The Fifth U.S. Circuit Court of Appeals Wednesday ruled that the CFPB’s funding structure is uniquely unconstitutional, stating that it violates the Constitution because it receives funding through the Federal Reserve, rather than through the Congressional appropriations process – a direct conflict to the Constitution’s checks and balances on government power. NAFCU has long advocated that the NCUA should be the sole regulator of credit unions, rather than the CFPB that promulgates and enforces a large number of rules that apply to credit unions.
During yesterday's NCUA Board 2023-2024 budget briefing, NAFCU Chief Economist and Vice President of Research Curt Long thanked the board for its ongoing commitment to transparency surrounding the budget while stressing the need for the agency to fully adopt lessons learned in its approach to travel and examinations to achieve long-term budget reductions.
The CFPB yesterday released an issue brief on how overdraft fees impact economically insecure older adults. The brief comes as part of an ongoing effort by the CFPB to encourage financial institutions to reduce or remove overdraft fees.
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The Federal Reserve released its latest Beige Book yesterday, showing that national economic activity “expanded modestly on net since the previous report,” but economic conditions varied across industries and districts.
As credit unions work to meet the needs of more than 133 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
NAFCU’s Share Insurance Fund (SIF) Committee met yesterday to discuss recent SIF updates. Additionally, the SIF Committee discussed the NCUA’s proposed budget, and specifically the NCUA’s budget hearing where NAFCU Vice President of Research and Chief Economist Curt Long testified before the NCUA Board.
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