NAFCU delivers up-to-the minute information on key legislative, regulatory and compliance issues facing credit unions. Browse and filter the news below to stay in the know.

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  • TCCUSF closure proposal on NCUA Board Sept. 28 agenda (Thursday, September 21, 2017)
    The NCUA Board will discuss its proposal to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and raise the share insurance fund's normal operating level (NOL) during its open meeting on Sept. 28. NAFCU members oppose this proposal, and the association will continue to advocate for a full TCCUSF refund on behalf of all credit unions.
  • Telecom stakeholders gather to talk robocalling, solutions (Thursday, September 21, 2017)
    Representatives from federal regulatory agencies, various communications services providers and other telecom industry stakeholders gathered yesterday to discuss how organizations can effectively contact consumers without dropping calls or being added to robocall lists. NAFCU was the only financial services industry representative in attendance.
  • CFPB finalizes ECOA compliance reforms, issues HMDA guidance proposal (Thursday, September 21, 2017)
    The CFPB on Wednesday issued its final rule modifying the Equal Credit Opportunity Act (ECOA) regulations, which it says will provide added flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
  • August's existing-home sales pace slows to 1-year low (Thursday, September 21, 2017)
    Existing-home sales decreased 1.7 percent in August, falling to a seasonally adjusted annual rate of 5.35 million, according to a NAFCU Macro Data Flash. While sales were 0.2 percent higher than a year ago, it was the slowest pace since last August.
  • CFPB demands $70K from company that swindled 9/11 responders, NFL players (Thursday, September 21, 2017)
    The CFPB on Tuesday took action against Top Notch Funding and two individuals associated with the company for lying about loan offerings to people who were awaiting payments from legal settlements and victim-compensation funds.
  • FOMC: No change in rates, begin balance sheet wind-down (Thursday, September 21, 2017)
    At the close of its two-day policy setting meeting Wednesday, the Federal Open Market Committee (FOMC) announced no change in interest rates but said it will begin winding down its balance sheet next month.
  • Early-bird savings for Lending Conference ends Friday (Wednesday, September 20, 2017)
    Credit union employees interested in attending NAFCU's Lending Conference can save $200 by registering for the conference with code LENDSAVINGS by Friday. The conference is Nov. 6-9 at The Saint Anthony Hotel in San Antonio.
  • Today: NAFCU at NCUA on small-dollar lending, PACE meeting on robocalls (Wednesday, September 20, 2017)
    NAFCU today will be at NCUA headquarters for a meeting on small-dollar lending and credit unions' involvement in such programs. It will also represent credit unions during a Professional Association for Customer Engagement (PACE) meeting regarding robocalls.
  • NAFCU providing inside look at reg landscape Sept. 29 (Wednesday, September 20, 2017)
    Credit unions can gain an insider view of what is new and upcoming on the regulatory front during a webcast available for viewing beginning Sept. 29. The webcast will be led by members of NAFCU's Regulatory Affairs team.
  • CUs urged to prepare for Hurricane Maria; resources available (Wednesday, September 20, 2017)
    Credit unions are again being advised to take precautions and ask for assistance if they need it as Hurricane Maria - currently a Category 5 storm - makes its way to the Virgin Islands and Puerto Rico.
  • Bloomberg: More uncertainty surrounds the Equifax breach (Wednesday, September 20, 2017)
    Three anonymous sources revealed to Bloomberg that Equifax knew of a data breach almost five months earlier than it publicly disclosed. The company has said that the March breach was not related to the July hack, but one of the sources said the incidents involve the same intruders.
  • FOMC starts 2-day meeting on rates today (Tuesday, September 19, 2017)
    The Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting arm, begins a two-day meeting today that is not expected to result in any interest-rate action but could signal the beginning of Fed balance-sheet reduction, according to NAFCU Vice President of Research and Chief Economist Curt Long.
  • CFPB issues arbitration rule small-entity compliance guide (Tuesday, September 19, 2017)
    The CFPB issued a small-entity compliance guide last week for its arbitration rulemaking that includes a rule summary and other information meant to help financial institutions comply. Compliance is required for pre-dispute arbitration agreements entered into on or after March 19, 2018.
  • NCUA announces new charter: Clean Energy FCU (Tuesday, September 19, 2017)
    The NCUA yesterday announced it granted a charter and federal share insurance for Clean Energy Federal Credit Union in Boulder, Colo. The credit union will serve 4,300 members of the American Solar Energy Society.
  • CUs, NAFCU discuss housing priorities with HUD's Carson (Tuesday, September 19, 2017)
    Credit unions' role in helping low-income consumers and how the industry and the Department of Housing and Urban Development (HUD) can work together to advance their goals were discussed by NAFCU-member credit unions and association senior staff during a meeting Monday with HUD Secretary Ben Carson.
  • NAFCU to Senate panel: CU tax exemption benefits entire economy (Tuesday, September 19, 2017)
    NAFCU reminded Senate Finance Committee leaders on Monday of the economic value the credit union tax exemption provides to the entire economy - estimated at more than $16 billion per year - ahead of hearing today on the corporate tax code.
  • No base closings included in $700B defense bill (Tuesday, September 19, 2017)
    The Senate on Monday passed a defense policy bill that, like the House version of the bill, doesn't include a request by Defense Secretary Jim Mattis to begin a new round of base closings in 2021. Secretary Mattis argued closing excess installations would save $10 billion over five years.
  • CFPB imposes $21.6M fine, cites UDAAP over student loan debt collection lawsuits (Tuesday, September 19, 2017)
    The CFPB took action yesterday against two companies and cited unfair, deceptive or abusive acts and practices (UDAAP) involving the filing or more than 2,000 illegal student loan debt collection lawsuits.
  • NAFCU Q3 member-only call focuses on advocacy victories (Tuesday, September 19, 2017)
    NAFCU President and CEO Dan Berger and other senior staff gave association members an overview of legislative, regulatory, compliance and economic issues affecting the credit union industry during a member-only call yesterday afternoon.
  • Duffy to NCUA: 'Every dollar possible' should be returned to CUs (Monday, September 18, 2017)
    House Financial Services Subcommittee Chairman Sean Duffy, R-Wis., wrote the NCUA Board last week saying that "absolutely every dollar possible" should be returned to credit unions and urged the agency to "withdraw or amend" its current proposal to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to make sure this happens.
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