REGular Blog
In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- Regulatory Compliance Weekly Roundup: Oct. 13, 2023
October 13, 2023News and notes from the world of regulatory compliance for the week that was! Covered in this post is the upcoming NCUA Board meeting (Oct. 19); NCUA Board Nominee Tanya Otsuka; and the CFPB's recent opinion on how fees can be a barrier to complying with requests for information.
- NCUA Board Announces 2024 Meeting Schedule
October 12, 2023The National Credit Union Administration Board today released its monthly meeting schedule for 2024. Open Board meetings are scheduled to begin at 10 a.m.
- CFPB Issues Advisory Opinion on Consumer Information Requests to Large Banks, Credit Unions
October 11, 2023Today the CPFB issued an advisory opinion regarding Section 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply with consumer requests for information about their account. These requests can include balance inquiries, information about recent transactions, loan balances, interest rates, recent bill payments, fee schedules, lien statuses and more.
- Regulatory Compliance Weekly Roundup: Oct. 6, 2023
October 6, 2023This week, we tackle noteworthy news on CFPB's day in court; HMDA information and reporting requirements; the Beneficial Ownership Information (BOI) reporting rule; and recent speeches from members of the NCUA Board on regulatory issues related to mortgage lending.
- NCUA Regional Director John Kutchey Speaks with CEOs at League Summit
October 3, 2023Last week the League hosted our CEO Summit in Charlottesville, VA. The Summit brings together CEOs from $100 million+ credit unions around Virginia, business partners, regulators and League staff to discuss challenges, best practices, and industry trends.
- CFPB in the Supreme Court: Oral Arguments
October 3, 2023In a case of keen interest to the credit union industry, the Supreme Court today heard oral arguments in the case of Consumer Financial Protection Bureau v. Community Financial Services Association. The case came to the Supreme Court after a 5th Circuit Court ruled that the CFPB's funding structure was unconstitutional.
- Friday Five: Five Key Points from the NCUA Quarterly NCUSIF Briefing
September 22, 2023Today we're looking at the Share Insurance Fund briefing from the NCUA Board Meeting on Sept. 21. Let's dive in and review five key data points!
- From SAFE to SAFER: What's New in the SAFER Banking Act?
September 21, 2023This week a group of Senators introduced the SAFER Banking Act - a new version of the previous SAFE Banking Act. The legislation aims to improve access to financial services for cannabis businesses by creating safe harbors for financial institutions and payment processors. While marijuana is legal in many states in some form, the fact that it is still illegal at the federal level has led to some hesitancy from banks, credit unions, and payments processors to serve cannabis businesses.
- League Welcomes News of Tanya Otsuka's Nomination for NCUA Board
September 21, 2023The Virginia Credit Union League is pleased to learn of the nomination of Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
- Adverse Action Notices and AI Underwriting: CFPB Weighs In
September 20, 2023Yesterday the CFPB issued guidance on the use of artificial intelligence in loan underwriting, specifically on how to properly issue an Adverse Action Notice (AAN) when you use AI or complex credit models in your decisioning process.
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