Minnesota Department of Commerce Update: MnCUN recently met with the Minnesota Department of Commerce Director of Credit Unions, Aeton de Long-Hersh, regarding the work of the Model Bylaws Subcommittee and the holding of Annual Meetings of Members pursuant to Article III of the state model bylaws. 

CFPB Guidance Against Overdraft Fees Without Consent: On September 17, the Consumer Financial Protection Bureau (CFPB) published guidance to help federal and state consumer protection enforcers stop financial institutions from charging overdraft fees based on phantom opt-in agreements.

NCUA Board Meeting and CTR Form Renewal​: The National Credit Union Administration (NCUA) Board will meet on September 19.

Join us for an educational webinar on Cannabis Banking! This session will feature presentations from two leading experts: Robert Hoban, a renowned cannabis law attorney with extensive experience in cannabis banking issues, and Radhika Sheth Lipton, CEO of RADD, LLC, a company specializing in cannabis banking solutions for financial institutions. Both presenters have been involved since the early days of cannabis legalization and have deep insights into the 24 states that have legalized commercial cannabis.

Learn about the legal and regulatory challenges your credit union will need to address in your policies, whether you choose to offer cannabis banking services or not.

Date: Thursday, October 17
Time: 1:00 PM - 2:30 PM
Cost: Free

Please contact General Counsel, Dan Le [email protected]  or Xiong Lee, Director of Engagement [email protected] with any questions.

FinCEN Issues In-Depth Trend Analysis for Check Fraud Related to Mail Theft: On September 9, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic. 

DEED Meeting Updating Paid Family Leave Law Program: The Minnesota Department of Employment and Economic Development has announced its next Small Business Monthly Call meeting on September 10 at 2:00 P.M. Staff from the Paid Leave program, managed by DEED, will present updates on the program, rulemaking procedures, and implementation. 

​Comment Sought on Joint Data Standards Under the Financial Data Transparency Act (FDTA):On August 2, the Board of Governors of the Federal Reserve System, Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued a proposed joint rule to establish standards to promote interoperability of financial regulatory data across the agencies by establishing common identifiers for entities, geographic locations, dates and certain products and currencies. 

CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards: On August 27, the Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. 

​CFPB Open Banking Update: In June, the Consumer Financial Protection Bureau (CFPB) issued a new rule to establish data sharing standards related to its Open Banking proposed rule from October 19, 2023. 

CFPB Issues Small Business Lending Guide: The Consumer Financial Protection Bureau (CFPB) released its Small Business Lending Collection and Reporting Requirements guide following its issuance on June 25 of an interim final rule to extend the compliance dates of the small business lending rule from 2024 to 2025.

On July 30, the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation(FDIC), Federal Housing Finance Agency (FHFA), Commodity Futures Trading Commission, Securities and Exchange Commission (SEC), and Department of the Treasury invite public comment on a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. 

​Interagency Effort to Reduce Regulatory Burden: On July 25, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System announced their second notice in the Federal Register requesting comment to reduce regulatory burden. 

Joint Statement on Bank Arrangements with Third Parties for Deposit Products and Services: On July 25, the OCC, FDIC, and Board of Governors of the Federal Reserve System also announced a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services.

​The Economic Growth and Regulatory Paperwork Reduction Act: The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires that regulations prescribed by the Federal Financial Institutions Examination Council (FFIEC), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (the agencies) be reviewed by the agencies at least once every 10 years.

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.