Regulatory & Compliance Updates

Minn. Department of Commerce Updates for 2025: The Minnesota Department of Commerce advises credit unions to create a system for administering employees system access rights, regular reviews of employee access levels, and controls over privileged users/accounts. 

​NCUA Guidance on OD and NSF Fees: On December 10, the National Credit Union Administration (NCUA) issued a guidance letter on the potential consumer harm of certain overdraft and NSF fee practices, offering strategies to help credit unions manage and mitigate these risks. 

​NCUA Final Rule on Succession Planning: On December 26, the NCUA published its final rule on succession planning for credit unions requiring that that a FICU board of directors establish a written succession plan that addresses specified positions, contains certain information and requires board of directors to regularly review the succession plan. 

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