Comments on several items relevant to credit unions are due in the next several weeks, including the CFPB’s?advance notice of proposed rulemaking (ANPR)?on credit card late fees. CUNA and other trade associations wrote to the CFPB calling for an?extension. The comment period closes July 22, 2022.

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The costs of any central bank digital currency (CBDC) will outweigh its benefits, NAFCU told the Commerce Department. NAFCU wrote a letter to the DoC’s Commerce’s International Trade Administration (ITA) in response to its request for comment (RFC) on digital assets, as directed by President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets. Through the RFC, the Commerce Department requested feedback on potential impacts that a central bank digital currency (CBDC) would have on the U.S. digital assets sector, to what extent, and more.

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Join League President/CEO Carrie Hunt on July 27 for a special virtual meeting on your League's recent initiatives, including updates on advocacy, business solutions and our collaborative endeavors. We also want to hear from you!

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U.S. insurers are reevaluating their approach to cybersecurity cover as increasingly common ransomware attacks push premiums higher and ratchet up demand for coverage. The frequency of ransomware events between 2018 and 2020 quadrupled, according to Rachel Rossini, underwriting manager for cyber for AXA XL, who said those events were "about 1,000% more severe."

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A few weeks ago, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of the 2021 Home Mortgage Disclosure Act (HMDA) Data. This HMDA data, released annually, serves as a report from a variety of mortgage lenders, including credit unions, and is used to examine how well financial institutions are serving their consumers in the mortgage market.

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In a letter to the Department of Commerce’s International Trade Administration, CUNA said it supports developing a comprehensive regulatory framework governing digital assets that protects consumers, financial institutions, and the economy. CUNA sent the letter in response to the federal agency’s request to comment on Developing a Framework on Competitiveness of Digital Asset Technologies (RFC).  

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Financial institutions are hitting back at retailers over which side is being harmed by inflation — part of their long-running fight about the future of interchange fees.

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Applying to add an underserved area has become simpler. Effective immediately, multiple common bond federal credit unions submitting underserved area applications can list the areas they want to serve by census tracts, along with the year the census tract was in effect.

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To 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.

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Thursday, the Federal Housing Administration (FHA) published the latest version of the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). This update includes enhancements and revisions to existing guidance as well as various technical edits. In most cases, this newly added language augments and enhances existing policy.

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