Regulatory Compliance Weekly Roundup: July 7, 2023
Happy Friday everyone! I trust everyone had a wonderful holiday! Here's a quick recap of some of this week's regulatory highlights.
This week the NCUA released its 2022 Annual Minority Depository Institutions (MDI) Report to Congress. The report showed that MDIs saw growth in membership, assets, and loans in 2022. While the number of MDIs dropped in 2022 from 509 to 503, these institutions continue to play vital roles in their communities, serving more than 5 million members and lending more than $42 billion.
The report also highlighted the efforts of the NCUA's MDI Preservation Program, which offers support to MDI credit unions through training, grants, technical assistance, and more. At their June 2023 Board Meeting, the NCUA announced a proposed Interpretive Ruling and Policy Statement on the MDI Preservation Program to update these resources.
A credit union can qualify as an MDI if they meet three criteria:
- 50 percent of their current members are minorities,
- 50 percent of the community they serve are minorities, and
- 50 percent of their Board of Directors are minorities
The CFPB, along with the U.S. Department of Health and Human Services and the Treasury Department, this week launched an inquiry into high-cost specialty financial products targeted as ways to pay for medical debt. The inquiry will look into medical credit cards and installment loans, along with billing and collections practices.
Other Items of Interest
- Request for Comment Regarding National Credit Union Administration Operating Fee Schedule Methodology
- With One-Third of NCUA's Rules Up for Review, NAFCU IDs Areas for Action
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