America’s Credit Unions keeps credit unions informed with new posts on the Compliance Blog, published every Tuesday and Thursday. Here’s a look at what’s new on the blog: CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions: Patricia O’Connell details the CFPB’s proposed rule to “prohibit covered financial institutions from charging nonsufficient funds (NSF) …
The NCUA released an addendum to its Other Supervisory Committee Audit, Minimum Procedures Guide Thursday, replacing certain procedures for credit unions that have implemented the current expected credit loss (CECL) standard. CECL became effective for most credit unions Jan. 1, 2023. The addendum replaces procedures for CECL-implementing credit unions based on recent changes in accounting …
The NCUA issued one prohibition notice in January, permanently banning Kelly Givens, a former credit union employee in Salem, Va., from participating in the affairs of any federally insured depository institution. NCUA enforcement orders are available via a searchable database online. America’s Credit Unions will keep credit unions informed of important NCUA actions.
