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.
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.
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.
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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.
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.
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.
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.
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.
Louisville, KY has it all PLUS BSA School 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) credential when you pass the exams.
