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Top 10 INews NowI stories for May (06/01/2010)
MADISON, Wis. (6/2/10)--Stories about interchange fees accounted for four of the top 10 stories in News Now for May. An interchange amendment was included in the Senate version of the regulatory reform package, S. 3217, the Restoring American Financial Stability Act, which the Senate passed earlier last month. The Credit Union National Association (CUNA) is lobbying against the amendment and has written to lawmakers urging them not to support the interchange amendment. The amendment would have adverse affects on credit unions because, according to CUNA, these amendments “are intended to disrupt the card payment system, with the goal of reducing the merchants’ financial responsibility for the benefits received from the card payment system.” CUNA and the leagues are mounting a grassroots campaign this week and next to express their opposition to the amendment. The top 10 News Now stories for May are: 10. CUNA urges CU action against interchange amendments WASHINGTON (5/5/10)--The Credit Union National Association on Tuesday urged credit union advocates to contact their U.S. senators and ask them to oppose amendments to financial regulatory reform legislation that would affect the debit and credit card system. 9. Credit unions prepare full grassroots alert over interchange WASHINGTON (5/24/10)--Credit unions should be prepared this week for a full grassroots action alert to both the entire Senate and House on interchange legislation once a conference committee on the regulatory restructuring legislation is "instructed," the Credit Union National Association advised its members Friday. 8. NCUA sounds alarm on fraudulent email to CU members ALEXANDRIA, Va. (5/26/10)--It's always “phishing” season, and the National Credit Union Administration Tuesday issued an alert about a new scam targeting credit union members. 7. Compliance: Internet gambling rules take effect June 1 WASHINGTON (5/5/10)--The Credit Union National Association has confirmed with Federal Reserve Board staff that the Unlawful Internet Gambling Enforcement Act regulations are on track for mandatory compliance on June 1. 6. Maine league: Auto dealer yanks ad misrepresenting CUs AUGUSTA, Maine (5/11/10)--An auto dealer's unauthorized ad insert that misrepresented some Maine credit unions and ran in several editions of the Portland Press Herald last week will no longer run, according to the dealer's attorney. 5. NCUA to consider splitting share insurance, corp. fees ALEXANDRIA, Va. (5/14/10)--Telling credit unions that the agency is "very mindful of the effect" that assessments have on their balance sheets, National Credit Union Administration (NCUA) Chairman Debbie Matz said that the NCUA would soon consider splitting the fees used to maintain its share insurance and corporate stabilization funds. 4. Cheney’s experience good for CUNA CEO post WASHINGTON (5/6/10)--Bill Cheney--who will succeed Dan Mica, effective July 5, as the president/CEO of the Credit Union National Association (CUNA)--brings to the position more than 25 years’ experience in a variety of roles in the movement, according to CUNA Chairman Kris Mecham. 3. Compliance: Beware five “Untruths” of new TIL rules WASHINGTON (5/4/10)--The Credit Union National Association (CUNA) is alerting credit union management to give appropriate time and attention to assuring timely compliance with new Federal Reserve Board changes that implement the first changes in a quarter of a century to Truth-in-Lending Act rules. 2. Interchange vote forces CUNA opposition to Sen. reform bill WASHINGTON (5/14/10)--Late Thursday the U.S. Senate voted 64-33 in favor of including Sen. Richard Durbin’s (D-Ill.) interchange amendment in S. 3217, the Restoring American Financial Stability Act. 1. Three banned from future CU work ALEXANDRIA, Va. (5/10/10)--Three former credit union employees have been banned from future work at any federally insured financial institution under prohibition orders issued by the National Credit Union Administration.


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