NCUA Board Keeps Interest Rate Ceiling: On July 18, the National Credit Union Administration (NCUA) Board met and decided to keep the interest rate ceiling at 18% effective for the next 18 months from September 11, 2024 to March 10, 2026 (same interest rate ceiling since 1987) and rejected proposals for a floating interest rate ceiling.
Proposed Rule Changing Anti-Money Laundering and Financing of Terrorism Requirements: On July 19, the National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Department of Treasury, and Board of Governors of the Federal Reserve published a proposed rule seeking comment on amending the requirements that each agency issued for Bank Secrecy Act (BSA) to establish, implement, and maintain effective, risk-based and reasonably designed Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Programs. CFPB Announces Interpretive Rule for Cash Advances on Earned Wages: On July 18, The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. Labor Law Amendments for Minnesota: On July 19, the Department of Labor and Industry (DLI) provided an update on what employers and workers should know about updates to labor laws that might affect your workplace, including law changes that go into effect Aug. 1. Final Rule to Ensure Credibility and Integrity of Automated Valuation Models: Today, the National Credit Union Administration (NCUA), Federal Reserve Board, Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and Office of the Comptroller of Currency (OCC) issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer's principal dwelling
CFPB Proposes Rule for Mortgage Servicers: On July 10, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend 2013 regulations regarding the responsibilities of mortgage servicers. CFPB Publishes Open Banking Standard Setter Process: On July 10, the CFPB also published its Personal Financial Data Rights (Open Banking) process for applying to become a standard setter as a part of Section 1033 of the Dodd-Frank Act in Appendix A. FFIEC Publishes 2023 Data on Mortgage Lending: On July 11, the Federal Financial Institutions Examination Council (FFIEC) released its Snapshot National Loan-Level Data which contains the national HMDA datasets as of May 1, 2024. Federal Reserve Releases Distressed and Underserve Communities List: The Federal Reserve recently released their list of distressed and underserved non-metropolitan counties in its oversight of performance by banks under to the requirements of the Community Reinvestment Act. Federal Regulators Unified Agenda Spring 2024: The National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and other federal agencies released their unified agenda for Spring 2024 highlighting potential timelines for upcoming agency actions.
Free Senior Fraud Prevention Education: Marty Fleischhacker, with the Minnesota Department of Commerce, supervises the Senior Safe Program and serves as senior financial fraud ombudsperson for holds on transactions and delayed distributions under Minnesota Statute Section 45A.06. Supreme Court Strikes Down Significant Federal Agency Powers: On June 27, the Supreme Court of the United States (SCOTUS) issued its ruling in Securities and Exchange Commission (SEC) v. Jarkesy holding that the FEC did not have the authority to enforce its fines through internal procedures.
FinCEN Proposes Rule to Modernize Financial Institutions: On June 28, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a proposed rule to strengthen and modernize financial services institutions’ anti-money laundering and countering the finance of terrorism (AML/CFT) programs. FHFA and CFPB Release Update on Survey of Mortgage Originations: On July 1, the Consumer Financial Protection Bureau (CFPB) and Fair Housing Financing Agency (FHFA) published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). CFPB Issues Supervisory Highlights and Extends Small Business Lending Rule Deadline: On July 2, the Consumer Financial Protection Bureau (CFPB) issued Supervisory Highlights sharing exam findings on auto and student loan servicing companies, debt collectors, and other financial services providers. NCUA Releases Update to Simplified CECL Tool: The National Credit Union Administration has released its June 2024 version of the simplified CECL tool along with updated FAQ. The Simplified CECL Tool provides a methodology for credit unions to determine the Allowance for Credit Losses (ACL) on loans and leases for their loan portfolio. NCUA Annual Cybersecurity Report: On June 25, the National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resilience Report summarizing the current cybersecurity threat landscape while highlighting the agency’s key cybersecurity initiatives to enhance preparedness and resiliency.
CISA Infrastructure Customer Survey: The Department of Homeland Security’s Cybersecurity and Infrastructure Agency (CISA) is calling for all credit unions to participate in the Critical Infrastructure Pilot Customer Survey. Community Reinvestment Act: At a U.S. House hearing addressing the concerns raised by a CNN report on mortgage lending practices, Rep. Emmanuel Cleaver, proposed that credit unions should have to comply with the Community Reinvestment Act (CRA) of 2023. Earned Sick and Safe Time Law Changes: During the recent legislative session, the Earned Sick and Safe Time law (ESSL), was amended by the legislature effective May 25 as announced by the Minnesota Department of Labor and Industry (DLI).
2024 NCUA Summit in Minneapolis: Registration closes soon for the National Credit Union Administration (NCUA) DEI Summit here in Minneapolis for this event focused on diversity, equity, and inclusion. FinCEN Report on 2023 CTRs and SARs: The Department of Treasury Financial Crimes Enforcement Network (FinCEN) released its “Year in Review” report finding more than 15% of active FBI investigations in fiscal year (FY) 2023 were linked to anti-money laundering tools such as currency transaction reports (CTRs) and suspicious activity reports (SARs). CFPB Issues Circular on Contract Fine Print: On June 4, the Consumer Financial Protection Bureau (CFPB) issued a circular warning against using unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.
CFPB Intervenes in Citibank Lawsuit on EFTA Wire Transfers: On May 28, the Consumer Financial Protection Bureau (CFPB) filed a statement of interest in support of the New York Attorney General (NYAG) lawsuit against Citibank in the U.S. District Court for the Southern District of New York. Joint Cybersecurity Scam Advisory: The Federal Bureau of Investigation (FBI), the US Department of State, and the National Security Agency (NSA) recently issued a joint advisory highlighting attempts by the Democratic People’s Republic of North Korea (DPRK/North Korea) Kimsuky cyber actors to exploit improperly configured DNS Domain-based Message Authentication, Reporting and Conformance (DMARC) record policies to conceal social engineering attempts. Update On CFPB Small Business Lending Reporting Rule: The rule’s implementation has been halted by a nationwide injunction by the U.S. District Court for the Southern District of Texas on October 26, 2023. CFPB Finalizes Open Bank Standards Rule: Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard-setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule
OFAC Announces Interim Final Rule on Record Keeping and Electronic Filing: On May 10, the Office of Foreign Assets Control (OFAC) published an interim final rule amending recordkeeping and reporting requirements. June is the NCUA’s Minority Depository Institution Awareness Month: The National Credit Union Association (NCUA) will feature activities and events highlighting the essential role MDIs play in their communities. FinCEN Corporate Transparency Act Enforcement Priorities: On June 3, The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki provided remarks on beneficial ownership information reporting pursuant to the Corporate Transparency Act (CTA), a bipartisan law meant to curb illicit finance by requiring many companies to report basic information to the Federal government about who ultimately owns or controls them effective January 1, 2024. America’s Credit Unions Advocates Against Amendment to NDAA: On June 2, America’s Credit Unions issued a letter outlining its concerns for amendment #645 submitted to the House Rules Committee for consideration as a part of H.R. 8070, the FY 2025 National Defense Authorization Act (NDAA). NCUA May Board Meeting: On May 22, the National Credit Union Administration (NCUA) Board met to discuss the performance of the National Credit Union Share Insurance Fund (NCUSIF) projected equity ratio and its consent to a voluntary regulatory review to identify rules which may be outdated, unnecessary, or unduly burdensome on federally insured credit unions.
FedNow Fraud Reporting: The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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