Hood:
NCUA to phase in FOM rule, propose rule for urban core issue
Following
the NCUA's recent victory in the lawsuit brought by the American Bankers
Association (ABA) challenging the agency's 2016 field of membership (FOM)
rule, NCUA Chairman Rodney Hood said the agency "will take a phased approach"
to implement the rule and will propose a rulemaking to address concerns related
to eliminating the urban-core requirement for local communities based on core based statistical areas.
NAFCU
adds lawmakers to Caucus schedule; Fox's Stirewalt to close conference
The countdown to NAFCU's Congressional Caucus is on, and House Financial
Services Committee (HFSC) Chairwoman Maxine Waters, D-Calif., Senate Banking Committee
Ranking Member Sherrod Brown, D-Ohio, and Representative Ed Perlmutter, D-Colo.,
have been added to the lineup of notable speakers. Fox News' Digital Politics
Editor and Political Analyst Chris Stirewalt will be on hand to deliver the closing keynote.
CU
members exceed 118M; assets total $1.52T
Federally insured credit unions
have added 4.3 million members over the year and total membership is now 118.3
million, according to the NCUA's second quarter call report data. In addition,
assets grew $91 billion over the year resulting in $1.52 trillion in total assets.
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Why
safeguards rule proposal matters to CUs
A new NAFCU Compliance Blog
post explains why a proposal to update the Gramm-Leach-Bliley Act's (GLBA)
safeguards rule matters to the industry – even though it doesn't specifically
apply to federally-insured credit unions – following questions from credit union compliance officers.
Court
dismisses OCC charter lawsuit
The D.C District Court dismissed another
challenge to the Office of the Comptroller of the Currency's (OCC) national
charter for fintech companies. The Conference of State Bank Supervisors had argued
that the OCC's national charter – which would apply to companies that provide
target banking services but do not take deposits – goes beyond the agency's legal authority.
Beige
Book: Economy expands in August; rate cut still expected
The Federal
Reserve's Beige Book revealed that the economy expanded at a modest pace
throughout August, even in the face of uncertainty related to trade policy and
tariffs. However, NAFCU's Curt Long indicated that, due to the threat of
a recession, the association expects another 25-point rate cut from the Federal
Open Market Committee later this month.
