SW&M EMERGING ISSUES & PUBLICATIONS
December 30, 2011
Limits on the Credit Union’s Exposure to Liability
• A key goal of any credit union is limiting its exposure to liability and lawsuits. read more...
December 9, 2011
Increase in Minimum Salary for Computer Software Employee Exemption
• Recent amendment to statute increases the minimum rate of pay for exempt computer software employees. read more...
November 7, 2011
Reminder – New Labor Poster Requirement Delayed to January 31, 2012
• A recently-issued National Labor Relations Board (NLRB) final rule requires most private-sector employers—even those without union employees—to notify employees of their rights under the National Labor Relations Act (NLRA) by posting a form notice by January 31, 2012. read more...
October 5, 2011
NCUA's Report on “Unresolved” DOR Items - What It Means for Your Credit Union
• NCUA Office of Inspector General's report on the NCUA's Document of Resolution follow-up process signals increasing attention to supervisory actions. read more...
September 28, 2011
California Senate Bill (“SB”) 458 Prohibits Junior Lien Holders Collecting Post-Short Sale Deficiencies
• SB 458 expands the protections available to borrowers by applying to all mortgages or deeds of trust, regardless of lien position, on a dwelling of four units or less. read more...
August 19, 2011
California DFI Assessing Penalties for Late Audit Reports
• The California Department of Financial Institutions is assessing penalties of up to $1,000 per day for delays in concluding CPA year-end audits. read more...
July 29, 2011
Maxed Out Medical Leave: Does Your Policy Require Automatic Termination?
• The EEOC has criticized leave policies that provide for automatic termination of disabled employees who request leave beyond the set periods. read more...
July 5, 2011
Final Debit Interchange Rule Issued by Federal Reserve
• The Federal Reserve has issued final rules on debit interchange fees, effective October 1, 2011. read more...
June 2, 2011
SW&M Comments on NCUA Proposed Rule on Incentive Based Compensation Arrangements
• On May 31, 2011, our office responded to the NCUA's request for comments concerning the Interagency Proposed Rule on Incentive Based Compensation Arrangements. read more...
May 24, 2011
CUNA Mutual’s Condition 9
• Your Credit Union’s management team needs to keep Condition 9 of CUNA Mutual’s Bond in mind. read more...
May 23, 2011
Should Your Credit Union Prepay Its Corporate Bailout Assessment?
• NCUA recently announced a proposed plan to permit credit unions to voluntarily prepay their annual assessments for the corporate credit union (“CCU”) bailout, which the agency projects to be $2.94 billion (38 bps) for the next two (2) years. read more...
April 8, 2011
Preventing FMLA Abuse: Why Call-In Policies Are a Good Idea
• Written ''call-in'' policies can help control the potential abuse of FMLA leave in a number of ways. Does your credit union have one? read more...
February 10, 2011
California SB 94 – A Useful Tool to Combat Unscrupulous Loan Modification Providers
• Although not directly applicable to credit unions, and not widely publicized, SB 94 should serve as a useful tool in protecting members from unscrupulous players in the cottage “loan modification” industry. read more...
February 2, 2011
Proposed Debit Interchange Rule’s Effect on Credit Union Relationships with Payment Card Networks
• Recent changes proposed by the Board of Governors of the Federal Reserve System (the “Board”) affecting debit interchange fees and routing of debit transactions may potentially impact credit unions’ contractual relationships with payment card networks such as Visa or MasterCard. read more...
December 30, 2010
California Financial Code Reorganization Creates New DFI Enforcement Powers
• Non-federal credit unions doing business in California will be subject to new examination and enforcement powers by the California DFI. read more...
December 17, 2010
New Paid Leave for Organ and Bone Marrow Donation
• The California legislature has created yet another form of paid, protected leave for employees for the purposes of organ and bone marrow donation. read more...
November 30, 2010
Impending Changes to Closed-End, Real Estate Secured Loan Disclosures May Present Challenges for Creditors
• The recent Interim Rule issued by the Board of Governors of the Federal Reserve System, which amends Regulation “Z” disclosure requirements applicable to closed-end, real estate secured loans, has a mandatory compliance date of January 30, 2011, and may present programming challenges for creditors making changes to their closed-end Truth-in-Lending Act. read more...
November 15, 2010
NCUA Supervisory Letter Outlines Enforcement Actions
• An NCUA Supervisory Letter recently made public outlines enforcement actions available to NCUA, and highlights the importance of a credit union’s record. read more...
October 26, 2010
Recent California Appellate Court Decision Makes Indirect Auto Lending Potentially Riskier for Credit Unions
• If your credit union engages in indirect auto lending, your credit union should familiarize itself with two California Appellate Court decisions that highlight some of the inherent risks for finance companies that purchase retail installment sales contracts from auto dealers. read more...
September 28, 2010
Federal Court of Appeal Finds that Credit Card “Fixed” Annual Percentage Rates Disclosed in 2004 are Unchangeable . . .
• As many of our clients are aware, changes to Regulation “Z” that took effect earlier this year prohibit the use of “misleading terms” in reference to “fixed” rate credit cards in a credit card “Schumer” box, account disclosure, or advertisement for credit cards. read more...
August 18, 2010
Wells Fargo Overdraft Class Action’s Effect on California Financial Institutions
• While many credit unions are likely suffering “overdraft fatigue” after making significant changes to their overdraft programs in compliance with changes to Regulation “E,” a recent federal district court’s decision . . . read more...
July 30, 2010
New Financial Reform Act’s Effect on Interchange 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 S.B. 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 Agreement – 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 Statment 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 ''Redefintion 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 Modification 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 examinations. 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...
