FFIEC Issues Statement on Examination Principles: On February 12, the Federal Financial Institutions Examination Council (FFIEC) issued a statement on examination principles related to valuation and bias in residential lending.
US Supreme Court Rules on Fair Credit Reporting Act (FCRA): On February 9, the Court issued its unanimous slip ruling finding that the FCRA waives sovereign immunity and the federal government can be liable for incorrect reporting that damages consumer credit scores.
State Junk Fees Litigation: On February 8, the New York Attorney General announced an historic judgment of $77M against three merchant cash advance companies accused of usury and fraud in illegal high-interest short-term loans with undisclosed fees on small businesses.
Office of Cannabis Management (OCM) Update: On January 30, the OCM held a webinar to update the progress of its implementation of the 2023 recreational marijuana law with the goal to launch commercial licensing in 2025.
CFPB Issues Two Advisory Opinions: On January 11, the agency issued two advisories clarifying the Fair Credit Reporting Act (FCRA) requirements on background check reports and credit file disclosure implementing their January 2023 report for improving and challenging credit reporting companies.
Permitted Purposes for Consumer Reports Reminder: As the CFPB moves towards mandating open banking, it is important to remember the Fair Credit Reporting Act (FCRA) regulations for permitted purposes and use of consumer (credit) reports.
Cybersecurity Trends: Eder Ribiero, cybersecurity manager for Transunion sees the following things to watch out for in 2024.
MN Department of Commerce New Fraud Alert: Yesterday, at a meeting with the Network State Charter Subcommittee, Senior Director Michael Crow, spoke of a potential fraud ring to look out for.
CFPB Proposes Two New Rules On Fees: On January 24, the Agency issued a proposed rule to prevent NSF fees by financial institutions when a consumer’s attempted withdrawal, debit, payment, or transfer transaction amount exceeds the available funds in their account and is instantaneously rejected.
FinCEN Seeks Comment on BOI Reporting Data: The Financial Crimes Enforcement Network (FinCEN) seeks comment on information to be collected from certain authorized recipients (credit unions included) when requesting access to beneficial ownership information (BOI), consistent with the agency’s final access and safeguards rule.
FTC and DOJ Issue Joint Guidance On Internal Company Messaging Platforms: On January 26, the Federal Trade Commission (FTC) and Department of Justice (DOJ) issued joint guidance on the responsibility to preserve documents exists across all types of media, both ephemeral and non-ephemeral communications through messaging applications are documents.
Fraud is Hitting Credit Unions Hardest: A recently released report by Alloy revealed 79% of credit union and community bank decision-makers surveyed experienced more than $500,000 in direct fraud losses in 2023.
CDFI Postpones Webinar on New Application: On January 29, the Community Development Financial Institutions Fund (CDFI) announced it was postponing its webinar from January 31 until February 8, 2024, from 1:30 pm – 2:30 pm ET.
What to Look Out for in 2024: With FedNow available, the speed of transactions, mobile wallets, contactless, account o account payments, embedded payments will likely create growth areas and risk to look and prepare for in 2024.
NCUA Supervisory Priorities for 2024: On January 22, the NCUA issued a letter outlining its 2024 supervisory priorities.
First NCUA Board Meeting 2024: On January 19, the National Credit Union Administration Board held its first open meeting of 2024 and unanimously approved the agency’s 2024 Annual Performance Plan and the 2022-26 Strategic Plan.
NCUA Updates Uniform Rules in Part 747: On December 28, 2023, the NCUA issued a final rule codifying the Uniform Rules in 12 CFR Part 747 applicable to adjudicatory proceedings including the assessment of civil money penalties, cease and desist proceedings, and other activities described in the Federal Credit Union Act.
CFPB Maximum Civil Penalty Increase: Effective January 15, the Bureau will be adjusting its civil penalties under the Federal Civil Penalties Inflation Adjustment Act of 2015.
Update on Marijuana Reclassification: In October 2023, the Department of Health and Human Services (DHHS) released a heavily redacted copy of its recommendation to reclassify marijuana to a Class III scheduled drug under the Controlled Substances Act to the Drug Enforcement Agency (DEA) of the Department of Justice.
Comment on Federal Reserve Proposed Rule on Interchange Fee Cap: This rule proposes to adjust the 3 components to calculate interchange fee cap for debit cards.
FDIC Amends Digital Banking Signage, Services and Fintech Agreements: In December 2023, the FDIC finalized amendments to a multitude of rules on false advertising, misrepresentation and digital banking services for banks, fintechs, and nonbanks effective April 1, 2024, and require compliance by January 1, 2025.
Fraud Prevention Summit: MnCUN offers this in-person with expert presentations on current fraud with Q&A, preventive and remediation resources, and small group discussions for attendees to share information and resources. The registration fee is $45 with lunch and beverages provided.
Minnesota Department of Commerce Issues Guidance on Banking Cannabis Related Businesses: On January 5, the Department of Commerce (Commerce) issued guidance regarding Financial Services to the Cannabis Industry in collaboration with the Minnesota Department of Revenue (Revenue) and Office of Cannabis Management (OCM).
Update from the Chief Credit Union Examiner: At MnCUN's December meeting with the Department of Commerce Chief Examiner, Aeton de Long-Hersh, provided several updates for credit unions.
Published Regulatory Updates: Several regulatory updates on Reg C, Reg Z and qualified charities were published in the federal register with the effective date January 1, 2024.
Complimentary ViClarity Videos Available: MnCUN partners with ViClarity (formerly PolicyWorks) to provide member credit unions with two free webinars per year.
MnCUN Provides Comments on CFPB Open Banking Proposal: Last month, American's Credit Unions and MnCUN provided comments in response to the Consumer Financial Protection Bureau’s proposed rule for Required Rulemaking on Personal Financial Data Rights.
CFPB Open Banking Comment Deadline: The CFPB’s proposed rule for open banking calls for consumers to have control over data about their financial lives and would gain new protections against companies misusing their data.
Fraud Warning: Maximus, Inc. Cyber Breach: In May this year, a breach occurred involving the MOVEit file transfer service.
BOI Policies for Business Members: FinCEN’s new Business Ownership Interest (BOI) reporting rule effective January 1, 2024, exempts credit unions from direct reporting requirements.
Final NCUA Board Meeting of 2023: The NCUA board met for the final time this year on December 14.
CDFI Application Changes: On December 7, the Department of Treasury’s Community Development Financial Institutions (CDFI) Fund issued a statement regarding its finalized application form for funds specified for advancing communities lacking equal access to opportunities from the financial services industry.
FTC Issues CARS Rule: The Federal Trade Commission (FTC) announced its finalized a new rule to fight two common types of illegal tactics consumers face when buying a car.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.