REGular Blog
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 Comments on CFPB's Move to Ban NSF Fees on Real-Time Payments
January 25, 2024The Consumer Finance Protection Bureau yesterdayday proposed what it characterized as a “proactive step” to prevent financial institutions from charging fees for transactions that are instantaneously declined. "CFPB continues to target legitimate fees that enable not-for-profit credit unions to cover the costs of doing business as they serve their members under the guise of consumer protection. We will vigorously oppose measures like this NSF fee ban, as well as the Bureau’s recent proposal on overdraft programs because both threaten our ability to operate in a free market system," said League President/CEO Carrie Hunt.
- REGular Blog CFPB Rulemakings - Overdraft and NSF Fees
January 25, 2024Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule designed to eliminate NSF Fees. This rule comes on the heels of last week's proposed rule targeting overdraft fees charged by very large financial institutions. Let's take a look at the rules and their possible impact on credit unions here in Virginia.
- NCUA Issues Advisory on Liquidity Risk
January 24, 2024The NCUA advisory issued Wednesday noted that while the credit union industry remains stable, the agency “continues to see growing liquidity stresses within the system.”
- REGular Blog: NCUA Releases 2024 Supervisory Priorities
January 23, 2024The NCUA has released its Supervisory Priorities list for 2024. Every year, this list provides some insight into what areas the agency is paying close attention to in their examinations, rulemakings, and other actions. Seeing what items move up to the top, down to the bottom, or come off the list entirely gives us some idea of the NCUA's priorities for the coming year.
- Fed Extends Interchange Proposal Comment Deadline to May 12
January 23, 2024The Federal Reserve extended the comment deadline on its interchange proposal to May 12, an additional 90 days past the original Feb. 12 deadline. “We have carefully examined the Federal Reserve Board’s proposal and will submit comments. We know the fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League President/CEO Carrie Hunt.
- NCUA Releases Supervisory Priorities for 2024
January 22, 2024NCUA has released its supervisory priorities and other updates to the agency’s 2024 examination program. The agency says it is focused on the areas posing the highest risk to credit union members, the credit union industry, and the National Credit Union Share Insurance Fund (Share Insurance Fund).
- NCUA Sets Operating Fee Schedule for 2024
January 19, 2024The NCUA Board unanimously approved the agency’s 2024 operating and capital budgets at its December 2023 meeting. As a result of that decision and other factors, federal credit union operating fees will increase by an average of approximately 16.36 percent in 2024. Additionally, the operating fee exemption threshold was increased from $1 million to $2 million. Federal credit unions with a four-quarter average of $2 million or less in total assets are exempt from the operating fee.
- REGular Blog: NCUA Board Meeting Summary - Jan. 18, 2024
January 19, 2024While our credit unions were making their way up and down the halls of the General Assembly Building in Richmond, the NCUA Board was holding its January Board meeting, marking the first with NCUA's newest Board member, Tanya Otsuka. Board member Otsuka was sworn in by Chairman Harper last week, and she replaces Board member Rodney Hood, whose term expired last year.
- League Notes CFPB's 'Large Institution' Overdraft Proposal Endangers Such Programs at All Credit Unions
January 17, 2024Today, the CFPB issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z. "Your League is working its way through the 200-plus page proposed rule, but our initial take is this: While the rule targets institutions with more than $10 billion in assets, the realities of the marketplace mean that overdraft programs at all credit unions are endangered," said League President/CEO Carrie Hunt.
- New NCUA Board Member Otsuka Will Have First Official Board Meeting Thursday
January 16, 2024The NCUA Board will meet on Jan. 18 to consider two items: a Board briefing on NCUA’s 2024-2026 Diversity, Equity, Inclusion, and Accessibility strategic plan and a discussion of NCUA’s 2024 Annual Performance Plan. This will be the first official meeting for new Board member Tanya Otsuka, who was sworn in earlier this month.
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