ACH debit fraud involving account-to-account (A2A)/external transfer service is increasing with more credit unions reporting losses — several losses were six figures. Most of the cases involve fraudsters opening fraudulent accounts online, enrolling for online banking, and using A2A/external transfer service to pull funds from external accounts for deposit to the newly opened accounts.

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Your League is gearing up for a busy few weeks on the political front at both the state and federal levels.

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Credit union loans outstanding increased 2.1% in September, according to CUNA's latest Monthly Credit Union Estimates. That number is similar to the 2.0% increase in August of 2022 and above the 0.6% increase in September of 2021, CUNA said. 

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Forget digital assets. The whole idea can now be discarded following the collapse of prominent crypto exchange platform FTX, according to the president of the Federal Reserve Bank of Minneapolis. Neel Kashkari said there is corruption in crypto that won’t end with the downfall of FTX as the entire industry is “nonsense” and has no real-life use cases.

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Goldman Sachs is making a bid to standardize the way the financial industry talks about, tracks and invests in digital assets, according to a new report. The investment bank is set to unveil a data service created with global index provider MSCI and crypto data firm Coin Metrics that seeks to classify hundreds of digital coins and tokens so institutional investors can “make sense” of the new asset class, according to executives at the three firms, CNBC said.

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Comments on NCUA’s subordinated debt proposal and federal credit union bylaws proposal are among several proposals with comment deadlines in December. NCUA’s bylaws proposal would amend the Federal Credit Union Act to reflect the Credit Union Governance Modernization Act, signed into law this year. It would update the federal credit union member expulsion process.

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Any effort by the Federal Trade Commission to regulate the ways that consumer data is used is likely to be ill-timed or overly broad, credit union trade groups told the commission this week. The commission has been soliciting comments on how to protect such data.

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Please take time over the next two weeks to help CUNA and your League by completing a survey about the impacts of debit and credit interchange on credit union operations. We will use the information gathered to craft updated talking points, refine policy positions, and plan our grassroots efforts as we go into the 118th Congress.

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The CFPB recently issued a news release Illegal Junk Fees on Deposit Accounts –- Guidance to Help Banks Avoid Charging which addresses “two junk fee practices that are likely unfair and unlawful under existing law,” including overdraft fees on certain debit card transactions and fees charged on returned deposited items. The CFPB indicates that charging these fees likely violates the Consumer Financial Protection (CFP) Act, which prohibits conduct that constitutes an unfair act or practice. 

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A Request for Information (RFI) has been published by the Interagency Community Investment Committee (ICIC). The ICIC is comprised of the Department of the Treasury, Small Business Administration (SBA), Department of Commerce, Department of Transportation, Department of Housing and Urban Development (HUD), and Department of Agriculture (USDA). The comment deadline for this RFI will be extended until Dec. 19, 2022. The Agencies invite the public to comment on how the ICIC can promote economic conditions and systems that reduce racial disparities and produce stronger economic outcomes for all communities.

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