Also: Final NDAA text released, set for vote in Senate next week; NCUA Board to finalize proposed budget Thursday
NAFCU Today

December 8, 2023

Treasury announces updates to CDFI certification application

The Treasury Department Thursday released a revised CDFI certification application after delays that have set back financial institutions.  The CDFI Fund initiated a certification blackout period Oct. 1, 2022, as it proposed changes to the process and application.

Final NDAA does not include NAFCU-opposed provisions

The House and Senate released the compromised version of the National Defense Authorization Act (NDAA) late Wednesday evening. The final legislation does not include several NAFCU-opposed provisions.

NCUA budget on December meeting agenda

The NCUA Board released the agenda for its December meeting, which notes the agency is set to finalize its 2024-2025 budget. NAFCU has provided comments to the agency via a November letter and at the agency’s public hearing. The NCUA’s proposed budget for 2024 is $394.5 million, an increase of 9.5 percent.


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Agencies release fall rulemaking agendas

Federal agencies, including the NCUA and CFPB, released their fall 2023 regulatory agendas this week. There are several NAFCU and credit union advocacy priorities included among the items, many of which have previously been introduced or included on previous rulemaking agendas.

NCUA Q3 call report data released

Federally-insured credit unions (FICUs) saw a rise in total loans, assets, and deposits in the third quarter of 2023, according to the NCUA’s call report data released Thursday.

CFPB fines Atlantic Union Bank $6.2M for illegal overdraft fee harvesting

The CFPB Thursday ordered Atlantic Union Bank to pay a total of $6.2 million – $5 million to refund consumers and $1.2 million into the CFPB’s victims relief fund. The bureau claimed the bank mislead and illegally enrolled thousands of customers in checking account overdraft programs and failed to provide proper disclosures.

5 things to know this week

NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.

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  NAFCU CALENDAR
DEC
12
Risk Chronicles: Lessons and Outlooks – Did We Learn?
Complimentary Webinar
DEC
14
Turning challenges into opportunities: Consumer loan strategies for member growth
Complimentary Webinar
DEC
22
CFPB - Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications
Comments Due to NAFCU
JAN
4
Financial Crimes Enforcement Network - Beneficial Ownership Reporting Requirements
Compliance Deadline

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