Also: FedNow set for July launch; NCUA Board to finalize subordinated debt rule today

March 16, 2023

NAFCU’s Berger to NCUA: CUs are not evading Reg E, EFTA responsibility ([link removed] )

NAFCU President and CEO Dan Berger Wednesday wrote to NCUA Chairman Todd Harper setting the record straight regarding a misleading letter sent to federal financial regulators incorrectly claiming that depository institutions were evading their legal responsibilities under the Electronic Fund Transfer Act (EFTA). Berger explicitly explained that credit unions are compliant with the EFTA and Regulation E and called on the NCUA to continue to adhere to legally sound interpretations of the EFTA.

FedNow to launch in July ([link removed] )

The Federal Reserve announced its FedNow service – which will allow participating credit unions the ability to send and receive real-time payments – will start operating in July. NAFCU has long supported the Fed’s involvement as an operator of a new, real-time payments rail.

Subordinated debt rule to be finalized today ([link removed] )

The NCUA Board meets today at 10 a.m. Eastern and is expected to finalize the subordinated debt rule largely as proposed, which granted two previous NAFCU requests related to the Emergency Capital Investment Program (ECIP) and maximum maturity limits.

CEOs and Senior Executives Conference ([link removed] )

Charleston, SC | May 17 – 19, 2023 

You’ll explore winning the member experience, the state of lending—risks and opportunities, business and commercial lending trends, success in the post digital age and more! Charleston has been voted America’s #1 small city by Condé Nast “2022 Readers’ Choice Awards.” 

VIEW AGENDA ([link removed] )

Hurry! $200.00 savings with code CEOSAVINGS ends TOMORROW! 

CFPB seeks insights into data broker practices ([link removed] )

The CFPB issued a request for information (RFI) Wednesday to better understand data broker business practices, including those that contribute to consumer harms or abuses. While credit unions do not act as data brokers, NAFCU will review the RFI and provide comments to the CFPB as it relates to the bureau’s implementation of section 1033 of the Dodd-Frank Act.

FHFA delays effective date of DTI ratio-based fee ([link removed] )

Federal Housing Finance Agency (FHFA) Director Sandra Thompson announced yesterday that the agency is delaying the effective date of the debt-to-income (DTI) ratio-based fee by three months to Aug. 1. The FHFA stated that it received feedback from the industry about the operational challenges of implementing the fee changes.

CU Industry Trends reveal recovering net interest margins, rising loan growth ([link removed] )

NAFCU’s latest CU Industry Trends report detailed that credit union loan growth climbed to 20 percent year-over-year in the fourth quarter of 2022. The report also revealed net interest margins are quickly recovering due to rising interest rates and shifts from investments to loans.

New on the Compliance Blog: CFPB supervisory report on ‘junk fees,’ information sharing basics ([link removed] )

As credit unions work to meet the needs of more than 135 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.

Despite fall, retail sales show ‘continued strength’ in goods consumption ([link removed] )

Total retail sales dipped 0.4 percent in February after a 3.2 surge in January. NAFCU Economist Noah Yosif analyzed the report in a new NAFCU Macro Data Flash report.

BSA23_Skyscraper ([link removed] )

Elevate your credit union’s story.

Share it with #NAFCUNation

([link removed] ) HTML tutorial ([link removed] )

NAFCU CALENDAR ([link removed] )

MAR

16
AI Lending Partnerships and the Power of Efficiency ([link removed] )

Complimentary Webinar

MAR

17
CFPB - Credit Card Penalty Fees (Regulation Z) ([link removed] )

Comments Due to NAFCU

MAR

20
CFPB - Registry of Supervised Nonbanks That Use Form Contracts ([link removed] )

Comments Due to NAFCU

MAR

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

Nashville, TN

MAR

24
CFPB - Request for Information Regarding Consumer Credit Card Market ([link removed] )

Comments Due to NAFCU

MAR

28
A Deep Dive into FedNow Service Features and 24/7/365 Operations ([link removed] )

Complimentary Webinar

MAR

28
SECURE 2.0: Creating a New Retirement Plan Foundation ([link removed] )

Complimentary Webinar

Derby City. The Gateway to the South. River City ([link removed] )

Louisville, KY has it all PLUS BSA School ([link removed] ) August 15 – 17, 2023. You’ll get a solid foundation of core BSA knowledge, and you can earn your NAFCU Certified Bank Secrecy Officer (NCBSO) ([link removed] ) credential when you pass the exams.

View Agenda ([link removed] )

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