Regulatory & Compliance Updates: Nov. 1, 2023

Minn. Dept. of Commerce Chief Examiner Update: Minnesota Department of Commerce Chief Examiner, Aeton de Long-Hersh, recently shared with MnCUN staff that internal fraud at credit unions is growing, consistent with NCUA national tracking. 

Federal Reserve Interchange Cap Proposed Rule: On October 25, the Fed Reserve Board issued a proposed rule to reduce two of the three factors to calculate the interchange fee cap. 

Battle Against ‘Junk Fees’:  Alongside the CFPB’s Fall Supervisory Highlights, NCUA chairman, Todd Harper, recently stated that credit unions must adjust their overdraft and non-sufficient funds fees policies to remain competitive with banks since many have eliminated these fees from their programs. 

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