WASHINGTON (4/29/09)--From left, CUNA Communication Specialist Marta Trinkl; Paula Moreno, marketing manager, U.S. Senate FCU; and Greta Brown, member service officer, also with Senate FCU share a booth during Financial Literacy Day on Capitol Hill. The event was spearheaded by the Jumpstart Coalition for Financial Literacy and was held to educate members of Congress and their staff about the financial literacy efforts of the participating government, nonprofit and corporate organizations. CUNA also partners with National Endowment for Financial Education to provide free financial education materials to high schools and is a member of the Jumpstart board... * WASHINGTON (4/29/08)--The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) announced that they have fined the New York Branch of United Bank for Africa $15 million each for violating the Bank Secrecy Act (BSA). The branch has agreed to pay $15 million of the total amount without admitting or denying the violation. The OCC issued the branch a cease-and-desist order in January 2007. During a November 2007 examination, the agency found that the branch failed to comply with the order’s term, so a second cease-and-desist order was issued Feb. 29 ... * WASHINGTON (4/29/08)--Mortgage lenders are fighting against rules proposed by the Federal Reserve Board to curb lending abuses and prevent more problems in the housing market (The New York Times
April 28). Some industry representatives complain the rules would be expensive because they could create more paperwork and make lenders more susceptible to lawsuits. During a comment period this month, the Fed received more than 5,000 comments from lenders who said the rules could be problematic for loans unaffected by the housing crisis. The Mortgage Bankers Association, Community Bankers of America and the American Bankers Association also have criticized the plan. Smaller financial institutions that did not contribute to the mortgage mess have encouraged the Fed to limit the rules to prevent a chilling effect, and Fed Gov. Randall Kroszner said in a speech that the Fed is considering narrowing the scope ... * WASHINGTON (4/29/08)--The Federal Reserve is scheduled Friday to release a proposal that defines unfair and deceptive credit card practices (American Banker
April 28). The Fed also is working on Regulation Z revisions for credit card disclosure practices, and a second Regulation Z proposal that coordinates with the deceptive practices proposal could be released ...