CUNA President and CEO Jim Nussle and NAFCU President and CEO Dan Berger wrote to House leadership Wednesday, urging the chamber to pass a joint resolution disapproving of the CFPB’s section 1071 rulemaking related to small business lending data collection.
NAFCU Senior Vice President of Government Affairs Greg Mesack penned an op-ed for CU Insight on the Federal Reserve’s recent proposal to slash debit interchange fees. In the op-ed, Mesack called the proposal a “proposed solution to a non-problem" and remarked that “[t]heir own data points to the harm of artificial price caps on interchange fees.”
CFPB Director Rohit Chopra appeared before the House Financial Services Committee Wednesday and will appear before the Senate Banking Committee today to deliver the bureau’s semi-annual report to Congress.
The Financial Crimes Enforcement Network (FinCEN) Wednesday finalized a rule to provide “newly formed” reporting companies – those formed during the 2024 calendar year – 90 days to report their beneficial ownership information (BOI) to FinCEN. Credit unions are not considered reporting companies under the Corporate Transparency Act (CTA), but are currently required to obtain and verify their members’ BOI to satisfy customer due diligence (CDD) requirements.
The Federal Reserve released its Beige Book Wednesday, revealing slower economic activity since the previous report. Retail sales, including autos, remained mixed while travel and tourism activity was generally healthy. Sales of discretionary items and durable goods, like furniture and appliances, declined as consumers showed more price sensitivity.
