Blog
- Expanded Anti-Discrimination Guidelines Create Compliance Challenge for US FIs
March 30, 2022Financial institutions are scrambling to comply with heightened anti-discrimination standards across a range of financial services after the federal consumer watchdog agency issued new guidelines without industry input.
- Omnibus Spending Package Includes 'Adjustable Interest Rate (LIBOR) Act'
March 30, 2022The Consolidated Appropriations Act, 2022 includes an important update via the Adjustable Interest Rate (LIBOR) Act, which addresses the replacement of the London Interbank Offered Rate (LIBOR) in existing contracts.
- Credit Unions are Best Way for Small Business to Access Services
March 30, 2022The Small Business Administration’s (SBA) government guaranteed lending programs epitomize successful public-private partnerships, CUNA wrote to the House Small Business Committee Tuesday. The committee conducted a hearing entitled “Catalyzing Economic Growth through SBA Community-Based Lending,” and CUNA noted its opposition to any proposals that allow SBA to implement a direct lending program.
- House Committee to Hold Hearing March 31 on Overdraft Fees
March 30, 2022The House Financial Services Subcommittee on Consumer Protection and Financial Institutions will hold a hearing titled, “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions,” on March 31. Learn more
- SAFE Act’s Future Now in Hands of Conference Committee
March 29, 2022It’s once again come down to a conference committee and backroom deals to decide what becomes of the credit union SAFE Banking Act, which would remove many of the federal prohibitions on financial institutions serving cannabis-related businesses.
- Four Virginia Congressional Reps Sign On as Co-Patrons for Marijuana Decriminalization Bill
March 29, 2022Members of Virginia's Congressional delegation have signed on to H.R.3617 (MORE Act) as co-patrons - Reps. Elaine Luria (D-2nd), Bobby Scott (D-3rd), Don Beyer (D-8th) and Gerald Connolly (D-11th). This bill decriminalizes marijuana.
- NAFCU Offers Suggestions on FinCEN Plan to Pilot New Rules Around SARs
March 29, 2022In response to a proposal calling for the establishment of a limited-duration pilot program to give financial institutions the ability to share SARs and SARS-related information with the institution’s foreign branches, NAFCU has written to FinCEN with recommendations.
- CFPB Finds Credit Card Late Fees Fell Slightly in 2020
March 29, 2022Prior to the COVID-19 pandemic, consumers had steadily been paying more in credit card late fees each year—peaking at over $14 billion in 2019. Late fees assessed by issuers declined to about $12 billion in 2020 given record-high payment rates and public and private relief efforts. Even during the pandemic, late fees accounted for over one-tenth of the $120 billion consumers pay in credit card interest and fees annually. In 2021, late fees were on the rise again.
- CFPB Should Study, Appropriately Regulate 'Buy Now, Pay Later' Products
March 28, 2022The Consumer Financial Protection Bureau should carefully examine and regulate “buy now, pay later” (BNPL) companies, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Friday. The CFPB issued a request for information on BNPL products, following an inquiry into five companies offering the products.
- NCUA Chairman Todd Harper Urges CUs to Consider Changes in Overdraft Landscape
March 28, 2022In a webinar last week, NCUA Chairman Todd Harper noted Overdraft Protection Programs and their related fees are reaching an inflection point. Due to the changing landscape and consumer expectations, credit unions need to begin adjusting their revenue expectations associated with this service.