U.S.
indicts 4 for Equifax data breach
U.S. Attorney General William Barr
announced yesterday that four members of the Chinese People's Liberation
Army (PLA) have been charged in the Equifax data breach. The 2017 data breach
revealed the personal information of more than 147 million U.S. consumers and
brought renewed focus to NAFCU's longstanding call for a national data security standard.
Compliance
Monitor dives into Reg CC final rule, NCUA exam update
In the latest
edition of NAFCU's Compliance Monitor – a free, member-only benefit
– NAFCU Regulatory Compliance Counsel David Park assesses how credit union operations
could be affected by changes made by the Federal Reserve and the CFPB to Regulation CC.
NAFCU's
Thaler: CUs benefit U.S. economy, Main Street
Ahead of today's
House Ways and Means Committee hearing to examine the corporate income tax, NAFCU's
Brad Thaler touted the economic benefits and value of the credit union tax exemption,
highlighting that "credit unions are a vital part of the financial services
industry and provide their nearly 120 million members financial opportunities
they may not otherwise have access to."
Trump's
2021 budget proposal increases focus on cybercrimes
President Donald
Trump Monday released his proposed budget for fiscal year 2021. Similar to previous
budgets, the president recommends eliminating the Community Development Financial
Institutions (CDFI) Fund and bringing the CFPB under the congressional appropriations
process, but also proposes ways to strengthen anti-cybercrime efforts.
SBA
makes NAFCU-sought changes to express loan interim rule
The Small Business
Administration (SBA) Monday published an interim final rule – along with a request
for additional comments – to incorporate express loan program requirements into
other business loan program regulations. Of note, the agency heeded NAFCU recommendations
related to the "personal resources test" threshold and cap on allowed lender fees.
Consumer
credit rises due to revolving credit boost
A NAFCU Macro Data Flash report
highlights new data from the Federal Reserve showing total consumer credit rose
at a seasonally-adjusted, annualized rate of 6.3 percent in December and is up 4.5 percent from a year ago.
