NAFCU President and CEO Dan Berger wrote the NCUA Board Tuesday detailing several of the association's priorities to ensure credit unions can effectively support members recovering from the coronavirus pandemic while maintaining the integrity and [...]
The first edition of the Fed’s Consumer Compliance Outlook has been released, with the main article addressing Regulation Z’s advertising requirements. The article explains the requirements that apply to all types of credit, [...]
The NCUA yesterday issued a Letter to Credit Unions instructing credit unions to begin to transition away from using the London Inter-bank Offered Rate (LIBOR) and complete the process no later than Dec. 31, 2021. [...]
Occasionally, the compliance team receives questions about interesting transactions conducted by members and whether a Currency Transaction Report (CTR) is required. Credit unions take their BSA/AML requirements seriously and are sometimes tempted to file [...]
NAFCU President and CEO Dan Berger, on Friday, rebuked the American Bankers Association’s latest attempt to mislead congressional leaders and regulators on bank-credit union mergers in a letter to lawmakers. "The ABA continues to [...]
The House Thursday passed legislation making a series of reforms to debt collection requirements. While NAFCU supports efforts to stop abusive debt collection practices, the association had raised concerns about language contained in the bill [...]
In March 2021, plaintiffs’ attorneys filed a class action lawsuit against Bank of America asserting that certain fees assessed for making automated clearinghouse (ACH) transfers were improper and should be refunded to consumers. Pointing to [...]
We've been working in a strange environment the past year. For many of us, we've moved our offices fully remote and are just now starting to plan what a return to the office looks like. [...]
A new report from the Federal Reserve Bank of New York found that credit card balances saw the second largest quarterly decline in history, falling $49 billion during the first quarter of 2021. The Quarterly [...]
The Senate Tuesday approved a resolution to overturn the Office of the Comptroller of the Currency's true lender rule using the Congressional Review Act (CRA). The resolution now heads to the House for consideration. Under [...]
Last week, the House Committee on Homeland Security held a hearing on cybersecurity, which focused specifically on ransomware. One of the witnesses at the hearing referred to ransomware as a “mutli-billion-dollar global racket” and cited [...]
NAFCU Vice President of Legislative Affairs Brad Thaler Monday called on senators to support a resolution to use the Congressional Review Act to nullify the Office of the Comptroller of the Currency's true lender rule. [...]
The Bureau of Labor Statistics revealed that non-farm payrolls increased 266,000 in April, and the unemployment rate rose to 6.1 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the [...]
As noted in an earlier blog, the Consumer Financial Protection Bureau (Bureau) had proposed to delay the mandatory compliance date of the price-based general qualified mortgage (QM) rule, which was finalized last December. Before the [...]
The NCUA began accepting applications for Community Development Revolving Loan Fund (CDRLF) grants this week. Low-income designated credit unions can submit applications through June 26 in three categories: Digital services and cybersecurity, minority depository institution ([...]
