Wanda Downs, AAP Vice President, CU Development & Marketing September 2015

Transcription

1 Vocabulary 101: CU Associations Wanda Downs, AAP Vice President, CU Development & Marketing September 2015

2 CCUL Carolinas Credit Union League State trade association for credit unions in NC & SC Founded in 2014 as a result of a merger between the two Carolina CUL Primary focus is representing and advocating for credit unions and their members before state government Dues supported membership Education

3 CFPB Consumer Financial Protection Bureau Created in 2010 with the passage of the Dodd-Frank Act Creates a single point of accountability in the federal government for consumer financial protection Expansive enforcement authority Use of Industry related Advisory Councils Enforcement is done by penalties and fines, as well as redress settlement accounts for consumers

4 CFPB Consumer Financial Protection Bureau Contains six divisions, each with unique responsibilities > Supervision, Enforcement, & Fair Lending > Research, Markets, & Regulations > Consumer Education & Engagement > Legal > External Affairs > Operations

5 CFPB Consumer Financial Protection Bureau Recent Enforcement Actions > American Honda Finance Corporation 7/2015 Violations of Regulation B s Equal Credit Opportunity Act (ECOA) - $24,000,000 redress account > Chase Bank NA & Chase Bankcard Services Inc. 7/2015 Violations of Consumer Financial Protection Act (CFPA) prohibits unfair, deceptive, or abusive acts - $50,000,000 redress account plus $30,000,000 civil money penalty

6 CLF Central Liquidity Facility Created by Congress in 1979 Primary purpose is emergency liquidity funding > Types of funding Short term credits 90 days to one year Seasonal credits up to 270 days Protracted adjustment credits terms vary Membership > Stock purchase > Annual adjustments

7 CUNA Credit Union National Association Largest national trade association in the US serving credit unions Not-for-profit trade group Membership restrictions Volunteer BOD (24) elected by credit union peers across the country Primary focus is to represent the credit union movement before Congress and federal regulatory agencies

8 EASTPAY Regional Payments Association (RPA) Leader in Electronic Payments Industry Primary focus is successful participation in the ACH network > Educational Opportunities AAP Accredited ACH Professional NCP National Check Professional Membership

9 FASB Financial Accounting Standards Board Primary focus is to establish and improve standards of financial accounting that govern the preparation of financial reports by nongovernmental entities FASB Accounting Standards Codification Popular FASB Standards > #5 Accounting for Contingencies > #114 Accounting by Creditors for Impairment of a Loan > #115 Accounting for Certain Investments in Debt & Equity Securities

10 FDW Federal Discount Window, also referred to as the Fed Discount Window, or Window Created by Congress in 1913 Primary purposes are liquidity funding for individual institutions and payment system stability during systemic stress > Types of funding Primary credit short term (overnight) use; no restrictions on purpose Secondary credit short term (overnight); restricted use Seasonal credit longer term funds; needs based; restricted availability Emergency credit Board of Governors approval required; restrictive collateral requirements

11 FDW Federal Discount Window Eligibility to Borrow > Regulation D financial institutions with reserve account requirements > Specific exclusions Bankers Banks Corporate Credit Unions

12 FinCEN Financial Crimes Enforcement Network History Structure Mission Relevant laws and regulations Currency & Foreign Transaction Reporting Act (BSA) (1970) Annunzio-Wylie Anti-Money Laundering Act (1992) USA PATRIOT Act of 2001 CIP (2003)

13 FRB- Federal Reserve, or the Fed Created by Congress in 1913 Central Bank of the United States of America Primary focus is monetary policy > Regulatory & supervisory authority over member banks and other financial entities > Maintain an efficient monetary payments system Structure > 12 Regions > 7 member Board of Governors > FOMC Federal Open Market Committee

14 NACHA National Automated Clearing House Association The Electronics Payment Network History and evolution Areas of responsibilities Education Opportunities > AAP Accredited ACH Professional > NCP National Check Professional Membership Direct FI Membership Payments Innovation Alliance Affiliate Program RPA

15 NAFCU National Association of Federal Credit Unions Created in 1967 Direct membership Mission NASCUS National Association of State Credit Union Supervisors Created in 1965 Mission Membership

16 NCUA National Credit Union Administration History Mission Leadership Regions

17 NCUSIF National Credit Union Share Insurance Fund History Purpose Funding Coverage > #02

18 Vocabulary 101: Pop Quiz Association Acronym FinCEN CLF FRB FASB FDW NAFCU Association Purpose Establish and improve standards of financial accounting preparation of financial reports by nongovernmental entities Establish monetary policy Provide credit unions with the best federal advocacy, education and compliance assistance in the industry Liquidity funding for institutions and payment system stability during systemic stress Safeguard the financial system from illicit use Match the acronym with its purpose To provide a source of emergency liquidity funding

19 Pop Quiz Answers Association Acronym FinCEN CLF FRB FASB FDW NAFCU Association Purpose Safeguard the financial system from illicit use To provide a source of emergency liquidity funding Establish monetary policy Establish and improve standards of financial accounting preparation of financial reports by nongovernmental entities Liquidity funding for institutions and payment system stability during systemic stress Provide credit unions with the best federal advocacy, education and compliance assistance in the industry

20 Vocabulary 101: Resources

21 Vocabulary 101: Resources

22 Wanda Downs Ext Kecia Brooks Ext. 3218