Compliance/Regulation Archives

NCUA heeds NAFCU’s call to reinstate removed FOMs

NCUA heeds NAFCU’s call to reinstate removed FOMs

Following NAFCU's request Monday that the NCUA reinstate any field of membership (FOM) statements removed due to litigation related to its 2016 FOM rule, the NCUA Tuesday issued a Letter to Credit Unions saying it [...]

CFPB ratifies prior regulatory actions

CFPB ratifies prior regulatory actions

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger on Tuesday issued a ratification of prior regulatory actions taken by the CFPB. The ratification covered actions the Bureau took from January 4, 2012 through June 30, [...]

SCOTUS: TCPA exception violates First Amendment

SCOTUS: TCPA exception violates First Amendment

The U.S. Supreme Court Monday released its decision in a lawsuit, Barr v. American Association of Political Consultants, Inc., challenging the Telephone Consumer Protection Act's (TCPA) exception for government-backed debt. The Supreme Court found [...]

Digitally planning for the PPP process

Digitally planning for the PPP process

On June 5, 2020, in a rare display of bipartisanship, updates to the Paycheck Protection Program (PPP) were signed into law. Under the CARES Act, the Small Business Association (SBA) implemented PPP to combat the [...]

Notification needed for FCC call blocking

Notification needed for FCC call blocking

In a letter to the Federal Communications Commission (FCC), CUNA and other organizations expressed concerns that legitimate calls are continuing to be blocked by voice service providers (VSP) under the STIR/SHAKEN caller identification framework [...]

E-sign modernization bill would enhance access to online services

E-sign modernization bill would enhance access to online services

CUNA supports that would make modernizations to the Electronic Signatures in Global and National Commerce Act’s provisions regarding requirements to consent to electronic disclosures. The E-Sign Modernization Act of 2020 was introduced Thursday by [...]

NCUA, FI regulators issue guidance on LIBOR transition

NCUA, FI regulators issue guidance on LIBOR transition

Federal financial regulators, including the NCUA, issued an interagency statement Wednesday to highlight risks resulting from the transition away from the London Inter-bank Offered Rate (LIBOR) for consumers and regulated entities. LIBOR is set to [...]

Removal of MBL cap would be ‘boon to small town America’

Removal of MBL cap would be ‘boon to small town America’

Lifting the credit union member business lending (MBL) cap would help small businesses and low-income families disproportionately impacted by the lockdowns, Young Voices’ John Kristof wrote this week on the Foundation for Economic Education site. [...]

Mobile app fraud and Regulation E

Mobile app fraud and Regulation E

Over the past several months, more and more consumers have turned to mobile payments. Whether to send money to a family member out of work or to pay for groceries at the local market, contactless [...]

Bill would simplify forgiveness for PPP loans under $150K

Bill would simplify forgiveness for PPP loans under $150K

A bill from Sen. Kevin Cramer (R-N.D.) would simplify loan forgiveness from the Paycheck Protection Program (PPP) and has CUNA’s full support. Cramer introduced the Paycheck Protection Program Small Business Forgiveness Act Tuesday, [...]

NAFCU’s State of the Industry event now available on-demand

NAFCU’s State of the Industry event now available on-demand

Last week, credit union leaders from across the nation tuned in for NAFCU's virtual State of the Industry event. This landmark event brought together credit union executives and board members to dissect current trends and [...]

It’s time to eliminate field-of-membership requirements

It’s time to eliminate field-of-membership requirements

Yesterday’s Supreme Court decision upholding the National Credit Union Administration’s field-of-membership rule puts to rest a nearly four-year saga in which bankers fought tooth and nail to prevent consumers from having expanded options [...]