Industry win: CFPB issues proposal to level playing field between fintechs, CUs

The CFPB Tuesday issued a NAFCU-supported proposed rulemaking to provide new federal oversight of fintech companies and other providers of digital wallets and payment apps. The proposal would subject large technology companies to the same supervisory examination process as credit unions and banks.

Otsuka’s NCUA appointment advances from committee

The Senate Banking Committee voted Tuesday to advance Tanya Otsuka’s nomination to the NCUA Board. If confirmed by the full Senate, Otsuka would replace NCUA Board Member Rodney Hood as his term expired in August.

NAFCU pens letter to DOL on overtime rule

NAFCU Senior Regulatory Affairs Counsel Amanda Smith Tuesday wrote to the Department of Labor (DOL) on its proposed rulemaking to change the thresholds and methods used to delimit overtime and minimum wage exemptions. The proposal would amend the DOL’s regulations implementing the Fair Labor Standards Act (FLSA) by increasing the minimum salary levels used for determining whether an employee is exempt from minimum wage and overtime pay rules.

👉 Back after a sell-out year! 

The 2024 Board of Directors and Supervisory Committee Conference is returning after quickly selling out in 2023. Join your peers April 15 – 18 in the beautiful seaside town of Newport, RI.

Fed survey: Banks report less tolerance for risk in Q3

The Federal Reserve’s October senior loan officer opinion survey (SLOOS) on bank lending practices examined changes in the standards and terms on demand for bank loans to businesses and households generally corresponding to the third quarter of 2023. According to the survey, banks reported tightened lending standards and weaker demand across categories.

NAFCU, CUNA call for NCUA to extend share insurance proposal comment period

NAFCU and CUNA wrote to the NCUA Tuesday to request an extension to the comment period for the agency’s proposed amendments to its regulations governing share insurance coverage for revocable and irrevocable trusts.

NCUA awards $400K in CDRLF pilot grants

The NCUA awarded a total of $400,000 in Community Development Revolving Loan Fund grants to support innovative credit union pilot projects at four credit unions. NCUA Chairman Todd Harper said the grants aim “to recognize creative ideas among credit unions trying to build membership and expand their reach, especially to people and communities who had little or no access to affordable financial services.”