The standard courts should use to determine whether an alleged Fair Debt Collection Practices Act (FDCPA) violation is material remains unsettled. According to a recent Tenth Circuit decision, however, the standard should be that of the “reasonable consumer,” not the “least sophisticated consumer.” In other words, “the inquiry is whether the reasonable consumer could reasonably interpret the representation to have multiple meanings, one of which is untrue.”

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Bank regulators are mulling additional requirements for large regional banks to cushion the impact of possible crises, The Wall Street Journal reported, citing sources. As they grow and increase their significance in the financial system, large regional banks, like megabanks, might also be asked to raise billions in long-term debt to help absorb losses in case of insolvency, the sources told the news outlet ...

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Reps. Peter Welch, D-Vt., and Lance Gooden, R-Texas, introduced the House version of the Credit Card Competition Act Monday. CUNA, Leagues, and credit unions strongly oppose the bill, which would allow merchants to route payments through an unaffiliated network.

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Ethereum, the world’s second-most valuable digital currency by market capitalization, completed a long-awaited upgrade to its system on Sept. 15. The move, known in the cryptocurrency community as “The Merge,” is expected to slash energy costs and lay the groundwork for more use of crypto technology in mainstream applications, including finance.

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An interest-rate increase that was considered outsized and outlandish until recently has become a bizarre new baseline with inflation showing few signs of improving.

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CUNA supports efforts from Reps. Chrissy Houlahan, D-Pa., Judy Chu, D-Pa., House Small Business Committee Chairwoman Nydia Velazquez, D-N.Y., and 37 other members of Congress to stop penalizing Paycheck Protection Program (PPP) lenders. More than 300,000 PPP borrowers are facing loan forgiveness issues due to good faith miscalculations, many through no fault of their own.

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NCUA has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security. Virginia-based credit unions Richmond Heritage, RVA Financial and Virginia Educators are among the grant recipients.

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Critical infrastructure entities will get access to increased cybersecurity protections through a new funding mechanism announced by the White House this morning. The U.S. Department of Homeland Security launched a grant program providing state, local and territorial governments $1 billion in funding to strengthen the cybersecurity capabilities of critical infrastructure.

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As credit unions represented by both NAFCU and various state leagues were hiking the Hill this week to lobby against the proposed interchange bill, more than 200 merchant trade associations and close to 1,700 companies were -- at the same time -- arguing the opposite point of view. Your League met this week (in-person, via virtual meeting or both) with Reps. Rob Wittman (R-1st) and Elaine Luria (D-2nd) to discuss interchange and other federal-level priorities, including overdraft programs. During the past six weeks, we've met with every member of our Congressional delegation -- in some cases, multiple times -- to lobby for our issues.

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Even though severe valuation declines have hit the cryptocurrency market in 2022, actual use of cryptocurrency is increasing.

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