The NCUA Board met for their final meeting of 2022 to discuss the Share Insurance Fund (SIF), the proposed rule related to financial innovation, and the agency’s 2023-2024 budget. Notably, the NCUA unanimously approved a 7.5 percent operating budget increase for 2023.
The Financial Crimes Enforcement Network (FinCEN) Thursday issued a notice of proposed rulemaking (NPRM) dictating who will be able to access beneficial ownership information under the Corporate Transparency Act (CTA). In September, FinCEN issued a final rule establishing the beneficial ownership information reporting requirement, effective January 1, 2024.
The New York State Department of Financial Services (NYSDFS) issued an industry letter Thursday strongly encouraging covered financial institutions – which includes New York state-chartered credit unions – to receive prior approval from the department before engaging in virtual currency-related activity. Credit unions that are not New York state-chartered are exempted.
NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
Rep. Blaine Luetkemeyer, R-Mo., Thursday introduced the Consumer Information Notification Requirement Act, which would amend the Gramm-Leach-Bliley Act (GLBA) to require federal financial regulators to set forth rules requiring financial institutions to notify customers of breaches to better protect consumers’ financial information. This marks a welcome step forward in enacting comprehensive data security legislation.
Total retail sales declined 0.6 percent in November after rising 1.3 percent in October. NAFCU Economist Noah Yosif analyzed the report in a new NAFCU Macro Data Flash report.
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