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.
- 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.
- NCUA Regional Director John Kutchey Speaks with CEOs at League Summit
October 3, 2023
Last week the League hosted our CEO Summit in Charlottesville, VA. The Summit brings together CEOs from $100 million+ credit unions around Virginia, business partners, regulators and League staff to discuss challenges, best practices, and industry trends.
- CFPB in the Supreme Court: Oral Arguments
October 3, 2023
In a case of keen interest to the credit union industry, the Supreme Court today heard oral arguments in the case of Consumer Financial Protection Bureau v. Community Financial Services Association. The case came to the Supreme Court after a 5th Circuit Court ruled that the CFPB's funding structure was unconstitutional.
- From SAFE to SAFER: What's New in the SAFER Banking Act?
September 21, 2023
This week a group of Senators introduced the SAFER Banking Act - a new version of the previous SAFE Banking Act. The legislation aims to improve access to financial services for cannabis businesses by creating safe harbors for financial institutions and payment processors. While marijuana is legal in many states in some form, the fact that it is still illegal at the federal level has led to some hesitancy from banks, credit unions, and payments processors to serve cannabis businesses.
- League Welcomes News of Tanya Otsuka's Nomination for NCUA Board
September 21, 2023
The Virginia Credit Union League is pleased to learn of the nomination of Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
- Adverse Action Notices and AI Underwriting: CFPB Weighs In
September 20, 2023
Yesterday the CFPB issued guidance on the use of artificial intelligence in loan underwriting, specifically on how to properly issue an Adverse Action Notice (AAN) when you use AI or complex credit models in your decisioning process.
- League Monitoring NCUA Board's Consideration This Week of 'Financial Innovation' Rule
September 20, 2023
The National Credit Union Administration Board will tomorrow consider its financial innovation rule, which is designed to make fintech partnerships easier for federally insured credit unions. “We appreciate the NCUA Board’s commitment to providing regulatory clarity and addressing marketplace changes brought about by technology or evolving market opportunities,” said League President/CEO Carrie Hunt. “It’s important the industry continues to work with NCUA to identify opportunities to update regulations such as this. It’s why the League considers participation and engagement during the regulatory review process so important.”
- FinCEN Releases Beneficial Ownership Small Entity Compliance Guide
September 19, 2023
Hello everyone! As summer comes to a close tomorrow, it’s a stark reminder of how close to the end of the year we suddenly are. When the ball drops and rings in 2024, it will bring with it FinCEN's new beneficial ownership information (BOI) reporting rule!
- Regulatory Compliance Weekly Roundup: Sept. 15, 2023
September 15, 2023
Happy Friday everyone! It's been a busy week here at the League! We hiked the hill in Washington D.C. with many of our credit unions on Monday and Tuesday, meeting with our lawmakers to share the ways Virginia's credit unions are helping their members and discussing legislative priorities. We had a number of productive meetings with the banking aides of our legislators, as well as with Sen. Mark Warner. Let's take a quick look at some stories this week from the world of Regulatory Compliance ...
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