Regulatory & Compliance Updates: Oct. 23, 2024

CFPB New Rulemaking on Personal Financial Data: Yesterday, the Consumer Finance Protection Bureau issued a final rule to carry out the personal financial data rights established by the Consumer Financial Protection Act of 2010 and move the American banking system to what they deem a more “open banking system.” 

​NCUA Guidance on Board of Director Engagement in Cybersecurity Oversight: Earlier this week, the NCUA issued guidance to credit union Boards of Directors and Chief Executive Officers on the importance of maintaining diligence in cybersecurity efforts. 

​CFPB Circular on Improper Opt-In Overdraft Fees Clauses: On September 17, the Consumer Financial Protection Bureau (CFPB) issued a circular its 2024 – 2025 for improper opt-in overdraft fees clauses for financial institutions of $10B or more in assets to prohibit so-called ‘phantom’ opt-in agreements. 

NCUA Board Meeting Thursday: The Board of Directors of the National Credit Union Administration (NCUA) will meet Thursday October 24, to consider to agenda matters involving updates on cybersecurity and new chartering and field of membership updates. 

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