Credit Union

Payments have been made to hundreds of Marches Credit Union members, the FSCS says...

Help is on the way for over a thousand of Portadown Diamond Credit Union savers after it went into insolvency...

Payments are on the way to thousands of Severn Four Credit Union members, the FSCS says...

This is the FSCP's response to the HMT credit union maximum interest rate cap consultation...

More than 2,100 members of the failed Cornwall and Isles of Scilly Credit Union will get their money back within seven days after the FSCS declared it...

The Government has launched a formal consultation on raising the maximum interest rate cap for credit union loans from 2 per cent per month to 3 per cent per month...

FSCS pays thousands of North Yorkshire Credit Union members Payments in the post...

Andrew Bailey, the Head of the Prudential Business Unit at the FSA and Executive Director at the Bank of England, is hosting an event with banks, insurers, building societies, credit unions and investment firms to discuss the details of the two Prudential Regulation Authority approach documents...

Speedy FSCS payout to members of Tamworth Credit Union Limited...

Topics in this issue:

Introduction
Background
Prudential Regulation
Authority (PRA)
Financial Conduct Authority (FCA)

Preparing for the split - internal twin peaks
Contacting the FSA

The modules of the FSA Handbook of rules and guidance SUP, COMP and CREDS are amended in accordance with the Annexes to this instrument...

Topics in this issue:

Introduction

Regulatory Reform and the splitting of the FSA

How to contact the FSA

LRO - starting a specified activity, notifications and reporting

Getting things right - lending limits and subordinated loans

Single customer view (SCV) reporting requirements

Recent CU Supervision team activities

LRO explanatory document

Update on surgeries

Members of Pallister Credit Union Ltd can expect to receive compensation from the FSCS in the next seven days, after the credit union stopped trading on 1 May 2012...

The modules of the FSA Handbook of rules and guidance Glossary, FEES, MIPRU, SUP, DEPP, COMP and CREDS are amended in accordance with the Annexes to this instrument...

This Memorandum of Understanding establishes a framework for cooperation between the FSA and DETI as a consequence of the Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011...

Changes to the Credit Union Act came into force, removing the requirements that place a restriction on credit union membership...

Members of Hull East of the River Credit Union Limited can expect to receive compensation from the Financial Services Compensation Scheme in the next seven days. The credit union was declared in default, 16 January 2012...

The Compensation sourcebook is amended in accordance with the Annex to this instrument...

The credit crisis has forced banks to take a critical look at how they manage risk and has exposed some significant weaknesses in risk management across the financial services industry...

The Financial Services Authority makes the rules and gives the guidance in the Annex to this instrument...

The Financial Services Authority and HM Treasury have jointly announced that Northern Ireland’s credit union customers will have their deposits protected to the value of £85,000...

Financial Industry Developments
Central Banks Increase Liquidity Support to Global Financial System
OCC Proposed Rule to Remove References to Credit Ratings
FHFA Retains Maximum Conforming Loan Limits
Fed Adopts Final Rule on Annual Capital Plans
Bankruptcy Rule 2019 Effective Date
Joint Task Force on HAMP Mortgage Modification Scams
SEC Approves FINRA Amendments to TRACE Reporting Requirements
Rating Agency Developments

Recent Orrick Alerts
First Report of SEC's Whistleblower Office Contains Some Surprises

MBS Litigation
SDNY Judge Rejects Proposed SEC-Citigroup Settlement
New York and Delaware Attorneys General Permitted to Intervene in Bank of America Settlement Approval Proceeding
New Mexico Federal Judge Largely Denies Motion to Dismiss in Thornburg Mortgage RMBS Case
NCUA Sues Wachovia Over Credit Unions' RMBS Investments
Insurer Seeks Rescission and Damages in Connection with Coverage for $3.8 Billion in RMBS
German Bank Sues JP Morgan Over $2.1 Billion in RMBS
Court Grants Unopposed Motion for Class Certification in $2.5 Billion Countrywide RMBS Lawsuit

European Financial Industry Developments
FSA Releases Proposed Guidance And Warns Against Retail Sales of 'Toxic' Death Bonds
FSA Issues £14,000 Fine and Ban Against Hedge Fund Compliance Officer

Financial Secretary to the Treasury, Mark Hoban, confirmed that a deregulatory package designed to help credit unions and co-operatives compete and grow more effectively has completed its Parliamentary passage. The Legislative Reform Order will come into force on 8 January 2012 and represents an important part of the Government’s commitment to promote mutuals...

This weekly update from Barlow Lyde & Gilbert LLP's Financial Services Regulatory Team summarises new developments as reported by the FSA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange...