Blog
- Senate Build Back Better Act Omits IRS Reporting Provision
December 13, 2021The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.
- Kelly Lay Named Director of the Office of Examination and Insurance
December 13, 2021The National Credit Union Administration today named Kelly Lay, the current Director of the Office of Business Innovation, to be the new Director of the Office of Examination and Insurance.
- NCUA Board Meeting Dec. 16, With Budget, NOL, Final Rules on Agenda
December 10, 2021The NCUA board will consider the 2022 Normal Operating Level and the agency’s 2022-23 budget at its Dec. 16 meeting. It will also vote on final rules related to mortgage servicing assets, complex credit union leverage ratio, and subordinated debt.
- League President/CEO Carrie Hunt Asks NCUA to Reconsider Budget Increases, Consider New Strategies in Supporting CUs
December 9, 2021League President/CEO Carrie Hunt testified yesterday during the NCUA Board's public hearing on its proposed budget for 2022-2023. "Credit unions exist to provide provident credit and everything the agency does has a direct impact on that mission. Every dollar NCUA requires of credit unions is money credit unions cannot deploy for the benefit of their members and communities."
- House Passes NDAA, With Wins, Losses for Credit Unions
December 8, 2021In a win for credit unions, the latest House-passed version of the NDAAdid not include language to allow banks to expand their presence on military bases, whereas credit unions are allowed to maintain a presence nearly rent-free on many bases owing to their not-for-profit status. Unfortunately, the latest version dropped Safe Banking Act provisions, which would allow credit unions to serve cannabis-related businesses in states that have legalized cannabis, and remote online notary provisions. We continue to engage with lawmakers on the bill.
- CFPB Issues Final Rule to Facilitate Transition from LIBOR
December 7, 2021The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.
- Overdraft / NSF Fee Lawsuits Target Reg E’s Model Opt-in Form
December 6, 2021In overdraft / NSF fee lawsuits alleging credit unions improperly charged overdraft and/or NSF fees, plaintiffs’ attorneys have started targeting Reg E’s Model A-9 opt-in form for paying overdrafts from ATM and one-time debit card transactions. Read the CUNA Mutual Group Risk Alert.
- Regulators update BSA/AML Examination Manual
December 6, 2021The Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
- Breaking News! Overdraft, NSF Fees Scrutiny Enhanced by CFPB
December 6, 2021The Consumer Financial Protection Bureau (CFPB) recently communicated that they’ll be enhancing its supervisory and enforcement scrutiny of financial institutions that are heavily dependent on overdraft and non-sufficient funds (NSF) fees. See also: CFPB Takes Aim at Overdraft Fees
- CFPB Takes Aim at Overdraft Fees
December 2, 2021The Consumer Financial Protection Bureau (CFPB) released a report on financial institutions’ reliance on overdraft fees Wednesday. According to the agency, revenues reached an estimated $15.47 billion in 2019. It also said it intends to take "action to restore meaningful competition to this market."