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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  • NAFCU to CFPB: Exempt CUs from any overdraft rulemaking (Wednesday, January 17, 2018)
    NAFCU's Michael Emancipator urged the CFBP in a letter yesterday to extend its request for information related to its survey of consumers on overdraft disclosure forms. Emancipator argued that more time is needed to consider the proposed survey questions as the CFPB didn't release them until 12 days before comments were due.
  • NAFCU seeks aid from IRS on deferred-comp plans (Wednesday, January 17, 2018)
    NAFCU President and CEO Dan Berger reiterated credit unions' concerns over the new tax law's employer-paid 21 percent excise tax on executive compensation of more than $1 million in a letter to Internal Revenue Service (IRS) Acting Commissioner David Kautter on Tuesday. He asked that the IRS look into ways to make the change less impactful to the industry.
  • NCUA releases 2018 operating fee schedule (Wednesday, January 17, 2018)
    The NCUA notified credit unions of the 2018 operating fee schedule in its Letter to Credit Unions 18-FCU-01 published Tuesday. The fee scale was raised 15.7 percent by the NCUA Board in November.
  • NAFCU publishes FAQ on ADA to help CUs targeted by lawsuits (Wednesday, January 17, 2018)
    NAFCU published a new FAQ document to help association members and nonmembers with concerns about the Americans with Disabilities Act (ADA) and website accessibility. The document explains why credit unions are being targeted with legal action and what NAFCU is doing to help, among other useful information.
  • NAFCU advocates for CUs, presses for reg relief ahead of mark-up (Wednesday, January 17, 2018)
    The House Financial Services Committee today begins its mark-up of more than a dozen bills, among them a NAFCU-backed bill that would increase the CFPB's exemption threshold for community institutions such as credit unions, and another that prevents the CFPB's jurisdiction from encroaching on the insurance industry.
  • CFPB to reconsider payday lending rule (Wednesday, January 17, 2018)
    The CFPB on Tuesday announced plans to revisit and reconsider its payday lending rule. Yesterday marked the effective date of the final rule, though most of the compliance deadlines do not go into effect until Aug. 19, 2019.
  • NAFCU rep testifies on CUs' value to small biz (Wednesday, January 17, 2018)
    NAFCU representative Sonya McDonald will testify today before the House Small Business Committee on how to strengthen the Small Business Administration's (SBA) 7(a) loan program and the value credit unions provide to the nation's small businesses.
  • Senate Banking to revote on Fed chair nominee, discuss BSA reforms tomorrow (Tuesday, January 16, 2018)
    The Senate Banking Committee will vote again to advance the Federal Reserve chair nomination of Jerome Powell to the full Senate during an executive session tomorrow. The committee had previously advanced Powell's nomination in December, but it must revote because the full Senate didn't approve the appointment before the end of 2017.
  • This week: House panel marks up CFPB relief bill, NAFCU rep testifies on small-biz lending (Tuesday, January 16, 2018)
    With the House and Senate back in session, the House Financial Services Committee is poised this week to mark-up more than a dozen bills - including a NAFCU-backed bill that would provide credit unions regulatory relief from the CFPB - as NAFCU prepares to deliver its first congressional testimony of the year on small-business lending.
  • December sees small CPI growth as energy prices fall (Tuesday, January 16, 2018)
    Overall consumer prices increased 0.1 percent in December after a 0.4 percent increase in November. NAFCU Vice President of Research and Chief Economist Curt Long attributed the smaller growth to falling energy prices.
  • Retail sales continue upward trend in December (Tuesday, January 16, 2018)
    Total retail sales rose 0.4 percent in December, and November's and October's sales figures were revised upward. NAFCU Research Assistant Yun Cohen, in a NAFCU Macro Data Flash report, noted that 2017's retail sales had the largest gain at 4.2 percent since 2014.
  • ADA webcast, other resources available on NAFCU's website (Tuesday, January 16, 2018)
    NAFCU has myriad resources available online that can help credit unions better understand and manage recent issues related to the Americans with Disabilities Act (ADA) and its provisions on website accessibility. One resource, available on demand, is a webcast offering credit unions legal insight into ADA compliance.
  • NAFCU closed Monday for MLK Day (Friday, January 12, 2018)
    NAFCU's offices will be closed Monday in observance of Martin Luther King Jr. Day. Members can take advantage of the association's resources online - including the January-February issue of The NAFCU Journal featuring the 2018 Vendor Directory and articles on blockchain technology and regulatory and economic outlooks.
  • Judge denies request to block Mulvaney as CFPB acting director (Friday, January 12, 2018)
    D.C. federal district court Judge Timothy Kelly on Wednesday again denied a request to block Mick Mulvaney from serving as the CFPB's acting director. The lawsuit at hand centers on who has the authority to name an acting director when the director steps down.
  • Fed survey: Mobile banking a 'standard' service for consumers (Friday, January 12, 2018)
    A survey from the Federal Reserve district banks found 89 percent of financial institutions already offer mobile banking services to their members and customers. It also revealed that more credit unions market mobile banking services to underbanked consumers than banks.
  • FOMC members express differing opinions on rate hikes (Friday, January 12, 2018)
    Federal Reserve Bank of New York President William Dudley yesterday reiterated his support of the Federal Open Market Committee's (FOMC) decision to increase interest rates. Dudley said "above-trend growth" offsets the low inflation that has made some on the committee more cautious toward rate hikes.
  • Berger: NAFCU fighting for CUs targeted by ADA lawsuits (Friday, January 12, 2018)
    NAFCU President and CEO Dan Berger, in a message to association members yesterday, provided an update on NAFCU's efforts thus far to put an end to meritless lawsuits filed under website accessibility requirements of the Americans with Disabilities Act (ADA), obtain clear guidance on the issue and help those credit unions currently facing litigation.
  • NAFCU offers free reg compliance update for CUs Wednesday (Friday, January 12, 2018)
    NAFCU's regulatory compliance team will provide credit unions with an update on recent CFPB and NCUA guidance, rules and regulations during a free webcast at 2 p.m. Eastern Wednesday.
  • Bill would impose fines on credit reporting agencies over data breaches (Thursday, January 11, 2018)
    Sens. Elizabeth Warren, D-Mass., and Mark Warner, D-Va. - both members of the Senate Banking Committee - introduced a bill Wednesday that would create penalties for data breaches occurring at credit reporting agencies in light of last year's massive Equifax data breach.
  • $200 savings on CU growth strategies end Friday (Thursday, January 11, 2018)
    Early-bird registration savings of $200 end Friday for NAFCU's Strategic Growth Conference, March 5-7 in Nashville, Tenn. Credit union can save with the code GROWTHSAVINGS until 11:59 p.m. Eastern Jan. 12.
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