Nealon pushes NCUA for reg relief through EGRPRA

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU Director of Regulatory Affairs Alicia Nealon wrote NCUA to express NAFCU’s appreciation for the agency’s voluntary participation in an Economic Growth and Regulatory Paperwork Reduction Act review, and to urge it to find opportunities for regulatory relief for credit unions through the review.NCUA is specifically reviewing the agency’s programs and regulations related to capital and consumer programs.Nealon emphasized the need to give credit unions relief as soon as possible. She argued that the number of credit unions is in decline and the “main reason for this decline is the increasing cost and complexity of complying with the ever-increasing onslaught of regulations.” In many cases, “smaller institutions simply cannot keep up with the new regulatory tide and have to merge out of business or be taken over.”Among the issues discussed in the comment letter, Nealon noted that the NAFCU-supported “Credit Union Share Insurance Fund Parity Act” mandates that NCUA provide share insurance coverage to interest on lawyers’ trust accounts (IOLTAs), and other similar trust accounts, on a pass-through basis regardless of whether they are comprised of funds of members or nonmembers. As NCUA considers a rulemaking to conform to this legislation, NAFCU is recommending that the agency provide broader coverage for “REALTOR(R)” escrow, prepaid funeral accounts, store-valued gift cards and prepaid accounts. continue reading »last_img read more

A credit union’s on/off card switch

first_imgMembers of Educators Credit Union can now download an app to turn their credit and debit cards on and off, setting controls for purchases by transaction and merchant type or location.The $1.4 billion Racine, Wis., CU rolled out the app, called CTRL and developed by Ondot Systems, in August. “It puts complete control of their cards into members’ hands,” says Katherine McCabe, AVP/e-strategy.Members can restrict their cards from use for online purchases, for example, or to allow purchases only in the Racine and Kenosha areas, McCabe notes. They could set dollar limits or turn their debit cards off for gas purchases at the pump to avoid preauthorization holds.The app permits members to enable push notifications to get alerts of attempted card transactions thwarted by the controls they set. continue reading » 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

UK signs off further reporting requirements for pension funds

first_imgTrustees can also comply with these rules by explaining why they do not have a policy on certain specified matters. They will have to comply with the rules from 1 October 2020.The regulations come shortly after the UK’s asset management regulator, the Financial Conduct Authority, adopted stewardship rules for asset managers that also implemented the SRD II. It is the second change to UK pension scheme investment regulations in less than a year. Stuart O’Brien, partner at Sackers, said the new regulations would be a big change for most trustees, although perhaps more so for those of defined benefit (DB) schemes.“Not a lot of schemes are currently doing what the new regulations will require them to disclose a policy on,” he said. “It will be interesting to see whether this prompts a complete sea change in how trustees review and incentivise their managers, or whether this will just provide a list of things that trustees just disclose that they don’t do.”Duncan Watson, senior associate at Mayer Brown, said: “At a time when trustees are already burdened with numerous compliance and regulatory requirements including in relation to the SIP, these regulations may well be a substantial challenge for some trustees.“While the matters to be included in the SIP will have to be examined closely, it appears from a practical perspective that trustees will need to assess how best to address these areas – in conjunction with their investment consultants and other professional advisers – and these requirements seem to represent a major change of mindset on the part of trustees and managers.” In contrast to 2018 changes to pension scheme investment regulations, the new SRD II-implementing rules impose public disclosure requirements on all pension schemes, not just defined contribution (DC) schemes.O’Brien said: “Many DB trustees may have breathed a sigh of relief with the [2018] investment regulation changes that they don’t have to report annually against their policy and make it public, but with these changes they’re going to have to do exactly that. This is going to apply across the board, DB and DC schemes.”Under the 2018 changes, schemes will be required to set out their policy on stewardship and on “financially material considerations,” which the rules state can relate to climate change, other environmental matters, and/or social and corporate governance matters. Additional requirements apply for DC schemes, which from October 2020 must annually publicly report how they implemented their SIP.A partner at a law firm recently told IPE that pressure groups were writing to trustees following the updated investment regulations to ask them how they were going to deal with the new requirements.“This can be quite unhelpful for trustees,” the lawyer said. “They can feel under undue pressure.” Fresh changes to UK investment regulations will likely be a big challenge for UK pension funds, according to lawyers. Laid before parliament yesterday, the new regulations implement the revised EU Shareholder Rights Directive (SRD II). The deadline for member states to transpose the legislation is 10 June.The regulations require trustees to set out in their statement of investment principles (SIP) “their policy in relation to trustees’ arrangement with any asset manager”, setting out – or explaining why they don’t – matters such as:how the arrangement with the asset manager “incentivises” it to align its investment strategy and decisions with the various policies set out in the trustee’s SIP;how that arrangement incentivises the asset manager “to make decisions based on assessments about medium to long-term financial and non-financial performance of an issuer of debt or equity and to engage with issuers of debt or equity in order to improve their performance in the medium to long-term”; and“how the method (and time horizon) of the evaluation of the asset manager’s performance and the remuneration for asset management services are in line with the [other policies stated in their SIP]”.last_img read more

Hillman sex offender admitted to another sex crime, gets prison time

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich. — A registered sex offender from Hillman confessed to another sex crime. Marc Whitney plead guilty on Monday and will serve a minimum of 4 to 20 years in prison.The Huron Undercover Narcotics Team concluded their three month investigation into Whitney possessing child sexually abusive material. He also admitted to using a computer to commit a crime.In 2018, parents reported that girls between the ages of 10 and 16 received requests to follow Whitney — a local sex offender — on social media. Whitney violated the sex offender registry act and was previously convicted of criminal sexual conduct involving a minor.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Police shutdown Indian River man’s meth labNext Upcoming trivia fundraiser to support child victims of abuselast_img read more