This week: NAFCU tracks several hearings, NCUA Board meeting

This week, both the House and Senate are in session and NAFCU will remain engaged with lawmakers on the industry’s top priorities.

NAFCU to NCUA: Reduce credit union occupancy requirements to promote safety; allow greater CU ability to expand

NAFCU Vice President of Regulatory Affairs Ann Petros wrote to the NCUA Friday regarding the agency’s regulations in Part 701.36 on federal credit union (FCU) occupancy, planning, and disposal of acquired and abandoned premises and incidental powers. Specifically, NAFCU requested that the NCUA amend its Part 701.36 to reduce the requirement that credit unions occupy and use at least 50 percent of their premises, and instead require a minimum of 25 percent occupancy and use.

NAFCU shares support for CFPB cost-benefit analysis bill

NAFCU Senior Vice President of Government Affairs Greg Mesack Friday sent a letter to Sens. John Kennedy, R-La., Cynthia Lummis, R-Wyo., Tim Scott, R-S.C., and Bill Hagerty, R-Tenn., sharing support for the lawmakers’ recently introduced Transparency in CFPB Cost-Benefit Analysis Act. The legislation would help ensure the CFPB does not establish regulations that would result in unreasonable costs or harms to taxpayers, financial entities, or consumers. 

Hurry! $200.00 savings ends next week with code CFOSAVINGS

NAFCU’s CFO Summit is on September 20 – 22 in Annapolis, MD. You’ll find solutions to your biggest challenges as CFOs and earn 13.50 CPE credits.

CFPB extends deadline on credit card late fees ANPR

 The CFPB Friday announced a 10-day extension on its deadline for its advance notice of proposed rulemaking (ANPR) inviting comment on questions related to credit card late fees that financial institutions, including credit unions, collect. The ANPR is an effort by the bureau to sharply reduce the $12 billion financial institutions collect in credit card late fees each year.

Retail sales rise slightly in June

Total retail sales grew by 1 percent in June, following a decrease of 0.1 percent in May and an increase of 0.7 percent in April. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.