NAFCU
outlines 6 data privacy principles in new white paper
As lawmakers
– at both the federal and state level – consider new privacy legislation regarding
consumers' data privacy, NAFCU has developed a new white paper that outlines
six principles to support its leading advocacy efforts on the issue.
NAFCU to NCUA: Return NOL to 1.3%
NAFCU Chief Economist and Vice President of Research Curt Long Tuesday urged the
NCUA to reset the National Credit Union Share Insurance Fund's (NCUSIF) normal
operating level (NOL) to the historical level of 1.3 percent so that credit unions may realize the fullest distribution.
FI
regulators issue statement on alternative data use
Financial institution
regulators, including the NCUA and CFPB, issued an interagency statement Tuesday
on the use of alternative data in credit underwriting, including consumer protection
implications and potential benefits and risks. NAFCU and its member credit unions
have long advocated for the use of alternative models that more accurately capture
creditworthy borrowers and permit them access to affordable credit.
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NAFCU's
Relfe shares data privacy principles with lawmakers
NAFCU Associate
Director of Legislative Affairs Janelle Relfe shared the association's newly
published data privacy principles with lawmakers ahead of today's Senate
Commerce Committee hearing to examine legislative proposals to protect consumer
data privacy. Last week, Democrats on the committee unveiled a comprehensive data
privacy and security proposal, which include new data security protections and
enforcement and accountability measures.
NAFCU
outlines priorities for NCUA as Hood testifies before Congress
NCUA
Chairman Rodney Hood is among the financial regulators testifying today before
the House Financial Services Committee. Ahead of the hearing, NAFCU's Brad
Thaler sent a letter to the committee outlining the association's priorities
and issues it would like addressed to provide credit unions with regulatory relief.
CFPB
proposes increase to remittance safe harbor
The CFPB Tuesday issued
a proposal related to its remittance rule that includes a NAFCU-sought increase
to the safe harbor threshold under the rule, though it is not as high as NAFCU
recommended. NAFCU has expressed concerns about its highly burdensome compliance
costs that have caused many credit unions to stop offering these services and
urged the bureau to exempt credit unions from the rule.
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