​Reminder: Regulation CC Changes Effective July 1st: On July 1, 2025, several thresholds under the Expedited Funds Availability Act (Regulation CC) will be adjusted once again for inflation.

Since its launch on May 1, CU Law Partners has seen a surge in demand from credit unions across Minnesota. Currently working with approximately 13 credit unions — a number that continues to grow daily — the firm provides a wide range of legal services tailored to the needs of the credit union industry.

Areas of representation include: 

• ​State and federal regulatory compliance,
• internal loan documents and member agreements,
• commercial loan agreements,
• collections and bankruptcy matters,
• vendor contract due diligence and negotiation,
• employment and HR issues,
• and corporate business guidance.

In addition, CU Law Partners regularly offers free legal advisory opinions to help credit unions proactively manage risks and avoid more extensive legal proceedings.

Driven by its mission to help credit unions and their members prosper, CU Law Partners is rapidly expanding its team and reach to meet the needs of credit unions statewide. The firm’s fixed-fee structure has proven to be a key factor in keeping legal services both affordable and efficient, providing credit unions of all sizes with high-quality representation and clear, results-driven outcomes. The combination of legal expertise and a predictable pricing model ensures that credit unions can confidently manage legal matters without unpredictable costs.

CU Law Partners extends its gratitude to its current clients and looks forward to building new relationships with additional members of the Minnesota Credit Union Network. "We are committed to supporting credit unions of all asset sizes as they serve their members and communities," said Dan Le, Principal of CU Law Partners. "It has been exciting to see the momentum so far, and we are eager to continue delivering value to credit unions throughout the state."

Contact CU Law Partners to discover how they can assist your credit union in a variety of legal services - tailored to your needs and budget. Visit their contact page for more information: https://www.culawpartners.com/#contactsection.

In Case You Missed It: A Conversation with NCUA’s Julie Cayse: Yesterday, we hosted a valuable discussion with Julie Cayse, NCUA Western Regional Director, in partnership with our Tristate colleagues from Montana and Wisconsin. 

CFPB Takes Steps to Limit State Attorney General and Regulator Authority: On May 15th, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule attempting to limit the authority of state attorneys general and financial institution regulators when it comes to enforcing federal consumer financial protection law.

Section 1033 Personal Financial Data Rights Rule Likely to be Struck Down by Month’s End: In late 2024, the Consumer Financial Protection Bureau (CFPB) finalized its personal financial data rights rule as required by Section 1033 of the Dodd-Frank Act.

CFPB Withdraws Three Proposed Rules; Search for a Permanent Director Continues: On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) published notice in the Federal Register that it is withdrawing three proposals introduced under the previous administration. 

​CFPB Rescinds 2021 Mortgage Servicing Regulations: The CFPB has issued an interim final rule formally rescinding its 2021 mortgage servicing regulations tied to the COVID-19 pandemic, a move that will ease compliance obligations for credit unions and other mortgage servicers.

White House Orders End of Paper Government Checks: President Trump signed an executive order calling on the federal government to phase out the use of paper checks and switch to electronic payments by Sept. 30, 2025, with some limited exceptions – such as for people without access to banking services or for emergency payment. 

​BOI Requirement Removed: On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removed the Beneficial Ownership Information (BOI) reporting requirement for U.S. companies and U.S. persons. Now, only foreign companies and individuals will need to register with the agency.

All CDFI Programs Are Legally Required by Law, Says Treasury Department: On March 28, 2025, the Treasury Department has stated that all 11 CDFI programs are statutory. 

CFPB Pulls Back on Payday Loan Rule Enforcement, Stage Set to Revoke BPNL Rule: On March 28, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it will not prioritize enforcement of key consumer protections set to take effect March 30, under its Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, specifically the so-called "Bounced Payment Rule." 

​Senate Votes To Repeal CFPB’s Overdraft Rule, Clearing Path For House Approval: On March 27, 2025, the U.S. Senate voted 52-48 to repeal the Consumer Financial Protection Bureau (CFPB)’s overdraft rule, a controversial regulation that placed tight limits on what many financial institutions could charge for an overdraft.

On March 24, the Financial Crimes Enforcement Network (FinCEN) issued a new interim rule on the Corporate Transparency Act’s Business Ownership Interest (BOI) reporting requirements, making three major changes.