NAFCU Senior Vice President of Government Affairs Greg Mesack sat down with the Wall Street Journal last week to discuss the repercussions of expanding liability for small banks and credit unions to reimburse consumers who fall victim to fraud scams on peer-to-peer (P2P) payment apps.
The CFPB Monday issued a proposal that would require nonbank entities that are under certain final public written orders obtained or issued by a federal, state, or local agency in connection with the offering or provision of a consumer financial product or service to report the existence of such orders to the bureau through a publicly accessible registry. NAFCU has called on the CFPB to pursue additional oversight and supervision of nonbanks that may be skirting the law or regulations and posing risks to consumers.
In a letter sent Monday, NAFCU's Brad Thaler outlined credit union priorities for the House and Senate as they consider an end-of-year government funding package and conclude legislative work for the 117th Congress.
The House Financial Services Committee today is set to investigate what contributed to the collapse of FTX, a cryptocurrency company now in bankruptcy. Ahead of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated NAFCU’s call for a clear regulatory framework for cryptocurrency and other financial technologies.
The NAFCU Regulatory Committee met yesterday for their final meeting of the year to discuss proposed rules open for comment from multiple federal agencies, including the Small Business Administration (SBA) and CFPB.
The Federal Open Market Committee (FOMC) – the Fed’s monetary-policy setting arm – begins its final meeting of 2022 today and is expected to raise rates another 50 basis points.