Ahead of today’s NCUA Board meeting, during which members are set to consider the federal credit union (FCU) permissible interest rate ceiling and the NCUA’s 2023 Annual Performance Plan, NAFCU President and CEO Dan Berger sent a letter urging the agency make adjustments that will mitigate FCUs’ interest-rate-related risks and enable FCUs to better serve their communities.
The NCUA yesterday published a Letter to Credit Unions regarding operating fees for 2023. In the letter, the agency announced an average 1.8 percent decrease in federal credit union operating fees in 2023. The reduction of operating fees was attributed to the NCUA Board’s decision to apply $15 million of previously collected operating fees that were not spent and would apply to a federal credit union that experienced no change in average assets in 2022. The median-sized federal credit union will pay 9.3 percent more in operating fees this year than the median-sized federal credit union paid in 2022.
NAFCU Senior Counsel for Research and Policy Andrew Morris Wednesday responded to the CFPB’s outline of proposals to implement section 1033 of the Dodd-Frank Act, which aims to provide a formal mechanism for making consumer data portable, sharing several concerns and suggestions on implementing the rule. This set of proposals marks the agency’s next step in issuing a financial data rights rule.
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With Congress back in session, House Democrats are working through committee assignments. Of note for credit unions, Rep. Maxine Waters, D-Calif., will serve as ranking member of the House Financial Services Committee (HFSC).
As credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
