NAFCU, CUs, Treasury discuss fintech accountability, CFPB supervision over nonbank entities, more

NAFCU along with several credit union members Tuesday met with the Department of Treasury to discuss credit union industry trends and competition, as well as fintech accountability. NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Petros, and Senior Counsel of Research and Policy Andrew were in attendance at the meeting. 

NAFCU, trades meet with FCC on ATIS/SIP Task Force SIP Code 603 efforts

NAFCU, along with several trade associations, Tuesday met with Federal Communications Commission staff in Chairwoman Rosenworcel’s office to review the Alliance for Telecommunications Industry Solutions (ATIS) Session Initiation Protocol (SIP) Forum NNI Task Force’s efforts to develop an enhanced version of SIP Code 603.

NAFCU identifies cons of a CBDC in letter to Commerce Dept

NAFCU Senior Counsel for Research and Policy Andrew Morris Tuesday wrote a letter to the Department of Commerce’s International Trade Administration (ITA) in response to its request for comment (RFC) on digital assets, as directed by President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets. Through the RFC, the Commerce Department requested feedback on potential impacts that a central bank digital currency (CBDC) would have on the U.S. digital assets sector, to what extent, and more. Of note, NAFCU sent members a Regulatory Alert on the RFC.

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New CU Industry Trends report shows ‘sturdy’ membership growth

NAFCU’s latest CU Industry Trends report revealed that share growth is returning to a historically normal level. Of note, decline in share growth coincides with a reduction in investment growth.

New NAFCU Network Insight Post covers CFPB’s membership applications for CUAC, other advisory councils

In a new insight post on NAFCU’s Compliance, Risk, & BSA Network, NAFCU Regulatory Affairs Counsel James Akin highlights the CFPB’s solicitation of membership applications for its Credit Union Advisory Council (CUAC), in addition to its other councils. According to the bureau, “membership of the advisory committees includes representatives of consumers, diverse communities, the financial services industry, academics, and economists, and appointments to the committees are generally for two years.”

Vehicle sales rise in June; NAFCU expects sales to remain muted, volatile

Total vehicle sales rose from 12.7 million annualized units in May to 13 million annualized units in June, with monthly sales levels down 16 percent year-over-year. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in a new Macro Data Flash report.