Regulatory & Compliance Updates: July 24, 2024

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. 

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