COBRA... read more...
April 1, 2009
NO-LONGER PERMISSIBLE INVESTMENTS UNDER NCUA RULES AND REGULATIONS PART 703
• While NCUA Rules and Regulations may not require divestiture of no-longer permissible investments, review of investment policies is well advised. read more...
March 25, 2009
SW&M's LETTERS TO NCUA REGARDING “REDEFINITION OF TOTAL ASSETS” AND ''ADDITIONAL REGULATORY CONSIDERATIONS REGARDING PCA''
• SW&M seeks relief for credit unions by offering proposals to NCUA for: 1) a re-examination of the definitions of ''total assets'' in terms of ''net worth ratio;'' and 2) additional relief under current PCA regulations. read more...
March 3, 2009
UNLAWFUL INTERNET GAMBLING ENFORCEMENT - CUES ON COMPLIANCE
• Regulations Accompanying the Unlawful Internet Gambling Enforcement Act will require new policies for credit unions. read more...
December 26, 2008
NCUA ISSUES CUSO FINAL RULE
• NCUA issues CUSO Final Rule with important updates for State and Federal Credit Unions read more...
December 18, 2009
MORTGAGE WORKOUTS AND LOAN MODIFICATIONS WORKSHOP - WHAT YOUR CREDIT UNION SHOULD KNOW
• This presentation is designed for President/CEOs, Senior Vice Presidents and Vice Presidents, Underwriters, Credit Risk Managers, Loan Officers, Collection and Compliance Officers read more...
December 17, 2008
CU HARP SUBSCRIPTION APPLICATION UPDATED
• CU HARP Subscriptions are due to corporate credit unions Friday, December 19. read more...
September 30, 2008
NCUA SUPERVISORY LETTER AND YOUR EXAMINATION REPORT
• The NCUA, in August, issued Letter to Credit Unions 08-CU-20. Credit Unions should pay particular attention to this letter in preparation for upcoming examinaitons. read more...
July 1, 2008
FRAUDULENT WIRE TRANSFERS
• As a follow-up to our January 11, 2008 client pool letter regarding wire fraud schemes, we believe it is appropriate to remind our credit union clients of... read more...
June 24, 2008
VISA INTERNATIONAL SERVICE ASSESSMENT (ISA) FEES - MORE COMMONLY CALLED FOREIGN TRANSACTION FEES
• Effective April 2008, Visa began imposing a revised Foreign Transaction Fee on card issuers. This revised fee structure is similar to... read more...
June 3, 2008
A PREPAYMENT PENALTY FEE BY ANY OTHER NAME IS STILL A PREPAYMENT PENALTY FEE
• A recent Maryland Court of Appeals decision may affect financial institutions across the nation that impose prepayment penalty fees, including federal and state-chartered credit unions. read more...
