In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- Compliance Blog: ChexSystems Reports
March 19, 2024America's Credit Unions Compliance Blog: Many credit unions choose ChexSystems reports to determine whether a person may open a share account. Ultimately, this method is a risk-based business decision for the credit union to make, but you may want to understand a few basic things when pulling this type of report to confirm or deny a share account.
- Coming Call Report Changes for Large CUs On Overdraft, NSF Income Reporting: What You Need to Know
March 19, 2024We continue to field questions from credit unions about NCUA having amended the Call Report to require large credit unions (in this case meaning more than $1 billion in total assets) to report income from overdraft fees and NSF fees.
- League Welcomes News CFPB Taking Industry Feedback into Consideration on Final 1033 Rule, But Concerns Remain on Overall Impact
March 15, 2024In a speech on Thursday, CFPB Director Rohit Chopra said the bureau would be responsive to recommendations from the industry on the CFPB’s section 1033 proposed rule. The proposal covers consumer access to financial data and depends largely on the recognition of an organization to set a qualified industry standard to aid compliance. The proposal would require financial institutions and others to share information – at a consumer’s request and at no cost – with other businesses that offer competing products. "While we welcome the news that industry feedback will factor into some aspects of the final rule, we are justifiably concerned about the rule's overall impact on credit unions," said League Chief Advocacy Officer JT Blau.
- League Compliance Roundtable - March 2024
March 15, 2024Count on your League to help you manage today's complex regulatory compliance environment! In our March 13 virtual meeting, topics included news and notes from the Virginia General Assembly, recent proposals by the CFPB on fees, coming changes to the NCUA Call Report and small estate affidavits. JT Blau (Chief Advocacy Officer of the League) and Vanessa Carter (Woods Rogers Vandeventer Black law firm) led the discussion.
- CUs Continue Fight Against CFPB's Small Biz Lending Collection Rule
March 13, 2024The CFPB’s small business lending data collection rule should be set aside, America’s Credit Unions, Cornerstone League, Rally Credit Union, and other organizations wrote in a consolidated motion for summary judgment filed in the U.S. District Court for the Southern District of Texas. The CFPB finalized its rule requiring financial institutions to collect and report certain data on applications for credit for women-owned, minority-owned, and small businesses in March 2023. Credit unions led a successful push last year to stop the rule's implementation.
- League Will Monitor CFPB’s Information-Gathering Effort for Mortgage Closing Cost Fees
March 12, 2024The Biden Administration’s war on what it terms “junk fees” has entered new territory - the real estate finance process. Last week, the Consumer Financial Protection Bureau asked that consumers weigh in on how fees in the mortgage closing process affect them.
- Regulatory Compliance Weekly Roundup: March 8, 2024
March 8, 2024Happy Friday everyone! It's been quite a week. I was in DC for the Governmental Affairs Conference, which was not only the first one put on by the newly formed America's Credit Unions, but the first one with Carrie Hunt on board as the organization's new Chief Advocacy Officer. Carrie not only gave some terrific remarks on the big stage but also had an insightful one-on-one with NCUA Chairman Todd Harper. Virginia had a great showing at the GAC, and it was wonderful to see everyone who made it. Let's look at some highlights from this week.
- League Notes Growing Pressure and Attacks on Fees, CU Business Model
March 7, 2024Your League has reported widely on the growing pressure credit unions are facing on the fees they charge. In recent weeks, we’ve seen new fee reporting requirements for some credit unions, a move from the CFPB to eliminate NSF fees, a proposal targeting overdraft fees charged by very large financial institutions, and days ago, CFPB’s issuance of a final rule on credit card penalty fees. “Your League continues to push back against these measures, many of which we know will negatively impact credit availability, result in higher interest rates across the board, and threaten the credit union business model,” said League Chief Advocacy Officer JT Blau.
- League Supports 'Stop-and-Study' Legislation for Fed's Debit Interchange Proposal
March 6, 2024Rep. Blaine Luetkemeyer, R-Mo., introduced the Secure Payments Act (H.R. 7531), which would stop the finalization of the Federal Reserve’s proposed debit interchange proposal. Credit unions strongly oppose the Fed’s proposal, and the introduction comes as nearly 6,000 credit union advocates are in Washington, D.C., for the 2024 Governmental Affairs Conference. “We welcome the introduction of this legislation because we understand that credit unions will be negatively impacted should the Federal Reserve Board adopt the rule it has proposed. The fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League Chief Advocacy Officer JT Blau.
- CUToday - GAC Coverage: What’s Up on the Litigation Front? Once Again, Plenty
March 6, 2024A breakout session that is annually designed to scare the wits out of attendees was once again widely attended sessions during America’s Credit Unions GAC here, where three attorneys offering updated on all the litigation threats faced by CUs.
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