Appeals
court: FCUs can file suit in federal court
In a win for federal credit
unions, the U.S. Court of Appeals for the Fourth Circuit overturned a lower-court
decision and determined that they have diversity jurisdiction to file a federal
lawsuit. NAFCU filed an amicus brief in support of Navy Federal Credit Union as
the credit union appealed the lower court's decision.
4 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 news related
to postal banking, the Democratic National Convention, and more.
NAFCU:
New CFPB program will provide clarity to CUs
Following the CFPB's
launch of a pilot advisory opinion (AO) program to publicly address regulatory
uncertainty in its regulations, NAFCU's Elizabeth LaBerge offered the association's
support as it "will provide credit unions with critical, timely guidance,
enabling them to serve their members with confidence."
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New
alert details NCUA's proposed rule on FCU fees
During its July
board meeting, the NCUA proposed a rule to exclude from total assets any loan
a federal credit union (FCU) reports under the PPP or similar future programs.
NAFCU sent a Regulatory Alert to member credit unions detailing the proposal and
seeking feedback on the approach to operating fees.
Latest
Compliance Blog posts tackle adverse action requirements, COVID-19 fraud, more
As credit unions work to meet the needs of their members and communities amid
the coronavirus pandemic and restore normal operations, NAFCU's award-winning
Regulatory Compliance Team is keeping the industry informed of the latest developments
and available resources via the Compliance Blog every Monday, Wednesday, and Friday.
