Blog
- Bureau Accepting Applications for CFPB Advisory Committees
July 1, 2022To ensure that the Consumer Financial Protection Bureau (CFPB) hears from a variety of external experts with diverse viewpoints, the Bureau established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They also allow the Bureau to hear directly from small financial institutions.
- Biden Official Says US Government Could Pass Stablecoin Rules by End of Year
July 1, 2022The U.S. federal government is working on stablecoin legislation with Congress that could become law by the end of the year, an administration official told CoinDesk. The President’s Working Group on Financial Markets, an intergovernmental group composed of the heads of several financial regulators, met Thursday to discuss recent stablecoin activities and future legislation. This legislation would be introduced by the House Financial Services Committee, the official said.
- Yellen Reiterates Need for Consistent Regs on Stablecoins
July 1, 2022After several weeks of upheaval in the cryptocurrency market—including prominent stablecoins like TerraUSD and USDD breaking their U.S. dollar pegs—Treasury Secretary Janet Yellen reiterated her call for a regulatory framework for stablecoins.
- CDFI Fund Offering $1.73B to Help Communities Recover from Pandemic
June 29, 2022Credit unions designated as Community Development Financial Institutions (CDFIs) have until August 23 to apply for grants under the CDFI Fund’s Equitable Recovery Program.
- Committee Passes ILC Loophole, Down-Payment Assistance Bills
June 24, 2022The House Financial Services Committee advanced two CUNA-supported bills Thursday: the Close the ILC Loophole Act (H.R. 5912) and Downpayment Toward Equity Act of 2021 (H.R. 4495). CUNA wrote in support of both bills prior to the committee’ markup.
- CFPB, NCUA Rules on Spring 2022 Unified Agenda
June 24, 2022Federal regulators, including the Consumer Financial Protection Bureau and NCUA—issued the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions. The agendas identify projects under consideration from the agencies from June 1 to May 31, 2023.
- Cannabis Banking Reform Removed from U.S.-China Bill
June 23, 2022A bill that would provide banks a legal safe harbor to work with cannabis firms was removed from a larger legislative package focused on bolstering U.S. economic competitiveness with China, lawmakers announced Thursday.
- CFPB Announces Review of Credit Card Financial Institution Late Fees, Penalties
June 23, 2022The CFPB Wednesday announced an Advance Notice of Proposed Rulemaking (ANPR) in an effort to sharply reduce the $12 billion in late credit card fees that financial institutions, including credit unions, collect each year.
- Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
June 23, 2022The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month.
- HFSC Drops CU-Opposed Overdraft Protection Act from Markup
June 23, 2022The House Financial Services Committee pulled the credit union-opposed Overdraft Protection Act during its rescheduled markup Wednesday. The system has been united in its opposition to the bill, as it would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees (NSF).