Also: CFPB issues guidance on adverse action when using AI; NAFCU offers support for preventing CBDC ahead of markup
September 20, 2023
CU trades say credit card bill would hurt consumers ([link removed] )
NAFCU, CUNA, and the Defense Credit Union Council (DCUC) Tuesday urged the Senate to oppose the effort by Sen. Josh Hawley, R-Mo., to attach his Capping Credit Card Interest Rates Act (S. 2760) as an amendment to a proposed “minibus” appropriations bill.
CFPB issues guidance on adverse action when using AI ([link removed] )
The CFPB Tuesday issued a circular on adverse action notices required under the Equal Credit Opportunity Act (ECOA) and Regulation B to provide specific and accurate reasons for taking adverse actions against consumers when using artificial intelligence (AI) and complex algorithms.
NAFCU supports effort to prevent CBDC ahead of HFSC markup ([link removed] )
Ahead of the House Financial Services Committee’s (HFSC) markup of a variety of bills, including legislation to prevent the creation of a Central Bank Digital Currency (CBDC), NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the committee to reiterate the association’s opposition to creating a central bank digital currency (CBDC) and support for the Committee’s efforts. In the letter, Thaler explained that allowing the Federal Reserve to offer a CBDC to consumers would be a “radical expansion” of the Fed’s mission.
Final Days To Register For One Of The🔥Hottest🔥Conferences Of The Year!
Register now for the Virtual Regulatory Compliance & BSA Seminar ([link removed] ) , happening September 26 – 28. You’ll attend virtually, in real-time, with the in-person attendees.
NAFCU flags ROV implementation challenges ([link removed] )
NAFCU Regulatory Affairs Counsel Omar Imtiaz sent a letter to the NCUA Tuesday flagging some concerns under the proposed joint agency guidance for reconsiderations of value (ROV) of residential real estate valuations. The letter emphasizes that any suggested future processes for ROVs should come in the form of guidance rather than rulemaking.
Treasury announces green investment guidance ([link removed] )
The Treasury Department Tuesday issued a document, “Principles for Net-Zero Financing & Investment,” to promote financial institutions’ net-zero commitments as part of the Biden Administration’s efforts to reduce greenhouse gas emissions. Relatedly, NAFCU is actively working to support credit unions interested in participating in the Greenhouse Gas Reduction Fund (GGRF).
GLIA AD1 - 09152023 ([link removed] )
NAFCU CALENDAR ([link removed] )
SEPT
19 - 21
CFO Summit ([link removed] )
Las Vegas, NV
SEPT
20
Working with the Member Expulsion Final Rule
([link removed] )
Webinar
SEPT
22
Understanding Credit Card Portfolio Sales & Agent Programs ([link removed] )
Webinar
SEPT
26 - 28
Regulatory Compliance & BSA Seminar ([link removed] )
Savannnah, GA or Virtual
SEPT
27
Financial Services Mega-Trends: Welcome to a Whole New World of Financial Services ([link removed] )
Complimentary Webinar
⏰ Hurry – Registration closes 9/30! Regulatory Compliance School On-Demand ([link removed] )
Master CU compliance from A to Z on your schedule, from anywhere. Plus, earn your NCCO credential when you pass the optional exams. Learn More & Enroll ([link removed] ) .
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