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 President/CEO Carrie Hunt to Testify on NCUA Budget Proposal
November 3, 2023
League 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.
- NAFCU Compliance Blog: De Minimis Exception to Submitting Credit Card Agreements to the CFPB
October 30, 2023
Today's NAFCU Compliance Blog post covers one of the exceptions related to submitting credit card agreements to the CFPB. Section 1026.58(c)(5)-(7) includes a de minimis exception, which may be more likely to apply to smaller credit unions.
- Registration Opens for League Compliance Roundtable and Member Call-In
October 27, 2023
- Federal Reserve Proposes Changes to Debit Interchange Cap
October 25, 2023
The Federal Reserve is proposing changes to the debit interchange cap and calculation methods, as well as proposing a new process to update these figures more frequently going forward. The changes would apply directly to financial institutions with $10 billion or more in total assets, though will have indirect, downstream effects on debit card issuers of all sizes.
- Regulatory Compliance Weekly Roundup: October 20, 2023
October 20, 2023
News, notes and insights from the regulatory compliance world, including highlights of Thursday's NCUA Board Meeting.
- NCUA Board Receives Cybersecurity Update; Proposed Rules for Insurance Coverage, Fair Hiring Issued
October 19, 2023
NCUA Board meeting summary for Oct. 19. Staff provided an update on the state of cybersecurity. The Board issued a proposed rule to amend the NCUA’s regulations governing share insurance coverage, with trust accounts a particular area of focus. The Board also issued a "Fair Hiring in Banking" proposal to incorporate the agency’s “Second Chance” Interpretive Ruling and Policy Statement (IRPS 19-1).
- Regulatory Compliance Weekly Roundup: Oct. 13, 2023
October 13, 2023
News and notes from the world of regulatory compliance for the week that was! Covered in this post is the upcoming NCUA Board meeting (Oct. 19); NCUA Board Nominee Tanya Otsuka; and the CFPB's recent opinion on how fees can be a barrier to complying with requests for information.
- NCUA Board Announces 2024 Meeting Schedule
October 12, 2023
The National Credit Union Administration Board today released its monthly meeting schedule for 2024. Open Board meetings are scheduled to begin at 10 a.m.
- CFPB Issues Advisory Opinion on Consumer Information Requests to Large Banks, Credit Unions
October 11, 2023
Today the CPFB issued an advisory opinion regarding Section 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply with consumer requests for information about their account. These requests can include balance inquiries, information about recent transactions, loan balances, interest rates, recent bill payments, fee schedules, lien statuses and more.
- Regulatory Compliance Weekly Roundup: Oct. 6, 2023
October 6, 2023
This week, we tackle noteworthy news on CFPB's day in court; HMDA information and reporting requirements; the Beneficial Ownership Information (BOI) reporting rule; and recent speeches from members of the NCUA Board on regulatory issues related to mortgage lending.
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