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Corporates interchange in top 10 INews NowI stories for June
MADISON, Wis. (7/2/10)--Interchange accounted for six of the top 10 stories in News Now for June, but the month’s most-read story is about a charge the National Credit Union Administration (NCUA) plans to assess to repay corporate insurance coverage. Other top stories include Regulation DD, Regulation E, Bank Secrecy Act violations and corrective actions by NCUA. The stories are: 10. NCUA orders corrective actions ALEXANDRIA, Va. (6/14/10)--Sperry Associates FCU, of Garden City Park, N.Y., has been ordered by the National Credit Union Administration to take a series of corrective actions. 9. New interchange language, same concerns, says CUNA WASHINGTON (6/22/10)--The Credit Union National Association (CUNA) said Monday that credit unions “would almost certainly” have to oppose a final financial regulatory reform bill unless lawmakers remove or significantly change even the modified debit interchange provisions put forward yesterday by House conferees. 8. Financial institution assessed $1M penalty for BSA violations VIENNA, Va. (6/4/10)--The Financial Crimes Enforcement Network revealed Thursday that it assessed a $1 million civil money penalty against a savings bank in New Jersey for violating a number of Bank Secrecy Act requirements. 7. Interchange amendment report: Negative impact in five areas MAYNARD, Mass. (6/11/10)--The interchange amendment in the Senate version of the regulatory reform bill would have negative consequences in five areas, according to an independent industry study. 6. White House official, CUNA meet on interchange WASHINGTON (6/7/10)--A key White House official met with the Credit Union National Association Friday to hear the credit union position on pending legislation that would allow the government to set interchange fees. 5. CUNA ‘disappointed’ by reg reform bill’s interchange treatment WASHINGTON (6/28/10)--Credit Union National Association President/CEO Dan Mica on Friday said that he was “disappointed” that House and Senate regulatory reform conferees allowed legislation that would enable government intervention in interchange fee negotiations to remain in the final version of financial regulatory reform. 4. Frank underscores CU exemption from new interchange rules WASHINGTON (6/30/10)--House Financial Services Committee Chairman Barney Frank (D-Mass.), a central figure in the recently completed House-Senate financial regulatory reform conference report, assured his colleagues that the Federal Reserve's new rules governing interchange fees would not apply to credit unions or other small institutions with under $10 billion in assets. 3. Fed releases Reg DD, E clarifications WASHINGTON (6/1/10)--The Federal Reserve last week clarified some aspects of its Regulation E, Electronic Fund Transfers, and Regulation DD, Truth in Savings, that address overdraft services. 2. Senate conferees accept House option on interchange WASHINGTON (6/23/10)--The Credit Union National Association on Tuesday repeated its call for credit unions to oppose Congress’s final financial regulatory reform bill, as the House Senate lawmakers voted to accept a House proposal that retained portions of that bill that would modify current interchange practices. 1. NCUA assesses 13-bp charge to repay corporate CU coverage ALEXANDRIA, Va. (6/18/10)--Credit unions will soon be charged an assessment of 0.134% of insured shares as the National Credit Union Administration collects a portion of the funds necessary to pay for the costs of the corporate stabilization.


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