Senators Jon Ossoff, D-Ga., Cynthia Lummis, R-Wyo., and Mark Warner, D-Va., Monday introduced S. 4698, the Improving Cybersecurity of Credit Unions Act, which would give the NCUA additional authority to examine credit unions’ third-party vendors.
Michigan Governor Gretchen Whitmer signed Michigan’s 2022 state budget legislation last week, which includes $75 million in the general fund for grants to the state’s community development financial institutions (CDFIs) and enacts a new, NAFCU-supported Michigan CDFI Fund. The legislation establishes that the fund must be developed within 84 days of the effective date of the budget.
NAFCU, along with several trades Monday, signed on to a petition asking the CFPB to initiate a rulemaking, under section 553(e) of the Administrative Procedure Act (APA), to define the “larger participants” in the market for data aggregations services that will be subject to CFPB supervision.
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The Federal Reserve’s July senior loan officer opinion survey (SLOOS) on bank lending practices examined changes in the standards and terms on demand for bank loans to businesses and households during the second quarter of 2022. According to the survey, regarding loans to businesses, respondents reported tighter standards and stronger demand for commercial and industrial loans to firms of all sizes over the second quarter.
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