Also: Harper details request for more SIF authority to Toomey; Experian data exposure, more to know this week
NAFCU TODAY | The News You Need Daily.
April 30, 2021
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Retailers file interchange lawsuit against Fed [ [link removed] ]
North Dakota-based associations representing retailers have filed a lawsuit against the Federal Reserve, arguing the Fed should lower the cap on interchange fees for debit card transactions. NAFCU is opposed to any efforts that would lower debit card interchange fees.
Harper details request for additional SIF authority [ [link removed] ]
NCUA Chairman Todd Harper detailed his request for Congress to make statutory changes to allow the agency more authority to make changes to the National Credit Union Share Insurance Fund (NCUSIF) in a letter sent last month to Sen. Pat Toomey, R-Pa., according to the Credit Union Times.
5 things to know this week [ [link removed] ]
An Experian vulnerability left tens of millions of Americans' credit scores exposed. The Financial Crimes Enforcement Network (FinCEN) renews Geographic Targeting Orders (GTOs) for title companies. An update on the Small Business Administration's (SBA) COVID-related relief programs. Learn more about these and other developments from this week credit unions should be aware of.
New NAFCU Network insight post outlines debt collection updates [ [link removed] ]
In a new post on NAFCU's Compliance, Risk, & BSA Network, NAFCU's Kaley Schafer breaks down noteworthy updates in the debt collection space that, while not directly impacting credit unions, may potentially impact the industry later. In addition, Schafer reviews recent litigation related to the Fair Debt Collection Practices Act (FDCPA) that present significant impacts for financial institutions in the 11th Circuit Court of Appeals.
NAFCU supports NCUA's efforts to modernize lending, investment authorities [ [link removed] ]
As the NCUA considers allowing credit union service organizations (CUSOs) to originate all loans that federal credit unions can originate, NAFCU's Aminah Moore offered the association's support but cautioned the agency against future efforts to permit additional CUSO activities without going through a transparent rulemaking process.
New on the Compliance Blog: Litigation risks, latest from the CFPB, more [ [link removed] ]
As credit unions work to meet the needs of more than 124 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
GDP Q1 estimate still below pre-pandemic level; NAFCU expects growth to surge in Q2 [ [link removed] ]
The Commerce Department Thursday released its first estimate of economic activity for the first quarter, which showed the U.S. economy grew 6.4 percent. In a new NAFCU Macro Data Flash report, NAFCU’s Curt Long highlighted that "GDP is still below is pre-pandemic level, but consumer spending and fixed investment are driving the first stage of the recovery.”
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