Also: Interchange consequences detailed in new congressional report; NDAA ready for Biden’s signature

December 15, 2023

NCUA Board approves 7 percent budget increase ([link removed] )

The NCUA Board held its December meeting Thursday, during which it unanimously approved the final budget for 2024 that incorporated some of NAFCU’s recommendations. The 2024 budget will be 7 percent higher than 2023 and includes a 16.36 percent increase in operating fees for credit unions. The original proposed budget included a 19.61 percent increase in operating fees and was 9.5 percent higher than this year.

New congressional report details consequences of interchange legislation ([link removed] )

The independent Congressional Research Service (CRS), a service offering research and analysis to Congress, released a report this week on the consequences if the interchange legislation led by Sens. Roger Marshall, R-Kansas, and Dick Durbin, D-Ill., were to pass. NAFCU and several other financial services group have sounded the alarm to lawmakers on the collateral damage this big-box bailout bill – the so-called Credit Card Competition Act (CCCA) – will impose on consumers.

NDAA awaits President Biden’s signature after House passage ([link removed] )

The House passed the fiscal year 2024 National Defense Authorization Act (NDAA) Thursday, moving the bill to President Joe Biden’s desk for signature. The final legislation does not include several NAFCU-opposed provisions – a win for the credit union industry.

CEOs and Senior Executives Conference ([link removed] )

Join your peers May 8 – 10, 2024 in beautiful Key West, FL! You’ll dive into inspiring sessions, gain focus, and discover innovative ideas. Save $200.00 with code CEOSAVINGS for a limited time.

SECURE YOUR SPOT NOW! ([link removed] )

Q3 CU trends reveal the industry is in ‘solid shape’ ([link removed] )

“Industry results from the third quarter show that in terms of immediate safety and soundness concerns, the industry is in solid shape. That is exemplified by the fact that the net worth ratio climbed above 11 percent for the first time since the pandemic,” said NAFCU Chief Economist and Vice President of Research Curt Long in response to recent call report data.

November retail sales rebound from small decline ([link removed] )

Total retail sales increased 0.3 percent in November, compared to a 0.2 percent decline in October. NAFCU Vice President of Research and Chief Economist Curt Long analyzed the report in a new NAFCU Macro Data Flash report.

NAFCU Today - Origence ([link removed] )

NAFCU CALENDAR ([link removed] )

DEC

22
CFPB - Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications
([link removed] )

Comments Due to NAFCU

JAN

4
Financial Crimes Enforcement Network - Beneficial Ownership Reporting Requirements ([link removed] )

Compliance Deadline

JAN

5
Federal Reserve - Debit Interchange Fees and Routing ([link removed] )

Comments Due to NAFCU

JAN

5
FinCEN - Convertible Virtual Currency Mixing ([link removed] )

Comments Due to NAFCU

Boost Your Compliance Expertise this Spring!

Learn from industry experts in Arlington, VA, March 18 - 22, 2024, at the 2024 Regulatory Compliance School ([link removed] ) . Plus, earn your NCCO certification when you pass the optional exams! View the Agenda ([link removed] ) .

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