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.
- League Submits Comment Letter on NCUA Budget Proposal
November 21, 2023Your League today filed its written comments on the National Credit Union Administration’s 2024-2025 budget proposal. Our written comments expand on the testimony of League President/CEO Carrie Hunt last week at the agency’s in-person public hearing.
- Regulatory Compliance Weekly Roundup: November 17, 2023
November 17, 2023Let's dig into an incredibly busy week on the regulatory front, with League President/CEO Carrie Hunt testifying on the NCUA Budget proposal, the federal banking regulators appearing before the Senate and House banking committees and CFPB revisiting medical debt and the Fair Debt Collections Act.
- NCUA Board Meeting: CAMELS Code 3 on the Rise
November 16, 2023During today's NCUA Board meeting, the Board received a quarterly update on the Share Insurance Fund. Part of this update includes data on the CAMELS codes of credit unions. While the CAMELS codes of individual credit unions are confidential, this aggregate data shows some trends and insights. Today's data shows growth in CAMELS code 3 credit unions - not only in the number of credit unions in this category but also in shares and deposits held in these credit unions.
- League Holds Virtual Meetings with NCUA Vice Chair Hauptman; Treasury Official
November 14, 2023The League last week held virtual meetings with NCUA Vice Chairman Kyle Hauptman and Assistant Secretary of the Treasury for Financial Institutions Graham Steele. During the meetings, the League and member credit unions had the opportunity to discuss marketplace, economic and regulatory issues that impact credit unions and our members.
- NCUA Board to Issue Final Rule on Charitable Donation Accounts; League's Carrie Hunt to Attend Meeting
November 13, 2023The NCUA Board has announced the agenda for their November board meeting. In addition to a Quarterly Share Insurance Fund Briefing, the Board will issue a Final Rule on Charitable Donation Accounts (CDAs). The Proposed Rule on CDAs was issued earlier this year. In 2013, the NCUA Board approved the CDA rule and permitted federal credit unions to fund a CDA. This account could hold investments that were otherwise impermissible for FCUs, but the account could only be used to provide charitable contributions to qualified entities. The 2013 rule defines "qualified charity" as a charitable organization or other non-profit entity recognized as exempt from taxation under 501(c)(3) of the Internal Revenue Code.
- Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
November 13, 2023The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.
- NCUA's Harper to Testify Before Senate, House Banking Committees
November 13, 2023The House and Senate are in Washington, D.C., and both chambers are expected to work on legislation funding the government past Nov. 17. Federal financial regulators—including NCUA Chairman Todd Harper and Fed Vice Chairman for Supervision Michael Barr—will testify before committees this week.
- REGular Blog: Bank Customers Are Having Accounts Closed ... Is BSA to Blame?
November 7, 2023Banks are evicting what appears to be an increasing number of individuals, families and small business owners, many of whom "don't have the faintest idea why their banks turned against them." What gives?
- Regulatory Compliance Weekly Roundup: November 3, 2023
November 3, 2023In this week's Weekly Roundup, we cover news from NCUA and its budget proposal for 2024-2025, plus this week's Diversity, Equity and Inclusion Seminar; the CFPB's 1071 Rule injunction; and the coming merger of CUNA and NAFCU to form a new national trade association, America's Credit Unions.
- League President/CEO Carrie Hunt to Testify on NCUA Budget Proposal
November 3, 2023League President/CEO Carrie Hunt will be among the industry stakeholders testifying on the NCUA budget at a public hearing on Nov. 16. The agency will hold a public budget briefing at its Central Office, beginning at 2 p.m. The meeting will be livestreamed on NCUA.gov.
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