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. Reg Z Truth-In-Lending Changes: Regulations adopted by the Board of Governors of the Federal Reserve (Board) and Consumer Financial Protection Bureau (CFPB) require the dollar threshold for exempt consumer credit transactions be adjusted annually.
Appraisals for Higher-Priced Mortgage Loans Exemption Threshold: The Office of the Comptroller of Currency, Treasury (OCC), the Board, and CFPB are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). FHFA Comprehensive Report: The Federal Housing Finance Agency (FHFA) released its comprehensive report on the Federal Home Loan Bank (FHLBank) system on November 8.
Customer Identification Program (CIP) Refresher: The PATRIOT Act and federal regulations require each credit union to implement a written CIP that includes certain minimum requirements found in section 748.2(b)(2) of the NCUA regulations and section 1020.220(a)(2)(i)(A) of the FinCEN regulations. NCUA Reinstating Call Report Penalties: The National Credit Union Administration (NCUA) announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024. CFPB Proposes Rule on Open Banking: On October 19, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, helping consumers control data about their financial lives and receiving new protections against companies misusing their data.
Federal Housing Finance Agency (FHFA) Annual Housing Report: On October 30, the FHFA issued its annual report to Congress as required by the Federal Housing Enterprises Financial Safety and Soundness Act. Chairman Harper Testifies to US Senate: Ahead of the NCUA November board meeting, Chairman Todd M. Harper testified Tuesday November 14, at a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. |
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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