This week: Credit card late fees comments due; NAFCU monitoring FOMC, NFIP hearing

This week, comments on the NAFCU-opposed CFPB proposal to drastically reduce the credit card late fee safe harbor are due. Credit unions are encouraged to submit feedback directly to the bureau via the association’s Grassroots Action Center.

Fed: Mismanagement, insufficient supervision led to SVB collapse

Federal Reserve Vice Chair for Supervision Michael Barr released findings from the Fed’s review of Silicon Valley Bank’s (SVB) failure. In response to the insights, Barr said the Fed needs to strengthen its supervision and regulation as he attributed regulatory relief and supervisory changes enacted under the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) as a factor in the collapse.

Watch: NAFCU’s Mesack provides need-to-know insights from April

In April, NAFCU highlighted the credit union difference in its advocacy efforts on Capitol Hill and with regulators as the association pushed back on banker attacks and harmful regulations.

NAFCU’s Annual Conference: Engage 2023
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Don’t miss this excellent opportunity for you to develop your entire leadership team. REGISTER TODAY! You'll explore sessions like these and so much more:

• The Evolution of the Workforce 
• Culture, Engagement, and Retention of Top Talent 
• Harnessing the Power of Data 
• Technology Trends Shaping CUs 
• Cybersecurity: Protecting Your Institution 

BLS releases Employment Cost Index

The Bureau of Labor Statistics (BLS) Friday released the Employment Cost Index for the first quarter of 2023. The index revealed that private sector wage growth in the first quarter was 5.1 percent, which is the same as the fourth quarter of 2022. Total compensation growth – which includes benefits and wages – was 4.8 percent, a 0.3 percent drop from last quarter. 

Now available: Flip through the May-June issue of The NAFCU Journal

The May-June issue of The NAFCU Journal is available now and features a breakdown of how changes to the community development financial institution (CDFI) application may affect participation, how credit unions can best support older members, and more. Content from this issue can be viewed anytime on the magazine’s virtual hub. 

NCUA issues 3 prohibition notices in April

The NCUA issued three prohibition notices in April, prohibiting individuals previously associated with credit unions from any future participation in the affairs of a federally-insured depository institution.