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.
- 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.
- League Eager to Work on CU Issues with New NCUA Board Member Tanya Otsuka
January 8, 2024The Honorable Tanya Otsuka became the 25th Board Member of the National Credit Union Administration following a private swearing-in ceremony held at the agency’s Alexandria, Virginia, headquarters today. "The Virginia Credit Union League congratulates Ms. Otsuka and looks forward to working with her as a member of the NCUA board to ensure credit unions have the tools they need to serve members," said League President/CEO Carrie Hunt. "We are excited to see her bring her talents to the credit union industry."
- FinCEN Begins Accepting Beneficial Ownership Reports; League Notes Issues for CUs
January 8, 2024The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has started to accept beneficial ownership information reports, in accordance with the Corporate Transparency Act. Your League recently published a blog post covering credit union compliance issues related to BOI.
- NAFCU Compliance Blog: Oral Consent for Regulation E Overdraft Opt-In
December 28, 2023Can credit unions take oral/verbal opt-ins for overdraft programs? What does Regulation E actually say on the matter? NAFCU's Compliance Blog offers a deep dive...
- League Comments on NCUA's Move to Simplify Share Insurance Rules; Opposes Agency's Interest in New Recordkeeping Requirement
December 28, 2023Your League this week submitted comments on NCUA's proposed amendments for regulations governing share insurance coverage.
- Pending Regulatory Proposals: Comment Deadlines
December 27, 2023Reminder: There are a number of pending regulatory proposals of interest to credit unions.
- Technical Correction for the CECL Transition Amount
December 21, 2023This alert informs credit unions about a technical correction with the calculation of the Current Expected Credit Loss transition amount in NCUA regulations, §702.703(b)(2). Credit unions that adopted the CECL accounting standard in 2023 should use the method described below to calculate and report on the Call Report their CECL transition amount.
- Regulatory Compliance Weekly Roundup: December 21, 2023
December 21, 2023Happy…Thursday everyone! With the holidays upon us, the weekly roundup is one day early this week! Here's a quick overview of some of the headlines from the week in regulatory compliance.
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