Senators introduce NAFCU-supported bill for marijuana banking

A bipartisan group of senators introduced a revised version of legislation to provide greater clarity and legal certainty at the federal level for financial institutions to provide services to marijuana-related businesses (MRBs) in states that have legalized marijuana.

NAFCU, trades reiterate consequences of credit card bill

NAFCU and several other financial services industry trade groups sent a letter to Sen. Josh Hawley, R-Mo., to voice opposition to his Capping Credit Card Interest Rates Act (S. 2760). The groups argued that imposing an all-in annual percentage rate (APR) cap for credit cards at 18 percent “would severely restrict the availability of this type of credit for everyday consumers and effectively harm the very people the proposed legislation seeks to protect.”

FOMC maintains rates, suggests ‘positive outlook’ on inflation

The Federal Open Market Committee (FOMC) concluded its September meeting yesterday, where the committee maintained the target range for the federal funds rate between 5.25 to 5.5 percent.

Final Days To Register For One Of The🔥Hottest🔥Conferences Of The Year!

Register now for the Virtual Regulatory Compliance & BSA Seminar, happening September 26 – 28. You’ll attend virtually, in real-time, with the in-person attendees.

Today: NCUA Board to finalize financial innovation rule

The NCUA Board meets today and on its agenda is a final rule on financial innovation related to loan participation and eligible obligation regulations. NAFCU, commenting on the proposal, urged the agency to not “undermine the flexibility and autonomy it intends to provide credit unions by prescriptively defining or otherwise limiting key aspects of loan participation and eligible obligation activities.”

Mesack pens new op-ed on themes of Congressional Caucus

NAFCU Senior Vice President of Government Affairs Greg Mesack, in a new op-ed for CU Insight, detailed the industry issues that were top-of-mind during the association’s Congressional Caucus, which wrapped up last week.

New on the Compliance Blog: Collections violations, commercial real estate guidance

As credit unions work to meet the needs of more than 138 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.