Compliance & Regulatory Updates: July 19, 2023

Final Rule on Governance Modernization: The NCUA will meet on July 20 to discuss the final rule amending federal credit union bylaws regarding member expulsion implementing the Credit Union Governance Modernization Act (CUGMA), which was signed into law in March 2022. 

Fraud Exception in Reg CC: Section 229.13 of Regulation CC provides six exceptions allowing credit unions to extend the hold period for deposits that carry a higher risk to the institution due to their size, collectability, or the member’s deposit history (or lack thereof) and do not apply to cash or electronic payments. ​

FULL ARTICLE: MEMBERS ONLY