Also: Congress releases details on $1.7T omnibus; Wells Fargo fined $3.7B for years of violations

December 21, 2022

ICYMI: NAFCU’s Berger urges NCUA to provide ‘justification’ on budget increases ([link removed] )

NAFCU President and CEO Dan Berger published an op-ed in American Banker expressing disappointment in the NCUA Board for unanimously approving an operating budget that is 7.5 percent higher than the previous year. Berger added that this decision is the opposite of what credit unions are so well known for: being cost-effective and member-service driven.

$1.7T omnibus excludes NAFCU-opposed CCCA, NCUA vendor authority provisions ([link removed] )

Congress Tuesday released the final text of a $1.7 trillion omnibus spending package to fund the government. In a win for the industry, the package notably does not include the NAFCU-opposed Credit Card Competition Act or provisions to provide the NCUA with expanded third-party vendor authority. In addition, the bill includes a NAFCU-sought increase to funding for the Community Development Financial Institutions (CDFI) Fund and includes report language that directs the CDFI Fund to listen to stakeholders regarding its new application process.

Wells Fargo fined $3.7B by CFPB ([link removed] )

The CFPB Tuesday ordered Wells Fargo to pay $3.7 billion – $2 billion in redress to more than 16 million consumers and a $1.7 billion civil penalty – for repeated legal violations related to auto loans, mortgages, and deposit accounts. NAFCU consistently touts the credit union difference and has relentlessly pointed out big banks’ harmful practices that put profits over people to lawmakers and federal regulators.

A HOLIDAY GIFT: $300.00 Savings on Training! ([link removed] )

Let us help you grow professionally and take your CU to the next level. Save on all NAFCU Conferences and online training subscriptions. Use code HOLIDAY for $300.00 off by 1/6/23. You can use the code as many times, and for as many people, as you want!

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FHFA finalizes rule for new GSE activities, products ([link removed] )

The Federal Housing Finance Agency (FHFA) finalized its rule requiring the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – to obtain prior approval before offering new products to the market or engaging in new activities. The final rule includes NAFCU-sought clarifications.

Registration open for Engage 2023: NAFCU’s Annual Conference, HOLIDAY savings available ([link removed] )

Registration is open for Engage 2023: NAFCU’s Annual Conference – NAFCU's revamped annual conference and a premier industry event – and credit unions can save $300 with code HOLIDAY through Jan. 6. The event, happening June 27-30, will take place in Southern California, famous for its sun, sand, and surf.

BOD23_Holiday_Skyscraper ([link removed] )

NAFCU CALENDAR ([link removed] )

JAN

10
A Guide to the CCPA/CCPRA: Transforming the Privacy and Security Landscape ([link removed] )

Webinar

MAR

13 - 17
Regulatory Compliance School ([link removed] )

Arlington, VA

MAR

21 - 23
Strategic Growth Conference ([link removed] )

Nashville, TN

NAFCU Vendor Directory - Digital and Online Banking ([link removed] )

Gain the Essential CU Knowledge and Training You Need

Our online training subscriptions have industry experts covering the hottest topics in a fast, convenient way. Save $300.00 with code HOLIDAY ([link removed] ) by 1/6/23.

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