Also: CFPB's final payday lending rule doesn't expand PALs safe harbor; FinCEN advises FIs on COVID-19 fraud, red flags



NAFCU TODAY | The News You Need Daily.

July 8, 2020



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NCUA heeds NAFCU's call to reinstate removed FOMs [ [link removed] ]
Following NAFCU's request Monday that the NCUA reinstate any field of membership (FOM) statements removed due to litigation related to its 2016 FOM rule, the NCUA Tuesday issued a Letter to Credit Unions saying it is in the process of doing so.


CFPB finalizes payday lending rule, does not expand PALs safe harbor [ [link removed] ]
The CFPB Tuesday issued its final rule related to small dollar lending, which includes the rescission of mandatory underwriting requirements – including ability-to-repay (ATR) provisions – from the 2017 payday lending rule. NAFCU supported removing these requirements, but its call for an expansion of the safe harbor for credit unions' payday alternative loans (PALs) was not included in the final rule.


FinCEN advisory provides information on coronavirus fraud [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) issued an advisory yesterday on the potential indicators of two types of consumer fraud – imposter scams and money mule schemes – that have been observed amid the coronavirus pandemic. The advisory, containing descriptions of these scams and schemes, also includes financial red flag indicators and information on how to report suspicious activity.






Latest Compliance Blog post tackles SCOTUS decision on CFPB structure, ratification [ [link removed] ]
NAFCU Senior Regulatory Counsel Elizabeth LaBerge tackles the highly-anticipated opinion by the Supreme Court regarding the constitutionality of the CFPB and the bureau’s ratification of nearly all the bureau’s rules in the latest Compliance Blog post.


Upcoming virtual events aim to take CUs' compliance to the next level [ [link removed] ]
As NAFCU explores new opportunities to ensure credit union leaders have access to top-rated educational resources and the ability to connect with peers, NAFCU's upcoming Virtual BSA School and Virtual Regulatory Compliance School will equip compliance professionals with the information they need to know – without having to travel. Through the virtual events, NAFCU will provide a toolkit of strategies and insights while prioritizing the health and safety of members, staff, and speakers.


NAFCU calls on Congress to provide more funds for CDFIs, CDRLF [ [link removed] ]
As the House Appropriations Subcommittee on Financial Services and General Government (FSGG) begins its markup of the fiscal year 2021 FSGG bill, NAFCU's Brad Thaler called for strengthening the Treasury's Community Development Financial Institutions (CDFI) Fund and NCUA's Community Development Revolving Loan Fund (CDRLF), which are utilized by credit unions to support low-income communities.



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