Blog
- Banking Groups Belie Warren's Report Alleging Rampant Fraud on Zelle
October 5, 2022The American Bankers Association, Bank Policy Institute, Consumer Bankers Association and The Clearing House disproved a report issued by U.S. Sen. Elizabeth Warren, D.-Mass., that alleged rampant fraud and theft on the payment platform Zelle and that the banks who own the platform are not refunding the majority of defrauded customers as promised, potentially violating federal laws. Warren on Oct. 3 unveiled a report that included her investigation findings on Zelle, based on data provided by the banks.
- Virginia's Luria Among Candidates Garnering Support from CUNA, CULAC's $2.5M Spend on Campaign Ads
October 5, 2022Rep. Elaine Luria is getting a boost from credit unions this election season, with CUNA and the Credit Union Legislative Action Council (CULAC) funding an ad touting the Congresswoman's work to support veterans and their families.
- FSOC Calls for Legislation on Crypto Spot Markets
October 4, 2022The Financial Stability Oversight Council published its report on crypto regulation Monday, calling for the most significant and specific action from Congress yet out of the batch of reports written at the behest of President Biden.
- White House Unveils Technical Standards Guidance in 'AI Bill of Rights'
October 4, 2022The White House Office of Science and Technology Policy released an "AI Bill of Rights" white paper on Oct. 4 that provides guidance on developing technical standards and policies to reduce unintended harm caused by artificial intelligence or automated data-processing systems.
- Fed Governor: Include Credit Union Competition in Bank Merger Tests
October 3, 2022Credit unions have become significant competitors with banks and their presence should be a part of any bank merger evaluation, Federal Reserve Governor Michelle Bowman said last week.
- Interchange Battle Heats Up with Move to Add Bill's Language as Amendment to NDAA
October 3, 2022U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) are ramping up their efforts to win passage of their interchange bill by introducing the language as amendments to the National Defense Authorization Act (NDAA), a must-pass piece of legislation.
- NAFCU Compliance Blog: Breaking Down NCUA’s CUGMA Proposal
October 3, 2022Earlier this year, NAFCU blogged about the Credit Union Governance Modernization Act (CUGMA), which was signed into law in March. As our previous blog discussed, CUGMA amended the Federal Credit Union Act to make it easier for federal credit unions (FCUs) to expel problematic members, such as those that engage in violent, abusive or illegal behavior. Whereas FCUs previously needed a 2/3 vote of the credit union’s membership at a special meeting to expel a member, CUGMA changed federal law to allow FCUs to expel members “for cause” with a 2/3 vote of the FCU’s board of directors.
- Congress Votes to Avert Government Shutdown
September 30, 2022The House has passed an interim funding bill to tide federal agencies over until mid-December. The vote came a day after the Senate approved the measure, and should prevent a government shutdown that would have gone into effect at midnight Saturday morning.
- CUNA’s Gose Details Pushback on Interchange Bills
September 29, 2022CUNA Chief Political Officer Richard Gose appeared on CUBroadcast this week to provide an update on CUNA, League, and credit union opposition to House and Senate interchange bills. The Credit Card Competition Act (S.4674 and H.R. 8874) would allow merchants to route payments through an unaffiliated network.
- CFPB Unlikely to Take Immediate Action on Buy-Now, Pay-Later Sector
September 29, 2022The Consumer Financial Protection Bureau balanced its view on buy now, pay later in its latest study by specifying areas of concern and recognizing the sector's potential to grow.