CU trades say credit card bill would hurt consumers

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

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

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.

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NAFCU flags ROV implementation challenges

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

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).