The Federal Reserve Tuesday issued a proposed rule to govern funds transfers over its FedNow Service that would establish a new, comprehensive set of rules and set out legal rights and obligations of the Reserve [...]
NAFCU's Cybersecurity and Payments Committee met yesterday to discuss the latest developments on interchange, the Federal Reserve issuing a request for comment (RFC) to seek input on proposed guidelines for evaluating requests for accounts and [...]
DDJ Myers – a NAFCU Services Preferred Partner – released a whitepaper this week outlining the post-pandemic environment for credit union mergers and acquisitions. The study included in-depth interviews with 25 credit union executives and board members [...]
NAFCU joined with several other financial services industry trades Thursday to reiterate concerns to the Office of the Comptroller of the Currency (OCC)about its novel bank licensing approach and urged the agency to withdraw [...]
Employees crave leaders and managers who are genuine, trustworthy and responsible – or in other words authentic. A truly authentic leader understands that they helm the ship and that their words and actions matter. People recognize [...]
In a new Real Clear Politics op-ed, NAFCU President and CEO Dan Berger calls on policymakers to do what's best for consumers and repeal the Durbin Debit Interchange Amendment under the Dodd-Frank Act. The op-ed [...]
New home sales dipped 5.9 percent from March's downwardly revised rate of 917,000 annualized units to 863,000 units in April. Sales were up 51.4 percent versus April 2020, according to data [...]
Earlier this year, we blogged about a class action lawsuit pending in Virginia which alleged a lender violated the Military Lending Act (MLA) in offering vehicle purchase loans. Last week, that court issued a favorable [...]
The NCUA Monday issued a Regulatory Alert on the delayed compliance date of the CFPB's qualified mortgage (QM) rule. The mandatory compliance date of the rule was recently delayed from July 1, 2021 to Oct. [...]
The U.S. District Court for the Eastern District of Virginia last week dismissed a class action lawsuit related to the Military Lending Act's (MLA) exception for motor vehicles. Among the points in the decision, [...]
Many credit union compliance professionals are familiar with traditional mortgage transactions – when a member purchases his or her home with a loan from the credit union. However, the regulatory landscape looks a bit different when [...]
Senate Banking Committee members Tina Smith, D-Minn., and Ben Sasse, R-Neb., Thursday introduced a NAFCU-sought, bipartisan bill – the Credit Union Employee and Member Safety Act – that would improve existing language in the Federal Credit Union ([...]
We have blogged about the Consumer Financial Protection Bureau’s (CFPB) new general qualified mortgage (QM) definition a couple of times. The new general QM definition replaced the 43% debt-to-income ratio (DTI) with a price-based [...]
It's easy to underestimate the power of communication. It isn't something we're aware of at all times – from our body language to our tone to our word choice, communication is almost a reflex. We hear [...]
NAFCU joined with several other trade associations spanning various industries this week to urge lawmakers to oppose legislation that could hurt consumers, small businesses, and employees by removing arbitration provisions in private contracts. "Federal law [...]
