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.
- REGular Blog: More Developments in CFPB Court Cases
August 11, 2023
We wrote last week about a Texas court that issued an injunction to stop the implementation of the CFPB's Section 1071 Rule. This rulemaking would impose additional reporting requirements on lenders who make a certain number of loans to small businesses. The reason for the injunction was that the Supreme Court will soon hear arguments on the Fifth Circuit's ruling that the CFPB's funding structure is unconstitutional, and the Texas court ruled that the CFPB cannot enforce the rule against the plaintiffs in their case until the Supreme Court rules in their case. There were a couple of related developments this week.
- Comment Period on Quality Control Standards for AVMs Proposed Rule Closes August 21
August 11, 2023
Stakeholders have until August 21 to submit comments on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans.
- CUs Urge Parity by Filing Motion to Intervene in District Court 1071 Ruling
August 11, 2023
CUNA, working together with the Cornerstone League and Rally Credit Union, is taking action to broaden a court decision so credit unions have parity in an injunction to stop implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Rule. The CFPB’s rulemaking requires financial institutions to make additional reporting for small business loans.
- Regulatory Compliance Weekly Roundup: June 30, 2023
June 30, 2023
Happy Friday all! As the second quarter winds to a close, the regulatory agencies have been busy this week, with a number of annual reports and information issued. Here's a quick recap of some of this week's highlights.
- Letter to Credit Unions (23-CU-05) Commercial Real Estate Loan Accommodations and Workouts
June 29, 2023
The National Credit Union Administration (NCUA), along with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively “the agencies”), in consultation with state bank and credit union regulators, are issuing the enclosed interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts (Statement).
- Regulatory Compliance Weekly Roundup: June 23, 2023
June 23, 2023
Here are a few notable highlights of what happened this week in the world of regulatory compliance, including actions by the NCUA and CFPB. Plus, an upcoming CFPB webinar (June 28) will benefit any credit union involved in business lending.
- This Week in Regulatory Compliance: June 12-16, 2023
June 16, 2023
As schools are letting out and summer weather approaches, let's take a quick look at some highlights from the regulatory compliance world this past week.
- Earned Wage Access: States Weigh In
June 1, 2023
In recent years, the concept of traditional payday cycles has been challenged by the emergence of EWA. These services are changing the way employees access their earned wages while touting flexibility and convenience. Across the country, states are tackling how to fit EWA services into their legislative and regulatory framework built around traditional finance. What is EWA? Who are the players in the market? And how are they being regulated? As we like to say - let's dive in!
- League’s Compliance Roundtable Set for June 14
May 30, 2023
Count on your League to help you manage today's complex regulatory compliance environment. Our next quarterly Compliance Roundtable is scheduled for June 14. Register here
- League President/CEO Carrie Hunt Interviews Virginia Attorney General Jason Miyares
May 25, 2023
Virginia Credit Union League President/CEO Carrie Hunt recently interviewed Virginia Attorney General Jason Miyares for his perspective on the recent General Assembly session, the ongoing debate on the state budget, and various regulatory and legal issues of interest to credit unions.
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