1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Brandy Bruyere Brandy Bruyere, NCCO was named vice president of regulatory compliance in February 2017. In her role, Bruyere oversees NAFCU’s regulatory compliance team who help credit unions with a variety of … Web: www.nafcu.org Details Within the past year, the Bureau of Consumer Financial Protection (BCFP) has gone through numerous changes reflecting new leadership. Many of these changes came as a result of reviewing various regulatory rulemakings that have had a significant impact on the credit union industry. NAFCU continues to fight on behalf of the credit union industry, as credit unions are still in need of additional relief. Here are five issues the bureau can immediately address to improve the regulatory environment. Remittance reliefSince 2013, when the bureau made changes to its remittance rule, NAFCU has been concerned about the rule’s highly burdensome compliance costs for credit unions.Responding to the bureau’s assessment of the rule last year, NAFCU asked that credit unions be exempted from the rule. “Numerous credit unions have been forced to stop offering remittance transfer services because the compliance burden is simply too high … With fewer credit unions continuing to provide such services, consumers’ options and ability to shop are severely limited,” NAFCU wrote to the bureau. Last year, the bureau said it would issue its assessment report by Oct. 28. Complaint databaseNAFCU has pressed the bureau to stop publicly publishing complaint information that cannot be fully verified in order to reduce the risk of reputational harm.In a recent letter to the bureau on the issue, NAFCU highlighted that credit unions take their member-owners’ issues seriously and work to resolve them efficiently and effectively, but that “current public reporting practices skew transparency and do not work as intended.” When unverified complaints are published on the bureau’s consumer complaint database, it “can pose serious reputational risks to targeted institutions.”NAFCU provided a list to the bureau of ways to improve consumer reporting practices, which can be read here. HMDA reliefWhile some Home Mortgage Disclosure Act (HMDA) relief was passed into law as part of the NAFCU-backed Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), the association continues to push for more.A provision in S. 2155 would exempt depository institutions that have originated fewer than 500 open-end lines of credit and or fewer than 500 closed-end mortgages in the previous two years from certain HMDA reporting and recordkeeping requirements. The law also requires the Comptroller General to conduct a study to evaluate the HMDA amendments and submit a report on the results to Congress.The association has also asked that the bureau review its HMDA data collection activities, including limiting the collection to only those fields mandated under the Dodd-Frank Act. PALs safe harborIn May, the NCUA proposed NAFCU-sought changes to expand its payday alternative loans (PALs) program to offer a second PALs option – PALs II, and explore a third option – PALs III. NAFCU has long advocated for additional mechanisms to allow credit unions to provide more small-dollar, short-term loans to members in need, and also hosted a small-dollar lending working groupto explore additional small-dollar lending options for credit unions.NAFCU has asked the bureau to expand the safe harbor exemption to include all PALs loans not only to provide regulatory relief, but also to encourage more credit unions to begin or expand PALs programs. Qualified mortgage safe harborAs a result of the bureau’s ability-to-repay and qualified mortgage (QM) rules, many of NAFCU’s members have decided to extend only those mortgages that meet the definition of a QM because of the legal and regulatory risks associated with extending non-QMs.While recent changes to the Dodd-Frank Act have provided some relief with the addition of a new safe harbor category for loans held in portfolio, more can be done. NAFCU has recommended that the bureau reconsider the 2021 expiration of the temporary government-sponsored enterprise QM category, and make this category a permanent safe harbor exemption. Doing so would ensure that credit unions continue to have access to a healthy and functioning secondary market.
LIME and Flow on track with athletesOn August 4, the combined business of LIME & Flow announced a major investment in Jamaica’s track and field, a partnership that will see us, as Jamaica’s premier quad play telecommunications provider, on the starting line with the world-class Team Jamaica athletics programme for the next two years.We are honoured to be able give support to a team that continues to make Jamaica proud, both on and off the field of competition. Jamaica’s team of 53 athletes and 19 officials to the IAAF World Championships in Beijing, China, carry the hopes and dreams of our proud nation. Their efforts will undoubtedly galvanise Jamaicans both locally and in the Diaspora, as they continue to display the spirit of our beautiful island Jamaica.It is that indomitable Jamaican spirit that we celebrate. We celebrate passion, optimism and determination displayed not only in athletics, but through every positive aspect of our society today.As the exclusive telecoms partners, to the JAAA and Team Jamaica, for both the senior and junior national track and field teams, we are doing our part to ensure that Jamaicans have a reason to feel proud. We will celebrate with our athletes each and every time they step out on the track.To all track and field fans, let’s rally around our athletes and support them. Cheer them on and help them bring glory to our communities and to the nation!
Donegal Vocational Education Committee is to set up a specialist panel to deal with bullying in its schools.The late Erin and Shannon GallagherIt comes six months after the tragic deaths of Ballybofey schoolgirls Erin and Shannon Gallagher.Erin, 13, a pupil at Finn Valley College in Stranorlar, was found dead last October amid claims she was subjected to sustained online abuse and bullying. Her sister Shannon, 15, also took her own life just weeks later.Donegal VEC is now planning to establish a board of individuals who will investigate complaints of harassment and bullying within the facility.The group will first look at the current complaints procedures in relation to bullying and harassment and how they can b improved.It comes as Erin and Shannon’s mum Lorraine revealed plans to sue Donegal VEC for negligence and breach of duty. Donegal Daily revealed last last December how Ms Gallagher, 37, instructed her solicitor to send a letter to Donegal VEC. The letter from Gallagher and Brennan Solicitors last year to the organisation refers to Erin.“From our instructions it is quite clear that Erin Gallagher, deceased, was subjected on a weekly basis, to a persistent, prolonged, aggressive campaign of both mental and physical torture, bullying, abuse, harassment, assaults and intimidation and was afforded little, if any, protection by you, your servants and/or servants.”The solicitor outlines that the impact of this coupled with the “physical, emotional and psychological abuse” has resulted in devastating consequences for Lorraine and her family.Solicitor Patsy Gallagher said his client also intends to take similar proceedings against the HSE in the future.The Ballybofey mother said that she has no doubt Erin’s suicide directly led to her older sister Shannon’s death. She believes her daughter should have been on suicide watch.CEO of Donegal VEC Shaun Purcell confirmed that he received contact from Lorraine’s legal team, which has been passed on to their legal representatives.However, he said they could not discuss legal matters at this time.DONEGAL VEC TO SET UP BULLYING BODY IN WAKE OF ERIN AND SHANNON’S DEATHS was last modified: June 2nd, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Donegal VECErin GallagherPatsy Gallaghershannon gallagher