NAFCU, trades request comment deadline extension on CFPB’s credit card late fees proposal

NAFCU, along with other financial industry advocacy groups, Tuesday submitted a letter to the CFPB requesting the agency provide an extension on its comment period regarding its notice of proposed rulemaking (NPRM) on credit card late fees, which was announced earlier this month.

HFSC marks up data privacy bill; NAFCU writes to House E&C Committee ahead of data privacy hearing

The House Financial Services Committee (HFSC) held a markup yesterday to discuss various pieces of legislation, including Chairman Patrick McHenry’s, R-N.C., bill to amend the Gramm-Leach-Bliley Act (GLBA). During the markup, Chairman McHenry noted that his bill will create a national standard for data privacy. NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the HFSC ahead of the markup detailing NAFCU’s support for McHenry’s legislation, while noting that changes to the GLBA “must be viewed with a cautionary eye.” The committee voted to 26 – 21 in support of its passage

NAFCU to NCUA: Avoid undermining intended flexibility and autonomy

NAFCU Regulatory Affairs Counsel Dale Baker wrote to the NCUA to offer recommendations regarding the agency’s proposed financial innovation rule. The rule would amend the agency’s loan participation and eligible obligation regulations by offering flexibility for federally-insured credit unions to engage in indirect lending arrangements with fintechs and other third parties.

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Sens. intro bipartisan, NAFCU-sought vets MBL bill, CLF access bill

Sens. Dan Sullivan, R-Alaska, and Mazie Hirono, D-Hawaii, reintroduced a NAFCU-backed bill on Tuesday to improve veterans’ access to necessary capital by removing statutory barriers under the member business  loan cap that hinder credit unions’ ability to meet the financial needs of our nation’s veterans.

NAFCU-backed SECURE Notarization Act passes House

The NAFCU-backed Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act was passed by the U.S. House of Representatives on Monday and now awaits action in the Senate.

ICYMI: Community Development Advisory Board convenes on CDFI application process, blackout period, more

The Community Development Advisory Board Tuesday continued discussions around the new Community Development Financial Institution (CDFI)  Certification Application, which was postponed indefinitely in January. The agency plans on revising the version released for public comment in November. 

Now available: Flip through the March-April issue of The NAFCU Journal

The March-April issue of The NAFCU Journal is available now and features a breakdown of the House Financial Services Committee under Chairman Patrick McHenry, R-N.C., an overview of current lending trends, and more. Content from this issue can be viewed anytime on the magazine’s virtual hub. 

2023 NAFCU Board nominations now open

Today, NAFCU’s 2023 board election cycle opens with several director positions available. NAFCU's regional board positions reflect the NCUA's regional offices. An email to NAFCU members today will include information on how to access the candidate application.